Have you ever wondered how the rich got rich?
Well, here’s an excerpt from an interesting article we came across yesterday.
John D. Rockefeller, America’s first billionaire, said, “If your only goal is to become rich, you’ll never achieve it.”
Easy for him to say, but his point is well taken: If the only thing you care about is making money, no matter how much money you make it will never be enough.
Still, even though we all define and calculate success differently, most of us would like wealth to factor into our equations.
Here’s some of the interesting data that is highlighted:
Where it gets interesting is how the top 400 made their money:
- Wages and salaries: 8.6%
- Interest: 6.6%
- Dividends: 13%
- Partnerships and corporations: 19.9%
- Capital gains: 45.8%
The top 400 averaged $92.6 million in capital gains income–16% of the total capital gains reported by all taxpayers. (Do the math and the whole 1% thing seems like an overestimate.)
Obvious conclusions:
- Working for a salary won’t make you rich.
- Neither will making only safe “income” investments.
- Neither will investing only in large companies.
- Owning a business or businesses, whether in part or partnership, could not only build a solid wealth foundation but could someday…
- Generate a huge financial windfall.
The data clearly supports the last point. A total of over 3,800 taxpayers have made the top 400 since 1992, but only 27% appear more than once, and only 2% appear 10 or more times.
Always remember to invest in yourself and into others, as that is the epitome of being “rich”. Attaining riches just for the sake of gaining as much money as you possibly can is very unfulfilling, as you lose so much along the way.
However, if you are constantly helping others to attain their level of financial freedom, you will in turn gain so much more than you ever dreamed!
Here’s to your success!
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