The American dream is based on the idea that if you work hard enough, you can achieve great success — and great wealth.
Many people believe we live in a meritocracy, and they tend to put the super rich on a pedestal, believing they must be smarter and more hardworking than everyone else.
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But the truth is more complicated.
of the Emmy-nominated interview series, “Brief But Spectacular.”
What’s luck got to do with it?
the wealthiest individuals were not the most talented, but the luckiest.
in an article about the research, “Some people work more hours than average and some work less, but nobody works a billion times more hours than anybody else.”
. Almost a third (32%) had both a wealthy upbringing and an inheritance, while 43% had a head start coming from a wealthy upbringing with no inheritance; or a middle-class upbringing plus some inheritance.
But even if you’re not from an ultra-wealthy family, you can still benefit by learning from successful people’s journeys.
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as being important to their progress.
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made their billions in finance or tech. And, while many notable exceptions exist, these industries typically require advanced degrees to rise in.
Strike out on your own
Most of the richest people in America started their own business (or businesses) — which is one way to make your own luck. But, to do this, you’ll need to take on some level of risk. About one in five (21.5%) new businesses don’t survive their first year and only about 35% make it to 10 years, according to data from the Bureau of Labor Statistics.
Switch up your career
for job movers was 10%. Do this every couple of years, and this could markedly alter your lifetime earnings trajectory.
It’s also worth examining — and discussing with a financial adviser — whether you should take more risk with your investment portfolio. If you have a long investment horizon, you may be able to afford to take more risk and potentially earn higher gains than you are now.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
