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You can get rich from investing without being lucky, just not quickly. 7% returns become very big money over time if you let them ride for a few decades. Of c
by pyrrhotech 10y ago
You can get rich from investing without being lucky, just not quickly. 7% returns become very big money over time if you let them ride for a few decades. Of course you have to have some primary income source to be able to save to invest money, but if you can earn 50k per year and save 10k per year in your 401k, you can easily retire a millionaire.
- charlesdm 10y agoI know several wealthy people making 5-10% on net worths in excess of $25 to 50m. 10% on $50m is $5m. That's a lot (and plenty to live well).
- plandis 10y agoI literally don't think I've ever spoken with an individual that has $50m in net worth it's certainly not the norm.
- dpark 10y agoHonestly, how would you know? Most people don't talk about their wealth. I'm not aware of ever having spoken with anyone worth $50MM, but it's possible that it's happened. Of course, you're absolutely right that net worth that high is exceedingly rare. This is much smaller than "the 1%".
- chillwaves 10y agoNot only is it rare, but they do not mingle with peons.
- lordnacho 10y agoThey absolutely do mingle with peons, they just don't tell the peons. One anecdote was when one of these guys went on a UK game show. People in the market who knew him were laughing their heads off at the thought of him doing word and number puzzles. Also, I think they can be approachable. Often they're looking for investments to make, or charities to donate to. Or they have political opinions they want heard. What they don't want so much though is yet another guy who wants their money, so if you do have something to bring to them, it had better be good.