Why Do the Rich Get Richer?

Irving-based Succeed On Purpose is on a mission to help the local community achieve abundance and prosperity. So what does it take? Do you have to be born into an affluent family?

We’ve all heard the sayings:

The rich get richer.
It takes money to make money.

But are these sentiments true? No.

According to The Guardian, there is no correlation between inherited wealth and the ability to create wealth as an adult. Being born into a wealthy family does not guarantee that a person can legitimately create wealth later in life.

What rich people do have, which we all can learn from, is the belief that wealth is attainable. They expect it.

A series of studies from several renowned research institutions point to the notion that those born into great prosperity have a built-in expectation that wealth is attainable.

Some of these same studies also found that wealthy people are less empathetic and feel they deserve special treatment; attributes that are less than desirable. Many movies like The Wolf of Wall Street and popular television shows Empire and Succession perpetuate these ideas.

Do We Block Our Own Ability to Create Wealth?

It’s possible that these stigmas, true or not, have impacted our beliefs about the morality of prosperity. And it is possible that our perception of wealthy individuals creates a subconscious block to creating wealth because we fear it will inevitably come with undesirable traits. This is a fallacy.

In fact, people who have not been born into prosperous circumstances and have learned how to create significant wealth as adults, but are also statistically more successful, AND more generous. My grandfather taught me this at an early age. He would pull out the encyclopedia and show me stories of self-made business leaders, such as Andrew Carnegie who created massive wealth and was considered to be one of the most generous leaders of this time. Gramps would say, “Terri, you get what you focus on. Figure out what you love to do, and expect to be prosperous. Don’t let your life today hold you back. Focus on success.”

As a result, I sought out role models from my era, people like icons Bill Gates, Warren Buffett, and Oprah Winfrey to name a few.

All were born into average or impoverished circumstances but went on to create massive fortunes while ALSO living with remarkable generosity and grace. It’s like they had the best of both worlds.

The question then is, how can we learn from the rich while maintaining our own moral compass? Kind of like asking ourselves “how can the non-rich, get rich…and do good?”

Asking THAT question is where breakthrough ensues.

The truth is… any person can learn how to create wealth while remaining compassionate and purposeful. For tips on how to do this, check out our free Self-Transformation Course.

So, what’s holding you back?

First, learn to expect that wealth is possible and look for role models who embody BOTH prosperity and generosity.

Second, change the way you think about creating wealth. In addition to misconceptions about rich people being selfish, the majority of people correlate wealth with the requirement of hard work.

In a recent survey of adults conducted by the Succeed On Purpose team, we found a common misconception about wealth creation and the belief that it takes “working hard" to have money.

When asked “What are your earliest memories about wealth and money, 62% of respondents said, “It takes hard work to create money and wealth.” (Figure 1)

Figure 1:

Figure 2:

Furthermore, when asked, “How easy is it for you to create prosperity now?” almost 73% said, “I must work hard to create what I want.”

This is simply not true. Although wealthy people work hard, it’s usually because they enjoy what they are doing, or are internally driven to succeed. Conversely, there are many self-made millionaires who work normal hours, take weekends off, and take regular vacations and breaks.

Interestingly enough, in this same Succeed On Purpose study, a mere 2.7% said they were born into extreme wealth, while 12.2% said they had created an extremely prosperous life as an adult.

So, yes, the rich get richer… IF they believe wealth is attainable.

The average also get rich… IF they believe wealth is attainable.

And, the poor can also get rich… IF they believe wealth is attainable.

If you’re ready to create more prosperity, join me for our next Prosperity Challenge and prove to yourself that you have the ability to create abundance and prosperity.