The good thing about being a millionaire is that you can buy pretty much whatever you want. For many in the two-comma club, that means boats, cars and shiny things to advertise the success they achieved — or, more likely, inherited.
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But those who make their own way in the world are much more likely to spend money on things that can grow, preserve and secure the wealth they worked so hard to create.
GOBankingRates spoke with two self-made millionaires who can recall specific purchases that helped them evolve from ambitious to stable to successful to rich.
Here are the purchases that helped make them wealthy.
Wealthy people know the best money secrets. Learn how to copy them.
A Millionaire Builds Wealth — Then a Law Firm
Jonathan Geserick, MBA, JD, is the managing attorney at DWI Guys Texas, which, despite the name, also handles many drug charges, family violence cases and more. The firm currently has offices in San Antonio, New Braunfels, San Marcos and Boerne and is expanding to Fredericksburg, Austin, Fort Worth, Dallas, Houston, College Station, Waco, Temple, Killeen and Belton — and Geserick is in charge of it all.
“But I only started that business when I became financially independent,” he said.
You Can’t Print Money, but Money Can Come From a Printer
Geserick traces his wealth-building journey — which made him a millionaire and gave him the resources to found his firm — to two seemingly trivial purchases that proved to be the seeds for his growing fortune.
“What is the best purchase I’ve made to grow my wealth?” he said. “The best purchase I ever made to grow my wealth was, oddly, a color printer and a roll of stamps. That allowed me to print my own marketing materials and do my own direct-mail marketing on the cheap for a side hustle I was working on. That ended up turning into a business that has made millions of dollars so far.”
Self-made millionaires are cost-cutters by nature, and Geserick’s refusal to pay for printing and mailing services that he could do himself embodies the entrepreneurial spirit — you’re in it to make money, not to give money to another entrepreneur’s business.
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Making Money Is Good; Growing It Is Better
The next piece of Geserick’s millionaire puzzle fit into place when he earned enough money to start putting some of that money to work. Instead of investing it all in the market, he had the foresight to invest some of it in professional guidance, which paid dividends down the road — both figuratively and literally.
“The second best purchase I ever made to grow my wealth was subscribing to an investment newsletter,” Geserick said. “Buying some of the stocks recommended by the newsletter really boosted my portfolio and increased the returns on my investments.”
An Entrepreneur and Business Expert Buys What He Later Will Sell
Philip Wentworth Jr. is a long-time entrepreneur, self-made millionaire and co-founder of Rockerbox Tax Solutions, which he built with his partner, David Young. The firm combines the pair’s extensive experience in business management and finance to empower entrepreneurs and small-business owners. Among their services are mitigating tax liabilities, streamlining financial processes and drafting and implementing wealth creation and preservation strategies.
They specialize in consolidating what Wentworth calls the “key pillars of financial management” — bookkeeping, tax mitigation, tax preparation and tax filing — under one roof.
A 25-year journey of technology, startup and management experience has made Wentworth a wealthy man. But the best thing he ever bought wasn’t something you can hold in your hands.
Spending a Little Money To Keep the IRS From Taking a Lot
The most valuable thing that Wentworth ever bought was the kind of services he currently provides to business owners back when he was a young entrepreneur who didn’t yet understand the value it offered.
“One of the best investments I’ve made to grow my wealth wasn’t in a tangible asset but in financial and tax-planning services tailored for entrepreneurs,” he said. “By leveraging specialized guidance on minimizing tax liabilities and optimizing wealth management strategies, I’ve significantly increased my net worth. This approach, often overlooked, can dramatically accelerate wealth growth more than many traditional investments.”
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: This Is the Best Purchase I’ve Made To Grow My Wealth
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