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Getting rich is a dream for most people around the world but not everyone is able to achieve it. It's something that people dedicate their lives to and go out in search of the secret trick to achieving, yet one expert has revealed the single best piece of advice that he can give to make money in life.
We can't all be Elon Musk with a net worth that has now stretched over $500 billion, but even a small fraction of that money would be fundamentally life changing for 99 percent of people across the world.
It's understandably hard to know what you need to do to increase your fortunes though, as while some are lucky enough to hit the jackpot with ChatGPT-supplied lottery numbers, we can't all be that fortunate.
Thankfully one of the most famous people in the financial world has offered his one key piece of advice for anyone looking to get rich, and it's something that's as simple as it is effective.
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As reported by Fortune, Peter Tuchman is known by many as the 'Einstein of Wall Street' due to his 40+ years of experience and extreme success in the industry of investments. He's currently the longest serving individual broker on Wall Street, and is also the most photographed man on the stock floor.
He was interviewed by The School of Hard Knocks on TikTok, and was asked to give one key piece of advice to anyone looking to make money right now.
"One of the most important things is to invest in stocks and not stuff. We love to buy 'stuff'. Pretty much most things we buy go down in value the minute you buy it," Tuchman explains.
It's definitely not rocket science either, as while that does leave you without exciting 'things', Tuchman's theory will leave you far richer in both the short and long term without too much risk.
Understandably the next question many have would be what stocks you should buy, and Tuchman has the answer for that: "Go back to high school, walk down the corridor, and look at what sneakers everyone's wearing, what phones they use, what computers they're on, what they do in their spare time, and what social media they're on.
"Buy a little bit of each one of those companies," Tuchman advises.
Even doing something as simple as putting a little bit of money into the S&P500 every single month can make you millions later on in life, so while it won't quite make you rich enough to appear on Forbes' year-end lists, it'll certainly leave you comfortable with little effort.
