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

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.7 • 3.6K Ratings

🗓️ 21 September 2023

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

#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 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	There is endless media coverage about how to become rich and how to stay rich.
0:06.0	What if these stories that we hear are actually misleading us?
0:10.5	That's the topic of conversation in today's podcast episode with Seth Stevens-Davidowitz,
0:17.0	who has a PhD in economics from Harvard, who works as a data scientist,
0:22.0	and has studied the counterintuitive things that data shows us about wealth,
0:28.0	which we would not glean simply from news stories alone.
0:32.5	Welcome to the Afford Anything Podcast. This is a show that understands you can afford anything,
0:36.5	but not everything. Every choice that you make is a trade-off against something else.
0:41.0	That doesn't just apply to your money that applies to any limited resource you need to manage,
0:45.5	your time, your focus, your energy.
0:47.5	So, what matters most? And how do you make decisions accordingly?
0:52.0	Answering both of those questions is a lifetime practice,
0:55.0	and that's what this podcast is here to explore. My name is Paula Pant.
0:58.5	I am the host of the show, and again, New York Times best-selling author and PhD economist,
1:05.5	Seth Stevens-Davidowitz is here to discuss with us what we can learn from data
1:12.5	that we can apply to our lives, that we would not, and this is information that we would not necessarily know,
1:20.0	based on what is commonly or popularly understood by the stories that we hear.
1:26.0	Here is. Enjoy.
1:32.0	Hi, Seth. It's great to talk to you.
1:34.0	Hi, Paula. Great to talk to you.
1:36.0	Seth, who is secretly rich in America?
1:39.5	Beverage distributors and auto dealership owners.
	...

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