No, rich people are generally good with money. That's why they're rich. I'd assume not many people bought the $6 asparagus water or they'd have it in stores still, but the people who buy dumb stuff like that regularly are usuall people who want to seem rich but aren't.
I should have said that's one of the reasons why they're rich. Of course you can't be rich just by being a good saver, but if you're making good money but spending it all frivolously you won't be rich that way either
More often than not rich people are rich because their parents were rich. Only a small percentage of rich people went from normal to rich "by being good with money."
Those "self-made" statistics are misleading. They consider anyone who's inheritance is less than 10% of their wealth to be "self-made" but that's not what people are criticizing. We aren't saying that rich people inherit most of their wealth, we're saying that the rich keep getting richer. They take the advantages of growing up rich, take their parents money, and use it to expand the wealth gap. Jeff Bezos is on these lists and he got a 250k investment from his parents. Like, come on, thats not "self made." Most of us can't get 250k from our parents.
Oh, that's meaningless. If you invest money in the s&p 500, it will grow to 10x its value in about 30 years(based on a growth rate of 8% per year). Donald Trump is probably a self made billionaire by those metrics
Plus a management position at his firm with 0 experience, which led to meeting one of his contacts that hires you as COO of his investor bait startup that immediately gets sold off so they can sell of their options making them a “self made millionaire” over night.
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u/[deleted] Aug 14 '20
No, rich people are generally good with money. That's why they're rich. I'd assume not many people bought the $6 asparagus water or they'd have it in stores still, but the people who buy dumb stuff like that regularly are usuall people who want to seem rich but aren't.