If you weren’t born with a silver spoon in your mouth, but you still want to get rich, here’s what I suggest. Buy lotto tickets.
July 13, 20011 — I’ve made a new friend on Facebook, one whose heart and head are in the same places as mine. This friend, I’ll simply refer to him by his first name, Mark, recently posted a very interesting story on his wall. With Mark’s permission and with a few minor edits, this is what he wrote:
“When I was 8 years old I talked my way into the Grown-up section of the library. Four of the 6 books I took home that day were biographies of famous rich guys from the early 1900s. Over the next 45 years I read lots of Rich Guy Bios and found that most of them have one thing in common. That one thing was confirmed in 2005. I did a complete analysis on the Forbes 400 richest folks in America. I put together an Excel spreadsheet using the data, then started sorting by each column to see what there was to learn.
There are Rich Guy Hot Spots to live in like NYC (Central Park), The Hamptons, South Miami (and Fisher Island), Southern California and Scottsdale AZ. But what I found to be most intriguing was how they got their wealth. In the Forbes article, 12% said they inherited their money. Of the others, a large number said their wealth came from real estate, oil, banking or hotels. But that made my ‘Radar’ really start pinging. To start a business in any of these industries takes big bucks. So where did their start up money come from? I did some deeper digging into their histories. The extensive Forbes article provided lots of information and the library and internet provided more. When I was finished the answer was clear, 85+% were born into rich families and, as adults, they enhanced their wealth investing in the stated industries. So 7 out of 8 really rich people were born rich and got richer. But most of them would like for you to believe they worked for it — the ole “American Success Story”.
As for Rags to Riches, here is what I discovered. A few very wealthy made it on their own. Computer software made Gates and Jobs and some other puter gurus rich. Movies made Tom Cruise, Will Smith and other celebrities rich. A few like John McCain and John Kerry married into wealth. And we all know how Oprah made her money, by syndicating her talk show, forming her own production company, then buying the rights to the show – oh and capturing the hearts of millions with her personal story and her generosity.
Sadly, there were only 3 or 4 out of the 400 that really started with nothing and worked 24/7 for 30 to 40 years to get rich. That’s 1% that were not born rich and weren’t computer gurus or entertainers. None of them ever worked a regular job to get rich.
So if you weren’t born with a silver spoon in your mouth, but you still want to get rich, here’s what I suggest. Buy lotto tickets. The Lotto odds are 12M-to-one against you winning, but that’s a heck of a lot better odds than thinking you can start with nothing, work hard and smart all your life, and with a little luck end up rich. Those odds are around one-in-80 million. So, good luck on the Lotto.”
Thanks for this, Mark.
If anyone would like to comment on what Mark has written, feel free to post a comment below. I’ll make sure he gets it.