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Old 12-21-2022, 10:54 PM   #93
RainMaker
General Manager
 
Join Date: Jun 2006
Location: Chicago, IL
Quote:
Originally Posted by Brian Swartz View Post
Well over two-thirds of millionaires inherited nothing. Opportunity is certainly a huge factor, but most people can become a millionaire in their lifetime in America if they live frugally and invest intelligently. Not expertly, just intelligently - a modest amount consistently over decades, diversified without everything high-risk, etc. The reason one person is on Wall Street and another is at Mickey Ds also very often has a lot to do with the fact that the one at Mickey Ds didn't want to sacrifice as much early in life to further their education and have a better life in the future. Sometimes it is just about their level of opportunity, but far more often it's about their own choices.

Opportunity is one of the most important factors. And it goes beyond just inheriting money. Having wealthy people in your life who can give you a head start or just be a security blanket for you is vital to the success of many.

Jeff Bezos is a great example. He did incredible things with Amazon. He also got the equivalent of $500k in today's money to start Amazon from his parents. Turning that into a trillion dollars is remarkable. But does he do that if his parents are not wealthy and he has $100k in outstanding student loans? Of course not.
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