What other traits does a person need to get rich and, even more importantly, stay rich?

By | May 11, 2022

In 2022, most billionaires have seen their fortunes fall.

No big deal, the market moves up and down all the time, so they haven’t “lost” money unless they have sold, just as they haven’t “made $20 billion in a day” as per some of the misleading headlines when stocks are going up.

So, in the grand scheme of things, rich lists don’t matter, because of the fluctuating nature of wealth held in the stock market.

Despite this, there has been one interesting story this month. Namely, Warren Buffett, who many people believed was too old-fashioned a few years ago, is the only major billionaire to see his paper wealth increase in 2022.

In doing so, investors into Berkshire Hathaway will have beaten many who went into the ARK fund, which was doing so well until recently:

It is the tortoise vs hare story we all heard as kids and explains Buffett’s wealth, to begin with.

He didn’t even have his first billion before his 50s, and he now has over a 110billion, despite all the money he has given to charity:

Too many people jumped into ARRK after finding out that it had done so well in 2020.

Most patient people won’t become like Buffett, but people could become an everyday millionaire with some patience, like this man, who had $8million as a cleaner:

Apart from patience/having a long-term horizon and not just chasing trends/recent performance, I would say that taking calculated risks is important.

Taking too much risk and speculating, and not taking risks at all, are some of the biggest mistakes that can be made in investing.

One of the biggest reasons for that is misunderstanding what risk is, like the silly idea that cash is less risky than a sensible, and diversified portfolio.

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