Codie Sanchez outlines five paths to wealth—inheritance, marriage, becoming a Fortune 500 C-suite executive, running an asset management firm, and starting or buying a business—arguing that buying or building companies is the most accessible route for most people and drawing on her own experience in asset management and business ownership.
I read this study the other day of really rich people. And it turns out there are only five ways that you can become wealthy. The first one, inherit it. Which unfortunately mom and dad, we didn't get that one. Second one, marry into it. Bummer for me, I married for love. Not a guy like this. Three, become a Fortune 500C suite. But then you got to work with guys like this. And then four, start to run an asset management firm. I actually did this, built a firm in Latin America. But if you want to become an asset manager in a wealth division at somewhere, like Goldman Sachs, for example, you have to bring clients who each individually gave you $25 million. Not easy. And lastly, a business or buy one. And I think this is the way forward. We have A portfolio of 25 companies in it. A venture capital fund with 17 companies. By far the most accessible route to wealth for you is buying or building a company. You start by learning business, learning acquisitions, putting in sweat equity, then putting in cash. Business ownership is the reason why boomers have the highest net worth of any generation. You should try it sometime. Just don't turn into this dude.
