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Seven Secrets of Self-Made Multimillionaires
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.
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How One Entrepreneur Used the Law of Publicity to Get Investors
Sometimes, a business owner gets a great opportunity. There's a lot of excitement, but then, it doesn't pan out. The difference between successful companies and flops is in what happens next.
That's what Nashville chef Shawn Davis learned recently. He was lucky enough to score a slot on the ABC reality-TV show
Shark Tank
last May. He asked the show's hard-nosed investors for a $200,000 investment in exchange for a 40 percent stake in his company, CBS Foods.
He was hoping to use the money to market a shrimp burger he had created. The burger was a local hit, but sales to that point were just $30,000. Davis, or "Chef Big Shake," needed money to market the burger more widely.
The Sharks weren't biting. Davis walked away empty-handed.
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