This Is How the Rich Become Rich — and You Can Too

While some people get rich simply through years of working hard, far more of them find their wealth by taking a risk and investing their money. In this clip from Motley Fool Live recorded on Jan. 12, Emily Guy Birken, co-author of Stacked: Your Super-Serious Guide to Modern Money Management, talks about why taking a chance on investing could be your best bet for getting rich.

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Emily Guy Birken: One of the things that I think is really important to remember is people who think investing is only for rich people think that you invest with what you have left over. Granted, you can’t invest your grocery money or your rent money. But rich people got rich because they invested. Rich people in general and there’s legacy wealth, of course, but go back far enough, you’ll find people who got rich because they took a chance on investing. That is something that people need to get over that hump of thinking of investing is a rich people’s game. And recognize that, that may be true, but only because that’s how you become rich. You are not going to become rich for the most part. There are couple of really rare examples. I’m thinking like Dolly Parton, who simply through work became rich. But for the majority of people, the way that you become rich is through investing. So that means that if you don’t need to wait until you get to a certain level to start investing. If you start investing when you can, then you are going to get to that like, I feel rich, I feel wealthy point-of-view much sooner than you would if you wait until your income gets to a certain point.

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