Reply to The Average American is a Millionaire

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]$500 a month into market for 30 years would be about a million now. I know why I don't have it, but I'm nearing it now after getting serious about it.
I have some idea why most of my friends, co-workers, relatives, and acquaintances don't have one million NW and why others do.
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Simple---most Americans do not value saving.  There is always something they "need" (and 95%+ of the time it's a want, not a need).  they run up credit card debt and pay high interest for "wants" and then it's a hard hole to dig yourself out of.  Also a mindset that is difficult to change---you have to stop keeping up with the joneses and live within your means.

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For me it's not lack of saving, it's lack of investing. I always saved. I came as an immigrant with no financial sense other than "don't spend unless you have to" and my dh comes from low income big spender parents so is completely risk averse. Didn't start investing more seriously (beyond 401k) until a few years ago. If I could go back and invest in my 20s, I'd be a millionaire easily.[/quote]

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