Reply to How many 55yo that you know in DMV have $3M+ NW?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Having 3M by age 55 is like going to high school and getting straight As. How many kids do you know graduated with a 4.0? Not many right? But it wasn't rocket science. Some kids just studied while others didn't.[/quote]

I think this is a really good analogy![/quote]

It’s not a good analogy, more often that not getting rich is a function of timing and luck rather than working hard, it’s just a plain hard fact. For example, you are able to get that high paying job for which there were 300 applicants, sure you were qualified but so were at least 30 others but you lucked out and now you can earn and save. Anyone of us who doesn’t credit luck with our success is being disingenuous. Even Jamie Dimon recognized it as a huge factor in his success ( His Harvard commencement address).[/quote]

I guess I don't think it requires working all that hard, or at least not in the way DCUM talks about (aka making a huge salary at a top job). I think it's more about discipline and habits, which is also what leads many people to straight A's. You don't get to have or do everything you want all the time. You sometimes choose to stay home to study or plan for studying in advance.

To save and invest, you need to choose to consume less, especially at the beginning so you can get compounding started. I'm not 55 yet and not quite at this level yet, but so many people I know upgraded cars in their 20's because they "had to" for some reason. Then same for houses. People don't need 99% of what they say they need. 55 is 30+ years after college graduation, and those little sacrifices can add up to a lot, especially if you're a couple.[/quote]

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