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][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]

To become truly rich, which is beyond $10m by my definition, you have to have luck and, in most cases, work ethic, perseverance, some intelligence, and risk-taking.  The wealthiest people I know did not get straight As,  go to Ivy, then work in big law or consulting.  They started businesses, worked 24/7, and got lucky. [/quote]

We're not talking about being truly rich or wealthy. We're talking about what it takes to have 3M at age 55, which is roughly 30 years of working. If you save 20K a year over the course of 30 years, and you earn 10% of interest each year, you will have 3.3M in your account. And doing this is the equivalent of getting straight As every single year. [/quote]

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