“Let me tell you about the very rich. They are different from you and me.” – F. Scott Fitzgerald
It’s never been a better time to be growing your wealth in America. That’s one of the biggest takeaways from the latest Forbes list of the 400 Richest Americans.
There are so many wealthy Americans nowadays that 113 billionaires couldn’t even crack the rankings. Just getting on the iconic list is now harder than it’s ever been since it was introduced in 1982.
In a moment, I’ll share with you a common trait of the wealthiest leaders. Ordinary investors – like you and me – will discover one key lesson that’ll allow us to grow our portfolios just like the super-rich.
Invest like Buffett, Gates, and Zuckerberg
One of the first things you notice from examining the list is that there isn’t anyone on there who made their billions by working a 9-to-5 job.
You also won’t find anyone on there who won the lottery or made a killing in Vegas. Sadly, those earnings just won’t compound like those of the truly wealthy.
What, then, do you need to do to get on the list?
There’s actually one undeniably common trait. Each individual owns business assets that have become “compounding machines” as Warren Buffett likes to say.
The most obvious way, of course, to own assets is to become an entrepreneur like Bill Gates or Mark Zuckerberg. They put capital to risk over the long term, and are eventually rewarded tremendously for their vision and patience. Allowing their creations to compound for decades is the essential piece for creating a massive fortune.
Of course, most of us will never be Mark Zuckerberg or Bill Gates.
So, how can we create a fortune without moving to Silicon Valley and creating the next big thing?
An easier way to create massive wealth
One effective strategy is to invest in outstanding businesses for the long term. Identifying an Apple or Amazon early on could result in growing your initial investment by ten, twenty, even one-hundred times the original amount.
That leads us to the key insight one learns from the wealthiest Americans. They have taken a different mindset than investors who trade in and out stocks daily. Having a long-term mindset is required and letting their assets compound for decades is why many are atop the list.
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