If you want to make some money it is best to live in a rich city.
When people strike out to make their fortunes they either move to rich cities or they move to new frontiers that are teaming with natural resources.
Nobody moves to Jerkwater, Indiana to build wealth but people move to New York City, London, Los Angeles, Singapore, Berlin, Toronto, Tokyo, Paris and Sydney to build wealth.
Why do people move to those cities to make money? Because that’s where the money is. Just to live in those cities you must make a decent amount of dough.
What’s the secret to building wealth?
Making a lot of dough and not spending it haphazardly. Earning like a King but spending like a pauper.
3rd world Asian immigrants do it all the time. They move to a rich city, they work hard owning a store or a shop, they live cheap, they all live together, they save their dough, they invest in business and real estate and by the time their kids have grown up they’re driving a Mercedes and attending Harvard.
(Note: The opposite is also true. In cheap cities you can live like a King and spend like a pauper. Here is a nice little “hack” to getting the most bang for your buck: Make your dough in a rich city and spend it in a poor one. Example: Bangkok.)
Top 10 Richest Cities in the United States (source)
- New York
- Los Angeles
- San Francisco
- Washington D.C.
Top 10 Richest Cities in the World (source)
- New York City
- Los Angeles