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Do you want to be rich? Most people chase Ivy League degrees, McKinsey promotions, and VC money. But they're doing it completely wrong. Here's why:
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There are 140,000 Americans who earn > $1.58 million per year. They run an unsexy business like a gas station, auto dealer or beverage distributor. What else can we learn about the typical "rich american?" (via )
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1. Equity makes you rich “The three most harmful addictions are heroin, carbohydrates, and a monthly salary,” says Taleb. The top 0.1% do not make their money from a salary. They own their business.
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2. Rich people own unsexy businesses Most aren't starting SaaS companies or building audiences. They own auto repair shops, gas stations and business equipment contractors.
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3. They avoid ruthless competition Auto dealerships get exclusive rights to specific territories. Beverage distributors benefit from the laws preventing the producers from selling themsleves.
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4. They leverage specialty knowledge 10% of owners of market research businesses are in the top 0.1% of wealth. They use analytical skills and deep experience to charge a premium for their knowledge.
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To summarize, the path to wealth doesn't run through the Ivy League and Goldman Sachs. Instead it involves: 1. Owning Equity 2. Owning Unsexy Businesses 3. Avoiding Competition 4. Leveraging Specialty Knowledge
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