Here's How Patrick Bet David Made His Fortune
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When Patrick Bet-David was six years old, he was asked about his ambitions for growing up, and the young boy answered that he wanted to be a father. As someone who grew up with a nurturing father, Bet-David had always received the motivation and love to aim for the best. The struggles he faced in the early years of his life in Iran exposed him to a different side of the world. Later, Bet-David entered the world of finance via self-motivation and eventually became an entrepreneur who could find solutions for people of all income groups in America.
From earning his first dollar while cleaning swimming pools to having a turnover of over $200 million with his business, Patrick Bet-David has amassed an estimated $200 million net worth through various ventures as an entrepreneur, writer, podcast speaker, and financial advisor. Let’s look at how Patrick Bet-David made his $200 million fortune.
Updated on December 16, 2023, to better reflect Patrick Bet-David's increased net worth, which now stands at an estimated $200 million. We've also covered in more depth the business holdings that have made the entrepreneur a success, including his foray into business consulting. He's even acquired a minority stake in the New York Yankees baseball franchise, although the value of that deal has not been publicly disclosed.
Entering The World Of Entrepreneurship
Patrick Bet-David was only ten years old when his family moved to Germany to seek refuge in a safer land. He lived in a refugee camp for two years without his father before they were reunited. While living with other refugee families, Bet-David got his first taste of entrepreneurship when he began picking up trash at a local swimming pool. He earned $0.0059 for every bottle and collected 5,000, which brought the total to $148, as noted by Money Inc.
His pool cleaning days had to end when his family moved to the United States where he enrolled in high school. Bet-David barely made any friends during his time at school and did not have any motivation to study due to his below-average grades and poor CGPA.
He decided to join the military and served in the 101st Airborne Division of the United States Army, according to Celebrity Net Worth. Several years later, he was discharged from his service and wanted to become a movie star. When dating a girl who worked at an investment bank, the idea came to him to become a financial advisor.
A Life Insurance Agency With Huge Growth
In 2001, as a high school graduate, he applied to Morgan Stanley and was hired as a Financial Advisor a day before the attacks of 9/11. Morgan Stanley was paying an average salary of $65,000 at the time of his job offer. Bet-David later worked at the Trans America Insurance Company for eight years before he decided that he wanted to become an entrepreneur.
With years of experience in his field, he opened his insurance firm, PHP Agency, in 2009. According to the PHP Agency, the organization's main objective is to bring life insurance to people from every culture in America.
In 2023, the company boasted more than 27,000 agents working in 49 states. It's impressive growth for a company that in 2019 counted around 10,000 licensed agents among its ranks. As the CEO and Founder, Bet-David brings home millions every year.
In 2013, he ventured into the media vertical. He opened the network company Valuetainment after his friends encouraged him to connect with people on social media to share his knowledge. By 2019, his companies posted an estimated annual revenue of $100 million.
Books And Podcasts Have Added To Patrick Bet-David's Net Worth
As Patrick Bet-David became an influential figure for young entrepreneurs and financial experts, he wrote his experience and wisdom into books and published multiple best-selling volumes.
His debut novel was The Next Perfect Storm which was released in 2012, followed by The Life Of An Entrepreneur in 90 Pages in 2016, Dropout And Get Schooled in 2017, Next Five Moves in 2020, and his most recent book Choose Your Enemies Wisely, which debuted in 2023.
Along with posting informational and motivational videos on YouTube, Bet-David also began a podcast series called The Bet-David Show. Featuring various guests on his podcast, he likes to discuss topics that range from multiple segments, including world events, world politics, sports, entertainment, current events, business, and finance. Some of his prominent guests over the years have included George W. Bush, Mark Cuban, Kobe Bryant, and Ray Dalio.
Additionally, Bet-David has 4.9 million followers on Instagram, where he posts financial advice for young entrepreneurs and offers motivational messages for people struggling with their ventures. Bet-David has also provided follow-up advice on his book, Your Next Five Moves, through his account.
Patrick Bet-David Started A Business Consulting Firm
If you visit Patrick-Bet David website you'll notice the option to reach out to his team of business consultants.
According to the entrepreneurs' website, more than 10,000 leaders have gone through his programs and his team has helped generate more than $3 billion in owner transactions.
We don't know how much he has earned from his programs, but given the number of business owners who have used his materials and the fact that he offers a business academy, one-on-one sessions, and live events, it's likely that Patrick Bet-David's net worth has grown in the millions from this endeavor.
A Minority Stake In The New York Yankees
Patrick Bet-David announced his minority stake in the New York Yankees baseball franchise in August 2023. He made the announcement on his YouTube page where he told his more than 5.3 million subscribers that he had been dreaming about the moment since he was a kid.
While the total investment and value of the deal have not been revealed, Patrick Bet-David's fortune is likely to grow thanks to the constantly increasing valuation of major league sports clubs.
Patrick Bet-David began his life by escaping difficult living situations and moving with the family that prepared him to face any obstacle. With freedom and opportunity, Bet-David has established himself as a powerful figure in finance and insurance, and his businesses have earned him a $200 million net worth.
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