Peter Schiff, Chief Economist & Global Strategist at Euro Pacific Asset Management, once advised that starting a business is the path to success in life.
Schiff on Building a Successful Business
In a December conversation with SkyBridge Capital founder Anthony Scaramucci, Schiff said dividends are high if people are willing to make some sacrifices.
The gold bug recalled his early grind, when he worked seven days a week and sixteen hours a day, ate at his desk and spent most of the time at the office.
“I tell people, if you really want to succeed in life, start a business,” he said. “You’re not going to make a lot of money as an employee, with a few exceptions.”
The Path Ain’t That Easy
Schiff said that those who choose to build a business must work hard, persevere and be ready to make sacrifices.
He said entrepreneurs can’t just jet off on luxury trips or buy flashy cars whenever they want, especially in the initial phases.
“If you want to have money to start a business, you know you could go years without making money,” the Bitcoin (CRYPTO: BTC) critic stated. “You might lose some money in the short run.”
Schiff said people need to make short-term sacrifices, live below their means, and stay committed for the long term.
“But if you do all those things and you’re successful, you know that the dividends will be there,” he added.
Schiff’s Career Milestones
Schiff founded precious metals dealer SchiffGold and SEC-registered investment advisory firm Euro Pacific Asset Management.
He has authored several books, including “Crash Proof 2.0,” “How an Economy Grows and Why It Crashes” and “The Little Book of Bull Moves in Bear Markets.”
Schiff is best known for accurately forecasting the 2008 financial crisis. A longtime champion of gold, he is just as deeply skeptical of Bitcoin.
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