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Politics : Formerly About Advanced Micro Devices

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From: TimF	4/2/2007 4:15:40 PM
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"...Most of America's millionaires are first-generation rich. How is it possible for people from modest backgrounds to become millionaires in one generation? Why is it that so many people with similar socioeconomic backgrounds never accumulate even modest amounts of wealth? Most people who become millionaires have confidence in their own abilities. They do not spend time worrying about whether or not their parents were wealthy. They do not believe that one must be born wealthy. Conversely, people of modest backgrounds who believe that only the wealthy produce millionaires are predetermined to remain non-affluent. Have you always thought that most millionaires are born with silver spoons in their mouths? If so, consider the following facts that our research uncovered about American millionaires: * Only 19 percent receive any income or wealth of any kind from a trust fund or an estate. * Fewer than 20 percent inherited 10 percent or more of their wealth. * More than half never received as much as $1 in inheritance. * Fewer than 25 percent ever received "an act of kindness" of $10,000 or more from their parents, grandparents, or other relatives. * Ninety-one percent never received, as a gift, as much as $1 of the ownership of a family business. * Nearly half never received any college tuition from their parents or other relatives. * Fewer than 10 percent believe they will ever receive an inheritance in the future. America continues to hold great prospects for those who wish to accumulate wealth in one generation. In fact, America has always been a land of opportunity for those who believe in the fluid nature of our nation's social system and economy. More than one hundred years ago the same was true. In The American Economy, Stanley Lebergott reviews a study conducted in 1892 of the 4,047 American millionaires. He reports that 84 percent "were nouveau riche, having reached the top without the benefit of inherited wealth..." from The Millionaire Next Door: The Surprising Secrets of American's Wealthy By THOMAS J. STANLEY, Ph.D and WILLIAM D. DANKO, Ph.D nytimes.com

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