Author Topic: Being the millionaire next door "was always a myth"  (Read 4204 times)


fields

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Re: Being the millionaire next door "was always a myth"
« Reply #1 on: March 17, 2015, 11:30:00 AM »
Why is the article misguided?  What it says makes sense, at least to me.  I don't think it means you shouldn't invest, but it's important to be aware of the problems that could impact your success.

Sid Hoffman

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Re: Being the millionaire next door "was always a myth"
« Reply #2 on: March 17, 2015, 11:50:14 AM »
I see it as misguided because it specifically says that becoming a millionaire is a myth:

"The idea that the average guy can become rich via hard work and rigorously virtuous thrift is one of the compelling myths of the American experience."

That is the first sentence of the article and the statement that sets the tone for the whole thing.  The entire article just claims that the middle class is vanishing and nobody can get rich by working hard anymore.  That anyone who IS rich, simply got lucky, or was born in the past generations and that never again for the rest of time will anyone be able to get rich by working hard.

"But the real secret to his success was catching the asset wave that Taleb mentioned. In other words: luck."

I mean the article comes right out and says it: sorry, but you can't get rich because this one guy who did get rich only did it because he was lucky.
« Last Edit: March 17, 2015, 11:54:50 AM by Sid Hoffman »

Kaspian

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Re: Being the millionaire next door "was always a myth"
« Reply #3 on: March 17, 2015, 12:49:14 PM »
I agree!  I can't stand anything with the underlying message:  "Can't win, so don't bother to try.  Anybody who wins is just lucky."  (Gotten into some pretty serious arguments on this forum with people who consider luck to be a real, tangible thing.)

dividendman

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Re: Being the millionaire next door "was always a myth"
« Reply #4 on: March 17, 2015, 12:49:36 PM »
Yeah, it's mostly BS that most people agree with just so people can read it and say "Yup, It's impossible" and go on with their day.

This should be in the anti-mustachian wall of shame and comedy. Not Mustachianism around the web!

eil

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Re: Being the millionaire next door "was always a myth"
« Reply #5 on: March 17, 2015, 12:50:27 PM »
I hate to sound like a conspiracy theorist, but articles like this in the mass media just reek of some larger agenda to convince us that nothing good will ever come of a frugal lifestyle, hard work, and aggressive investing.

Along with the other popular meme right now that wages are too low and the middle class no longer makes a "living wage" anymore, whatever that is.

It's almost as if there's a big election coming up in a year or two...

slugline

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Re: Being the millionaire next door "was always a myth"
« Reply #6 on: March 17, 2015, 01:54:33 PM »

arebelspy

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Re: Being the millionaire next door "was always a myth"
« Reply #7 on: March 17, 2015, 03:22:44 PM »
This should be in the anti-mustachian wall of shame and comedy. Not Mustachianism around the web!

http://forum.mrmoneymustache.com/antimustachian-wall-of-shame-and-comedy/the-death-of-the-'millionaire-next-door'-dream/

Yes, it should.

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