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The James Altucher Show

851 - How to Make More Money Using Data About Millionaires with Seth Stephens-Davidowitz

The James Altucher Show

James Altucher

Education, Business

4.62.7K Ratings

🗓️ 24 May 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Do you know that the typical rich American is the owner of a regional business? And also, there's a study that has found that you can massively increase your odds (of being rich) by hustling?Once again, Seth Stephens-Davidowitz, American data scientist, economist, and author, joined us to talk about his new book, Don't Trust Your Gut: Using Data to Get What You Really Want in Life. We also talked about what's the best industry to get into that could make you a millionaire, and also, is "sex business" really definite if you should enter the industry or business?Listen to the episode, and I hope you find the next venture that could make you a millionaire!Visit Notepd.com to read more idea lists, or sign up and create your own idea list!My new book Skip The Line is out! Make sure you get a copy wherever you get your new book!Join You Should Run For President 2.0 Facebook Group, and we discuss why should run for president.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.Thanks so much for listening! If you like this episode, please subscribe to "The James Altucher Show" and rate and review wherever you get your podcasts:Apple PodcastsStitcheriHeart RadioSpotify Follow me on Social Media:YouTubeTwitterFacebook ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0

This isn't your average business podcast and he's not your average host.

0:06.8

This is the James Altiger show.

0:10.4

Seth Stevens to Vitoitz.

0:15.6

So Seth, you had some fascinating data about what industries create the most millionaires

0:23.2

and they were kind of surprising.

0:25.4

I guess you got this data from the IRS, but they list which industry basically meant

0:31.2

the most millionaires.

0:32.7

What was the data that they...

0:34.2

So this is a study.

0:35.7

Two of my...

0:36.7

It was a study done by Professor Chicago, actually two friends of mine, based on IRS data

0:41.1

where they analyzed basically all American taxpayers and they're like, who is in the top

0:46.6

1% or even 0.1%.

0:49.1

So I read this.

0:50.6

Of course, the study, because an academic study is published in the Corley Journal of Economics,

0:56.2

it had all these theoretical models and it was trying to make a point about capital and

1:00.3

labor and all these weird things that...

1:02.6

But there was one sentence of the study where they say the typical rich American is the

1:07.0

owner of a regional business such as an auto dealership or beverage distribution company.

1:13.0

And like, I read in writing, don't trust your gut.

1:16.3

I read probably a thousand studies.

1:18.7

And literally most studies I read I just don't believe.

...

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