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Perhaps that's becuse it's not true? 80% of American millionaires are first generation rich, meaning only one in five of them have inherited their wealth. Sett
by djrogers 10y ago
Perhaps that's becuse it's not true? 80% of American millionaires are first generation rich, meaning only one in five of them have inherited their wealth.
Setting that fact aside, why should my work not directly benefit my children? Providing for ones offspring is a universal motivation.
[1] http://www.investopedia.com/financial-edge/0810/7-millionaire-myths.aspx http://www.investopedia.com/financial-edge/0810/7-millionair...
- jljljl 10y agoBeing a millionaire does not include you in the top 1% these days: http://www.cleveland.com/business/index.ssf/2016/03/us_millionaires_club_adds_3000.html http://www.cleveland.com/business/index.ssf/2016/03/us_milli... "More than 10 million U.S. households have a net worth of $1 million or more, a record high representing nearly 9 percent of all households in the country. That may sound like a small percentage, but it's one in 11 households. Instead of leading an extravagant life filled with luxuries and indulgences, a millionaire could be in your neighborhood." To be in the top 1%, you need to have a net worth somewhere between $5M - $25M (1.2 million households out of 124 million in the US)