The story of the shovel sellers making more money during the gold rush is a famous example of how people who sell tools and supplies to a group of people pursuing a common goal can often make more money than the people doing the actual work.
During the California Gold Rush of the mid-19th century, thousands of people rushed to California to strike it rich by mining for gold. While many of these people were miners, others saw an opportunity to sell supplies and tools to the miners. Among the most in-demand items were shovels, which were needed for digging in the mines.
Some of these shovel sellers, such as hardware store owners, made a fortune by selling shovels to the gold miners. The miners, on the other hand, faced much harder competition and often found it difficult to make much money. The story goes that some of the miners ended up selling their shovels to pay for their food and other necessities, while the shovel sellers continued to thrive.
This story highlights the importance of having a strong support system and access to resources in any business or pursuit, and how those who provide such support can sometimes make more money than those actually doing the work.
“During a gold rush, it’s not the gold diggers who get rich, but the ones who sell the shovels and pans.” — Robert Kiyosaki,
There have been several modern-day “gold rushes” in recent history, where people flock to a particular industry or market in search of opportunities and profits. Some examples include:
- Technology industry: The rise of the tech industry has attracted a large number of entrepreneurs, investors, and tech workers seeking to be a part of the next big thing.
- Cryptocurrency: The explosion of interest in cryptocurrencies such as Bitcoin has created a modern-day gold rush, as people look to invest in and profit from this new asset class.
- Real Estate: The real estate market has seen several booms and busts, with people flocking to certain areas in search of investment opportunities and profits from buying and selling property.
- Start-ups: The startup ecosystem has been growing rapidly in recent years, attracting entrepreneurs, investors, and engineers looking to start the next big company.
These are just a few examples of modern-day gold rushes, where people flock to a particular industry or market in search of opportunities and profits. It is important to note that while these industries can offer significant opportunities, they also come with risks, and it is essential to thoroughly research and understand any investment before jumping in.
