The reality is, anyone can gain that kind of wealth by their 40s/50s if they are financially literate at a young age. You can make a median income and still come out a millionaire if you invest even a small amount consistently from late teens/early 20s. Bernie is an old man, so anyone his age that did that could easily be a multimillionaire without trying too hard, even with a middle class income. Now, I’m not sure how he obtained his wealth, just saying that millionaires aren’t all evil or born rich, in fact most didn’t come from wealth.
The main issue with many Americans not getting that far is poor financial literacy. Most don’t figure it out until their 30s, so they end up behind. Obviously, I won’t include those who were born in poverty as that is a whole other issue and is very difficult to overcome.
The reality is, anyone can gain that kind of wealth by their 40s/50s if they are financially literate at a young age. You can make a median income and still come out a millionaire if you invest even a small amount consistently from late teens/early 20s. Bernie is an old man, so anyone his age that did that could easily be a multimillionaire without trying too hard, even with a middle class income. Now, I’m not sure how he obtained his wealth, just saying that millionaires aren’t all evil or born rich, in fact most didn’t come from wealth.
The main issue with many Americans not getting that far is poor financial literacy. Most don’t figure it out until their 30s, so they end up behind. Obviously, I won’t include those who were born in poverty as that is a whole other issue and is very difficult to overcome.
Exactly, especially if you’re investing in a 401k, 403b, or IRA.