Because I joined the equities business a year before the 2000 dotcom bust, I’ve always been a little wary of stocks as a source of long-term wealth. It was crazy to witness so many people go from having millions to zero in a matter of months. Where does all the wealth go?
The irony about my suspicion is that I firmly believe the only way for someone to reach “next level wealth” is if you build enough equity in your own business. Unless you make Managing Director at a major financial firm, Partner at a big law firm, get hired as a Senior VP at a large tech company, or work as a janitor for San Francisco’s public transportation system, it’s very hard to get really rich through a day job.
Therefore, the best way to reach next level wealth is to not only build a business, but to make your business LAST for as long as possible.