Millionaire Next Door: 100 year old still with a million.... (savings, house, live)
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I do not think I have ever met a man who did not have the means to start a business.
I have known a lot of poor people, but never that poor.
The business startup success rate is only 10%. I suspect that if you define a successful business as one that pays its owner more than he would make working the same number of hours at Wal*Mart, the success rate would be even lower. And don't forget benefits. Wal*Mart offers healthcare starting at $33 a pay period. Medical coverage for the self-employed is expensive.
The business startup success rate is only 10%. I suspect that if you define a successful business as one that pays its owner more than he would make working the same number of hours at Wal*Mart, the success rate would be even lower. And don't forget benefits. Wal*Mart offers healthcare starting at $33 a pay period. Medical coverage for the self-employed is expensive.
If we are going to make up a bunch of qualifiers why stop there?
I do not think I have ever met a man who did not have the means to start a business.
I have known a lot of poor people, but never that poor.
I have known a lot of people of low means and certainly plenty who were 'that poor'. Of course, you're post was very vague, so we're mostly throwing anecdotes back and forth.
Lowexpectations is spot on re: needing to consider success rate.
But even that aside, starting a business that has a general chance for success and can actually provide a net PROFIT of a living wage requires a combination of skills, business acumen, time, startup capital, and safety-net money (not just to fund the startup of the business, but to have a safety net until you are profitable). You have to have all those 'means' to realistically expect most people to start a business. And I have plenty of acquaintances who would match that description.
They're doing OK. They're not on the streets. But they are paycheck to paycheck working 60+ hours a week, some with kids. They have not the time, nor the money, let alone the business acumen to take the risk of starting a business.
Could you make up some example of what someone COULD do? Sure. But is that realistic to a real person's situation? Certainly not always. When you're just scraping by, it is HARD to find the time and energy to do everything youre doing and also start a business. If you've never met someone you felt might not have the means to start a business, I would be shocked.
Last edited by Sunbather; 12-02-2023 at 04:30 PM..
He's living at 100 years old and still with a million saved! Saving, compounding and controlling debt were keys to his success. What a great example of financial success!
Well, here's the key thing, along with the money he inherited, let's not forget that part.
By then, he and Martha had two more children — twins Toni and Robert, and they purchased a larger place in Duluth, Georgia. The five-bedroom house cost him $45,000. They lived there for more than 50 years. During the Covid-19 pandemic, Stovall sold the house for around $350,000. The only debts he ever took on, he said, were for his mortgages.
Try buying a livable house now for $45,000. Still, kudo's to the guy for being smart.
Well, here's the key thing, along with the money he inherited, let's not forget that part.
By then, he and Martha had two more children — twins Toni and Robert, and they purchased a larger place in Duluth, Georgia. The five-bedroom house cost him $45,000. They lived there for more than 50 years. During the Covid-19 pandemic, Stovall sold the house for around $350,000. The only debts he ever took on, he said, were for his mortgages.
Try buying a livable house now for $45,000. Still, kudo's to the guy for being smart.
If you read the article, he bought the house in 1967. In today's dollars, that's 420k. I'm sure you can find something for 420k...
That's not a big deal if you start early in life investing in the market and or real estate. Our
savings in the beginning were small, however investing that small amount made it possible for early
retirement and millions to grow and draw on. We have been in retirement longer than our working years.
I keep large sums of cash or cash-type instruments because I spend a lot, and my investments are
never affected. New $85K car, loan to a family member of $260K last year, and $55K this year for home repair.
$35K next year for a new roof.
We don't include our house as an investment it's a necessity that cost us $250K in 1983. We must take
RMD and that's not a problem the investments still keep growing.
We never inherited a dime, but hopefully will be able to our family members and some organizations.
back in the late 1970’s or early 1980s i was the first person in my family to ever hit 100k in savings ..i don’t remember exactly when .
and that was a big deal as no one came close to ever having that much .
but i started investing as a teen
We could not save much while I was in the military for almost nine years, but we bought our first house
at the age of 23 while in the military. I was assured the same home base after overseas deployments.
We later used that house as our first rental property after my discharge in 1968.
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