The second issue with starting a business is that it usually requires a significant amount of experience. Researchers at Northwestern University and MIT analyzed data from the U.S. Census Bureau and found the following: Successful entrepreneurs are much more likely to be middle-aged, not young. For the top 0.1 percent of fastest growing new

researcher, came to a similar conclusion when discussing the experience of his friends who became wealthy. As he noted, his friends originally wanted money because they focused mostly on the things they couldn’t afford. But after they became wealthy, they thought more about what they wanted and realized that their true desires were relatively

Researchers at MIT’s Sloan School of Management analyzed data on entrepreneurial success and concluded that this is the norm. Their research found a positive (and statistically significant) association between the number of companies previously sold by an entrepreneur in the past and their current company’s total revenue. In other words,

THE 1% RULE Level 1 (<$10k). Hourly jobs: $10–$100 Level 2 ($10k–$100k). High-skilled work: $100–$1,000 Level 3 ($100k–$1M). Career advancements; side hustles; small investments: $1,000–$10k Level 4 ($1M–$10M). Career pivots; start a business; medium investments: $10k–$100k Level 5 ($10M–$100M). Grow a business; large investments: $100k–$1M Level 6

According to a 2024 study published in the journal Ageing & Society, once you have four close friends, adding more did not have a “substantial beneficial effect” on reducing loneliness, depression, stress, or anxiety.4 Though this study was conducted exclusively on older adults, it illustrates how a few close friends are better than many

Lastly, the most important lesson I’ve gleaned from the Wealth Ladder is how little your life is impacted by money once you have enough of it. Money matters a lot until it doesn’t. The writer Lawrence Yeo has a related article titled “The Nothingness of Money.” In it he argues that when faced with our own mortality, we quickly realize how little

Loss of Trust One of the most difficult parts of acquiring wealth is the increased skepticism you may have around others. This is especially true if your financial status is known. Wealth can change your relationship with others because you don’t know if they are interested in you or your money. Clay Cockrell, therapist to the superrich, found that

If you are poor, more money will probably make you happier. If you are happy, more money will probably make you happier. But if you aren’t poor and you aren’t happy, more money won’t do a thing.

This suggests that if you build a viable business and are offered a hefty sum for it, you should consider selling. Of course, there are many other factors to think about when making this decision. However, I’ve heard far more stories of people who regret not selling their businesses when they had the chance than of those who sold too early.