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Not according to this: https://www.daveramsey.com/research/the-national-study-of-millionaires https://www.daveramsey.com/research/the-national-study-of-mi... *
by tomohawk 7y ago
Not according to this: https://www.daveramsey.com/research/the-national-study-of-millionaires https://www.daveramsey.com/research/the-national-study-of-mi...
* 8 out of 10 millionaires invested in mutual funds through 401k
* 79% did not receive an inheritance
* top 5 careers include engineer, teacher, accountant, manager, attorney
- jmole 7y agocan't help but think that this is sampling bias.
- tomohawk 7y agoEchoes many of the findings of the Millionaire Next Door. https://www.marketwatch.com/story/heres-how-you-can-be-the-millionaire-next-door-2015-07-14 https://www.marketwatch.com/story/heres-how-you-can-be-the-m...
- TheCoelacanth 7y agoInflation means that most millionaires aren't rich anymore. They are just people who have enough retirement savings to retire with a middle-class standard-of-living.
- sdinsn 7y agoBy modern standards, someone with 1 million in wealth isn't rich. Most people who had any career lasting 40 years + a house purchase 30 years ago are millionaires today. That's the power of compound interest & a wild real estate market.