41–50 of 161 posts
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The two statements aren't incongruent. People who inherit money but spend it all because of bad habits don't accumulate wealth.
Similarly, people who don't inherit money can't spend it, and for the most part also don't accumulate wealth!
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I keep trying to develop the habit of having wealthy parents but they keep being poor. Also, those articles about getting rich keep telling me to utilize my assets to earn additional income but that is illegal in my state. Please send help.
utilize my assets to earn additional income but that is illegal in my state What state would make investing illegal?
From the article: Most millionaires opt for stealth wealth. Their friends don’t know, their coworkers don’t know, their extended family doesn’t know. In a few cases, not even their children know! Wealth is accumulated through habits; at least in a free society like ours. At the moment, something like 1 out of 25 households falls into the millionaire category, most of it self-made. From the comments: Your right in Jac…
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> "Wealth is accumulated through habits" is a great story to tell people but it seems very often to be complete BS. Yes. It's capitalist propaganda. If you are a highly paid heart surgeon or CEO you can "accumulate wealth with habits". If you are anywhere between flipping burgers to many other types of jobs there's just not enough money "coming in" for these things to make a huge difference. You can be more sensible…
That's exceptionally untrue - though it can be true in context. In the city beside mine, renting a place downtown, and working in the grocery store it's very possible to save $500 per month. For reference, minimum wage is the equivalent of $1700 USD, and renting a one-bedroom, all in will cost roughly $454 USD. With cellphone (250GB of 5G speeds) costing the equivalent of $15 USD, and groceries and electricity costin…
From the article: Most millionaires opt for stealth wealth. Their friends don’t know, their coworkers don’t know, their extended family doesn’t know. In a few cases, not even their children know! Wealth is accumulated through habits; at least in a free society like ours. At the moment, something like 1 out of 25 households falls into the millionaire category, most of it self-made. From the comments: Your right in Jac…
I keep trying to develop the habit of having wealthy parents but they keep being poor. Also, those articles about getting rich keep telling me to utilize my assets to earn additional income but that is illegal in my state. Please send help.
Not sure about the second part of your question - buy different assets maybe?
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I keep trying to develop the habit of having wealthy parents but they keep being poor. Also, those articles about getting rich keep telling me to utilize my assets to earn additional income but that is illegal in my state. Please send help.
I keep trying to develop the habit of having wealthy parents If you really cannot manage that, then your second best option is to have a wealthy spouse. It's not ideal, but it's better than nothing.
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> very often This can just be replaced with "always". You can be lucky or you can have inherited wealth.
Luck is very subjective. Having opportunities around is lucky, but most people aren't interested in taking the risks or making sacrifices necessary to seize those opportunities. And often times the ones willing to do this are then later called lucky.
Put differently: To gamble you also need to take risks and make sacrifices. Some people will make it and by necessity those people are the ones that are willing to do that. That takes absolutely nothing away from the fact that the success is due to luck.
From the article: Most millionaires opt for stealth wealth. Their friends don’t know, their coworkers don’t know, their extended family doesn’t know. In a few cases, not even their children know! Wealth is accumulated through habits; at least in a free society like ours. At the moment, something like 1 out of 25 households falls into the millionaire category, most of it self-made. From the comments: Your right in Jac…
4% of households is off the mark. It's presently closer to 7%-10% depending on the source [1]. 8% of American adults (~19-20 million people) are millionaires [2]. It's not what it used to be, given the median sale price of a home is now around $350,000. Demographically the mean white household in the US is now approximately a millionaire household.
About 9-12 million households out of 128 million have a million dollars in net assets, including primary residence.
The number of millionaires in the US has soared in the past 4-5 years with the asset price boom in housing and the stock market. For example back in 2016 [3]:
> As of the end of 2016, there were a record 10.8 million millionaires nationwide, according to a new study from Spectrem Group’s Market Insights Report 2017. That’s more than ever before and marks a 400,000 person increase from the previous year. ... In 2016, there were 9.4 million individuals with net worth between $1 million and $5 million, 1.3 million individuals with net worth between $5 million and $25 million, and 156,000 households with more than $25 million in net worth, the report says.
The US has been adding a huge number of millionaires per year (temporary or not) as the asset bubbles have been making new highs by the year.
[1] https://www.kiplinger.com/slideshow/investing/t006-s001-mill...
[2] https://www.cnbc.com/2021/02/09/more-than-8-percent-of-ameri...
[3] https://www.cnbc.com/2017/03/24/a-record-number-of-americans...
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I keep trying to develop the habit of having wealthy parents If you really cannot manage that, then your second best option is to have a wealthy spouse. It's not ideal, but it's better than nothing.
Reminds me of The Onion: "McCain pointed to his personal success in marrying a wealthy beer heiress to prove how the plan could benefit every American."
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I keep trying to develop the habit of having wealthy parents but they keep being poor. Also, those articles about getting rich keep telling me to utilize my assets to earn additional income but that is illegal in my state. Please send help.
I keep trying to develop the habit of having wealthy parents If you really cannot manage that, then your second best option is to have a wealthy spouse. It's not ideal, but it's better than nothing.
Bonus bragging points if you're born with a certain ethnicity that has no options but to enter in that niech market because the mainstream ones have high moats around them.