Are Most Millionaires Actually “Self-Made”?
Are Most Millionaires Actually “Self-Made”?  
Podcast: The Money with Katie Show
Published On: Wed Apr 05 2023
Description: “Luck” is where opportunity meets preparation, right? Fantastic financial outcomes are the culmination of a lot of factors coalescing in a very specific way, but we tend to only focus on one: effort.So much American lore (and by extension, American…personal finance advice?) is constructed on the foundation of the self-made meritocracy. One such “statistic” that often gets touted in these conversations: Somewhere in the ballpark of 88% of US millionaires are “self-made.” But where does that figure come from? How was it determined? And where do its implications fall dangerously short?We chat with Shannon McNamara, host of the Fluently Forward podcast, all about it.Learn more about our sponsor, Vin Social: https://www.vinsocial.vipLearn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieLearn more about our sponsor, Fidelity: https://fidelity.com/stocksbythesliceTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the EpisodeThe Fluently Forward podcast: https://podcasts.apple.com/mk/podcast/fluentlyforward/id1589952385Here's How 9 Billionaires Start Their Mornings, per Insider: https://www.businessinsider.com/billionaire-morning-routine-mornings-oprah-zuckerberg-bezos-musk-buffett-gates-2019-1A History of Hating the Rich for the Saturday Evening Post: https://www.saturdayeveningpost.com/2020/02/a-history-of-hating-the-rich/"88% of all millionaires are self-made," per US News: https://money.usnews.com/money/blogs/on-retirement/articles/7-myths-about-millionaires2017 Fidelity Investments Study: https://institutional.fidelity.com/app/proxy/content?literatureURL=/9884619.PDFThe National Study of Millionaires from Ramsey Solutions: https://www.ramseysolutions.com/retirement/the-national-study-of-millionaires-researchUS Bureau of Labor Statistics on inheritances: https://www.bls.gov/osmr/research-papers/2011/pdf/ec110030.pdfHailey Baldwin Bieber on the Forbes 30 Under 30: https://people.com/style/hailey-bieber-lands-cover-of-forbes-30-under-30/Kendall Jenner on work: https://www.refinery29.com/en-us/2018/08/207820/kendall-jenner-modeling-comments-responseKendall Jenner on "having to fly all over Europe:" https://www.the-sun.com/entertainment/6416481/kendall-jenner-kardashian-out-touch-delusional-modeling-career/Elon Musk on now-deleted Forbes article on his father's emerald mine: https://web.archive.org/web/20140802011449/http://www.forbes.com/sites/jimclash/2014/07/28/elon-musk-tells-me-his-secret-of-success-hint-it-aint-about-the-money/90% of millionaires are male: https://www.verdict.co.uk/90-percent-millionaires-male/8 Ways Rich People View the World Differently: https://www.cnbc.com/2016/10/11/8-ways-rich-people-view-the-world-differently-than-the-average-person.html—Follow Along at Money with Katie: https://moneywithkatie.com/Watch on YouTube: https://www.youtube.com/@MoneywithKatieFollow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrewLearn more about your ad choices. Visit megaphone.fm/adchoices This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com