#rich #young #YoungAndRich #superrich
A survey of U.S. investors with $25 million or more says the average age has dropped by 11 years, to 47 years old.
The ranks of these Americans has doubled since the depths of the Great Recession.
The average age of those with a mere $1 million is 62, a number that hasn’t budged in years.
These figures come from an article by Ben Steverman for Bloomberg. I was also published Jan. 24, 2019, in The Atlanta Journal-Constitution.
About 172,000 U.S. households have a net worth of at least $25 million, The article says. That up from 84,000 in 2008. The study was created by the Spectrum Group, according to the article.
The “vast generational transfer of wealth” is “just beginning,” the article quotes George Walper Jr., president of the Spectrum Group.
The article doesn’t spell out how these folks are getting rich, but here are a few theories.
First, they could have invested well in the stock market, which crashed big time during the Great Recession. A big, universal downturn in the markets creates numerous buying opportunities for those willing to take a chance on them.
Even the casual observer has seen the market go up like crazy over the last decade, so those buying opportunities – at least many of them – have paid off handsomely.
Another theory, as Walper suggests, is that older rich folks are dying, and giving their wealth to their children.
A third theory is a rise in entrepreneurship. Young folks have seen a need, or created a product, that has become very popular. Think Uber, Lyft, scooter rentals in cities etc.
Here’s an area that can make ANYONE rich, who is willing to explore it. You certainly don’t have to create a new product, or meet a need. You just have to be willing to look at ideas that are not necessarily new, but could be new to you.
There are many vehicles out there that can produce wealth for anyone, with any background, education etc. You don’t even need to be a genius. You just need to learn a system and be coachable.To check out one of the best such vehicles, message me.
Amid the doom and gloom you may have witnessed in the last decade, these stats should give you a glimmer of hope. Prosperity is there for those willing to look for it. It is there for those who, rather than wallow in their circumstances, are willing to embrace something new.
And, it doesn’t matter whether you are young or older. You just need to be willing to see something that looks very promising, and go with it, no matter what you might be told is best for you.
Our parents, at least those of us who grew up in more modest households, have told us to look for security, a good job, good benefits and stay there until we retire. That was SAFE.
Yet, such situations today are rare. Few jobs are safe. Few lifestyles are secure. Few futures are certain.
Increasingly, it is up to you to determine your prosperity. Certainly, if you choose certain paths, there are many out there willing to help you. But, you have to DO it.
If you don’t see yourself as young and rich, that’s OK. But think about the life YOU want, and know there are ways out there to get it. You just have to be willing to look for them.
Peter
Tag Archives: ” rich
WHAT TO DO WITH LOTS OF MONEY: PART 3
#thinklikearichperson
You’ve done OK in life, but you still dream of something better.
So, you play the lottery.
You know the odds are not in your favor, but you can’t win if you don’t play, right?
If you think like a rich person, as author Steve Siebold suggests, you would take the money you spend in lottery tickets and put it into an investment that will multiply over time. In other words, you’ll get rich slowly.
Then, there’s the matter of what you would do with the money if it were suddenly in your possession. If you think like a “middle class” person, as Siebold categorizes it, you would come up with ways to SPEND your newfound fortune. If you thought like a rich person, you would find ways to INVEST your newfound fortune.
The message here is that if you think like a middle-class person, your fortune will disappear relatively quickly. It seems ridiculous, at least to those who think like a rich person, that ANYONE could be given that kind of money and not make it last through his lifetime, and the lifetimes of his descendants or heirs.
You see, thinking like a rich person, you would take your windfall, place it in appropriate investments and spend SOME of the dividends, interest and capital gains. The rest of the gains would be reinvested.
If you think like a middle-class person, your instinct might be to give some of your fortune to your friends, so they can SPEND like they have never spent before. That might make you feel like a really good person.
But, if you think like a rich person, your first instinct might be to give some to reputable charities. You might give some to your family. But the only way you would give money to your friends is if your friends had good investments that you could get in on. You would probably never give money to friends to spend, knowing they would not spend it wisely.
So it’s not only your thoughts about making money that matter. Your thoughts about how you would use money matter just as much.
So where are your thoughts today? If it’s Monday, are you dreading another workweek? Or, are you seeing your job as a means to an end, because you are slowly building a fortune?
If you think that way, you’ll think of Mondays as one more day until your ultimate payday. If you like your job, or at least have found enough things to like about it to make it relatively pleasant to go to work, it will make building your fortune that much easier.
So how does a “middle class” or working person build a fortune? First, you have to have a regular savings plan. Have money taken out of your check – it doesn’t matter how much or little you make – regularly to go into savings. Then, don’t touch it, unless you are buying into a superior investment. Let it grow for as long as you work.
Also, as Siebold suggests, perhaps you can find a vehicle that will allow you to build a fortune without interfering with your job. There are many such vehicles out there. For one of the best, visit www.bign.com/pbilodeau. You’ll see lots of former “middle class” folks who learned to revise their thinking, and could tell their employers goodbye quite early in life.
In short, thoughts matter, especially thoughts about money. Give first priority to growing money, second priority to help others grow money and third priority on spending money – wisely. Even if you don’t have much money now, thinking that way will provide you an eventual fortune.
Peter
TRAPPINGS OF UPBRINGING: PART 2
#thinklikearichperson
Growing up, were you often told what was NOT possible?
Did your elders convince you that the world was going to hell in a hand basket?
Were you constantly reminded of your “limitations?”
And, were you told that if you didn’t do certain things, you’d be messed up for life?
These and other things are common in “middle class” thinking, as defined by author Steve Siebold in his book “How Rich People Think.”
He talks about how we are often steered on a path of security, scarcity and pessimism, as opposed to risk-taking, abundance and optimism.
The trick to getting off that train of thought, and potentially becoming wealthy, is relearning what IS possible, believing that things will always get better and knowing that the sky is the limit to your success.
There is certainly nothing wrong with respecting your elders – parents, teachers, preachers etc. There is nothing wrong with emulating their work ethic and empathizing with their struggles. But ultimately, you may realize that some of what they taught you may not work for you. The secret to becoming rich is believing you can be. The secret to becoming rich, as Siebold points out, is to find solutions to problems, or figuring out what people want and delivering it to them.
If you have a job, and most of us do, recognize it for what it is. Especially in this day and age, it’s hardly the security blanket it once might have been. Look at it as a means to move you toward what you really want – that is, if you think like a rich person.
If you monitor how a rich person behaves, you’ll learn that he doesn’t behave that way BECAUSE he has money. He has money because he behaves the way he does.
Sure, good ideas might come from outside the box. But a familiar pattern of limitless possibilities, optimism and fearlessness are pretty standard among those who have money.
As we grow older, we realize that many of our fears are taught. Much of what we view as “evil” was handed down to us. Much of what we see on the horizon we approach with extreme caution and wariness, out of concern that we might lose everything.
To think rich, you don’t have to be rich. But if you think rich, you might become rich. Start by getting comfortable with taking calculated risks. Then, believe that the world will definitely get better, and you are going to help make it so. Then, realize the security you so doggedly sought is at least teetering, if not collapsed altogether. But, that’s OK. Rich people don’t expect entities to give them anything, Siebold writes.
Take a good look at your life. Are you completely happy with it? You just may be. Perhaps you have a wonderful spouse , a supportive family and dependable friends. With all that, who needs financial abundance, right?
But if life is not giving you what you want, and believe you deserve, visit www.bign.com/pbilodeau. Feed your mind with good information, inspiration and possibilities. Learn that your future can be bright no matter what else happens.
To paraphrase Napoleon Hill, learn to think and become rich.
Peter