Poll:Self Made or Not Self Made

[Calico]

Quote:

Originally Posted by MichaelB Good luck

[cooch96]

Am I the first one to notice the poll asks if I’m a self-made millionarie? Oh absolutely!! (or hopefully will be in a year or two) Millionarie is way cooler than millionaire. I’m going to start using that word orally. That matches the theme of the older guys in my profession who pronounce “street lights” as “luminaries”.

[NW-Bound]

Quote:

Originally Posted by RobbieB I thought the "don" had to make you...

And a prerequisite is that you have to be of full Italian descent, and have committed a murder by contract killing. The latter means that a murder for personal reasons is not acceptable.

If you are not Italian, do not bother to apply. No law of Equal Opportunity here.

[Senator]

Quote:

Originally Posted by cooch96 Am I the first one to notice the poll asks if I’m a self-made millionarie?

I think you are. I didn't notice. Good catch. Although spelling and grammar are on the way out.

[tinlizzy]

I said self made. No inheritance, no college education. Hit a million at 50 without counting pension or home. I feel lucky but it wasn't luck that got me here. FIRE class of 2020.

[pj.mask]

Sticking to the OP earned vs inherited topic and leaving “luck” out of this:

Self made with an inheritance. One parent passed away in high school with life insurance. Used about $35k to buy a used car, computer, and fund 4 years of college (total college costs were ~$20k/yr). I consider that my deceased parents contribution. The remainder I put in stocks and it now 17% of net worth. At projected growth rates it will end up being about 10% of final net worth and means ability to retire age 40-45 vs 45-50.

I do expect to spend most of that remaining inheritance on my siblings who are less successful. But since they are not into saving I’ll hold onto it until they can’t meet their needs easily with work. We all got equal shares, mine is now 75% of total value remaining.

[marko]

Quote:

Originally Posted by ponyboy If you were born in american, you're probably not self made. Richest country on the planet, most opportunity. Just being born here already puts you halfway through the race. LEts notn kids ourselves.

Not to down the "luck" rat-hole, but I'm often reminded of my good friend from Germany who sent each of his kids to live in the US for a year.

"I want them to see what it's like to live in a country where if you don't work or are sick, they let you die on the street like a dog".

[ckelly78z]

At 54, i'm not quite there yet with $1,000,000 investable, but I live on a paid off farm with no debt, so I am probably there with net worth.

My parents were good people, but no help with getting started, or in any way financially, and there has never been any inheritances going around in our families. Both my DW, and my families tend to have long lives, and don't have much left at that point to distribute.

[Jeffman52]

Quote:

Originally Posted by tinlizzy I said self made. No inheritance, no college education. Hit a million at 50 without counting pension or home. I feel lucky but it wasn't luck that got me here. FIRE class of 2020.

+1

No inheritance. Parents/Grandparents left nothing but debt and no assets. I went to technical schools at night while working but no actual college. Won the birth lottery of being a US citizen. I could have done way better. Divorce left me with almost zero assets at 40 years old. It really was hard work, tons of hours sometimes two jobs, LBYM, and putting money away for the long haul that still got me to the million mark.

[Markola]

Quote:

Originally Posted by marko Not to down the "luck" rat-hole, but I'm often reminded of my good friend from Germany who sent each of his kids to live in the US for a year. "I want them to see what it's like to live in a country where if you don't work or are sick, they let you die on the street like a dog".

Yes, the way I read our country’s history, ever since the Jamestown Colony was founded, often for better, often for worse, America’s true religion is pursuit of the almighty dollar.

[pjigar]

Quote:

Originally Posted by aja8888 No inheritance here as I grew up in a real poor family with alcoholic parents. I left at 17 and charted my own course. Used the GI bill to go to college. Etc, etc. I think I ended up with a "reverse inheritance" as I paid the funeral and burial expenses for my parents when they died.

Similar story here. My dad piled up a ton of debt, thanks to shark lenders, by the time I finished college. It took me couple of years to pay off all his debts. My dad worked hard and made good money but everyone in town relied on shark lenders to go through an agriculture year, pay off most of the balance upon harvest and start over.

