ziravan
Welcome Home
- Joined
- Apr 4, 2014
“The Millionaire Next Door” is a fabulous read.ASAMOF you can't be generous for most things if you don't have money to start with.
Most millionaires (worth a million dollars), are first generation money which means they earned and saved. And most you'd never know based on their autos, home, clothes, etc.
In 1900, first gen (self-made) millionaires: 80%
In 2000: 80%
Or as the Chinese say, “Wealth doesn’t survive the 3rd generation.”
First gen millionaires know the value of the hard work making it, so they’re frugal with it. Their kids might not have done the hard work, but at least have the first-hand example of frugality. The grandkids have neither.
In reality, one of America’s (The West to a large degree) greatest successes is that class is very fluid. Families move back and forth over generations very easily.
I make more, as an RN supervisor, than my cop Dad and secretary Mom did combined in the ‘70’s and ‘80’s (and close even when adjusted for inflation).
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