08-27-2024, 07:29 PM
It's sort of interesting, but naturally I'm having some contrarian thoughts:
*Being a millionaire isn't what it used to be. It's worth maybe half as much as it was back when books like The Millionaire Next Door were coming out. Anyone with the capacity to invest in their retirement (that is, they have a source of income that covers more than basic needs) should aim to be a millionaire at minimum by the time they retire.
*The study talks about the most common professions among millionaires, which makes sense for David Ramsey's purposes. He wants to normalize having a lot of savings. But it's not actually that helpful for figuring out which career path is most likely to get you to millionaire status. For that, one would want to know the percentage of millionaires per occupation, and the information would somehow need to be divided up or standardized based on age, because someone who is 65 is much more likely to be a millionaire than someone who's 25 in the same career with the same pay and the same retirement benefits.
*Being a millionaire isn't what it used to be. It's worth maybe half as much as it was back when books like The Millionaire Next Door were coming out. Anyone with the capacity to invest in their retirement (that is, they have a source of income that covers more than basic needs) should aim to be a millionaire at minimum by the time they retire.
*The study talks about the most common professions among millionaires, which makes sense for David Ramsey's purposes. He wants to normalize having a lot of savings. But it's not actually that helpful for figuring out which career path is most likely to get you to millionaire status. For that, one would want to know the percentage of millionaires per occupation, and the information would somehow need to be divided up or standardized based on age, because someone who is 65 is much more likely to be a millionaire than someone who's 25 in the same career with the same pay and the same retirement benefits.