By Alexander Green Editor’s Note: As we write, Alex is on his way to speak at our annual Investment U Conference. There, he’ll join regular Investment U contributors Marc Lichtenfeld, Matthew Carr and David Fessler, as well as Forecasts & Strategies editor Mark Skousen, Early Investing Co-Founders Adam Sharp and Andy Gordon, former president of Shell Oil John Hofmeister and more. They’re gathering to discuss the latest and greatest investment opportunities – for 2017 and beyond. And you can join them…
We’re offering digital access to the entire conference via Investment U LIVEstream. Not only that, but for a limited time only, Investment U subscribers can secure their “spot” at a massive discount. (It’s the same discount normally offered to only the highest echelon of Oxford Club Members.) Click here for all the details.
Over the last five columns, I’ve examined New York Times columnist Robert Frank’s contention that the primary factor in achieving great financial success in this country is not talent, hard work or persistence… but luck.
(I’ll be debating Mr. Frank at FreedomFest at the Paris Resort in Las Vegas, July 19-22. For more information, click here.)
Although I disagree with Frank’s thesis, I have found several points of agreement.
Virtually everyone reading this was lucky to be born in the West in the modern era, with its many cultural, technological, medical, economic and political advantages.
And if you were born more than 50 years ago and are white and male, you are also fortunate not to have suffered from formal discrimination in your early years.
I conceded that many men and women have failed to achieve economic success due to circumstances beyond their control. They may have suffered from lousy (or absent) parents, poverty, disease, mental or physical disabilities, or some other set of unfortunate circumstances.
If you were born to a crack-addicted mother in inner-city Baltimore, you probably aren’t sitting there wondering how to put that cash in your portfolio to work.
So, yes, bad luck and fateful turns prevent some from achieving their financial dreams.
But still, the question remains… is luck – good genes, strong family, fortunate breaks and fortuitous circumstances – really what separates great achievers from everyone else?
I would argue no. Plenty of people come from prestigious families and plenty of resources and achieve little. (Although let’s not discount these advantages either.) Others come from hugely disadvantaged backgrounds and achieve great economic success.
Forbes reports that approximately 70% of the members of the Forbes 400 are first-generation billionaires who earned their fortunes themselves.
Of course, we wouldn’t even be having this discussion if the subject weren’t business and investing.
We realize that the great financial success achieved by athletes, entertainers, artists and most other well-known celebrities could never have been achieved without unusual focus and dedication.
We know that we can’t shoot the ball like Stephen Curry or play the violin like Itzhak Perlman. Yet we can easily delude ourselves that we could run Boeing or IBM – and wouldn’t object to the salary and benefits.
Folks who insist that …read more
Source:: Investment You
The post How You Lucked Into Your High Net Worth appeared first on Junior Mining Analyst.