Becoming a millionaire is the dream, one that can become a reality even for those who were not born into affluent families. According to The Ascent, roughly 8.8% of the American population is a millionaire. The majority of these individuals are self-made. While everyone’s journey is different, self-made millionaires are often those who invest strategically over a long period of time. But what exactly are these individuals investing in? And what are their plans for the remainder of this year and beyond?
GOBankingRates spoke with two self-made millionaires — Tim Hastings and Paul Gabrail — about their investment strategies for the rest of this year. These are the main investments they’re going to make for the second half of 2024.
Paul Gabrail, a disciplined investor, plans to add to his real estate investment portfolio by purchasing two lake homes as rental properties and a 200-unit apartment complex in Louisville, Kentucky. Gabrail emphasized the importance of finding undervalued properties that offer good rental potential, showcasing his commitment to value investing.
Moreover, Gabrail intends to continue investing in stocks, with top picks like Nike, Alibaba, and Sprouts Farmers Market, focusing on companies with long-term growth prospects. He also highlights the importance of portfolio diversification and a strategic, disciplined approach to investing.
Tim Hastings, on the other hand, is exploring investments in commodities like gold and silver in the latter half of 2024 to hedge against inflation and protect his funds. Hastings stresses the significance of spending less, investing wisely, and making informed decisions to navigate the uncertainties of today’s economy.
Both Hastings and Gabrail showcase a blend of traditional investments like real estate and stocks with alternative options like commodities, highlighting the importance of adaptability, diligence, and long-term financial planning in building and maintaining wealth.
