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Six Reasons Why It’s Easier Than Ever for Anyone to be Rich

Leveraging a little to make a lot

The media today is filled with articles talking about the growing income gap between the rich and the poor. Income inequality is all the rage, fueling the campaign of Bernie Sanders and giving birth to thousands of articles with stats like these found in “Economic Inequality: It’s Far Worse Than You Think ,” published in Scientific American:

The average American believes that the richest fifth own 59% of the wealth and that the bottom 40% own 9%. The reality is strikingly different. The top 20% of US households own more than 84% of the wealth, and the bottom 40% combine for a paltry 0.3%. The Walton family, for example, has more wealth than 42% of American families combined.

This is no surprise to me. For years I’ve been predicting that the middle class is toast and that the rich will get richer while the poor get poorer. Rather than get angry, however, I decided long ago to get smart about money and investing.

Today, I believe it’s easier than ever to get rich, if you’re financially smart. Here are six reasons why:

  1. The Internet is making a world of customers available to most of us.
  2. The Internet is creating more businesses beyond the Internet. Just as Henry Ford created more business because his mass-produced cars had a ripple effect, the Internet will likewise magnify its effect. The Internet makes it possible for 7 billion of us to become a Henry Ford or Bill Gates.
  3. In the past, the rich and the powerful controlled the media. Now with the Internet, each of us has the power to access different media sites.
  4. New inventions breed more new inventions. An explosion of new technology will make other areas of our lives better. Each new technological change will allow more people to develop more new and innovative products.
  5. As more people become prosperous, they will want to invest more and more money into new start-up businesses, not only to help new business, but also to share in the profits. Today, it is hard for most people to grasp the reality that there are literally tens of billions of dollars looking for new, innovative companies to invest in every year.
  6. It does not have to be high tech to be a new product. Starbucks made a lot of people rich with just a cup of coffee, and McDonald’s became the largest holder of real estate with just a hamburger and fries.
Original publish date: August 04, 2015

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