It seems to me from my experience in this business that us brokers rarely get "rich." We as a group may dress nice, have nice cars, but if in the end (retirement) if we have anywhere close to a million dollars to show for it we are lucky.
However, we are in the unique position (along with lawyers, CPA's, and bankers) to get a "free look" if you will into how fortunes are made by many people.
I have found that very few of them made ANY SIGNIFICANT MONEY by buying and selling stocks. Some saved over the past 40 years, and the cumulative effect might be significant, but if you look at it over an annualized basis, it isn't that overwhelming.
Most made money in 1 of 2 ways. Self employed business owner or real estate.
The clients that I have clients who are truly rich, and by rich I mean worth in excess of 10 million or 20 million dollars didn't make their money in mutual funds. One of them grew up dirt poor, and had NEVER EVEN BOUGHT A STOCK until he met me. Made all his money in real estate.
That my friends, real estate, is where I believe many fortunes are made. Not by buying already overpriced houses during a bubble hoping it doesn't pop, but by developing and building residential and commercial real estate.
It astounds me to see the type of money being made.
Argue with me if you wish, but I see it happen every day. It amazes me, and the whole time
Anyway, I just thought I'd put this out here as self expression. Take it for what you will, and all snide comments are welcome.
Tue, 2006-09-05 15:34