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This has been my experience as well (mid-late 30s), except for the no school debt part. Almost everyone has professional degrees, which required loans.
I've got about a decade on you, and at the time I was in college, it was still possible to work your way through a Bachelor's degree, and many companies still subsidized graduate studies. In the early nineties, university costs sky-rocketed, but my entire degree ran $13k, and my husband, who graduated two years previously paid only $9k. Today, a Bachelor's at that same university runs about $48k for in-state tuition with no housing.
While technically true, there is sort of an understanding that "self made" means starting from next to nothing, creating a business, and by hard work, determination, or great creativity, make their millions. We don't tend to think of folks who made it from appreciation on their home and company stock options.
Maybe we don't, but if you want to make a million dollars, which I'll repeat is a very modest fortune indeed, the easiest way is to get a professional job, put the maximum into your 401(k), rinse and repeat.
The slow way:
Work hard.
Spend less money than you make.
Avoid bad habits that waste money; i.e., smoking, drinking in excess, gambling, drugs.
Over time you can accumulate wealth.
The faster way:
Become an entrepreneur.
Invent something people need.
Provide a service people need.
Live in a state with low taxes that is conducive to business.
Follow the same steps as the slow way.
Do you know any self-made millionaires? And if so, what are the most consistent traits that you see among them? We're talking about people who were able to go from being a member of the middle class community, to becoming a millionaire. Do you find that there's any general commonalities among people who were able to achieve millionaire status?
Yes. My first cousin is one. He simply worked hard all his life, set a goal, and achieved it. He is very disciplined.
My husband just busted his tail working long hours and learning the business he was in. "That's not my job" was not in his vocabulary. He spent decades with a family business, and rose from the bottom to the owner's right hand man. Just in the last few years, he's been working for a national corporation in the same industry.
He came from nothing. He left home after high school with the shirt on his back, savings from his menial high school job, and a car he'd bought with some of those earnings. He paid for some vocational training, but didn't get a college degree. I think everyone he manages now has at least a bachelor if not an MBA or other advanced degree, but he knows the operations of the industry inside and out from his years of experience in it, working for a very well run family owned company.
He knew he wanted a better life than his parents had, and was willing to work however long and hard it took to get there. I witnessed a lot of 20 hour days on his part. He's smart, but it took a lot more than just being smart to get where he got in life.
He just had that old school work ethic. I think it was rare then, and even rarer today. But he's nearing a well-earned retirement now.
I can admit we weren't always practical/frugal. We had our fun back in the day, and still do, but he got a lot more focused on putting money away for our kid's education and his own retirement in his 40s and 50s than he ever had before. And that was enough. I worked for most of our marriage, and my financial contribution wasn't insignificant, but as time went on, he out earned me to the point it just wasn't worth the hassle of me working anymore (some health issues).
I'm glad I met him and married him before he made it big. He knows who was there when he was struggling to make his credit card and child support payments...
Also, it is an accomplishment to be a self made millionaire. So, it is much easier to do now then ever, big deal. It shows that the person is a hard worker (in most cases, unless they are a cheat), can live below their means, and has the courage to follow through on market situations that they can benefit from.
As for characteristic, I would say intelligence is number one, then a good work ethic, and finally, they have their emotions under control to overcome the troubles life throws everyone.
One more, they usually surround themselves with morally responsible people and wise people. NO dummies are allowed in their lives. They cut off losers immediately.
Do you know any self-made millionaires? And if so, what are the most consistent traits that you see among them? We're talking about people who were able to go from being a member of the middle class community, to becoming a millionaire. Do you find that there's any general commonalities among people who were able to achieve millionaire status?
Many who are millionaires do not discuss their financial status so you would never know they are millionaires.
They do not feel the need to draw attention to themselves, flaunt their wealth and are not full of a lot of bs and ego.
They have modest homes, modest vehicles, shop at regular department stores and grocery stores, don't wear designer labels and don't spend just to spend.
The guy standing next to you on the train wearing a faded tshirt, well worn boots, faded blue jeans and a baseball cap that has seen better days could be a millionaire, you just never know.
I think that a common theme is planning . I'm sure it's possible to be a multi millionaire with little planning but then it seems that those people are likely to lose the money .
In my family , my grandfather made millions on some deals but then that money was lost.
My grandmother on the other side consciously planned by being frugal and setting up retirement/ investment accounts for the long term .
People seem to get in trouble when they think the money will never stop coming in.,industries , relationships and economies change .
we've seen it in modern times , there were car salesmen and mortgage brokers making over 100k when the economy was booming and then they had to settle for jobs making much less . I'm sure at the time most of them thought things would continue how they were.
In regards to technology we don't even know how it might affect certain occupations in the future.
When's the last time you booked an airline flight through a travel agent ? They are still out there but not as many of them .
True a lot of businesses do end up failing. Doctors, lawyers, accountants are least likely to fail for the most part.
I don't know about the data though , you hear that 1 out of 10 businesses fails in 5 years and things like that, but then I have heard that data doesn't include all the possibilities, mergers, etc.
I don't see how ,"all of the actual economic gains provided by small businesses come from fewer than 5% of their number. "
If you have a business and employee people and are participating in the economy that's not an 'actual economic gain' ? Not sure what that means.
If a guy opens a business and has 50 people working for him . Would it have been better economically if instead he just worked at a place as an employee?
Sure he's not never going to have 1,000 employees...but still there is an economic benefit, no?
No. Working for yourself is always better if you have any ambition at all.
No. Working for yourself is always better if you have any ambition at all.
Not always. There is an element of luck. Business might dry up.
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