Cracking the Code of the Rich, with Seth Stephens-Davidowitz

Afford Anything

#462: As a society, we’re fascinated by stories of the rich. We hear news, see social media posts, and read books about how others become wealthy, how to maintain that status, and what their lifestyles look like.

But what if the media we’re consuming is misleading us?

Dr. Seth Stephens-Davidowitz’s research shows that the stories about the rich that dominate the popular press are misleading.

Stephens-Davidowitz holds a PhD in economics from Harvard University. He’s a data scientist and a New York Times bestselling author.

In today’s episode, we discuss the misleading stories around the rich. We unearth the truth behind those stories, using data rather than narrative.

We explore the types of businesses that quietly make people millionaires. We describe the ages, occupations and locations of people that become rich, and the unexpected paths they take to achieve this. And we share actionable takeaways that will help you do the same.

Discussion as of September 2023:

01:38: Who gets secretly rich?

02:18: The kind of protection you need if you want to be rich

04:10: The number one way to become a millionaire

08:44: What is takes to be a successful entrepreneur

09:19: The detrimental impact of some stories

12:48: The worst kind of businesses

17:14: Who makes up the best entrepreneurs?

21:18: Increase your luck surface area

27:57: How to revolutionize a field

30:37: The ACTUAL path to entrepreneurial success

32:08: The role of duration neglect in decision making

For more information, visit the show notes at https://affordanything.com/episode462

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