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When you hear the word billionaire, what comes to your mind?
I asked ChatGPT to give me some adjectives for how different sides of the political spectrum might describe billionaires. If you haven’t heard of it yet, ChatGPT is an artificial intelligence online chatbot that generates human-like responses and can facilitate natural conversations between humans and machines.
Chat GPT says that one side might use words such as: Excessive, Exploitative, Unethical, Immoral, Unfair, Detached, Corrupt, Greedy, Unaccountable, Inequitable.
While the other side might use words such as: Successful, Ambitious, Innovative, Hardworking, Entrepreneurial, Charitable, Philanthropic, Patriotic, Self-Made, Resilient.
The truth is that all of these are just opinions, and I’m someone who's interested in the facts. I recently went online to Forbes’ billionaires list and spent some time taking a deep look at the people on this list. I was surprised by some things, less surprised by others, but more importantly I came away with a few key lessons learned.
The United States remains the land of opportunity. The US has over 100 more billionaires than China and their total net worth is more than double that of China’s. Also, the US has 5x more than India, and when we compare the US to a country like China or India that has a population 4x larger, it becomes even more impressive.
There's more than one way to skin a cat. And when you take a look at the list broken down by industry, I have to say, I was pleasantly surprised by the diversity, equity, and inclusion that's represented. Turns out, the tech industry comes out on top with about 18%, followed by finance and investments at around 14%. After that, you've got fashion and retail, real estate, healthcare, energy, and a bunch of other industries all clocking in at less than 10% each.
When it comes to acquiring wealth, having fame isn't always the answer. In fact, of the top 100 billionaires on the list, a whopping 70% of them were completely unknown to me. So don't fall into the trap of thinking that you have to become an influencer to succeed financially. Instead, stay focused on your own goals and don't get caught up in comparing your life to others online personas. They say there’s power in numbers, but keep in mind, it can also be better to have 4 quarters over 100 pennies.
And finally, the most important takeaway…
Your health is your greatest asset, so make sure to keep your mind and body sharp. What struck me the most was the median age of those on the list. A staggering 84% are over 50 years old, and there are only 12 members under 30 on the list. This is especially important for the younger generation to keep in mind. Avoid the temptation of any get-rich-quick schemes because the road to building wealth requires patience and a long-term outlook. A recent article in Baron’s says that Warren Buffet “has generated over 90% of his wealth since he turned 65.” Something I often say, it’s not about timing the market, it’s about spending time in the market, but also important is consistently sticking to your plan over time.
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