Quote:
Originally Posted by Brian Swartz
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.
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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.