If supposedly hard work/smarts can make you rich, does mean 97% of Americans who aren't millionares lazy/dumb? (generations, statistics)

[unseengundam]

First of all let me say $1 million network isn't a lot of money these days, possibly enough to on retire comfortably for couple of years. That said I keep on hearing how USA is the land of opportunity. Where hard work and having smarts will allow anyone to become rich!

However, when you look the information says only 3% of Americans have network over $1 million. This stat means vast majority of people in US will never get to $1 million network! Furthermore, considering how many families have been here for generations you would think there could more generation wealth than this.

What could be lacking here, hard work and smarts? I seriously doubt you could say 97% of Americans aren't hard working or dumb. Most likely it could be lack of opportunity that allows a person to build up wealth.

Considering the situation in the US, you would think there needs to be some drastic changes to increase the opportunity to allow to more people to be come wealthy.

[TheHurricaneKid]

No, it only means that they don't care for getting profit.

[pghquest]

You become a multi millionaire by paying people to make money for you. It just means the other 97% hasnt figured out how to pay people to do their job.

[Omniscient1]

I'm in the 97%. Life ain't fair, otherwise I'd be rich AND good looking.

[North Beach Person]

You usually can't get rich working for someone else. You can, however, maybe become rich working for yourself.

The very rich don't "work" for their money exactly. They do have their money work for them.

[k.smith904]

The system is designed for few to be rich. Theres no way around it.

[k.smith904]

Originally Posted by North Beach Person

You usually can't get rich working for someone else. You can, however, maybe become rich working for yourself.

The very rich don't "work" for their money exactly. They do have their money work for them.

While this is true, existing tax laws make it very difficult.

You could do what I do and daytrade in your free time while you have a low capital gains rate, but few come out on top in the end.

[TheHurricaneKid]

Originally Posted by k.smith904

While this is true, existing tax laws make it very difficult.

You could do what I do and daytrade in your free time while you have a low capital gains rate, but few come out on top in the end.

Rich people didn't let something as petty as the tax laws stop them from becoming rich...


...In fact, they bought the tax laws!

[Rggr]

"Can make you rich" does not guarantee that you will be rich. If you are not smart and don't do much work, the outcome is a little closer to a gaurantee.

[Robin Rossi]

Originally Posted by k.smith904

The system is designed for few to be rich. Theres no way around it.

It is simple statistics. Wealth distribution follows the standard Bell Curve, with a few on each end and most in the middle. Those on the left side are defined as "poor" and those on the right re the "rich"
It is not deliberate or willfull or designed-in, it just "is".