That's not always true. Not everyone starts out rich; they start out poor and grow a business and then become rich.
It just seems like the media makes it sound like having a few million is EASY. Sure, if you are an athlete, entertainer or CEO it is. I just don't understand why there cannot be more articles about real life people. I know tons of college grads that are struggling. I don't think the job market is as rosy as they say. Sure there are gobs of service sector jobs that pay crap but trying to get a job that pays 6 figures is not easy. Meanwhile, I am stuck trading right now for a living as I can make more doing this than working in some crummy service sector job.
ElCubano, There's nothing wrong with going into debt to finance real estate or a business. I'm referring to people that quit jobs and loaf around and end up asking friends/relatives or using credit cards to finance their everyday bills.
Midlifeguy, The FIRST million made by the CEO, Athlete or Entertainer was not easy (generally speaking). Do you realize all the practice a pro athlete or entertainer has to do before becoming a success. Do you think a CEO of a major corp. just steps into a job making millions? Many are in their 50's or 60's before getting to the top.
That's a funny way to put it, "stuck". Don't most traders enjoy the trading-for-a-living aspect? I sure do. All the freedom in the world.
I love the freedom..hate the uncertainty and lack of benefits (health, 401k etc). Plus, it can be isolating.
You do need money to make money, but this shouldn't be an excuse for being poor. I have met several people who started with almost nothing and are now multimillionares. They were poor people who got richer, not poorer, despite your theory. They did it through hard work, sound fiscal management, and taking appropriate risks. This is the biggest hurdle for poor people to become rich -- They make too many excuses for their failures. They think the odds are stacked against them when the only thing going against them is their losing attitude.
The first thing our economy does to young people when they turn 18 is begin the peonage process. Our economy and the global economy rests on the ability of US consumers and now US corporations to generate massive amounts of credit (debt). It ends when God decides it ends.
True true. There are ways to overcome the isolation, the uncertainty is always a factor yes (I can't imagine how that's magnified with a family/kids in the picture). The way I look at the health/401k aspects, I figure that by not having to pay SS nor Medicare taxes, I'm coming out ~9.1% ahead (6.2% + 2.9%, yes I know they're capped). Additionally, since I only trade futures, my tax rate is substantially lower than if I were on a payroll earning a similar amount. Both combined make up for those lost benefits.
Same here. I remember the day 25 yrs ago that I emptied the penny jar and that's all there was. You need to work hard, maximize income, and save more than you spend, and when you do invest, you need to do well at it. Missing the 2000-2001 crash was one of my best trades. Putting EVERYTHING into a cross section of power producers in 02 was another.