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"The Millionaire Next Door" was published in 1996 when the economy was booming, the dot-com bubble had yet to burst, and the employment market meant anyone slig

"The Millionaire Next Door" was published in 1996 when the economy was booming, the dot-com bubble had yet to burst, and the employment market meant anyone slightly skilled could get a FT+benefits career. In the 24 years since that book's publishing I absolutely argue that ladder has become more difficult to climb. But hey - what do I know? I'm just a lazy millennial who's now living through his second major recession, with the first one landing directly on when I was entering the work world FT. Thank goodness for my tech career because let. me. tell. you... my peers were struggling. Especially the ones who persisted in Cedar Rapids (blue collar Iowa town). But sure - 85% of American millionaires are "self-made", whatever the heck that means. I don't doubt that's how they feel about themselves and self report!!!

WalterBright 6y ago
The market has done even better in the last 10 years than in the 90's. Besides, I heard the same lament in the 70s, 80s, 90's, 00's, and 10's. > I don't doubt that's how they feel about themselves and self report!!! Always better to guess than pick up the book and read it!
- jbay808 6y ago
  The market has done great since 2008! Wonderful time to have already had a lot of money on hand to invest, for sure. And man, I tell you, all of the houses I bought have gone way up in value, even faster than earnings! What do people even have to complain about?
  - WalterBright 6y ago
    If you had a regular plan where you invest every year, and don't sell, you would have ridden out the 2008 fiasco just fine.
    - jbay808 6y ago
      Yes! But if you were still in school in 2008 and putting your money into food and paying off student loans, the market performance isn't necessarily the thing that impacts your future wealth.
      - WalterBright 6y ago
        The 2008 recession didn't last that long.
        jbay808 6y ago
        But paying off student loans probably did. My point is that "the market did great" means investors did great; doesn't mean that everyone did great.
        WalterBright 6y ago
        This thread is about investing.
        jbay808 6y ago
        This thread relates to investing, but more specifically it is debating whether or not the following fact > The market has done even better in the last 10 years than in the 90's is an adequate response to address the GGGGGP's claim that > that ladder has become more difficult to climb. But hey - what do I know? I'm just a lazy millennial who's now living through his second major recession, with the first one landing directly on when I was entering the work world FT. Nobody here is denying your claim about the market performance.
icedchai 6y ago
What does self made mean to you? I read that book when I was in my early 20's. I followed all of its advice, which basically comes down to "live below your means, save, and invest." The truth is I was already following it anyway. My parents lived below their means, and my dad taught me about investing when I was a teenager. Every generation has recessions to deal with. By the time I was in my mid 30's, I was, indeed, the millionaire next door, though just barely. This was despite the dot-com crash and the great recession...
- folkhack 6y ago
  "Self made" is an over-simplification of a complicated process... one which you impressively admit you've achieved. Which, 100% - that is amazing, and you should be proud of your accomplishments. My definition of "self made" is not important, my point is that everyone's definition is going to be different. Here's the thing - I have no idea who you are, what your history is, and I can't make a single comment on the validity of how you got from point A to point B... that is outside of the above compliment really. What I will tell you is that my anecdotal experience is that no one is out there admitting, "OH YEAH, my parents totally dropped $120k on my education, bought all of my cars, paid my rent, and gave me a free-reign credit card into my 30's." and ironically... I've ran into a TON of those people who self-identify as "self made" which is why I don't take the term seriously and see it as 100% subjective. TLDR: "self made" is subjective as all heck. I can't comment on your life man - I have no idea who you are. I stand by my original comment that things are getting more difficult in regards to building wealth from nothing. I got snarky against a comment that seemed to just posit a book from the 90's as the entire content of a reply as if that's valid to any conversation.
  - icedchai 6y ago
    Thank you... but I never said if I thought I was actually self made! What if I tell you that my parents did pay for my education? And they gave me a car when I was 16? Or they were fortunate enough to be able buy a computer when I was in elementary school, which definitely contributed to my interests today, many decades later? Am I still self made? Or did that give me too much of a "head start" so I'm not? Was it so long ago now that it doesn't matter? TLDR: I agree, it's all subjective...

WalterBright 6y ago

The market has done even better in the last 10 years than in the 90's. Besides, I heard the same lament in the 70s, 80s, 90's, 00's, and 10's. > I don't doubt that's how they feel about themselves and self report!!! Always better to guess than pick up the book and read it!

jbay808 6y ago
The market has done great since 2008! Wonderful time to have already had a lot of money on hand to invest, for sure. And man, I tell you, all of the houses I bought have gone way up in value, even faster than earnings! What do people even have to complain about?
- WalterBright 6y ago
  If you had a regular plan where you invest every year, and don't sell, you would have ridden out the 2008 fiasco just fine.
  - jbay808 6y ago
    Yes! But if you were still in school in 2008 and putting your money into food and paying off student loans, the market performance isn't necessarily the thing that impacts your future wealth.
    - WalterBright 6y ago
      The 2008 recession didn't last that long.
      - jbay808 6y ago
        But paying off student loans probably did. My point is that "the market did great" means investors did great; doesn't mean that everyone did great.
        WalterBright 6y ago
        This thread is about investing.
        jbay808 6y ago
        This thread relates to investing, but more specifically it is debating whether or not the following fact > The market has done even better in the last 10 years than in the 90's is an adequate response to address the GGGGGP's claim that > that ladder has become more difficult to climb. But hey - what do I know? I'm just a lazy millennial who's now living through his second major recession, with the first one landing directly on when I was entering the work world FT. Nobody here is denying your claim about the market performance.

icedchai 6y ago

What does self made mean to you? I read that book when I was in my early 20's. I followed all of its advice, which basically comes down to "live below your means, save, and invest." The truth is I was already following it anyway. My parents lived below their means, and my dad taught me about investing when I was a teenager. Every generation has recessions to deal with. By the time I was in my mid 30's, I was, indeed, the millionaire next door, though just barely. This was despite the dot-com crash and the great recession...

folkhack 6y ago
"Self made" is an over-simplification of a complicated process... one which you impressively admit you've achieved. Which, 100% - that is amazing, and you should be proud of your accomplishments. My definition of "self made" is not important, my point is that everyone's definition is going to be different. Here's the thing - I have no idea who you are, what your history is, and I can't make a single comment on the validity of how you got from point A to point B... that is outside of the above compliment really. What I will tell you is that my anecdotal experience is that no one is out there admitting, "OH YEAH, my parents totally dropped $120k on my education, bought all of my cars, paid my rent, and gave me a free-reign credit card into my 30's." and ironically... I've ran into a TON of those people who self-identify as "self made" which is why I don't take the term seriously and see it as 100% subjective. TLDR: "self made" is subjective as all heck. I can't comment on your life man - I have no idea who you are. I stand by my original comment that things are getting more difficult in regards to building wealth from nothing. I got snarky against a comment that seemed to just posit a book from the 90's as the entire content of a reply as if that's valid to any conversation.
- icedchai 6y ago
  Thank you... but I never said if I thought I was actually self made! What if I tell you that my parents did pay for my education? And they gave me a car when I was 16? Or they were fortunate enough to be able buy a computer when I was in elementary school, which definitely contributed to my interests today, many decades later? Am I still self made? Or did that give me too much of a "head start" so I'm not? Was it so long ago now that it doesn't matter? TLDR: I agree, it's all subjective...