How do the rich become rich? It’s a key question we explore at The Money Vikings because we think most people have the capacity to build some wealth. Here is the bottom line: Information & Access.
The good news up front. Information and access are becoming democratized thanks to technology. Many years ago Information was hoarded by the elites and the government. It was distributed when it served the powers that be. This is still the case in countries run by dictators.
Things are changing fast. Only 30 years ago if a person wanted to invest in a great American company, they needed a stock broker, a relatively large amount of money and the right information. In other words, there was an access issue. It was hard to get through the gatekeepers. Technology and progress tour it down.
Fast forward to today. A teenager could mow your front lawn for $20. You could electronically pay him with the Cash app. He could then buy a share of stock or an index fund through Robinhood or many other simple to use trading platforms. That person has access and information instantly and at a low cost.
The next big thing in access is free online courses. Check out Coursera, classes from top schools, for free, at your own pace.
That is an amazing change in Access!
Information is also amazingly open. The only thing is we may have too much information now for our monkey brains to process and handle. We have to be careful about knee jerk reactions based on a constant barrage of information. But if you seek out quality information you will be better and probably richer for it. Many online courses are free. I’m checking out Coursera for free online courses !
Sieze the opportunities you have that Billions never had. We have it great and can lead fulfilling lives with access and information. The super rich will always have their ways of denying access and keeping capital in the club, but us regular folk have more of a chance than ever.