Yahoo Finance I’m a Self-Made Millionaire: 4 of the Most Valuable Purchases I’ve Made in 2024
Becoming a self-made millionaire — and remaining at that financial level — often requires several similar characteristics. For instance, patience, persistence, grit, and great business ideas come to mind. And while wealth is sometimes associated with ideas of luxury items — think superyachts or private jets – or splurging on frivolous items without a second thought — when it comes to what makes an item “valuable” for some self-made millionaires can, in fact, be a very stark contrast.
Read Next: I’m a Frugal Self-Made Millionaire: 6 Things I Never Waste Money On
Learn More: 4 Genius Things All Wealthy People Do With Their Money
Here is what some of them said was their “most valuable” purchase in 2024, and their answers might surprise you.
Wealthy people know the best money secrets. Learn how to copy them.
A Father-Son Trip
When asked what the most valuable purchase he made so far this year, Gene Caballero — a self-made millionaire who co-founded GreenPal, said: “This is an easy one.”
“The most valuable purchase I made this year was buying two roundtrip tickets to Europe for my dad and I,” said Caballero. “Together we visited Switzerland, Germany, and Austria. As my father gets older, spending quality time together becomes priceless. I chose this trip to ensure we could make lasting memories and take him to somewhere that he has never been, which is far more valuable than any material thing.”
This is the second year they have gone on such a father-son trip – last year, they went to Chile, Argentina and Uruguay, he added.
A Luxury SUV
Brenda Christensen, self-made millionaire and CEO of Stellar Public Relations, said the most valuable item she bought this year is a luxury SUV “with all the bells and whistles.”
“I’m on the road a lot and can I tell you how nice it is to have heated and cooled massaging seats, Netflix on demand and a host of other perks while I’m driving,” she said. “It’s so worth the money and plus, it’s a business write off! Love it!”
For her, the value is that “I have to drive anyway, so why not do so in the literal lap of luxury that is also a business tax write off. It’s a definite win-win!”
Christensen added this was her “first splurge,” as she typically is very frugal, even when it comes to durable goods.
“But the opportunity was too good to pass up,” she added.
Buying Out a Business Partner
Jeff Rose, CFP and founder of Good Financial Cents, said that his most expensive purchase was buying out his business partner of five years.
“We had reached a point where our visions for the business varied greatly,” he said. “I wanted to continue growing the business, but their heart wasn’t in it. So, I wrote a six-figure check to buy them out and gain complete control.”
Pay-per-Click (PPC) Advertising and Local Service Ads (LSAs)
Chrissy Grigoropoulos, Esq. CEO of Property Shark Realty Inc. and author of Ladyshark: How to Make Millions in Your 30s, said that these have been positive investments as PPC campaigns have been instrumental in driving targeted traffic to her businesses, specifically her law firm, The Grigoropoulos Law Group.
“I’ve been able to increase visibility and attract potential customers who are actively searching for my firm offers,” she said.
As for LSAs, this is the second most valuable purchase she has made this year, she said.
“They have proven invaluable in connecting with local customers in my area and are less expensive than PPC focused marketing,” she added. “These investments have been essential in expanding my reach in driving targeted traffic, increasing client visibility and inquiries, and ultimately generating leads thus growing my business immensely.”
More From GOBankingRates
This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: 4 of the Most Valuable Purchases I’ve Made in 2024
