Tag Archives: becoming a millionaire
Prior to deciding on this answer it would be advisable to get the basics clear. Index is defined as a list of companies that are chosen from the stock markets. The rise and fall in the value of ratio of a consolidated collection of stocks in an index, for a specific time period is manifested through the return offered by the index. ETFs work on market capitalization and bonds. Since the index in itself is non-tradable, the investors are required to purchase all the stocks mentioned therein.
Although the ETFs can fluctuate, the investment can remain secure. You stand to receive the net asset value of your mutual fund investment. After the day’s transactions are over, this value is calculated. This is obtained by dividing the profits or losses by the total number of shares that constitute the fund. The movement of the ETF price is akin to the share prices. The closing price of the day is the ETF for that particular day. There are no further calculations required. The mutual funds are managed by professionals. For a mutual fund there might be a minimum subscription amount, while the ETF do not impose any such restrictions. But, the shares of the mutual funds are not burdened by brokerage charges; as such, the investor can transform his returns as handsome savings.
The choice basically depends on the expectation and objective of the investment portfolio.
John Kluge has evolved as one of the most popular television industry moguls in the recent years of America. He was born in Chemnitz, Germany on the 21st of September, 1914 and immigrated along with his family to the United States as a little child. He earned his bachelor’s degree in Economics from the Columbia University in 1937. He had also been a student of the Wayne State University prior to joining the Columbia University.
During the middle of the last century, Kluge purchased stocks of the Metropolitan Broadcasting Corporation. This was his first venture in to the media industry as well as his first step towards becoming a millionaire. This Corporation was basically preceded by the DuMont Television Network and the Corporation comprised of two stations. The WABD located in the New York City and the WTTG located in Washington, D.C. today, both these DuMont outlets operates as independent stations. He emerged as the largest stockholder which was worth $6,000,000. He rechristened the company’s name to Metromedia and later in 1986; he sold off the television stations to the 20th Century Fox. The company’s worth is currently an estimated $4 billion.
The Forbes Magazine declared John Kluge as one of the richest men in America. Kluge is also an avid philanthropist. He took an active initiation in the creation of the John W. Kluge Center at the Library of Congress and donated a whopping $60 million.
The owner, president, chairman and CEO of the Red Apple Group is John Catsimatidis. He also owns the Gristedes Foods. There is a subsidiary of the Red Apple Group called the United Refining Company, which is owned by John as well. The Red Apple Group has its shares distributed in the aviation industry and the real estate sector. His business flourishes in the area comprising of New York, Florida and the U.S. Virgin Islands. The Hellenic Times publication is owned and operated by him. He can undoubtedly be considered as a multi-faceted business personality. His achievements and contribution towards the furtherance of his business and economy as a whole has made him the recipient of the Ellis Island Medal of Honor.
Catsimatidis immigrated to the United States as an infant, accompanied by his parents from the island of Nisyros, Greece. He acquired his graduation degree from the Brooklyn Technical High School in the year 1966. His journey towards becoming a millionaire started off in a pretty somber manner. His career began as a mere recruit under his uncle in the supermarket located on the 137th Street. He named his first store in Manhattan, named ‘Seven Eleven’. During the later part of the 1970s, he started his Red Apple supermarket on the 87th Street, adjacent to Broadway. Being a certified jet pilot, it was not hard for him to indulge in the aviation industry.
Apart from being a currency speculator, Soros is a stock investor, a philanthropist, entrepreneur and a political activist. He was born on the 12th of August, 1930 in Budapest, Hungary. With a fortune of an estimated $11.0 billion, George Soros is listed as the 29th richest man in the world. He is well known for his penchant for donations and since 1979, he has donated $6 billion in various causes. In the presidential election of America in 2004, he is believed to have rolled in millions, simply to bar the re-election of George Bush.
He is one amongst the three founders of the Center for American Progress and is a representative at the board. He is the chairman of the Soros Fund Management and the Open Society Institute. He has also founded Georgia’s Rose Revolution and which had an indelible political impact.
His father was a Hungarian Jew and an Esperantist writer. In 1956, Soros immigrated to New York City and began to work as an arbitrage trader. Later, he joined the Wertheim and Company as an analyst. Soros was a believer in the theory of ‘Relexivity’. Through the course of his career, Soros realized that he would be a better investor than a philosopher or executive. The journey towards becoming a millionaire began with the setting up of the First Eagle, his first investment fund.
It is often apprehended that hoarding money and success can let you enjoy the secret path to becoming a millionaire. Well, it is a popular misconception that needs to be done away with. People, as they become rich rear certain habits and attitudes that go a long way in helping them stand a step ahead from the average Joe. Money and success do not shape their thinking; rather, it is the other way around. It is the conjunction of their habits and attitudes that help them to define their wealth.
Millionaires are found to have similar traits, particularly, if they are immigrants. This has been observed through the study of history. It all begins with the idea of modeling. It is important to follow a role model that acts as a source of inspiration. There cannot be a better model than a millionaire himself.
