There’s ALL SORTS of caveats with this stat. First, the odds shown of being 6’5” are if you’re a MAN. For women, you’ve got an even WORSE chance of being 6 feet tall (about 1 in 587).

Your odds of being a millionaire also vary dramatically by demographic. Things like education, age, gender, race, etc all impact the odds. These are things you generally can’t control. But here’s one thing you DEFINITELY can’t control: Your height. But you absolutely CAN impact whether or not you become a millionaire!

The math behind becoming a millionaire is simple. You spend less than you make, you invest the difference. There’s a few variables at play: How much you’re investing, how long you’re investing, and your rate of return. For example:

If you invest $500/month and get a 10% rate of return, you’ll be a millionaire in about 30 years. Of that million, you only saved $180,000 over that time. The other $820,000 came from the GROWTH of your investments. That’s why investing is so important!

HOW ON EARTH do you get a 10% rate of return?! Well, the US stock market has averaged about an annualized 10% rate of return over the last 100+ years. You can BUY the ENTIRE STOCK MARKET in a clean simple little package called an “index fund”. So you cram your $500/month in there, leave it alone for a long time, and you become a millionaire. That’s it.

As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.

-Jeremy

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By: Gabriela Gonzalez
Title: Here are your odds of being tall vs rich
Sourced From: www.personalfinanceclub.com/here-are-your-odds-of-being-tall-vs-rich/
Published Date: Tue, 03 Dec 2024 21:21:08 +0000

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