The idea of being wealthy used to have a specific image. It involved old businesses, long hours in a high-rise office, and years of hard work before seeing any huge amount of money. But that picture has changed so much in recent years. Today, the people buying million-dollar apartments often aren’t the older, retired folks you might expect. Many of them are in their twenties, have built successful careers using just a laptop, and prefer texting to phone calls.
Ryan Serhant is someone who has seen these changes firsthand. Most people know him from “Owning Manhattan” or “Million Dollar Listing New York,” but he’s also the head of one of the fastest-growing real estate companies in the country. He handles deals worth millions and has seen how the wealthy have changed dramatically over the last 10 years.
Recently, Ryan Serhant spoke with Jack Selby and Graham Stephan on their podcast, The Iced Coffee Hour. They asked Serhant, “How has the average type of rich person changed over the past 10 years?” They also added that the growth of technology, especially artificial intelligence, is making it easier for more people to start their own businesses and purchase expensive homes.
Serhant offered an interesting perspective, saying, “The wealthy have gotten younger.” He explained that the chances of earning a lot of money are increasingly based on one’s talent and effort rather than simply being handed down through wealth. “And the opportunity to make that kind of money has become somewhat more like a meritocracy”, he added. This is a significant change in how someone like him views the world. He refers to those who identify problems, develop innovative solutions, and are rewarded for their efforts. He emphasized, “You don’t have to reinvent the wheel. You just have to make a better one.”
Younger people have an advantage, according to Serhant, because they typically have fewer responsibilities. They often don’t have a mortgage to worry about, aren’t supporting a family, and don’t have major bills like tuition piling up. This means that a 26-year-old with a good idea and some skills can take bold risks without feeling the pressure of many obligations riding on their success. Serhant said, “Why not try and go swing for the fences?” Taking risks without the weight of family responsibilities at a young age feels different today than when you’re 45 and have a lot more at stake.
When asked whether wealthy people frequently take phone calls, Serhant explained that they usually do not. He shared an example of a client who bought a multimillion-dollar house in Florida entirely through text messages. When Serhant suggested discussing the details over the phone, the buyer replied, “Don’t take it personally. Time is the greatest asset”. Serhant noted that this buyer was quite savvy, having figured out everything and set his priorities straight. He believes that time is money. Additionally, Serhant explained that communicating through text has its benefits, as it keeps everything in writing, which helps protect against potential scams.
How rich people handle work and what we can learn from it
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Rich and successful people often prefer brief conversations because they don’t have time for long explanations that won’t change the outcome. Their main focus is on what truly matters to them and what is of value, allowing them to respond quickly while avoiding unnecessary steps that could slow them down.
They often juggle many responsibilities at once. As a result, they pay attention only to tasks that are clear, specific, and easy to act on. If something seems confusing or requires a lot of back-and-forth communication without making progress, they likely postpone or ignore it. Moreover, most successful people are mindful of how they spend their time each day. They plan their schedules around what needs immediate attention rather than filling them with unnecessary meetings that serve no purpose.
What we can learn from them isn’t so much about copying their busy lifestyle, but rather understanding how much more effective we can be when we set our priorities straight. Whether we’re handling big responsibilities or even smaller tasks, it’s important to consider how we spend our time. This means focusing on tasks that truly need our attention and being careful about how we direct our efforts.
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