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reminds me of how the mayor of washington d.c. held screenings of pursuit of happyness at homeless shelters. I wonder if he thought they were all going to walk into wall street and start making millions.
the [strikethrough]fictional[/strikethrough] protagonist in the movie had the advantage of education before he went poor. I doubt many low wage earners know the difference between a roth ira or what the capital gains tax rate is.
to me wall street is like my car. some people have no concept of financial stuff... that's why when my car breaks down I take it to a mechanic and I take my taxes to an accountant. its more crippling for those in a poor environment with few financial education opportunities.
Many wealthy people started out poor and many came from poor families. Why did these people choose to make a change in their life while others did not? People have a choice.
You don't need an education to become wealthy. I know a few people that dropped out of school and built massive fortunes. Even Billionaires that created their wealth and did not have an education. One man built a $3billion business that he owned outright and didn't even finish high school. He was a roofing contractor that built ABC building materials.
You don't have to have assets to become wealthy. J K Rowlings became a Billionaire by writing books and she was living in government housing while she did it. I can name a dozen other writers that amassed millions by writing books. I bet there are many more.
You don't need an education to become wealthy. I know a few people that dropped out of school and built massive fortunes. Even Billionaires that created their wealth and did not have an education. One man built a $3billion business that he owned outright and didn't even finish high school. He was a roofing contractor that built ABC building materials.
You don't have to have assets to become wealthy. J K Rowlings became a Billionaire by writing books and she was living in government housing while she did it. I can name a dozen other writers that amassed millions by writing books. I bet there are many more.
You can justify any view you want by picking out exceptional cases that deviate from statistical norms, but to what end?
Apparently people are forgetting 2007 when the DOW went from 14500 to 6500 in a matter of weeks! What has taken years to runup can unravel in weeks if not days wiping out everything, that is just the nature of the market because it's based on speculation.
When did the DOW hit 14,500 in 2007? And how many weeks was it until it hit 6500? Your numbers and timeframes are off.
Ok so how much money and marketable skills does a Janitor have?
I don't know, could be anywhere between minimum wage and perhaps $50K. Google says the average in 2013 was $25,140. Which is almost 50% more than I have ever earned in a year.
I don't know, could be anywhere between minimum wage and perhaps $50K. Google says the average in 2013 was $25,140. Which is almost 50% more than I have ever earned in a year.
making and having are two differant things. Also if I remember correctly the person in question worked two jobs and chopped fire wood to make money. So lets say that he was making the average of $25,140. He also worked at a gas station and chopped wood. Let say that he made $35,000 a year in his later years. He was also married and we don't know if his wife worked. She may have because her kids were older when they were married. He had no kids. We don't know for sure if his wife worked or if she would have continued to work into her later years like he may have done. She may have had Social Security though and now that I think of it he may have had Social Security as well even though he was working. Not sure what their cost of living was but it would seem that it was low compared to many of ours. I am trying to figure out how much he may have been able to invest.
If his jobs and Social Secuity income brought him in $50,000 a year and his cost of living was around $25,000 a year then he may have had quite a bit to invest. Of course I am leaving out Taxes at this point. Still lets say he could invest $12,000 a year. Not a bad deal if you ask me.
If your income is half of $25,140 I am very sorry. Are you only working one job? when I was young and single I worked 3 jobs to make money. I did what ever I could to bring in money.
You can justify any view you want by picking out exceptional cases that deviate from statistical norms, but to what end?
Sure my examples are on the far end of the spectrum. Millions of others have gone from nothing to living middle class lifestyles. Would you prefer those stories instead? This is about becoming wealthy So I figured that I would leave it at that. Still one of the fastest growing segments in the nation are Middle Class millionaires. Which is not hard to see when you figure the cost of a home or two. My wife and I want to purchase a couple more homes within the next couple of years. Homes in our area for a common, 50 year old house are approaching the $500,000 mark and the market is no where near where it had been at the top of the bubble in 2007. Our income is over $100,000 and approaching the $150,000 mark. With investments and savings we will join the class of Middle class millionaires. We are just regular working people. Lets say that we work another 40 years and live just as this man in the story lived, I bet we could hit those numbers as well and get to the $8 million or more mark. Lots of people can do that. I have co-workers that have done that allready. One co-worker has saved close to $3million so far in his retirement account. Him and his wife have paid off two homes as well. No debt and money to live on during their retirement and yet they keep working.
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