View Poll Results: Self Made or Not Self Made
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Are you a self made millionarie?
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173 |
73.93% |
Are you a self made millionarie but got an inheritance?
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56 |
23.93% |
Are you a millionarie because of an inheritance?
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4 |
1.71% |
Are you FIRE because of an inheritance.
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1 |
0.43% |
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Poll:Self Made or Not Self Made
09-18-2019, 09:35 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,373
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Poll:Self Made or Not Self Made
Just got me thinking about another thread and the discussion of inheritances. Just curious how inheritance has changed your life and if you got one.
We didn't have the opportunity to receive any such gift so we where self made.
I'm not sure how it would of effected us or really what we would have done differently.
Would like some input on people that have gotten them and the changes in the life it meant?
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09-18-2019, 09:45 AM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2008
Location: NC
Posts: 21,150
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I got a small inheritance (but much less than millionaire realm), but I guess the first option is closest?
Not to discredit your poll, but none of us are entirely “self made” IMO. There’s knowledge, discipline and hard work involved for sure, but there’s also the help of others, luck (parents, country, timing, bad decisions not taken purely by chance, etc.) and other factors - many have acknowledged same in earlier threads several times.
__________________
No one agrees with other people's opinions; they merely agree with their own opinions -- expressed by somebody else. Sydney Tremayne
Retired Jun 2011 at age 57
Target AA: 50% equity funds / 45% bonds / 5% cash
Target WR: Approx 1.5% Approx 20% SI (secure income, SS only)
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09-18-2019, 09:53 AM
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#3
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Location: Crownsville
Posts: 3,696
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I chose "self made, but got an inheritance". I was just above the $1M mark in investable assets when my grandmother passed away, leaving a pretty nice inheritance. However, like Midpack said, none of us is truly "self made". My Dad paid for about half of my college education. My grandparents also helped me out a lot over the years, and so did my Mom and stepdad.
I'm still working, but when I do retire, it will be because of an inheritance. My Granddad, on my Dad's side of the family, passed away in late 2016, and then Dad passed away 6 months later. The proceeds from that estate were pretty substantial. Enough to pay off an HELOC I had on the old house, making it free and clear, plus enough to put a 25% down payment on my new house, and a good amount left over. While I wasn't able to retire right then and there, because of this inheritance, it's definitely put me closer to the goal.
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09-18-2019, 09:53 AM
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#4
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Recycles dryer sheets
Join Date: Aug 2018
Location: YUKON,OK
Posts: 255
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I've busted my a$$ to get where I am today. LBYM, save, invest. We've had a wonderful life but we've done it on our own. DW has been SAHW for 20 years and really is the key. She takes care of our home, I bring home the $$.
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09-18-2019, 10:01 AM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2016
Location: Colorado
Posts: 8,971
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All self made. Started at 22. 56 today, retiring next year at 57 with millions.
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09-18-2019, 10:26 AM
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#6
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Thinks s/he gets paid by the post
Join Date: Jan 2012
Posts: 2,581
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Self made here, no inheritance, earned 99% of my stash from one lucrative high-tech job and savvy investing.
Luck has played a huge role for me, though, as it does for everyone. For example, lucky enough to be born to great parents who taught me the value of hard work, education, LBYM, and other traits I needed for financial success. Lucky in many other ways, too, but especially lucky to have stumbled upon The Millionaire Next Door in my late 20s.
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09-18-2019, 10:28 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,373
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Quote:
Originally Posted by Midpack
I got a small inheritance (but much less than millionaire realm), but I guess the first option is closest?
Not to discredit your poll, but none of us are entirely “self made” IMO. There’s knowledge, discipline and hard work involved for sure, but there’s also the help of others, luck (parents, country, timing, bad decisions not taken purely by chance, etc.) and other factors - many have acknowledged same in earlier threads several times.
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Thank you and understand your thinking but self made is self made regardless of the factors you quoted or even luck. The luck topic was an interesting topic to say the least and was a good topic discussion.
Thanks Midpack
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09-18-2019, 10:43 AM
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#8
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Full time employment: Posting here.
Join Date: Feb 2017
Location: Severn
Posts: 947
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I said self made but I did get an inheritance of 6k which I put into the DSs ROTHs. What actually constitutes a millionaire? NW, invest-able assets? I have 3 guaranteed, COLA'ed streams of income now and 2 more COLA'ed at 62 (54 now) and 700k in the market. Am I a millionaire? My spreadsheet says NW is 2.1m. May be calculating everything wrong.
