Statistics and Stereotypes

Eighty percent of self-made millionaires in America started with nothing. Of those self-made millionaires, 80% of their kids blow the fortune. So, just looking at two generations of millionaires - one that started with nothing, became a millionaire, handed it off to their children, and they blew it. So where we start really isn't that important.

Actually, technically speaking, statistically speaking - in America, if you start with money, chances are you don't respect it enough to know how to keep it. In other countries its different. But in America, if you have money, chances are you're losing it right now. If you started broke, you might be able to accumulate some. That's how it works in America. Those are the statistics.

Here's a shocking statement - statistically speaking "Most stereo- types are right". If something like this is happening to 75% or 80% of a certain population group (e.g. millionaires), that stereotype is accurate. Now, for you to assume that because I'm in that category, I'm going to be one of the 80% who fail instead of the other 20% that succeed would be called prejudice.

The stereotype tells us what will happen to most people in a group, but it might not be accurate for any given individual. You follow me?

So, looking at the stereotypes gives us an idea of what we are going to be challenged with so we can prepare NOT to be like the stereotype - so you can be among that 1% that retires wealthy and not the 80% that are led where they don't want to go when they retire.

---------------------------
Your Insurance Premiums ARE too high. Let's change that.
Visit Douglas Boettcher at www.CutYourPremium.com today.
Financial Planning, Retirement Planning, Investmenting & Insurance.