i bet he coukd wrote:
Private equity?
Entrepreneur?
Road race prize money?
Only looking for legal means.
It's possible if you use leverage in the financial markets. Trade futures contracts and stock option contracts. The market has been very volatile since Covid started in March. Good traders have made a lot of money. The rich get richer!
All 4 of my uncles are worth over 10 million the richest over 100 million. They made their money farming and expanded into dairies. They are all largely retired. The youngest is in his 50's makes over a million consulting to the dairy he sold. They didn't allow the money to change then much. The richest plans to donate all his money to charity. Pretty down to earth people if you meet them you would have no idea how much they are worth. Hard work though
Not even close. I make 1/10th that and I'm basically capped out for income potential.
One thing I've learned, no amount of money will be enough to make you happy if you already aren't. A lot people will trade in their happiness for an extremely stressful career. My best friend committed suicide last year and was CEO of a successful tech company. Not sure what his salary was(in the millions for sure), but a gigantic paycheck wasn't enough.
I grew up in a very rich town in NJ and my parents knew a lot of people making more than $5M a year, including some of their close friends. Some examples of their jobs included:
-CEO of a major pharmaceutical company
-CEO of a major investment bank
-Partner in a private equity fund
-Partner at Goldman Sachs (Equity Analysis)
-Fixed Income trader for a major investment bank
-Coach of an NFL team
I'd say the most common routes to that level of income though were private equity and investment banking (particularly traders). I'm sure there were some hedge fund guys too, but I can't think of any off the top of my head. A lot of them were clearly very brilliant, but some of them seemed like they were just in the right place at the right time (i.e. Wall Street in the 80s and 90s)