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Ummm...hmmm...first let's assume that having a million bucks is even a lot of money anymore. To answer the question:
I think the reason that most people who aren't millionaires aren't millionaires is mindset. It starts from a very young age...the mindset of what life is and can be. This is assuming that this is even a goal for them. Some people have no such goal. But assuming this is a goal.
Planning begins early in life and it's often seeds planted by parents, good financial training, proper career planning. Sometimes people will make it despite having no good examples or teachings to follow. More often, though, people are a product of their environment. Your reality breeds your perception breeds your reality.
The other important ingredient is realizing that goals are attainable as long as you hold yourself solely responsible for achieving them. If you wait around for someone to hand you a million bucks, it will never happen. If you wait for a good job or a good grade or anything...unfortunately, the more people feel entitled and are taught they are special for no good reason, the less self-motivation and sufficiency exists.
You have to want it, but you have to be willing to do what it takes to get it. And that's usually pretty painful. And few people will ever commit to it.
We live in a society where everyone is an expert an on everything - Everyone you meet on daily basis claims to know everything- you can't escape this know it all attitude, its everywhere. I see so many people pretending to smarter than they actually are - but they are just really average when it comes down to it. But there is not point in trying tell them that - they will insist they are some kind of genuis.
A large percentage of the population are highly educated, have apparently high IQs - but at same time despite having high IQs choose to work for fairly average wages.
Whilst I am not saying everything is about money - I see so many people who act like they have everything figured but at the same time choose to slave away for most of their lives.
Therefore - no excuses, no bull - if your not very well off already, or have something in the pipeline - isn't the truth is that your simply not as smart as you think you are? Your not really that talented - you would have done it already.
I mean honestly if your truly talented, or smart you have developed or invented something, found a business opportunity - not just followed a degree course for 4 years and did some exams -produced a dissertation thats not worth the paper its written on - and produced no decent research - basically just rewriting previous research. Why would you choose to run some business just making a marginal profit, why would you choose to work in a job where you just get by and make a living. If you had some talent that created real value- wouldn't employers all over the world be knocking at your door to employ you, begging you to come work for them?
My point is this - its all very well talking about IQ and knowledge - but there are few and far between people who can actually invent genuine innovations, who can develop large businesses etc.
Therefore point is - Your not talented enough, not smart enough, your not a millionaire at the moment and its unlikely that you ever will be - if you were you would have done it already.
Most of the great philosophers, writers, artists, musicians, scholars, scientists, and such in the world were not rich or particularly good with money. In order to be a great philosopher or whatnot, it's necessary to start from the beginning like everyone else. Some meet with fame and acclaim, most don't. Similarly, some people work their whole lives to accumulate wealth--some succeed, many don't. But that doesn't mean people shouldn't learn things and create knowledge or culture in their own way. Not everyone can be a Mozart or Edison or Rockefeller. So what? We at least have the option of knowing who these people are, enjoying their work, and maybe even contributing to a minor conversation about them. Why not?
A high level of financial wealth may be a benchmark of intelligence for you, but that is not a universal value. Indeed, some very smart and talented people see moderation and humility as more virtuous. In my view, the accumulation of vast wealth is not a worthy goal if that means the person sacrifices intellectual growth and cultural development along the way. Sure, that person--if lucky--can retire early, but s/he will never regain that lost time, and--to me, at least--might be a rather boring person with little to talk about. Similarly, a person who slogs away at a job for decades without building wealth or developing intellectually may be just as boring in the later years. The key, for me at least, is to strike a balance between work, saving, learning, and such. Life is too short to run on the treadmill or postpone fulfilling experiences. And after we die, we will have to leave it all behind: wealth, books, computers, degrees, and all other signs of our efforts.
Before the capitalist age, most societies valued a liberal (that is, generous) approach to money. Only in the past couple hundred years or so, accumulating wealth at the expense of other activities has been enshrined as a great social value--at least for some people (Jews have been historically stereotyped and excoriated for having a capitalist ethic). Many people within the Western world still see generosity as a virtue and hording as a vice. I personally value a balanced approach to finances, as too much saving is self-deprivation for a future that only *may* be possible, and too much spending or generosity signals a certain lack of self-control and too much living in the moment.
One could very well reformulate your question a bit: if some people have been talented and smart enough to save lots of money, then why haven't many of these people (presumably) produced great literature, music, art, philosophy, science, and such during the free time their wealth affords? If financially wealthy people are so truly talented, shouldn't they be capable of elevating the cultural and aesthetic level of society?
