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View Poll Results: Self Made or Not Self Made
Are you a self made millionarie? 173 73.93%
Are you a self made millionarie but got an inheritance? 56 23.93%
Are you a millionarie because of an inheritance? 4 1.71%
Are you FIRE because of an inheritance. 1 0.43%
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Poll:Self Made or Not Self Made
Old 09-18-2019, 09:35 AM   #1
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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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Old 09-18-2019, 09:45 AM   #2
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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.
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Old 09-18-2019, 09:53 AM   #3
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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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Old 09-18-2019, 09:53 AM   #4
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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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Old 09-18-2019, 10:01 AM   #5
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All self made. Started at 22. 56 today, retiring next year at 57 with millions.
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Old 09-18-2019, 10:26 AM   #6
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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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Old 09-18-2019, 10:28 AM   #7
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Originally Posted by Midpack View Post
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.
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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Old 09-18-2019, 10:43 AM   #8
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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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Old 09-18-2019, 10:44 AM   #9
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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.
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Old 09-18-2019, 10:46 AM   #10
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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.
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Old 09-18-2019, 10:48 AM   #11
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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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Old 09-18-2019, 10:53 AM   #12
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Originally Posted by Lawrencewendall View Post
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.
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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Old 09-18-2019, 10:56 AM   #13
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Originally Posted by Aerides View Post
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.
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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Old 09-18-2019, 11:07 AM   #14
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and please let's not get into luck vs. all-me debate again.
Good luck
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Old 09-18-2019, 11:19 AM   #15
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Good luck


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.
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Old 09-18-2019, 11:25 AM   #16
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Old 09-18-2019, 11:30 AM   #17
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Old 09-18-2019, 11:39 AM   #18
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Originally Posted by Aerides View Post
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.
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.
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Old 09-18-2019, 11:45 AM   #19
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Old 09-18-2019, 11:49 AM   #20
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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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