The number of millionaires worldwide is at an all-time high

[777]

No mention was made of real estate. While they excluded principle residence as a factor they make no mention of a second home or a rental property.

In many cities real estate has achieved extreme valuations. For example in the Canadian cities of Toronto and Vancouver the average price of house is well over $1 million. Rental stock is at extreme lows. So it is a simple matter to buy a house, two families living upstairs, one in the basement and the three rents put you in a positive cash flow.

Finally, no mention was made of small businesses. Creating a business, and reinvesting the cash back into it has been the hallmark of the "American Dream". From my anecdotal evidence, I know far more wealthy people who come from this lineage, then the world of stocks and money managers.

There is a book written by a self-made billionaire money manager: The 10 Roads to Riches, by Ken Fisher.

Strives to impart the big picture with key details.

Marry well. Really really well... is one of the chapters.

 

[helpme_please]

Finally, no mention was made of small businesses. Creating a business, and reinvesting the cash back into it has been the hallmark of the "American Dream". From my anecdotal evidence, I know far more wealthy people who come from this lineage, then the world of stocks and money managers.

This is why the U.S is still the number 1 dynamic economy on earth today. At the risk of offending many elite traders here, I would say entrepreneurs are far more socially useful than traders. The former create wealth. The latter distribute wealth. I am the latter. The world will be better off if there are fewer like me. However, I cannot help it because I am addicted to this game even when I am stuck on a losing streak.

 

[ironchef]

This is why the U.S is still the number 1 dynamic economy on earth today. At the risk of offending many elite traders here, I would say entrepreneurs are far more socially useful than traders. The former create wealth. The latter distribute wealth. I am the latter. The world will be better off if there are fewer like me. However, I cannot help it because I am addicted to this game even when I am stuck on a losing streak.

We can debate whether we provide any economic value or about our contributions to society. The fact is the market needs speculators to provide liquidity, in addition, institutions and professionals need us small mom and pop retail traders to supply their profits...

Trading is not unlike small businesses, 9 our of 10 small businesses failed, similar statistics to traders losing money. One thing we can do to be successful is to treat trading as running a small business. Act like an entrepreneur, find our own small niche to survive and thrive.

Best wishes to you.

 

[Sig]

It's called inflation

And not just monetary inflation. The worldwide population is growing at over 1% per year, even the U.S. population is growing by .7% per year. Even if the percentage of the population who were millionaires remained constant, the absolute number of millionaires would naturally grow every year. We would need a combination of 1920's deflation and middle ages black plague to not increase the number of millionaires, or maybe worldwide soviet style communism.

In other shocking news, the number of 21 year olds who have consumed alcohol worldwide is at an all time high!