Well -- I spent four years in college, 22, worked a year, spent a year abroad making peanuts and having a blast, spent another year in school. I'm 27. In twenty years, I could be a millionaire based off my current earnings, but it's honestly not a priority for me. I'm more interested in not working 80 hours a week and living off ramen noodles than in being a millionaire.
To equate millionaire wealth with intellect or motivation to work.
I know quite a number of very wealthy folk, self-made multi-millionaires, who are functionally some of the stupidest people around. They just happened to be in the right place at the right time to capitalize upon what few strengths they had, or were lucky enough to buy real estate which either had later discovered mineral wealth there or rapidly appreciated due to unforseen market conditions that developed. Few actually set out to be millionaires, it was more a matter of chance and circumstances that lead to their wealth accumulation. Some were very driven to be as wealthy as possible and for them, more is never enough and they were capable of work product which gave them the wealth they desired.
Similarly, I know a large number of people who aren't millionaires, won't ever be that wealthy ... and yet, are happy, well adjusted, intelligent, and successful people by any measure you might apply except for the size of their investment portfolios. Some would like to be millionaires, but have made investments which didn't work out for them. Some could simply care less about that much wealth as long as they and their families are happy, healthy, eating and living to a standard which they enjoy and appreciate. Some work many hours per week at jobs they love, some work minimal hours but have recreational pursuits which take up much of their time. For the most part, all are people who I'm happy to call upon as friends and enjoy their company even if they aren't millionaires.
Having been surrounded at times in social situations where the entire measure of one's worth was simply expressed by the net size of a wealth accumulation, I have found a lot of those people to be the unhappiest, shallowest, and functionally inept people to be around. Totally focused upon who has the biggest job title, fattest bank accounts, most impressive display of discretionary wealth, and so forth.
And yes, I'm a self-made multi-millionaire due to an aggressive program of frugal living and investing in real estate for over 40 years along with owning/operating several businesses. But it's not who or what I am, it's not what defines me, and I'm in the category of dirt rich and cash poor. I'm well past the age of retirement for many people and I still work a full-time job as well as operate my farm and ranch; I anticipate working both until I'm 80 years old and then will review what workloads I'll cut back on. Planning on staying healthy so I can keep flying my plane into (if not past) my 80's, too. With neighbors in their 90's who still work their farms and ranches, I've got a lot of role models to look up to. Most of them are multi-millionaires, but you wouldn't know it by their dress, speech, attitudes, or any outward signs of affluence. They simply work at what they enjoy to do with their time and are happy to have their abilities to do so.
We made our first million at 46 and were half way to the second million in 2008 before the markets crashed. We have recovered in 2012. Frugal living+strong work ethic+good common sense investing=1million+ net worth. It isn't hard to figure out. You have to keep your eye on the goal and figure out how to achieve it.
I am 34, single, no kids, grew up in a family that always encouraged us to be the best we can be but my parents always told us that happiness has nothing to do with being wealthy.
For a guy like me, making between 60-100K is more than enough. I think like an investor, not like a consumer, therefore, I like to save/invest my money and live below my means.
I don't understand why some people are so obsessed with driving a BMW, living in a 3000 square feet home. I mean, a luxury car is a money pit, buying a large home is an even more idiotic financial decision in my opinion, given the time and the cost of maintaining such property.
I drive an old pick up truck and not having a materialistic mind is my personal key to happiness. Most people don't realize that the more stuff they buy, the more stuck they become.
I take pride in not being one of the sheep who still believe that happiness will come from material things. Once you realize that it does not, the whole dream of becoming a millionaire does not seem to make any sense.
Also, I have a job that allows me to take more time off than most people and I have been traveling a lot lately. In my opinion, traveling is one of the best things anybody can do.
I really don't envy any millionaire who is working 80 hours/week and does not even have the time to travel, see the world and enjoy life while they are relatively young.
I have found the lifestyle that makes me happy, therefore, trying to be a millionaire at this point in my life sounds like a futile pursuit.
Academic IQ is not the same as financial IQ. I worked as a engineer before and worked with some really bright guys. They graduated in CS from schools like Stanford. There were these 3 guys who I was friends with and we hung out together. We were all very close in age, graduated with the same degrees, and started working at the same age (22-ish). I became a millionare the earliest of the group (age 29). Another guy become one in his mid 30s. The other 2 were hopelessly bad with money and I doubt they'll reach millionare status before 45-50. One of those guys had ZERO savings when he was in early 30s; this is a guy who made $130k per year and was single with no kids at the time!!
So there. Four people with similar degrees, similar careers and earnings, of similar age, yet attaining different levels of financial success. Why? It's all about money management and wise investing. I call that financial IQ.
Some people are really smart in college but have the financial IQ of a 7 year old.
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