Jan 16, 2024
They say your genes can hold you back, but can they actually take you to the moon (and back)?
That’s what Elon Musk’s sister, Tosca Musk, believes. In a 2012 Esquire profile of the Tesla founder, his sister admits that she wasn’t surprised that a business star came out of their family.
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“Without sounding patronizing, it does seem that our family is different from other people,” Tosca says. “We risk more.”
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The Musks may be different from everyone else, but there are still ways to build your own wealth by adopting their confident and ambitious approach — here’s how.
The Musk family history
Elon Musk is hardly the first person in his family to achieve greatness.
The Esquire piece lists the achievements of just a few of his ambitious ancestors: Elon’s grandfather won a 6,000-mile motor race from Cape Town to Algiers — running from the bottom of Africa to the top. His great-grandmother was the first female chiropractor in Canada. His grandparents were the first people to fly in a single-engine plane from South Africa to Australia.
But even in such an accomplished family, it was obvious that Elon was above-and-beyond any other Musk.
“I have two brilliant children, but Elon's a genius,” his mother, Maye Musk (an accomplished fashion model herself), told Esquire. "I can explain Tosca and [Elon's brother] Kimbal pretty well. I can't explain Elon."
In his 52 years on Earth (and soon, possibly Mars and/or the moon), Elon has sold two businesses for millions and billions of dollars, built up Tesla and SpaceX, as well as acquired X, formerly Twitter. And, no big deal, he’s the second-richest person in the world with a $180 billion net worth, according to Forbes.
Even in a family of greats, Elon Musk manages to stand out.
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Unlocking your own greatness
While you might not have the same type of safety net Musk children can expect to fall back on, there are still ways to ratchet up the risk in your life. If you're not the entrepreneur type like Elon, some savvy investing can be a simple way to introduce risk you're comfortable with — and hopefully, returns you're even more comfortable with.
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For those who usually invest in conservative funds, you don’t need to become like Elon overnight by throwing all your money into meme stocks and crypto. But you can find slightly more risky investments that could pay off big without costing you too much stress.
Depending on how much risk you want to take on, there are endless options for investing. For some investors, adding some choice alternative investments to their portfolio might satisfy their daredevil urges.
For others, penny stocks will hit the spot. These stocks usually cost under $5 per share because the company is new or has lost value over time, due to a scandal or poor performance. With penny stocks, you stand the chance to win big — and quickly — if the company turns itself around, or gets taken over. The risk, of course, is that the stock will continue to plummet and you’ll lose your investment.
Another relatively risky option is Initial Public Offering (IPO) investments. This is when a company makes its debut on a stock exchange, transforming it from a private company to a public one. If you time it right, these stocks can be very lucrative. But, time it wrong, and you can end up paying a lot more per share and even lose your initial investment.
Whatever route you choose, keep in mind that not every risky investment pans out. Even Elon himself has certainly made a few missteps over his career. With investing, there’s no sure bet — you just have to make sure you can afford to fail.
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Sabina Wex is a writer and podcast producer in Toronto. Her work has appeared in Business Insider, Fast Company, CBC and more.
