Is it easier to get rich today than at any other time in history? Billionaire investor Grant Cardone recently made that claim on X and stirred up quite the whirlwind in the comments. Some commenters completely agreed with the billionaire while others cast doubts.
"I just need a small loan for $1 million," one commenter joked.
"Not wrong in any way, form, or manner. There's endless opportunities now!" another person responded to his X post.
Is now really the best time for people to get rich? It depends on a few factors.
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It's Easier To Get Distracted Than Ever Before
Cardone has capitalized on the internet and other online marketing opportunities to build his business. It's easier now to build an audience and get the word out about your product. You can easily reach out to people via email and social media. Anyone with an internet connection can write blog posts, create videos, and launch podcasts that gain visibility.
However, the platforms that help business owners reach their ideal customers can also distract you endlessly. That's the double-edged sword of social networks and online business opportunities.
"You're not wrong. But [it's] worth mentioning that it's easier to get distracted today than any other time in history as well," one commenter responded.
YouTube has replaced the TV couch potato, and surfing videos too often can lead you astray from your long-term goals.
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More Clutter And Competition
Another commenter said that Cardone is right in some ways and wrong in other ways. For instance, most business owners know about the opportunities that social media and content marketing provide. However, with an abundance of content, it's harder to stand out in a noisy marketplace.
Intensifying competition can tempt some business owners to reduce their prices in a race to the bottom. This route will hurt profit margins and require some business owners to sell more products just to stay in business.
The people and brands that can stand out amid a crowded marketplace have a shot at levels of wealth that were not as easily accessible to previous generations. Some people and businesses will get drowned out by the noise, but the grinders who stick with it for years have a shot at riches.
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The Cost Of Living Crisis Looms Over Most People
Although Cardone says it's easier to get rich today than any other time in history, that applies to the people who work hard and have luck on their side. Content creators and businesses seek to perform well in various algorithms. That requires hard work, skill, and luck. Missing out on one of those three can turn a business owner into one of many who doesn't tap into riches.
There still aren't many people who become rich, relative to the population. However, one X user bluntly mentioned the cost of living crisis in a comment that received plenty of likes. A few other commenters mentioned that you need to have money to make money, further highlighting how the cost of living crisis makes it harder for most people to get ahead.
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