851 - How to Make More Money Using Data About Millionaires with Seth Stephens-Davidowitz
The James Altucher Show
James Altucher
4.6 • 2.7K Ratings
🗓️ 24 May 2022
⏱️ 44 minutes
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| 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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