millionaire

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“Formal education will make you a living; self-education will make you a fortune.”

— Jim Rohn

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User Comment: Let’s not miss the important fact that he didn’t pursue his passion to create money. He created his wealth first, then pursued his passions.

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According to Yahoo Finance, the median net worth of Americans by age group in 2024 is:

Under 35: $13,900

35–44: $91,300

45–54: $168,600

55–64: $212,500

65–74: $266,400

75 and over: $254,800

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In a society in which nearly everybody is dominated by somebody else’s mind or by a disembodied mind, it becomes increasingly difficult to learn the truth about the activities of governments and corporations, about the quality or value of products, or about the health of one’s own place and economy.

In such a society, also, our private economies will depend less and less upon the private ownership of real, usable property, and more and more upon property that is institutional and abstract, beyond individual control, such as money, insurance policies, certificates of deposit, stocks, and shares. And as our private economies become more abstract, the mutual, free helps and pleasures of family and community life will be supplanted by a kind of displaced or placeless citizenship and by commerce with impersonal and self-interested suppliers…

Thus, although we are not slaves in name, and cannot be carried to market and sold as somebody else’s legal chattels, we are free only within narrow limits. For all our talk about liberation and personal autonomy, there are few choices that we are free to make. What would be the point, for example, if a majority of our people decided to be self-employed?

The great enemy of freedom is the alignment of political power with wealth. This alignment destroys the commonwealth – that is, the natural wealth of localities and the local economies of household, neighborhood, and community – and so destroys democracy, of which the commonwealth is the foundation and practical means.

— Wendell Berry

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“Biggs disagrees. To prove his point, the economist looked at responses to the federal Survey of Household Economics and Decisionmaking between 2019 and 2022. The survey asked retirement-age Americans, 65 to 74, how well they were managing financially. A majority, roughly 85%, said they were just fine: They were living comfortably, or at least ‘doing OK.’ Only 15% said they were struggling. The finding matters, Biggs says, because most retirees have much less than $1 million in the bank. In the federal survey, the typical senior who reported a satisfactory retirement had $50,000 to $100,000 in savings.”

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“The adoption of the principle of worldwide income would bring Thailand in line with international practice, said Ms Kulaya. It would also make tax planning more challenging for individuals and businesses.”

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