RICH COHORT GETS YOUNGER

#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

Leave a Reply

Your email address will not be published. Required fields are marked *