No. of Recommendations: 5
Great discussion. Very much agree with Lok's sentiment on $1m net worth being both achievable by 'many', and no longer being worth squat [at least on a basis of warranting "good times" long term, e.g. retirement]; perhaps there is a connection between those two <gg>.

Now if being mere "Millionaire" is not an indication of having been wildly successful when it comes to money, then those snips from "The Millionaire Next Door" are a tad less relevant:

Only 19 percent receive any income or wealth of any kind from a trust fund or an estate.
Fewer than 20 percent inherited 10 percent or more of their wealth.
More than half never received as much as $1 in inheritance.
Fewer than 25 percent ever received "an act of kindness" of $10,000 or more from their parents, grandparents, or other relatives.
Ninety-one percent never received, as a gift, as much as $1 of the ownership of a family business.
Nearly half never received any college tuition from their parents or other relatives.


Even so, you turn some of those around

19% receive income or wealth from a trust fund or an estate
20% inherited 10 percent or more of their wealth
25% received gifts of $10,000 or more
9% received ownership of family business
50% or more received tuition from relatives

and add them up (of course there will be partial overlaps) it's obvious that contrary to the bias the book may want to convey, a significant fraction got a substantial starting advantage.


SB



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