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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I grew up in bottom 1% (food stamps, free hot lunches, absent father) and moved up to probably top 5% (est. 350k/yr.).
When I was coming up, I actually believed that poor people were poor because they didn't work hard, and that rich people busted their ass*s off to get rich.  Hah, was I a fool.  
1) The higher one moves up, the easier their job gets because of deference, prestige, etc.  
2) [b]90+% of wealth in America is inherited, no one worked for it (except the dead people who actually built it)[/b].[/quote]

This just isn't true.

https://www.ramseysolutions.com/retirement/how-many-millionaires-actually-inherited-their-wealth

Just how deep does the myth that millionaires’ wealth simply fell into their laps go? We found out that 74% of millennials believe millionaires inherited their money and more than half (52%) of baby boomers think the same thing.1

But our study of millionaires blows that theory out of the water. Here are the facts:

Only 21% of millionaires received any inheritance at all.
Just 16% inherited more than $100,000.
And get this: Only 3% received an inheritance at or above $1 million!2
Think about that: Most folks believe millionaires simply inherited their wealth, but the vast majority of millionaires didn’t get any inheritance at all—and those who did certainly didn’t get enough to make them millionaires![/quote]

Wealth compounding starts when you have the ability to save money and contribute to a retirement account in your 1st year out of college.  Starting at $0 and working your way up is actually a privilege. So many people are fighting just to get to 0.

Inheritance is not always a lump sum you get when people die. My spouse graduated with $0.00 debt, mine was under $20k. The cost of undergraduate education, access to a safe and reliable vehicle, a cell phone on a parent’s plan, and parents who can carry you on their health insurance until your are 26 and front you money for a security deposit and 1 month rent has a [b]value of hundreds of thousands of dollars.[/b] [/quote]

Hundreds of thousands of dollars at what age? Because while the equivalent of 500k of extra dollars at age 65 is nice, I wouldn't say that they're rich. They still need millions more to have a decent retirement.[/quote]

It all adds up.  My kid has enough in Roth and 401k by 25 to have $1.5m at 65.  By time they are 30 it will be well over 2m. That alone plus having a good car to get them to age 30 is a huge start.  They save save save most of their money.  They don’t have student loans.  When their friends finish paying loans at ~32/34, my kid will have 2.4M+ equivalent for retirement and $100k saved for down payment.  [/quote]

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