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What is a decamillionaire
Decamillionaire is a term often used to denote people having a net worth over $10 Million. Decamillionaire is made from two words – “Deca” and “Millionaire”.
Deca means 10 and a millionaire means a person having assets worth over $1 Million.
In short, a person who owns $10 million is called a Decamillionaire.
Definition and examples of decamillionaire
Decamillionaire is a person who holds assets worth over $10 Million to $99.99 Million in net worth.
It is more often used to define someone’s wealth more precisely. A person having a net worth of $5 Million will be a multimillionaire and a person who has $12 Million will be Decamillionaire.
How many decamillionaires are there in the US?
Wondering how many decamillionaires are there in the US?
Well, according to DQYDJ there are 1,456,336 households with assets worth over $10 Million and are decamillionaires.
A household does not represent an individual – a household may have more than one earning person.
How to become a decamillioniare?
The key is to make sure your investments are safe and secure so they can be passed down from generation to generation.
Here are 6 steps you can follow to get a start with your journey to become a decamillionaire.
Start saving your income at an early age
Start saving your income at an early age.
As you get older, it becomes harder and more expensive to train for a new career or learn new skills.
You will need the money from your first job to pay for education and training so that when you have higher earning potential, you can begin investing again or doing things like buying a house or starting a business.
Inflation is real! You need to save money for inflation as well as other unexpected events such as medical bills or car repairs/maintenance costs (which can happen regardless if they are necessary).
Make calculated decision
Decamillionaires are people who can make calculated decisions. Decisions are based on the best information available and made with a clear understanding of the possible risks, rewards, and consequences.
This is not to say that you should completely ignore your intuition or gut feeling—just don’t let them drive the bus when it comes to finances.
Your financial planner will be able to help you navigate through this process better than anyone else because they have access to all kinds of resources and advice from experts in their field!
Don’t be afraid of taking risks when making investments or making new purchases; they might pay off big time! And don’t be afraid of failure either—you just need more time than others do so don’t give up too soon!
Build cash-generating assets
Cash-generating assets are assets that generate cash without you having to work for it. These can include rental properties, commercial properties, stocks, and bonds.
You don’t have to own any of these things to increase your net worth by building them up over time. If you’re able to buy and hold them long enough, they’ll become cash generators on their own!
There are many other types of investments besides real estate: gold and silver bullion; publicly traded companies; mutual funds; municipal bonds…the possibilities are endless!
In this modern era, you can also look for creating youtube channels or niche-based Instagram pages to earn through Ads as well as promotions.
Investing in Real Estate
Real estate properties are the second most popular investment for millionaires, with almost all of them investing in this real estate.
Real estates are a great investment for millionaires as it offers stability and passive income as rental income.
At first, millionaires prefer to buy some personal real estate and thereafter diversify their real estate portfolio on commercial properties like office buildings, stadiums, etc.
As a beginner, you can start with REIT (Real Estate Investment Trust) listed on the stock market rather than buying directly from the real estate market.
It is just like mutual funds in the case of the stock market and helps you to gain capital appreciation over time.
These trust payout dividend yields of around 10% and help you generate passive income streams by owning real estate properties and other cash-generating assets.
Invest in the Stock Market
Investing in the stock market is a good idea. The stock market is risky, but can be rewarding.
The best time to invest in stocks is when you are young and have time to recover from your loss if the business fails.
If you are not sure about this decision, then it would be better for you to invest in bonds or CDs instead of stocks because these investments have lower risks than stocks do.
Once again I would like to stress that investing in certain areas such as technology or healthcare could yield huge rewards for those who are willing and able to take on risk!
Starting a company can be a good idea
Starting a company is hard. It’s especially hard if you don’t have the resources to do so and need to raise some money from investors to get started.
The best way to become decamillionaire through starting a company is by having an idea that makes sense, being able to execute it, and bringing people on board who are willing to help you reach your goal.
Creating a profitable company is very hard. You need to build a solid product or service and have to market with how it can change your life.
Growing a company can give you millions of net worth in a few days but it equivalent hard to make one.
Millionaire v/s Decamillionaire
A millionaire is a person who owns assets worth $1 Million or more. While a decamillionaire is a person who owns assets worth $10 Million to $99.99 Million.
Conclusion
Becoming a decamillionaire is tougher than becoming a millionaire. It will take more effort, sacrifice, and hard work.
While it is not impossible to achieve so.
You need to focus on building assets that are high growth and have to build a portfolio based on risk profile.
If you have any questions let me know in the comment section.