I stumbled upon this article the other day and I thought I had to share it with you. The story written by Ed Remple, is one, we financial planner, know too well. This is classic.
Why are some people able to become wealthy relatively easily, when most people struggle with their finances? In Canada, about 1 person in 50 is a millionaire and in the US about 1 person in 13 is millionaire* – which is probably a lot more than you thought. A 2011 BMO Harris study found that only 6% of millionaires inherited their wealth and 94% made it on their own.
In short, lots of people are wealthy and nearly all of the millionaires and billionaires made it all on their own. How did they do it? What makes them different? Find out here.