Quote:
Originally posted by Scootermuze
I heard good ol' Dr. Phil say, in one of his, "you set the stage for your own behavior" type things, that if you take all of the money away from a rich person and give it to a poor person.. in 2 years' time, they'll both be back in the same situation they were in before the switch.
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That's very true.
Over 90% of all lottery winners file bankruptcy within 5 years of winning. And the size of their jackpots had no correlation to whether or not they went bankrupt. (I.E. the guy who won 100mil files bankruptcy just as much as the guy who won 2 mil)
People who are poor are poor because they don't know how to manage money, not because they don't make enough.
According to "The Millionare Next Door" the average American millionare is 53 years old and has a yearly income of about 60K.
What that means is that they were smart with money for about 30 years to get where they are. They have "above average" salaries, but not even close to breaking 100K a year.
Surprisingly, most people who make exorbitant salaries (in excess of 200K per year) are very deep in debt, and won't have enough money to retire on.