How much is Peter Schiff worth?
| Net Worth: | $60 Million |
|---|---|
| Profession: | Businessman |
| Date of Birth: | March 23, 1963 (age 59) |
| Country: | United States of America |
| Height: | 5 ft 9 in (1.74 m) |
About Peter Schiff
Peter David Schiff is an American author, financial commentator, radio personality, and stockbroker. He gained popularity when he became the chief global strategist and CEO of the Euro Pacific Capital company in the 1990s, which quickly became a profitable brokerage firm in the US. In addition to that, he is involved with many other financial companies such as Schiff Gold, and Euro Pacific Asset Management, as well as the Euro Pacific Bank.
How Did Peter Schiff Get So Rich?
Acquiring and renaming his own brokerage firm was the beginning of success for Peter Schiff who continued to make an impact in the business world in the early 2000s. Since its creation, his broker-dealer company Euro Pacific Capital, Inc. (with a base in Westport, Connecticut) has founded branch offices across the United States, including in Manhattan Beach, California, New York City, Scottsdale, Arizona, Boca Raton, and Newport Beach.
From his company, to which he serves as the CEO and chief global strategist. It is estimated that he earns somewhere between $5 to $10 million annually, between stock appreciations, dividends and salary.
Besides this, he also founded another company, the full reserve banking operation called Euro Pacific Bank, which operates in St Vincent and the Grenadines. Since the mid-2000s, specifically in 2006, he became a television star that worked with many networks, including CNBC and Fox. His first appearance on television came in 2006 on the series Bulls and Bears. Towards the end of the decade, he took part in other series such as Kudlow and Company, The Hour, Morning Joe, and Freedom Watch with Judge Napolitano.
From his work on the many talk shows, realities, news, and television series, he earns an additional revenue stream, although it is unlikely a diversification that he cares about.
Why is he famous?
Peter Schiff may not be mainstream-famous, but he does hold quite some relative fame among savvy investors and those who would like to learn more about the economy and where it’s moving.
He began his business career in the late 1990s and early 2000s. He was born in New Haven, Connecticut in a middle-class Jewish family. His father was Irwin Schiff, a libertarian and tax resistance advocate who wrote several books. But with book titles like, The Great Income Tax Hoax and “The federal mafia” it is no wonder he ran into some troubles. In the books he argued about the income tax in the United States, and I’m pretty sure settled not to pay his at all. Eventually he was sentenced to 13 years for tax evasion.
Peter also has a brother, Andrew, who is involved in politics. His father died in prison.
During his childhood, his family moved to California where he and his brother attended the Beverly Hills High School. After his high school graduation, he enrolled at the University of California, Berkeley, from which he received a Bachelor’s degree in accounting and finance in 1987. In 1990, he began his business career by working as a financial consultant at the Shearson Lehman Brothers brokerage for the next four years.
In 1996, he acquired an active brokerage firm with a partner and renamed it Euro Pacific Capital, Inc.
What Makes Him So Successful?
The former United States Senate candidate became successful through his acquired knowledge and earned skills in business and the world economy. More recently he has also been appearring on podcasts, like Simon Black’s Sovereign Man show. As well as on the Joe Rogan Experience and of course, Peter Schiff’s own show on Youtube, The Peter Schiff Show.
I love how much of a straight talker he is, he tells it how it is and I think a lot of people have come to appreciate that. Schiff breaks down complex topics and explains things like why a minimum wage might actually prevent unskilled workers from being able to work at all.
For example, minimum wage. If a young person wants to work in a company in New York City minimum wage requires that they are paid $15.00 per hour. But what if that young person doesn’t have enough skills and experience to earn the company at least $15.00 back? Does a for-profit company need to be losing money to hire someone? Most companies simply will not take that kind of risk to hire a person who does not possessess enough skills and experience to make a two to one return for the company.
Over time a company may come to expect a five to one return from the salary that they pay that person. After all they have to factor in office space and taxes, training and managing, social security and medical and everything else.
Minimum wage may actually prevent a person who could otherwise work for less, from getting a job at all. This group therefore has very little means of earning the skills necessary to work, outside of Burger King. .. and what if they’re vegan?
I’m not an expert on it but the minimum wage could be a kind of catch-22 for some people. People who would otherwise be able to work are it seems to be the case being blocked by the minimum required salary which can be untenable for those who never went to college.
There does seem to be various apprenticeship programs and so on. At least I see they do here offer a path to a skilled career to the people of New York.
One of the ways that Schiff has maintained his success and grown his audience is through his books. Since 2007, Schiff has been an active author who has consistently written books. His very first one titled “Crash Proof: How to Profit From the Coming Economic Collapse” was published in February 2007. I’m pretty sure I am right in thinking that inside that book Peter Schiff accurately predicted the 2007–2008 Financial crisis.
