Okay, it’s 10 years in the future and you’ve already made your first million (much like Bytta)! And now you’re midway thru working on your 2nd million.
So the question is…. “Do you invest the same way you did with your 1st million?” Or if you’d like to think of it this way, how do you invest differently now that you have your 1st million under your belt?
Hmmm, if not for the 1st million, but how about after you reach your 2nd, or even your 5th million?
I have a friend that didn’t change his strategy, so during the downturn I estimate that he temporarily was down close to $1 million. I say temporarily, because he didn’t panic and pull his money out of the stock market, he let it ride (as I did, but my temporarily loss was much smaller because I don’t have 5 million dollars).
Only after he recovered did he talk about how nervous he was.
So, I was thinking, what would I do if I had that much money…
I think I would diversify my money into different asset classes.
- a small amount of precious metals (gold, etc)
- real estate (local and global)
- foreign currency (a small speculative amount in emerging countries)
- definitely US Treasuries bills
- solid company bonds
- investments in small established solid businesses, maybe franchises like McDonalds?
What other ways would you invest money amounts over 2 million?