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> Instead the typical means to wealth is inheritance or luck of birth providing access to investment capital The typical means to wealth is spending below one'
by skookumchuck 8y ago
> Instead the typical means to wealth is inheritance or luck of birth providing access to investment capital
The typical means to wealth is spending below one's means and investing the rest.
https://www.nytimes.com/2018/09/01/style/fire-financial-independence-retire-early.html https://www.nytimes.com/2018/09/01/style/fire-financial-inde...
And there's the book "The Millionaire Next Door" which shows that 85% of American millionaires are self-made, usually through spending below one's means and investing the rest.
- ummonk 8y agoAre those actual early millionaires or just retirees with retirement savings?
- skookumchuck 8y agoEarly millionaires. The article makes it pretty clear.
- ummonk 8y agoNo, I mean the data on 85% of millioniares. It probably captures mostly retirees. As for the article, the people in it seem to need to continue living a frugal lifestyle after early retirement, so they aren't exactly wealthy. Financially independent, yes, but not wealthy.
- skookumchuck 8y agoThe article is about retiring at 30 as a millionaire, and yes that requires living a frugal lifestyle. But if you're willing to work longer, far less frugality is needed. The book is pretty cheap (!) and well worth a read if you're interested it becoming financially independent. There are lots of financial advice books, this is one of the better ones, and the advice is straightforward. It doesn't involve learning option trading or real estate hacks.