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Statistics bear it out. While the number may not be exactly 80% at this point, the majority of millionaires are, in fact, "nouveau rich" or first generation.
Just one link, because all of the links I checked pretty much say the same thing, when they talk about percentages: 7 Millionaire Myths - Yahoo! Finance
If the other 97% were rich also then no one would be rich.
If a majorityof folks were a millionaire then being a millionaire would be average, not rich.
Exactly. If everyone had $1M, prices would adjust so that millionaires could only afford a middle class lifestyle. The law of supply and demand dictates that all the expensive stuff would rise in price to again be out of reach of the masses.
I don't believe that stat re % of millionaires. Lot more than 3% have met that threshold.
You cannot trust the media or government for credible statistics, especially these days under the rule of a treaccherous administration and a sleeping watchdog press. Same as if your survey asked if you beat your spouse or how often you have sex....don't expect truthful answers.
there are a lot more millionaires and not much of a reach in many regions where people are employeed by big corporations.
Consider the underground economy is in the trillions...not taxed/under the table. There are millionaires who prefer to not answer surveys or keep off the federal radar.
Many union guys work under the table.
Not everyone spends their life trying to become rich. Many are comfortable in a niche lifestyle.
Many people in both camps may work hard and not smar,t though they may be considered 'smart'.
Working hard by itself is usually a defecit and I would give that person a poor performance rating unless some intelligence and innovation was demonstrated. They are probably wasting time that could better be used if they looked up and thought about what they were doing. Many people choose to work hard as an escape. Of course some jobs require heads down hard work but even they provide an opportunity for an innovative individual. Cash is used as an incentive in business and it works.
Class warfare, a socialist strategy intended to divide a country, and forward a political agenda.
That is what liberals really think, as it helps them to rationalize their own personal failures.
If the rich-
inherited
stole
cheated
or participated in illegal activities, then, by definition, the "virtuous" cannot possibly become wealthy!
Libs really believe this, as it is stated time and time again by them on this site (see above).
Exactly. That is why they feel justified in forcing others to give them money and feel superior to everyone else, because, "they know how to spend your money better then you do."
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.
You would blow through 500k a year?
For many Americans who make 40,000 to 60,000 a year if they had 1 million and spent ONLY what they use to earn as a wage they wouldn't have to work for 20 years.
Of course if you are use to dropping 10k on a vacation, using 5 star hotels and driving a BMW 7 series and buying $500 shoes yeah a million will go fast.
Or just get real sick a million will go real......real fast.
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.
Wow. I had no idea there were so many "networks" in the United States.
Seriously though, the answer to your question is yes. Compared to people like Warren Buffet, Bill Gates and Mark Zuckerberg almost all of us are dumb and lazy. The vast majority of Americans are not smart/hard working/ambitious/lucky enough to accumulate $1 million in the present economy. Still, 9 million is an awful lot of milionaires. That number will continue to grow and keep in mind that even average people in wealthy countries now have access to goods and services that millionaires couldn't afford a generation ago.
From the outside looking in, you would think that millionaires feel rich and secure, but that's not so. Most millionaires worry about retirement, their kids' college fund and the mortgage just like the rest of us. Those worries are greatest among new millionaires, the people who just recently acquired their wealth.
Exactly. That is why they feel justified in forcing others to give them money and feel superior to everyone else, because, "they know how to spend your money better then you do."
I agree almost entirely except when it comes to healthcare. There are plenty of shady evil mean people who are rich by stepping on others who if they have a million on hand will get any healthcare they need while the average Joe who may be a decent minded fellow who never meant harm or did harm to anybody is told he is S,O,L because the treatment even though READILY available is too much for him to pay or a clause in his insurance found a way that they didn't have to pay for him.
I don't believe in a code of morality or lack of it that says someone's life is worth more JUST because they have money. I am not talking about supply and demand, where there are 5 liver transplants needed but only 3 organs available. I am talking about "yes treatment is available, yes it could save them but no they won't get it because it has been priced out of someone's range."
Other than that, I don't care if you a billionaire with a 10 car garage mansion filled with Ferrari's, and a fleet of lear jets good for you.
Treasures in heaven are truth wealth anyway, when you have health and love you are truely rich and all the other stuff....is just stuff.
All the *things* or items I bought through time are long gone or hold little long term happiness to me (except my guitar and Marshall amp) but when I think back on good memories even when I was dirt poor that still is with me and holds value years later.
18 years old and scrapping money together yet me and my friends had some great times that still hold special memories forever but the TV and pool table or most whatever else stuff has come and gone and doesn't mean much. Except for my guitar, lots of good memories with it and still does...
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