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Social workers don't earn $11M in a lifetime, and are unlikely to earn $2M total - this type of wealth cannot be amassed by frugality. This is irresponsible jo
by learnstats2 8y ago
Social workers don't earn $11M in a lifetime, and are unlikely to earn $2M total - this type of wealth cannot be amassed by frugality.
This is irresponsible journalism.
- lisper 8y agoFrom the article: "Naiman became a social worker after leaving a career in banking." "Naiman received a sizable inheritance when his father died, which added to his fortune."
- samfisher83 8y agoIn this case the article says he got a couple million from his parents. He was also a banker as well. Suppose he was just a social worker. Suppose you saved 30k from your job and invested in amazon when it started. It would be worth 30 mil today. But that would require being frugal and not pulling that money out and leaving the compounding effects to work.
- nrmitchi 8y agoI mean it would also require the foresight of going all in on one of the biggest companies of the decade, and keeping it through the rest of the industry was falling apart. This argument is fairly akin to "Suppose he won the lottery."
- samfisher83 8y agoI just used Amazon as an example. There are plenty of companies that have had huge gains. My point is if you are a good investor you can turn small amounts to a large amount.
- JumpCrisscross 8y ago> this type of wealth cannot be amassed by frugality It can be frittered away by a lack thereof. I’ve seen lots of bankers blow through unseemly quantities of wealth due to a lack of financial planning.
- DoreenMichele 8y agoTo my mind, it doesn't actually suggest that at all. It only suggests "Everyone is shocked that a guy who held his shoes together with duct tape had that kind of dough. WTF??"
- srynotsry 8y agoWelcome to the fake news industry
- lawn 8y agoYou're not wrong. But it's important to note that the key to amass wealth is investing not collecting paychecks.