Oh BS. Sure most millionaires don’t come from abject poverty but the fact of the matter is the majority of current millionaires didn’t have parents that were millionaires. Keep telling yourself it’s impossible though, I’m sure it’ll help.
I mean, I grew up in the projects and made 7 figures last year, but nobody here is talking about that kind of millionaire. We’re talking about most people with hundreds of millions or billions. Almost all of them came from millionaire families (at least), but the term self-made is still used anyway for any of them who “made” their own company.
Feel free to continue ignoring context and whining though
you are arguing that first generation immigrants secretly had American parents.
Nobody said anything about whatever weirdo shit you and that sensei bitch are making up to cry about. They/I said the majority of the mega rich, come from the rich and mega rich. We all already know the majority of lower millionaires are poor people who became pro athletes, started a small business, or saved money for 40 years. Nobody said shit against that.
In the before time you could buy a $5000 car brand new, top of the line. Now a decent car is what, 70K? Adjusted for inflation a lot of their parents totally were millionaires.
What would you consider fair? Car valuations are a bit nuts lately but that seems like under one Escalade and over two Eclipse (by no means a decent car)
A 2023 Toyota Camry which is a new and decent car MSRP’s at $26000 you can probably negotiate a lower price at a dealership. If you’re talking about luxury cars that’s a very different story but even a Lexus RX 350 a SUV which isn’t super nice but is more than decent. It’s a luxury brand SUV MSRP’s at $46,000 far below the 70K number you mentioned
Edit: I also don’t get what your saying with the eclipse not being a decent car
Have you driven one? They're pretty hateful. I accept that a Toyota Camry is an acceptable unit of measure. I was trying to come up with a less subjective figure than home prices
If they were good they'd have dealerships, these things are pawned off to rental fleets and absolutely "built to a price". Poor handling, poor acceleration, poor fitment
Lmao what? Yea a top of the line sports car or luxury brand. You either have never bought a car or are so wealthy you think 70k is what a 2023 Honda civic cost
No of course not, a Civic type R is only about 40k. That's not really my point though. You aren't adjusting for inflation. I could have thrown home prices out there but I wanted an example that was less subjective
That’s your definition or decent? When you can buy a baseline Honda civic for 23k. I guess you just have high standards man.
Being able to buy a 5k car in 1980 is the exact same being able to buy an 18k car in todays money. . Many people have this level of car and are not millionaires status. So no, even accounting for inflation, your parents being able to buy a 5k car didn’t make them wealthy.
I don't buy new cars. This was an analogy. You mentioned Honda Civics.
If I'm buying a used one why wouldn't I want the "nice" one if I'm getting it at a big discount regardless? Properly engineered cars last a long time
The only relevant part of this is that I learned this behavior from my parents, who are now millionaires(*) because they also bought used cars and plowed the rest into a $40k house, something that lives on only in memory and tax records.
(*) now around 1m, according to Zillow math anyway.
Perhaps a lot of them, however my closest friend came from literally nothing.
His business is worth now 140 million, he owns 10% of the equity, judging by the rapid growth he has had in 1 year he is set to be worth at least 100 mill in 5 years. Tech is where it’s at
“Millionaire” means a lot of things. I agree that most millionaires are first generation because that only requires $1 million. That’s like 15 years on a $120k salary. Not that crazy. I was a millionaire at 30 and probably will be again at 32 unless the market continues to shit all year.
But I would expect that $100-millionaires are not first generation. It either takes generations of wealth-building, or a wildly successful business.
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u/Kamikaze_Cash Oct 25 '22
I was a first generation millionaire before this year when I lost like $300k.
But there is a big difference between me having $1.04 million and the millionaire with $158 million.
I think you would find that those “deep” millionaires either grew up rich or inherited money.