A positive attitude regarding the current financial situation is extremely vital in order to look ahead towards further growth. It can be a tremendous driving force behind the sustenance of their money-making power. This positive attitude helps them to act differently than an average person. They face obstacles with confidence, accept risks with courage and proceed undauntedly in the face of opposition. They set high goals for themselves and work relentlessly to realize their endeavor. The expectancy of success with regard to their financial goal gets realized in the process.
Stephen Girard was a Frenchman born on 20th May, 1750 and is still regarded as one of the richest and influential Americans of all times. He was a sailor, entrepreneur and philanthropist and a banker who had single-handedly saved the financial distress of the US government during the War of 1812. He had immigrated to America at an early age and from then on, he embarked on his enterprising nature and made good use of his entrepreneurial skills as he became a millionaire who had a say in the country’s financial status too.
Believed to be the fourth richest Americans of all times, Stephen Girard had his fortune estimated with the ratio of the prevalent GDP of the nation! Being childless, Stephen committed most of his wealth for the education and welfare of his orphans. Girard resided in Philadelphia and married in 1776.
The charter of the First Bank of the United States expired in 1811, and Girard decided to buy most of its stock, the building and its furnishings on the South Third Street in Philadelphia. He rechristened it as Girard’s Bank. He was the sole proprietor of the bank and hired George Simpson as the cashier along with seven other employees to embark on this journey towards becoming a millionaire. This was on 18th May, 1812. Later on, it merged with the Mellon Bank and a decade later purchased by Citizen’s Bank.
Jeong Kim had sold his telecommunications company in 1998, when he was just 37 for a whopping amount of $1.1 billion. His story of becoming a millionaire is a classic rags to riches one. Being an immigrant from South Korea, he was almost alien to the English language when he first arrived at the United States at the age of 14. He sustained himself with the help of several jobs which included a night shift at the 7-Eleven stores when he stayed at the basement of his math teacher. He was 16 at that time.
Then, with the help of some financial aid, he attended the Johns Hopkins University to acquire his engineering degree. After completing his graduation, Kim decided to join the Navy as he felt that he had some ‘obligation towards the society’. For seven years, he served at a nuclear submarine and inculcated the attributes of leadership, teamwork and integrity.
As Kim says today, he had inculcated his business philosophy from this part of his life – to say less and do more. In 1992, Kim started off as a consultant and acquired $75,000 that formed his capital when he performed a nuclear safety assessment. Then, he made a formal introduction of his technology and started to sell his switches to AT&R, Verizon amongst others. His company is called Yurie Systems. He also got involved in the optical networking business.
Arianna Huffington is a co-founder of the Huffington Post and a syndicated columnist. Born in 15th July, 1950, in Athens, Greece, Huffington has acquired the twelfth position as the Most Influential Women in Media in the Forbes list of 2009. Her father Konstantinos was a journalist and a management consultant and her mother Elli was the sister of Agapi – a speaker, performer and an author. At the age of sixteen, Arianna arrived in England to acquire her college degree from the Girton College at Cambridge University. She lived in with Bernard Levin, a journalist and broadcaster in London. In 1980, she came over as an immigrant to the United States and got involved in the religious group of John-Roger and began to be known as a left-wing democrat.
In 1985, she came across Michael Huffington, an oil millionaire, and went on to marry him a year later. Michael won a seat in 1992 as a Republican candidate and in 1997, Arianna got divorced. Her journey towards becoming a millionaire was primarily through marriage and later followed through her writing assignments. In 1981, Arianna wrote the biography of Maria Callas and in 1996, of Picasso. Arianna along with her writing team of ‘Politically Incorrect with Bill Maher’ was appointed for the Emmy for ‘Outstanding writing for a variety’. She briefly enjoyed an acting stint also. In 2003, she was the head of The Detroit Project and she also has been an independent candidate against Arnold Schwarzenegger.
Levis Strauss was born to German-Jewish parents on the 26th of February, 1829. His birth place was Buttenheim, Bavaria. After the death of his father in 1845, his two elder brothers traveled over to New York City to join the Jewish community. Levi came over accompanied by his two sisters and mother and began to work in the dry goods business run by his brother. In 1853, Levis became an American citizen and shifted base to San Francisco in an attempt to become a part of the California God Rush. This was his first step towards becoming a millionaire. The miners out here required a robust pair of trousers to survive the mining conditions and this is how Levis came out with the denim fabric. By 1870, Levi emerged as a millionaire with Levi Strauss & Co.
An European immigrant tailor and a customer of Levi, Jacob Davis, approached Levi and wished for a patent in 1873. Davis had been involved in the strengthening the pocket corners of Levi’s denim fabric. Davis offered to share the patent with Levis if he placed the money for the patent application. In the same year, Strauss and Davis attained the patent after a deal was struck between them. In 1890, the lot number 501 began to be used to identify the legendary 501 blue jeans. Strauss passed away in 1902 and the charities and scholarships propounded by this illustrious man still live on.