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« Your Net Worth Can be High on an Average Income | Main | Refund Anticipation Loans, Pay Stub Loans Can Take Big Bite Out of Tax Refund »

January 30, 2007

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The difficulty here is how much of their wealth was produced through each means. There is little doubt most have jobs that produced much wealth, but jobs aren't stores of wealth. While my job was the original source, my investments have done almost as well, but I would have had nothing to invest without working. The goal is to make enough for those other sources to eliminate working.

I read this article in Money with interest. I think that a lot of people make money in there jobs but don't save or invest it. Sounds like you have a solid plan to increase your wealth.

I thought it was interesting that no one here is listed as a real-estate millionaire. There are many homes in California that are worth over 1M. I can't believe no one has paid them off at all or have seen significant appreciation from it. Perhaps that counts as "investments", but it seems odd as it's much more.

I'm curious about the ages of the survey participants.
I wonder if they are older workers, who started their careers when job stability was more common.

Thanks for posting about the Money mag story. Really interesting.

Your summary offers a plain and simple layout of investment strategies. Thank you.

Your ideas really help give your readers a kick to get moving, and I forever appreciate the motivation.

If your house appreciates, does one count it as your job that makes the payments on it, or the investment in it? While I would credit the investment, others may credit their job. One does wonder about their geographic distribution. Real estate on the coasts is relatively uncommon, but it may not be among millionaires.

I don't think you meant to say "most" millionaires become wealthy from their jobs, since 32% is not "most."

Also, it should be noted that in making a statement like "owning a business is a great way to become well off," you need to look at the losers and not just the winners. Since the great majority of businesses fail, it may actually be financially harmful to most people.

To give an analogy, if you gave a bunch of people $100 and set them loose at a horse race, and checked at the end of the day to see who had over $1000, you'd probably notice that it was the people who bet on long shots. That doesn't mean, though, that betting on long shots is a good way to become well off, because the great majority of those people would actually be broke. If you looked at the population of people who ended up over $200, though, I bet you'd find a majority that bet on favorites.

I'm NOT saying, by the way, that it's necessarily a bad thing to own a business. What I'm saying is that I keep hearing how business owners are richer on average than most people, and everyone assumes this means it's good to own a business. But what I never hear, and what it really the relevant question, is how does the wealth of everyone who has EVER owned a business (including the failed businesses) compare to the general population? Anyone got some data on that?

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