His first book was soon followed by a sequel, “Crash Proof: How to Profit from the Coming”, released in September 2009. I haven’t read it but it was likely noting his earlier accurate predictions and providing yet more valuable financial wisdom along with Peter Schiff’s textbook straight talk. I think I may be right in thinking though, that Schiff did continue to predict crash after crash which did not happen. He was originally right though about the major crash that happened in the late 2010s.
Then there was “The Little Book of Bull Moves in Bear Market,” which I’m pretty sure follows the form of Joel Greenblatt’s “The Little Book That Beats the Market”. These are the kinds of books that make a great investor later on. And remember, you need to learn first. Because by the time you have the money to invest you need to have already absorbed the knowledge, not to mention dealt with your fear and greed.
Overall, Peter Schiff has released at least nine books. “Crash Proof” and “Crash Proof 2.0”, were both New York Times bestsellers, and “The Little Book of Bull Moves in Bear Markets”, was a Business Week bestseller.
One of the reasons perhaps every business person discussed on this website became rich and successful, is reading. Peter Schiff is an avid reader and writer. This has not only helped him express his views, which can be considered controversial, but also earned him an additional revenue stream and made him more influential in business and in politics.
Schiff is often seen on the news debating topics and usually, in my opinion anyway, from a well-thought-out point of view. Like I said earlier, he’s a tell it how it is kind of guy. He is definitely not rude he is extremely polite, even under pressure. Like the first time he was on the Joe Rogan Experience he kept a cool head even when I felt anyway there was an accusational tone in the air. Yeah something about a lake or something. #445
Schiff talks in simple truths and not just in business. For example he pointed out that a woman generally is more interested in what a man is like and does, over just what a man looks like. This can be debated but it is generally accepted to be true. It’s clear talk about controversial topics that cause Schiff some trouble but he doesn’t care. He has a point and if you listen and do a Charlie Munger and earn an opinion, i.e be able to argue the other person’s argument better than themselves and know both sides before committing to an argument. Then I think most people will end up realizing that much of what Peter Schiff is talking about is logical and valid.
Nevertheless when a person speaks their mind they are always leaving themselves open to attack. But what’s he going to do? He loves business and politics and has valid arguments and, I think, for people who are willing to listen he is a valid source of libertarian ideas, good sense and financial knowledge.
The same kind of people who have a problem with Peter Schiff are the kinds of people who have a problem with me. I speak my mind and that has caused me some flack. In fact I went from Nero to hero(ine) and only since I have earned a platform to express my views are these people beginning to get off my back. Defamation is rampant and people do slander those who speak their mind. But it doesn’t matter because those same people are generally incongruent, have not formed proper arguments and are lashing out usually based on a personal conflict of interest.
If you are a young person and you want to express your views but feel somewhat mentally blocked. It may not just be you. It may also be people in your life who don’t want you to succeed. Pressure can be put on a person by third parties understand this. A person must push through many mental barriers to be able to fully express themselves and succeed in a stable way.
SchiffRadio
Apart from his business career and association with various companies, Peter Schiff is a media sensation. For the past decade or so, he has consistently worked on radio and webcast and is often called upon as a pundit for many shows on Boom Bust, CNN international, and Fox Business. He also appears on the networks Fox News, Bloomberg, and CNBC where he voices his opinions on financial markets and the US economy. In August 2012, he became a radio host that replaced G. Gordon Liddy on his “Radio America” network broadcast.
Always online, Schiff also debates on various topics, most popularly on the difference between gold which Schiff is of course long on. And bitcoin, which he considers could go out the window altogether. I believe Schiff’s son is long on bitcoin though and the whole drama is fun and interesting and a good way of picking up the most important stuff, like fundamental analysis, along the way. I have picked up interesting tips from following some of the crypto news, but remain split on the issue.
Peter Schiff also has SchiffRadio (also available on Youtube). If you’re an American, the show keeps his audience ahead of the curve in events concerning you, the federal reserve and the U.S. economy.
Summing-Up
Since the early 2000s, he has been one of the wealthiest businessmen in the United States and continues to uphold his legacy through honesty, straight talk and hard work. Concurrently with being the CEO of his prosperous brokerage firm and playing a pivotal role in other businesses, he has been a radio personality, a commentator on well-known television series, and a best-selling author.
Peter Schiff is a Libertarian and I have often found myself wondering how big the Libertarian vote could be. Counting in those who would switch from Democrat and Republican to Libertarian if the right candidate came along.
While I do not have a political affiliation. I believe in freedom for the individual, and the freedom for a person to be able to a build business and take risks that pay off for them. I also believe in protection for the individual, especially those individuals who are part of a minority group.
