Author Topic: National Study of Millionaires  (Read 337 times)

Drastic

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National Study of Millionaires
« on: August 27, 2019, 01:04:08 AM »
study of 10k by Dave ramsey group.

https://www.daveramsey.com/research/the-national-study-of-millionaires

Things I thought interesting:

The top five careers for millionaires include engineer, accountant, teacher, management and attorney.
79% of millionaires did not receive any inheritance at all from their parents or other family members.
 they worked, saved and invested for an average of 28 years before hitting the million-dollar mark, and most of them reached that milestone at age 49.
The overwhelming majority (79%) of millionaires in the U.S. did not receive any inheritance at all from their parents or other family members. While one in five millionaires (21%) received some inheritance, only 3% received an inheritance of $1 million or more.
According to the survey, eight out of 10 millionaires come from families at or below middle-income level. Only 2% of millionaires surveyed said they came from an upper-income family.

buckworks

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Re: National Study of Millionaires
« Reply #1 on: August 27, 2019, 05:29:59 AM »
This is similar to the picture painted in the book "The Millionaire Next Door".

My youngest son is a financial advisor working for a Canadian bank. He says there's often a big disconnect between the people who look rich vs those who ARE rich.

People who spend less on the former have a better chance to achieve the latter.

The fundamental secret to accumulating wealth: live within your means. Everything else is details.

Rupert

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Re: National Study of Millionaires
« Reply #2 on: August 27, 2019, 06:48:36 AM »
Very interesting article, thanks for sharing.

A millionaire is not what it was. 

You can become one now in the UK with a couple of good housing purchases, most likely by luck, and then prudence. not sure you need much of that, just the ability not to borrow too much on your housing wealth.
You might be a partner in a small Vets business that is then bought out, or be a Doctor. To be an engineer and a millionaire you need to be running the business.  And usually (but not always) that has traditionally been an accountants role. Very wrong imho. But I do believe its true... or certainly is locally.

My point.
To be a very wealthy person, I bet the rules are different.
 However here is a local exception that proves your post :P:

https://en.wikipedia.org/wiki/John_Caudwell

I crossed his path without ever meeting him several times. I find his rise to wealth inspiring and mind blowing.  Perhaps because he worked at the same factory, son was at the same school as my daughter.  And bits like this, his first company:
Quote
The company made a loss every month for the first two years of operations

And:
Quote
A bull market player by nature, Caudwell could see the end of the growth days looming.
He knew when to get out.


... Make sure you live before you die.

Mackin USA

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Re: National Study of Millionaires
« Reply #3 on: August 27, 2019, 11:06:45 AM »
Are they getting an education in the USA that enables them to become any of the top five careers?
Mr. Mackin