Reply to Net worth over $20 million

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is it true that only 280,000 people in the US have a net worth over $20 million? [b]That seems low. [/b] Is that an old figure from before the stock market went bananas?[/quote]

Why, OP? Because there are like 3 of you hanging out on this forum and posting how easy it must be to accumulate this wealth we should assume that everybody and their mother is loaded?  :lol:

What do we do with various statistics of how most US households are a job loss away from being destitute and don't even have a few months of savings available to them? Or people who are close to retirement and have less than 500K NW?   280k is less than 1% of total US population, it sounds about right to me.  There are millions of low millionaires but 20 mil is a different level that's much harder to achieve because vast majority of people aren't good at investing without panic or creating successful businesses or earning 7 figures. [/quote]

No one who posted they have this level of wealth said it was easily replicable by others. That's the crux of it. You can't go back in time and buy Apple stocks at a dime a dozen like I did. If you want to do the same, you can't, because Apple has reached maturity and is now too expensive, and you have to take a risk like I did and pick the next big winner. Not easy!!! Although in more recent years I've had good luck with all the famous tech stocks (Amazon, Alphabet, Netflix, etc). Sold Tesla once the idiot made his Nazi salute. I'm live and let live, but certain things are beyond the pale. And no, besides marriage or lottery, no one gets rich overnight.

[/quote]

The thing about stocks is that they don't just grow overnight either and even if they grow a lot over time, there are also ups and downs and different behaviors people display when this happens. what set you apart from other investors (which is likely also true for those who made a kilinn in crypto) is discipline to hold and not sell when stocks go up and down.  Long term holding is risky. anything can happen overtime, and many early investors who could have made a killing end up selling whenever they can realize even little profit for various reasons.  Call it anxiety or a need to pay bills or gambling with other sectors.  Also, don't forget many millions of people who get periodically wiped out investing.   You are one person whose success reflects overall growth in stock market over the decades, but this doesn't make people like you statistically significant compared to other investors.

it's far more likely that other investors with sizeable portfolios also had regular infusions of capital from their very high paying careers (like C level) or successful business profits, or even family money.

The stories of a lone investor who started with modest capital and grew to many millions by buying an holding tech sector stocks over the decades may not be as  frequent as you think?[/quote]

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