Are Most Millionaires Actually Self-Made?
\u201cLuck\u201d is where opportunity meets preparation, right? Fantastic financial outcomes are the culmination of a lot of factors coalescing in a very specific way, but we tend to only focus on one: effort.\nSo much American lore (and by extension, American\u2026personal finance advice?) is constructed on the foundation of the self-made meritocracy.\xa0\nOne such \u201cstatistic\u201d that often gets touted in these conversations: Somewhere in the ballpark of 88% of US millionaires are \u201cself-made.\u201d But where does that figure come from? How was it determined? And where do its implications fall dangerously short?\nWe chat with Shannon McNamara, host of the Fluently Forward podcast, all about it.\nLearn more about our sponsor, Vin Social: https://www.vinsocial.vip\nLearn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie\nLearn more about our sponsor, Fidelity: https://fidelity.com/stocksbytheslice\nTranscripts can be found at podcast.moneywithkatie.com.\n\u2014\nMentioned in the Episode\n\nThe Fluently Forward podcast: https://podcasts.apple.com/mk/podcast/fluentlyforward/id1589952385\n\n\nHere's How 9 Billionaires Start Their Mornings, per Insider: https://www.businessinsider.com/billionaire-morning-routine-mornings-oprah-zuckerberg-bezos-musk-buffett-gates-2019-1\n\n\nA History of Hating the Rich for the Saturday Evening Post: https://www.saturdayeveningpost.com/2020/02/a-history-of-hating-the-rich/\n\n\n"88% of all millionaires are self-made," per US News: https://money.usnews.com/money/blogs/on-retirement/articles/7-myths-about-millionaires\n\n\n2017 Fidelity Investments Study: https://institutional.fidelity.com/app/proxy/content?literatureURL=/9884619.PDF\n\n\nThe National Study of Millionaires from Ramsey Solutions: https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-research\n\n\nUS Bureau of Labor Statistics on inheritances: https://www.bls.gov/osmr/research-papers/2011/pdf/ec110030.pdf\n\n\nHailey Baldwin Bieber on the Forbes 30 Under 30: https://people.com/style/hailey-bieber-lands-cover-of-forbes-30-under-30/\n\n\nKendall Jenner on work: https://www.refinery29.com/en-us/2018/08/207820/kendall-jenner-modeling-comments-response\n\n\nKendall Jenner on "having to fly all over Europe:" https://www.the-sun.com/entertainment/6416481/kendall-jenner-kardashian-out-touch-delusional-modeling-career/\n\n\nElon Musk on now-deleted Forbes article on his father's emerald mine: https://web.archive.org/web/20140802011449/http://www.forbes.com/sites/jimclash/2014/07/28/elon-musk-tells-me-his-secret-of-success-hint-it-aint-about-the-money/\n\n\n90% of millionaires are male: https://www.verdict.co.uk/90-percent-millionaires-male/\n\n\n8 Ways Rich People View the World Differently: https://www.cnbc.com/2016/10/11/8-ways-rich-people-view-the-world-differently-than-the-average-person.html\n\n\n\u2014\n\ufeffFollow Along at Money with Katie: https://moneywithkatie.com/\nWatch on YouTube: https://www.youtube.com/@MoneywithKatie\n\nFollow Money with Katie!\n- Instagram: https://www.instagram.com/moneywithkatie/\n- Twitter: https://twitter.com/moneywithkatie\n\xa0\nSubscribe to The Money with Katie Newsletter\n- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2\n\nFollow the Brew!\n- Instagram: https://www.instagram.com/morningbrew/\n- Twitter: https://twitter.com/MorningBrew\n- TikTok: https://www.tiktok.com/@morningbrew\nLearn more about your ad choices. Visit megaphone.fm/adchoices