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Money Guy Show
Everything You Know About the Rich Is WRONG!
Jun 7, 2024
Discover the truth about millionaires, debunking myths about their background and education. Learn strategic ways to pay for college and make career decisions. Explore common misconceptions about millionaires' finances and the importance of emergency reserves and tax-advantaged accounts. Gain valuable advice from millionaires on saving, avoiding debt, and choosing partners wisely.
40:38
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Quick takeaways
- Becoming a millionaire takes time and consistency, with majority crossing the 7-figure mark around age 49, challenging the notion that young entrepreneurs dominate the millionaire club.
- Around 80% of millionaires are first-generation wealth builders, debunking the belief that millionaires primarily inherit their wealth.
Deep dives
Timing of Wealth Accumulation
Becoming a millionaire is not typically a young person's game, with only 4% under 35 years old achieving this status. The majority cross the 7-figure mark around age 49, showing that wealth accumulation takes time and consistency. This challenges the perception that young entrepreneurs dominate the millionaire club.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode