I’m guessing that you’re reading this because you’d like to have friends that are wealthy. Having a monied circle of friends makes sense if you have done well for yourself (financially speaking) or you simply want to associate with people that have resources and networks that can benefit you, OR that you can serve in some capacity. I’ll never advocate for seeking wealthy friends strictly for the purpose of using these individuals without reciprocity (you probably won’t succeed if you try: people that are well-resourced are usually astute enough to see when they are interacting with users and opportunists). Reciprocity is key when it comes to having relationships with anyone, but especially the wealthy.
Of course, the best way to have wealthy friends is to be wealthy yourself. (If you want help getting to that point, never fear: I’m currently testing out some new strategies and tools behind the scenes, and if they are as lucrative as I expect they will be, then I’ll be able to offer that money-making blueprint and help you majorly uplevel your income.) But, if you aren’t yet affluent, you may be wondering how to be among your future peers.
Well, according to research done by Altrata (formerly known as Wealth-X), the most reliable way to be in contact with millionaires and billionaires is to serve on a board, either as a CEO (possible, but likely difficult) or as a trustee for a nonprofit organization (much more accessible than most people realize). In the Billionaire Census 2022, Altrata does a deep dive into the data, and analyzes the location, industries and habits of the ultra wealthy. According to Altrata, the average CEO or trustee is in direct contact with at least 3 billionaires, and multiple millionaires.
Many people hear the terms, “board member”, “trustee”, “endowment” and “by-laws” and immediately feel intimidated or overwhelmed at what is involved with nonprofit leadership. But like anything else, nothing is impossible with a little knowledge. You can be a trustee of a nonprofit organization without being a multimillionaire: I’m not yet a multimillionaire, but I’ve been on the board of a nonprofit for nearly a year. And I’m here to vouch for the benefits of being part of a nonprofit organization that you enjoy serving. Here are some tips for joining the board of a nonprofit organization:
- Research: Learn about the organization’s mission, activities, and governance structure to determine if you’re a good fit.
- Express Interest: Contact the organization and express your interest in becoming a trustee. You may be asked to provide a resume and a statement of your qualifications and interest.
- If the organization is interested in your candidacy, you may be nominated for the trustee position. The final decision on trustee appointments is typically made by the existing board of trustees.
- Upon appointment, you’ll receive orientation and training on your responsibilities as a trustee and the organization’s policies and procedures. As a trustee, you’ll be expected to attend board meetings, participate in decision-making, and contribute to the organization’s governance and strategic planning.
The reality is, you may need to start at a smaller organization before progressing to board memberships of larger nonprofits. But there are no “small” starts: learning to serve on a board is an invaluable experience, regardless of the size of the organization. And, for the record, many wealthy individuals enjoy working with smaller organizations that have slimmer budgets but lots of passionate volunteers and committed leadership. So start serving, and see how many rich friends you’ll get!
That’s it for today: I’ll talk to you all soon!