Goes Against the Narrative

[abbey1227]

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. In fact, the majority of millionaires didn’t even grow up around a lot of money.

STUDY SUMMARY

Ramsey Solutions conducted the largest survey of millionaires ever with 10,000 participants.

Eight out of 10 millionaires invested in their company’s 401(k) plan.

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.

www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research#:~:text=The%20overwhelming%20majority%20%2879%25%29%20of%20millionaires%20in%20the,even%20grow%20up%20around%20a%20lot%20of%20money.

[Prometheus]

What I can't find is the average amount of wealth of the participants. Was it simply $1 million? $10 million?

[abbey1227]

May 31, 2022 1:08:42 GMT Prometheus said:

What I can't find is the average amount of wealth of the participants. Was it simply $1 million? $10 million?

I'd think it was just a minimum of a $Million to qualify.

I often joke with people "Hey, remember when a $Million was a LOT of money?"

[Prometheus]

May 31, 2022 1:13:12 GMT abbey1227 said:

May 31, 2022 1:08:42 GMT Prometheus said:

What I can't find is the average amount of wealth of the participants. Was it simply $1 million? $10 million?

I'd think it was just a minimum of a $Million to qualify.

I often joke with people "Hey, remember when a $Million was a LOT of money?"

So... we don't really have enough data, do we?

[abbey1227]

May 31, 2022 1:28:13 GMT Prometheus said:

May 31, 2022 1:13:12 GMT abbey1227 said:

I'd think it was just a minimum of a $Million to qualify.

I often joke with people "Hey, remember when a $Million was a LOT of money?"

So... we don't really have enough data, do we?

You calling Dave Ramsey a liar?  

I don't even catch his radio show anymore.........but I do know he's helped a ton of people get their budgets under control and pay off seemingly insurmountable debts.

I have a buddy that constantly throws out a stat about 'most $millionaires acquiring their wealth later in life/after their 50s."  While he uses it as a motivational thing, I think it just makes sense that most people make their mistakes earlier in life........and even those who have been careful and more crafty, end up paying off their homes and other debts like their kids college tuition by the time they're entering their 50s and later.

[Prometheus]

May 31, 2022 1:42:06 GMT abbey1227 said:

May 31, 2022 1:28:13 GMT Prometheus said:

So... we don't really have enough data, do we?

You calling Dave Ramsey a liar?  

I don't even catch his radio show anymore.........but I do know he's helped a ton of people get their budgets under control and pay off seemingly insurmountable debts.

I have a buddy that constantly throws out a stat about 'most $millionaires acquiring their wealth later in life/after their 50s."  While he uses it as a motivational thing, I think it just makes sense that most people make their mistakes earlier in life........and even those who have been careful and more crafty, end up paying off their homes and other debts like their kids college tuition by the time they're entering their 50s and later.

I don't know who he is but his sample size is suspect.