Is it possible to become a millionaire without money or connections?

 Original post by Adam Fayed

I presume you mean is it possible?

Of course becoming a millionaire is about having more than a million Pound, Euro or USD in assets, which is about money.

In any case, most of the world’s millionaires and multi-millionaires started off poor or middle-class.

Part of the reason for that is there aren’t many inherited wealthy people in the world compared to those who start off poor or middle, and plenty of the inherited wealthy blow the money.

Most of the multi-millionaires I have encountered started with zero, and instead started businesses and/or invested for the long-term.

It is estimated that 14% of the world’s millionaires are teachers, and middle managers and accountants are also quite common job types to become wealthy over time.

The key thing is starting young enough so you can compound:

What is much more difficult is to become seriously wealthy, and not just end up with a few million in retirement.

Getting to say $10–20m+ in addition to a private business which is generating 300k-500k in passive income per year or more.

For that, starting earlier obviously helps, so you have time to build a good business, after getting some experience in the field.

However, sensible risk-taking and a bit of luck is also needed. If Facebook (or most big firms) would have been started two or three years before or after it established, it probably wouldn’t have blown up.

Even somebody like Buffett wouldn’t be what he is if he wasn’t born in a developed country and didn’t live so long to compound:

He admitted himself that he also wouldn’t have been wealthy had he been born hundreds of years ago, when physical strength was more important.

You do make your own luck up to a point though, through persistence, hard work, resilience etc.

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