Codie Sanchez breaks down five ways to get ultra-rich: inheritance, marrying wealth, running a Fortune 500 company, owning an asset-management firm, or owning a business. Only 5% of millionaires at a Merrill Lynch conference got there any other way than business ownership, making it the most scalable path for regular people.
Chapters
There are only really 5 ways to get really wealthy. I heard this the other day at a Merrill Lynch conference with their ultra-high net worth group, which is basically people have $50 million or more. And they were saying the 5 ways are: 1, you inherit it. 2, you marry into it. 3, you're a Fortune 500 exec. 4, you own an asset management company. And 5, you own a business. What's fascinating is they were saying that only 5% of their clients that had $50 million or more did anything besides have their own business. I think it's the most accessible way, but it doesn't just have to be for the super rich. And in fact, I think a lot more People should learn to buy.