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Yes but those 10% rich people didn't necessarily get there by avoiding unnecessary crap like coffee or cell phone bills. They most likely got there from legacy

• refurb 8y ago
  Source? From what i gather, most millionaires (not super wealthy) had relatively common jobs or business and became wealthy through savings. Those that inherited their massive wealth aren’t that common.
  • Someone1234 8y ago
    > From what i gather, most millionaires (not super wealthy) had relatively common jobs or business and became wealthy through savings. Source?
    • toomuchtodo 8y ago
      I happen to be reading "The Millionaire Next Door" [1], and this has some truth to it (statistical excerpts [2]). Most "working class" Millionaires own a small business and are very frugal, continuing to live below their means after obtaining their wealth. Frugality alone will not help you attain the quoted wealth level, but it is a component (along with a healthy income and/or equity/asset ownership). With reference to "common jobs", that would be limited to high income professions, such as doctors and attorneys. [1] https://smile.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1630762504/ https://smile.amazon.com/Millionaire-Next-Door-Surprising-Am... [2] https://www.washingtonpost.com/wp-srv/style/longterm/books/chap1/millionairenextdoor.htm?noredirect=on https://www.washingtonpost.com/wp-srv/style/longterm/books/c...
  • chrischen 8y ago
    There's also ways to inherit wealth that isn't directly just receiving cash. It can be inheriting your parents' house, car, antiques, or simply inheriting a life that didn't begin in the slums or ghettos.