MARK TOBIN: Who wants to be a millionaire?
Point No 1 — Elon Musk did not think just having a matric would be enough
I recently read a study from Ramsey Solutions (aka Dave Ramsey) in the US that surveyed more than 10,000 millionaires to see what they had in common. Let’s look at the top five findings in the report to understand how we can apply them in our personal finance journey.
First, the vast majority of the millionaires, 79%, are self-made. They did not inherit their wealth but built it over time through entrepreneurship or corporate careers, combined with plain old hard work. Intergenerational wealth plays a relatively small role in creating the next generation of millionaires. If you’re not a trust fund baby, you can still become a millionaire. The bulk of the millionaires in the study certainly weren’t waiting for a handout from their family or bemoaning the fact that they were not born the scion or heiress to some wealthy family dynasty...
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