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Tonight's article is another solid guest post from Alban. In his first post on My Money Blog, Alban did a great job explaining to us about five financial products that the majority of people should have. This posting gained a very high ranking on the personal finance article website, Pfbuzz.com as well. Please see the links below for more information.
Please visit Aban's website at the following link to read more of his articles! - Home Loan Finder. To become a guest poster on My Money Blog, simply email me at the address in the Contact Me section.
Top 10 Highest Net Worth People and What We Can Learn From Them
It's not difficult to have an expensive shiny car, a big expensive house or a shiny, big, expensive TV because it is easier than ever to charge your purchases to credit and get into debt to live the lifestyle of the rich and famous. However, many of the rich and famous you are trying to emulate are not truly rich either as they too have gone into debt to maintain the lifestyle which is expected of them. Instead you should be striving for the lifestyles of those with high net worth, so find out more about what it means to be truly wealthy and which famous faces make it into the top 10 high net worth people.
Net Worth is True Wealth
Calculating your net worth can be done using a simple sum, where you deduct your liabilities such as your credit card debts, personal loans, mortgage or student loans, from the value of your assets including your house, car and other investments. After deducting your liabilities from your assets you see what you are truly worth if you were to liquidate those assets today.
Unfortunately many people have a negative net worth, that is, they have more liabilities than they do assets and while these people may appear wealthy because they have the big cars, houses and TVs, if they do not have the assets and investments to back it up they simply have possessions, not true wealth. When you hear or see on the TV or in magazines that a certain celebrity is worth a certain number of millions or billions, this is the calculation of their net worth so while they may live in a mansion which is worth $10 million, they may have a mortgage on that house and personal or credit card debt so they are not really worth the full $10 million of their assets.
The 10 Highest Net Worth People
In the case of the following 10 people, their worth is calculated on the value of their assets, less the liabilities it has cost them to obtain those assets and maintain their lifestyles. The 10 highest net worth people are currently:
1) Warren Buffett
Warren Buffett has an estimated net worth of $62 billion which secures him a place at number one in this list. Buffett is the chairman and CEO of the conglomerate holding company Berkshire Hathaway which operates in insurance, jewellery, retail, manufacturing and utilities to name just a few of their subsidiary companies.
2) Bill Gates
We all know who Bill Gates is and thanks to millions of us around the world continuing to invest in computers so we can continually curse at them, Bill Gates is estimated to be worth $58 billion.
3) Sheldon Adelson
Las Vegas Sands is the world's premier casino-based company and as the shareholder, Adelson is worth $26 billion.
4) Larry Ellison
The multinational operations of the Oracle Corporation have helped the founder Larry Ellison accumulate a net worth of $25 billion. Oracle is a computer technology corporation which develops and markets enterprise software products such as database management systems allowing Ellison to organise his way to the fourth highest net worth listing.
5) The Waltons
The Wal-Mart stores can add something else to their already comprehensive list of products and services, as founders of the chain are enjoying a net worth of $19.2 billion each.
6) Sergey Brin
Where do you go when you have a question? Google. And it is that unanimous answer which has secured the co-founder of Google worth of $18.6 billion.
7) Larry Page
Unlike the co-founder in the number 10 spot of this list, as a co-founder of Google Larry Page is equally worth $18.6 billion.
8) Charles and David Koch
Charles and David are the co-founder and executive president respectively of Koch Industries which works in manufacturing, trading and investments. Both are worth $17 billion.
9) Michael Dell
With computers and technology taking a strong spot in this net worth list, the chairman and CEO of Dell Inc is worth a respectable $16.4 billion.
10) Paul Allen
Paul Allen is an entrepreneur and the much less wealthy co-founder of Microsoft worth just $16 billion. Perhaps he didn't get the 50-50 split that the Google guys were able to negotiate, or perhaps his mortgage is just a lot bigger than Bill’s.
You will notice from this list that every person has worked hard to build their own net worth, rather than basing it on family fortunes, or getting caught up in debt. While you may not be able to accumulate a net worth in the billions, you can still be aware of what you are worth to put your debts and possessions in perspective.
Thanks for reading.
Alban is a personal finance writer. He offers tips to maximise net worth through investment and helps people to compare investment home loans.
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