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Bob’s father passed away when he was just a teenager. He began to assist his mother to run the existing family business smoothly. He had never been wealthy but, when he immigrated from the Soviet Russia, he managed to attend the prestigious private school in Chicago. He made a good network of friends who later on evolved as important business contacts.
During the World War II, he discovered that he had an IQ of over 150 through a test. This helped him to get into the department of counter intelligence. As his first step towards becoming a successful millionaire, Bob concentrated in establishing a strong wholesale network across the Midwest. This was when he returned to resume the responsibility of his family business. His firm emerged as the sole supplier of a popular brand of cookers.
In 1960s, Bob diversified his investment as he realized the unforeseen potential of the FM radio. He indulged in radio manufacturing and bought several radio stations. Two decades later, Bob had already reaped his benefits and decided to retire after selling most of his interests. He has also focused on the private-placement bonds, real estate and venture capital. He has always reiterated that to become a millionaire one needs to think, plan, invest and work in tandem. He observes, “The success lies in making more good decisions than bad decisions”.
It is important to ensure that your investment is in safe hands, if your objective is to save your capital. The investors are often found to invest in a CD or Certificates of Deposits, with a bank that offers a higher rate of interest in comparison to a regular savings account. As an investor purchases a CD, a certain sum of money for a particular period of time gets invested with the bank. The investor then receives a periodic payment of interests on his invested amount. Post maturity, the investor can withdraw his deposit amount along with the interest that it has already accrued. But, if he goes for early withdrawal, a certain percentage of the interest gets deducted as an ‘early withdrawal penalty’.
Apart from the banks, the brokerage firms or the deposit brokers also offer CDs, nowadays. The investor stands to receive a pretty higher rate of interest from these brokerage firms. There are wide arrays of CDs to choose from and it is important to understand the whole of the terms and conditions before indulging completely in the CDs. The issuer needs to be identified if you are going for a brokered CD, the maturity date of the CD is also important. If it is a callable CD, you need to access the call features with great concentration as well. These are simple and obvious factors that are oft ignored or overlooked.
If the claim cited above looks a bit bizarre to you, get to know how much truth the citation holds. Glance through the success story of a man who invested his most important thing – an innovative approach that opened the flood gates of a million dollar business for him.
The story of Dennis Hope is of a great visionary, who always thought out of the way. He is a man who had seen a sea of failures in his life, but had turned his weakness into strength.
Dennis was into real estate business since the 70’s. He already had an assumption as to how much he was actually going to earn from this field, when he had stepped into this business. However, in reality he faced a lot of trouble while trying to make a deal. He could not sell properties, and there was zero profit.
One evening while brooding over his next step, he looked up at the moon for quite some time. Suddenly the spark of an idea crossed his mind. He could not sell land on earth; why not sell the land on the moon and earn a profit?
Through extensive research he came to know that according to the UN Outer Space Treaty of 1967, no Govt. was allowed to buy or sell extraterrestrial property. However, the treaty did not prohibit any individual or concern from doing so. So he sent a legal letter to the US and the UN, claiming all extra terrestrial properties as his own, and till date has made $9million @ $20 per acre at moon.
Thus he launched Lunar Embassy, the only concern in the world that can sell property on the moon. Today he owns trillions. He made a sale of the lands in the moon, and landed himself in history among the American millionaires.