The Best Way To Meet Your New Millionaire (or Billionaire!) Bestie

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!

What You Don’t Know About Industries That Attract The Ultra Wealthy

One way to acclimate ourselves to wealth is to become familiar with the patterns and traits of the wealthy. I enjoy reading research from a variety of sources, but one of my favorites is Wealth-X. This organization publishes several reports throughout the year, with information about the wealthy, including where they live, how they spend their time, and how to best connect with them if you would like to make them your clients and customers.

Recently, Wealth-X published their 2022 World Ultra Wealth Report, which gives a high level profile of the wealthiest individuals in the world. One of the fascinating parts of this report is the section on wealthy women. This is where I learned a less-known – but crucial – fact about the industries that attract the ultra wealthy.

On the whole, we tend to think of the wealthy in a very generic way. However, gender and source of wealth are highly influential when it comes to the industries that most attract the wealthy. According to the report, 55% of ultra wealthy women inherited some, if not all, of their wealth. On the other hand, 25% of ultra wealthy men inherited some or all of their wealth (75% are self-made multimillionaires). This exposes another trend: proportionally, individuals that earn some or all of their ultra wealth tend to be less interested in industries that don’t generate more profit for them. In the report, the top five industries that attract ultra wealthy men are: banking and finance, business and consumer services, real estate, manufacturing, and technology. Meanwhile, the top five industries that attract ultra wealthy women are: non-profit and social organizations, banking and finance, business and consumer services, real estate, and hospitality and entertainment.

This report shows that painting the wealthy with a broad brush will likely result in reaching inaccurate conclusions, or putting your focus on the wrong sectors. If your ideal client is a wealthy woman , it’s worth noting that more than half of them are heiresses, and thus won’t relate to the struggles of building their entire wealth from the ground up. So, if your product or service is designed to appeal to the bootstrapper, less than half of your female targets will resonate with this message. Likewise, if your target customer is a wealthy man, focusing solely on trust fund kids will reduce your target market by 75%! Most of your ultra-wealthy male clients are focused on generating more money, as opposed to finding ways to create social change through their spending. How the wealthy got their money reveals pertinent clues about where they spend their time and energy, and with this information, you can craft products, services, and marketing that are irresistible to your clients and customers.

That was just one of my takeaways from the 2022 World Ultra Wealth Report. If you enjoy analyses like these, let me know, and I’ll be sure to share more of them in the future! Also, if you want a breakthrough from your current financial situation, and a smooth transition into a new income bracket, contact me for a skills audit and values assessment. With these two reports, I show you the intersection between what you do well, what you enjoy, and what matters most to you. The sweet spot between these things is where money magic happens. Click here to learn more about these reports.