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The opposing views are interesting. On one hand we hear the gap keeps widening then on the other hand the dream of being a millionaire is obtainable. So which is it really, only the rich can get richer, or anyone with dilligence and planning can become a millionaire. Guess it all comes down to the individual and what is important to them.
It comes down to education and career advancement, which means busting your behind and being a real contributor for a number of years either as a salary earner or a business owner.
But never discount some measure of luck…taking the right job at the right time to get a buyout or make a mint off your company equity. Think about the Indy-area companies that have been bought out for hundreds of millions or billions: Exact Target, Endocyte, RayzeBio, Marcadia, Duke Realty, etc. Think about Eli Lilly stock since 2018, up from 76-ish to 760-ish even with today’s mini-crash. Action like that can make you a millionaire pretty quick.
“Hitting their goal hasn’t translated to luxury. There is no lawn crew to cut the grass, no Netflix or Amazon Prime, no Uber Eats. They fly economy. They drive a 2005 Toyota.”
It takes an average income & an above-average amount of discipline, but it’s do-able. Don’t fall into mindless consumerism traps & you’ll be all right in this world.
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The average American spends $12K/year on car expenses alone. I’m not sure that there is a bigger obstacle to wealth-building for the average American than over-spending on cars. Sticking to a 2003 Toyota is a great way make that million dollars by the age of 48 on an average income!