The Economic Perspective: “How to Get Rich”

I’m Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program asks, how to get rich.  Mike, books and ideas about getting rich are always popular. When researchers look at who is getting rich today, do they find there is a certain method or formula?

Mike:  Summary Answer

  1. Based on a new study from the NBER, people who are getting rich today are not those who made big gains in the stock market, and it’s not people who have inherited wealth
  2. Instead, it’s people who have started companies that became successful
  3. Most of these entrepreneurs are under age 60 and own mid-sized companies
  4. And, importantly for social mobility, many of these successful individuals are from lower-income parents
  5. So, getting ahead from one’s own efforts still seems to be possible
  6. I’m MW

Mary:  And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.