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09-18-2019, 10:44 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,271
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Gal and I both have seen inheritances of 10-50k - probably 100k in total. Those came as we were well on our property acquiring way and mostly just got dumped into loans we were paying on. Didn't affect the speed with which we bought units or the number we bought but did get those units paid off more rapidly. Uncle Sam and the GI bill kept me from much college debt, so that was nice. Gal will have another inheritance coming if she ever gets her Mom's estate settled, but that will just be numbers in an account. We feel pretty self made but with inheritances.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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09-18-2019, 10:46 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2006
Location: Pacific latitude 20/49
Posts: 7,677
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We were already FIRE but got a small inheritance after being retired 7 years. My heirs got a share of it immediately.
But self-made is a bad term. It implies a myopic arrogance of the many factors that contribute to success. FIRE is about choices with a backdrop of opportunities presented by circumstances.
__________________
For the fun of it...Keith
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09-18-2019, 10:48 AM
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#11
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Moderator
Join Date: Nov 2015
Posts: 13,846
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Perhaps a better way to phrase the question is: "Did an inheritance significantly impact your ability to achieve FI and/or RE? (which also may or may not mean one is a millionaire).
Self-made generally applies to entrepreneurs, and please let's not get into luck vs. all-me debate again.
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09-18-2019, 10:53 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,373
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I don't use NW for anything so for this poll I would use only portfolio assets and not pensions or SS. I'm seeking straight portfolio wealth as being a self made millionaire or not being self made or what ever question best fits you in the poll.
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09-18-2019, 10:56 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,373
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Quote:
Originally Posted by Aerides
Perhaps a better way to phrase the question is: "Did an inheritance significantly impact your ability to achieve FI and/or RE? (which also may or may not mean one is a millionaire).
Self-made generally applies to entrepreneurs, and please let's not get into luck vs. all-me debate again.
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I agree no luck debate again, please. I did find that very interesting though and many different angles and thoughts about luck! LOL
I also knew before I started the thread I would have many say it should be this way or that way the wording is wrong etc.. And most rightfully so it could of been wording 10 different ways and it still wouldn't have fit everyone's hand. Thanks LOL
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09-18-2019, 11:07 AM
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#14
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,514
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Quote:
Originally Posted by Aerides
and please let's not get into luck vs. all-me debate again.
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Good luck
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09-18-2019, 11:19 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,022
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Is anyone self made? Somewhere along the lines somehow, someone, or something influenced a part of your life. Starting from conception.
Someone might say, I am uneducated and FI but I worked for "MegaCorp"
Someone might say I am uneducated and I worked for myself to gain FI
Someone might say I am uneducated and never worked (trust/inheritence)
To me, those are not necessarily self made or anything. Even if you own your own business likely you need to pay to file paperwork with your state's SecState? and of course the fed allows you the ability to be in business after paying your appropriate taxes. So even then you have to pay to play...unless of course you were all cash, and like literally that dude on NYC streetcorner who was selling potatoe peelers...Google it! But even he had a nice Taylor to help him out.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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09-18-2019, 11:25 AM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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Self-made, with the help of the college education here and the opportunities in this country.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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09-18-2019, 11:30 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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Sitting on my inherited yacht drinking pina coladas. Helicopter on its way to go to the casino
__________________
Jump in, the water's warm.
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09-18-2019, 11:39 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,679
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Quote:
Originally Posted by Aerides
Perhaps a better way to phrase the question is: "Did an inheritance significantly impact your ability to achieve FI and/or RE? (which also may or may not mean one is a millionaire).
Self-made generally applies to entrepreneurs, and please let's not get into luck vs. all-me debate again.
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I agree with your take on the question, filtering out potential "noise" from the use of the term "self-made" along with the luck debated in another thread.
So, my answer would be "no." I did receive two small inheritances, both between $5k and $10k. The first one, in 1981, helped me pay for some of my college costs, and what was left over was used to pay down 60% of my student loans, a big step toward getting them paid off 2 years after I graduated college, and allowed me to more easily and quickly save up to buy my apartment 2 years later. The second inheritance, years later, had no real impact on anything financial.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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09-18-2019, 11:45 AM
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#19
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Administrator
Join Date: Apr 2006
Posts: 22,923
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The only thing I inherited from my parents was a bad attitude.
__________________
Living an analog life in the Digital Age.
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09-18-2019, 11:49 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Location: Upstate
Posts: 2,944
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Self-made. Received a $60K inheritance after I FIRED. I've been slowly distributing it to nieces and nephews and their children. I haven't spent a penny of it on myself.
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