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]

Sounds right, but if you get straight As, go to an Ivy, and work in Big Law, at least as a partner, it's hard NOT to have over $10M by the time you are 55 or 60.  You'd probably need to have spent a lot of money on private schools, expensive vacations, and fancy cars not to have invested in other assets that have appreciated. [/quote]

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