Are you familiar with businessman and investor Peter Schiff? He’s the CEO of Euro-Pacific Capital Inc. and he also serves as the chief global strategist for this firm. As such, he routinely gives information about the stock market to countless numbers of individuals by appearing on radio and news programs related to the financial sector. He has been a stockbroker for years, landing a position with a prestigious firm as his very first job. Clearly, he has a gift for this particular line of work, one that has so far allowed him to earn a net worth of $70 million. If you want to know exactly how he’s done it, keep reading.
Back in the 1990s, Schiff worked as a stockbroker for Shearson Lehman Brothers. He stayed with the firm for a number of years, learning everything he could about the industry. Almost from the first day that he worked there, he had the goal of one day opening his own firm and he wanted to learn as much as possible so that he could turn that dream into a reality. When he wasn’t actually at work, he had a habit of spending as much time as possible researching everything he could get his hands on so he could learn what really makes a particular stock excel in the stock market versus what makes one tank. Eventually, he achieved his goal of opening his own firm and became the financial adviser to countless numbers of individuals who were looking to him to provide the type of financial success that they might not have been able to achieve in the stock market on their own. One thing that Schiff was keen on from the very beginning was that he wanted to focus on long-term investments as opposed to things in the short-term. His idea was to help individuals build wealth who already had the discretionary income to invest in these types of investments. There’s no doubt that his strategy worked. He started with a single office that operated in Los Angeles. Today, his company has several offices that are located throughout the entire country.
Of course, Schiff is no different than a lot of other entrepreneurs in the sense that he doesn’t believe in maintaining only one way of earning money. As a result, he also focuses on additional streams of income that he can use to bolster the money that he makes from his stockbroker firm. These include a book that he wrote back in 2007 called “Crash Proof.” As you might have already guessed, it’s a book about learning how to invest so that you don’t lose your shirt every time the stock market crashes. This is something that a lot of people are clearly interested in, as evidenced from the fact that the book eventually became a New York Times bestseller. He also has a couple of different radio shows and even hosts a podcast, all of which help him make additional money in the form of advertisements, sponsorship deals and other types of partnerships. Last but not least, he routinely appears on various news channels giving financial advice, something that he is compensated for. All of these things come together to help him further build his net worth. Although it’s highly unlikely that he’s making a ton of money from these efforts as compared to the amount of money he makes from his firm, it all comes together in order to accumulate his total net worth. Therefore, it’s important not to leave it out of the picture entirely.
It’s been speculated that when everything is put together, Schiff earns somewhere between $5 million and $10 million on an annual basis. That is definitely no small amount of money. As a matter of fact, it’s easily more money than most people could ever hope to make if they took everything they made throughout their entire lifetime and put it together. By all accounts, the overwhelming majority of that money comes from the earnings he makes as part of his firm. Not surprisingly, the book comes in second and all of his other television and radio appearances come in a distant third. Why is there such a big difference between the lowest estimate of $5 million and the highest reported amount of $10 million? Much of it has to do with the fact that his firm doesn’t make the same amount of money every single year. It all depends on the number of clients he has, the amount of money that those clients decide to invest and of course, how well the stock market performs throughout any given point in time. Nevertheless, most people would be perfectly happy to take the low end of that estimate and run with it as fast as they can.
Perhaps the thing that is so appealing about Schiff is that he’s not really any different from any other person who invests in the stock market. He started a career on the bottom rung of the ladder and worked his way up just like everyone else. Along the way, he paid attention, learned as much as he could and stayed focused. That has allowed him to make the amount of money that he can count toward his net worth today, $70 million. People are fascinated by his story because most individuals have the thought process that if he can make that become a reality for himself, it’s not entirely outside the realm of possibility for someone else to do it as well. Most of the time, when you read about somebody that has this much money, you’re reading about a celebrity who’s had more than their fair share of luck come their way. In Schiff’s case, it all comes down to hard work and a never-ending drive to excel. Somehow, that makes it seem a bit more attainable for the rest of us.