Why the Path to Wealth in America Has Always Evolved—and Why Flexibility Matters Now

Joseph Moore, a historian with over a decade of research into American financial history, shares five key insights from his new book, How to Get Rich in American History: 300 Years of Financial Advice That Worked (& Didn’t). Moore’s work has appeared in The New York Times and Oxford University Press.

Moore’s central argument? History doesn’t provide fixed rules for financial success. The “right” path to wealth changes with each era, making flexibility the most reliable strategy. Instead of chasing the latest get-rich-quick scheme, Moore advises diversifying approaches and avoiding overconfidence in any single method.

Listen to the audio version of this Book Bite—read by Moore himself—in the Next Big Idea app, or buy the book.

Five Timeless (But Evolving) Rules for Building Wealth in America

1. Today’s Opportunities Are Unmatched in History

Moore challenges the notion that past generations had it easier. In 1676—100 years before the American Revolution—colonists burned down Virginia’s capital in protest, believing average people could no longer get ahead. In the 1800s, speeches warned that “the rungs of the ladder to success are sawed off.” Even in 1980, headlines claimed Baby Boomers would never afford retirement. Yet today, 60% of children born at the bottom rise out of poverty, and 40% reach middle class or higher. Only 10% make it to the top tier.

For those born at the top, mobility works in reverse: 64% fall out of the privileged class, and 90% of the top 1%’s grandchildren are not wealthy. While America’s mobility isn’t perfect, it’s far greater than commonly believed.

Moore notes that the Baby Boomer generation benefited from unusually favorable conditions. Historical data shows that working one job for 40 years while saving 10% in stocks would have failed to fund retirement in nearly half of all past scenarios. Boomers’ success doesn’t guarantee a universal blueprint.

The “Doomers” generation may need to adopt strategies closer to those used historically. For example:

• In the 1700s: Bankruptcy meant jail—for you and your entire family, including your spouse and children.
• In the 1870s: The average American owned just 1.5 shirts. To afford the missing half, workers averaged 60 hours per week.
• As late as the 1970s: The median income was 30% lower than today’s levels.

Today, Americans work fewer hours for more money with less risk than ever before. The first step to financial progress? Literal movement: In the 1800s, one in three Americans changed addresses—a mobility that fueled opportunity.