Becoming a millionaire isn’t that hard… just save a million dollars 
Don’t know what all the fuss is about.
I know you are probably kidding, but a mortgage is actually debt, so your wife probably decreased your net worth by spending it on a mortgage, lol. You can’t spend home equity…try taking a piece of your house to the grocery!
saving is hacksaw. educators do it the old fashioned way; they inherit it.
https://andrewhallam.com/2012/05/fourteen-percent-of-americas-millionaires-are-teachers/
Another factor: Some 46% of the educators attribute their wealth to inheritance. That could leave them free to pursue a career regardless of the pay.
https://www.whitecoatinvestor.com/forums/topic/less-than-20-of-doctors-are-millionaires/
This back and forth made me curious, so I did some research. Please bear with me 
The National Center for Education Statistics estimates there are 3.6 million teachers in the US. A 2016 census of licensed physicians (https://www.fsmb.org/globalassets/advoc … census.pdf) estimates there are about 953,000 physicians in the US. As of 2016 there were about 1.3 million attorneys in the US (https://www.denniswpottslaw.com/united- … rneys-map/). The research from Spectrum Group estimates there are 8.6 million households in the US worth $1 million or more. The survey says 12% are teachers, 2% are physicians, and 2% are attorneys. Using those numbers:
Teachers : 12% times 8.6 million = 984000 teacher millionaires / 3.6 million total teachers in USA = 27 percent
Doctors : 2% times 8.6 million = 164000 doctor millionaires / 953k total doctors in USA = 17 percent
Attorneys : 2% times 8.6 million = 164000 attorney millionaires / 1.3 million total attorneys in USA = 12.4 percent
Thus, about 27% of all teachers are in millionaire households. Meanwhile, 17 percent of physicians are in millionaire households while only 12 percent of attorneys are in millionaire households.
I don’t kid around about stuff like this - I’m super serial. Again totally agree - the only assets you should count towards net worth are those that you can buy groceries with! Haven’t heard that rule of thumb before but love it - do you mind if I use it next time I’m trying to explain net worth to a NON-finance guy/gal?
^Probably because the analysis ignores billionnaire households…
finance, fashion, and real estate.
money becomes meaningless at a billion. remember!! you need to JP MORGAN and “chase what matters”. i often wonder why billionaires continue to keep working when they already have so much. is it to keep score? is it to make the world a better place? or is it just pure greed?
https://www.mymoneyblog.com/warren-buffet-early-retirement.html
Warren Buffett Was Nearly Content With Early Retirement At 25
Here is an insightful ForbesLife interview by Warren Buffett in their “When I was 25” series. The article is primarily about how he ended up starting the investing partnership that eventually became Berkshire Hathaway. But what I didn’t know was that before that happened, he actually was ready to settle down in early retirement when he was 25 years old, content to invest just his own money:
The thing is, when I got out of college, I had $9,800, but by the end of 1955, I was up to $127,000. I thought, I’ll go back to Omaha, take some college classes, and read a lot— I was going to retire! I figured we could live on $12,000 a year, and off my $127,000 asset base, I could easily make that. I told my wife, “Compound interest guarantees I’m going to get rich.” […]
I had no plans to start a partnership, or even have a job. I had no worries as long as I could operate on my own. I certainly did not want to sell securities to other people again.
Adjusting for inflation using CPI, $127,000 in 1955 would be about $1,100,000 in 2012 dollars. Spending $12,000 a year in 1955 would be just about $100,000 a year today. A 9% portfolio withdrawal rate is pretty high, but then again he’s Warren Buffett.
If he had gone the early retirement route, I’m sure he’d still be a comfortably rich Nebraska family man today, but given his quiet lifestyle we probably wouldn’t know anything about him. In fact, Buffett had already turned down an offer to be a partner in the hedge fund that Benjamin Graham founded. But events conspired to let him manage other people’s money without the pressures of salesmanship or marketing, and $50 billion later he’s one of the richest people alive.
I already knew from reading his biography The Snowball that he was quite the young entrepreneur and by 16 years old he had already accumulated over $58,000 in 2012 dollars ($5,000 in 1946). This was from many different micro-businesses including delivering newspapers, selling everything from gum to car washes, and owning pinball machines. He already knew that the faster he earned that money, the more time he would have to let compound interest do its thing. After moving back to Omaha, he even rented a house at first instead of buying so he wouldn’t have to commit any of his precious capital.
In any case, interesting that his initial goal was early retirement and career freedom, not necessarily doing whatever he could to accumulate more money. I look forward to the other articles in this series.
You don’t become a billionaire by being an individual that is not extremely motivated
yes but what is the point of becoming a billioanire is the question.
To have more than the next guy. I’ve only met a couple of Billionaire’s but they seem to suffer from the same human issues like vanity or comparisons Just on a larger scale
Couldn’t agree more. And their reference group is different. They don’t compare themselves against the average guy working in an office or a guy they seen on a street. They compare themselves to other billionaires and their yachts and G6 airplanes.
BSD’s gotta swing
Just like we don’t compare ourselves to people in the third world. It’s funny how when Americans travel abroad they get so upset that people are trying to scam them. I ask if they’d feel okay scamming bill gates. They normally say well he won’t miss it. And I tell them that’s exactly what the Indians say about them hahaha
Scanning on the thread and thinking what to share. But, I will just agree with this.
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
The Mexican replied, “only a little while. The American then asked why didn’t he stay out longer and catch more fish? The Mexican said he had enough to support his family’s immediate needs. The American then asked, “but what do you do with the rest of your time?”
The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.” The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”
The Mexican fisherman asked, “But, how long will this all take?”
To which the American replied, “15 – 20 years.”
“But what then?” Asked the Mexican.
The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”
“Millions – then what?”
The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”
that would really counter the argument ubi. lol ubi proponents always say that welfare will allow people to become more creative and focus on higher level things. like why offset and cardi b are really fighting.
haha so true. I stayed in Marrakech, Marocco for a week last year. I have never felt so rich in my life. But I got fisted at every transaction…but then again…I’m not going make a scene if a meal which was supposed to cost $1,5 suddenly costs $2,5.
The only I was a little bitter about was that I wasn’t always able to communicate verbally that I knew I was being “screwed over”. I don’t mind paying 2x the price for coffee as long the counterparty knows that I know that he knows that I know that I’m being scammed. I didn’t them to think that I’m a gullible idiot. I just want to have the mental upper hand haha