While most people understand the term millionaire, far fewer know what the term deca-millionaire means. Others believe accumulating an ultra-high net worth that exceeds $10,000,000 is impossible.

But is it impossible?

Today, you will learn what it means to be a decamillionaire and what you can do to make your dreams a reality.

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The Journey

Hitting a ten-million-dollar net worth signifies a high level of financial achievement. Most achieve their success through business ventures, investments, and real estate. This milestone reflects both mental toughness and financial success.

Their success embodies the basic principles of wealth accumulation, financial management, and strategic investments. Understanding how a deca millionaire thinks and acts can provide valuable insights into your journey to achieving your financial goals.

What is a decamillionaire? (also referred to as a deca-millionaire)

A deca-millionaire has a net worth of at least ten million dollars ($10,000,000).

Calculating a $10,000,000 Net Worth

Your net worth is calculated by subtracting liabilities from assets.
Assets include cash, real estate, investments, businesses, and other items you own. Liabilities include debts and financial obligations such as mortgages, loans, and credit card balances.

It is essential to understand the difference between income and net worth. Income is what you earn, and net worth is what you accumulate. Generating a high net worth takes significantly more income than just meeting current obligations. In other words, increased net worth depends on your ability to earn more than you spend. You must also earn a good return, or profit, on your investments.

Real-World Example

For example, if your business revenue is $1,000,000 in the year, and you have $400,000 in expenses and earn $100,000 in salary, your net profit would be $500,000. This number can be invested to grow your net worth. Your ratio to accumulate a $10,000,000 net worth would be twenty times your net profit. The amount you earn in your investment account can be deducted from the principal you need to invest.

In other words, earning 10% on your $500,000 would be $50,000, so you would have $550,000 towards your net worth goal. In this case, your ratio would be 18.18%. When you take into compound interest, the ratio will decrease. This means you will need to invest less money to accumulate a $10,000,000 net worth if you benefit from compounding than if you don’t.

If you are a salaried employee, your investable income would be your salary minus taxes and expenses, which is the amount you would invest.

Benefits of Wealth

While it seems obvious that accumulating wealth has benefits, in my experience, one of the most significant advantages is the freedom and choices it provides.

Yes, lifestyle, financial security, and opportunities come with wealth and are important. But, they are not as important as the ability to determine how you live your life now and in the future.

And regardless of whether your goals are big or small, wealth allows you to:

• Support your favorite cause
• Create a business to help people
• Donate to those in need

How to Achieve Decamillionaire Status

Achieving this high net worth milestone typically doesn’t happen overnight. Most deca millionaires build their wealth over decades of work. Time often plays an integral part in your wealth accumulation journey.

So, the sooner you begin, the better your chance of achieving your net worth goal.

A solid investment and financial plan are also critical to your success.

Financial Planning

A financial plan provides a picture of your financial situation and a game plan to help you stay on track and achieve your goal.

A solid financial plan includes:

• Goals and objectives
• Time horizon and milestones
• Risk tolerance
• Required returns and savings requirements to meet your goal
• A review of your progress

As your wealth builds, you must put your money to work for you.

Investment Strategies

Achieving your financial goals requires investing in assets that allow you to achieve your objective. If your investment return goal is 8%, then investing in low-yielding funds will probably not allow you to achieve your goal.

An example of investments that may offer more growth include:

• Real estate
• Stocks
• ETFs and mutual funds

Recap – “What is a Decamillionaire, and How Do I Get There?”

Getting clear and setting goals is a critical first step to achieving them. Time, sound financial planning, discipline, and commitment are factors that increase one’s likelihood of becoming a deca-millionaire.

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