PS: I also had student debt on top of that which took another year to pay off.

[Mdlerth]

I never inherited anything other than mediocre genes. Not handsome, not athletic, not talented. Not rich either, although FI and winding down toward RE.

DF passed away 3 months ago leaving everything to DM who continues on, lingering in confusion and despair. When she departs, one fifth of the estate will be the first and last inheritance I ever receive. It will be a trivial amount, since their memory care will have depleted most of their life savings.

In happier times, my folks were very generous to my sisters and older brother, all of whom needed frequent bailing out. From a logical rather than legal definition, would that count as inheritance? (Spoiler alert: I didn't get any of it.)

[tb001]

No inheiritance here and not expecting much. DH’s mom is still a force of nature in her mid nineties but requires signifcant help to allow her to stay in her home. Though she has a great pension, I expect what’s left when she passes will be minimal. I think she’ll have done it perfectly!

My DF pulled all of his money out at the bottom of the recession and never got back in. He now has dementia and will likely need Ltc in the next year. His wife is in great health and will inheirit whatever, if any, is left.

DM is almost 80 and her and her husbands (mid 90s) savings are dwindling. They were scammed out of about a quarter of their savings about 10 yrs ago, which really hurt. They need to sell their place (too much $$ and maintenance) but too much change for her husband at this point. She’s in a tough spot.

[Offgrid Organic Farmer]

When I was in college, I was getting GI-Bill to help with tuition and I was working fulltime. My parents offered to co-sign the mortgage for my wife and me to buy a tri-plex.

Is 'co-signing' a note considered an inheritance? I do not think it is.

When my grandparents died, I got $6,000.

I retired at 42 and a couple of years later my mother died and I got $10,000.

So I have gotten inheritances in my life. $16,000 in total. Those inheritances had no real effect on my Net Worth.

[Bestwifeever]

Quote:

Originally Posted by cooch96 Am I the first one to notice the poll asks if I’m a self-made millionarie? Oh absolutely!! (or hopefully will be in a year or two) Millionarie is way cooler than millionaire. I’m going to start using that word orally. That matches the theme of the older guys in my profession who pronounce “street lights” as “luminaries”.

It's a long way to Millionarie

[Splash]

No inheritance.

I watched my parents struggle financially as small business owners. This motivated me to put myself through college and get a job at Mega Corp where I worked hard, was paid well, and LBYM.

[NYEXPAT]

Retired at 33, so definitely self-made!

[RenoJay]

In line for an inheritance, but am self-made. (Folks took care of college costs, but it wasn't a huge deal back then.) Made the money by starting businesses.

The most important inheritance I got was an attitude from my parents of self-reliance. As a latch-key kid in the 80's, I learned to manage my time and choose between productive and non-productive activities.

[L Carlisle]

I grew up in a trailer in Alaska with 3 brothers and very young parents. My twin and I are the youngest, mom was 20 and dad was 23 when my twin and I were born. They both worked full time jobs in order to barely make ends meet. We were not poor but on the lower end of middle class. When my father died at 50 years old he had $2,000 to his name, after cremation and expenses all 4 of us received $100. My father never learned how to save. Mom is still alive, remarried and living just fine in her golden years. My mother hounded me when I was in my 20's to save, save, save, she is why I have what I have now.

I managed to put myself through 2 years of college to obtain a AA in Business Management. I have also been very lucky to have good paying jobs with retirement plans and have always maxed out my 401K.

I am doing better than all my brothers none of them are ready to retire yet, I am retiring with about 2 million in assets in February. There is a possibility my wife will get an inheritance from a wealthy great aunt and when my mom passes I may get a small amount.

[pb4uski]

Quote:

Originally Posted by NW-Bound Can young persons starting work today get to where we millionaires on this forum are? I think they can. I don't believe any would say it's impossible. Is it harder for them? I am not sure. ...

I think it is possible.... I think DD/DSIL are on there way but time will tell.

DS, a lower earner.... unlikely but he's still doing ok.