Over 86% of millionaires in the United States are self-made. Of those self-made millionaires, almost 90% came from households that earned between $45,000 and $125,000 per year. Essentially, it is the current middle class that acts as the origin of America’s future millionaire households.
This is understandable. If you are born into extreme poverty, the cultural obstacles that you must overcome are so significant that it can be difficult to acquire the skill of being a provider and an investor within a single lifetime. And when you are born into households that earn hundreds of thousands or more per year, it can be difficult to light the spark of self-sufficiency because there is no need for you to provide for yourself in order to get the things you want.
This often creates a problem for the estate planning of the wealthy: How do you leave behind your assets in a … Read the rest of this article!