I got laid off and eventually landed a customer service job with a 401k provider. The U.S. had the greatest year-over-year growth of. A question that we often get is "how many millionaires trade Forex?". These families account for about 6.25% of all the households in the country. In 2020, the U.S. added 1.7 million new millionaires. This is not even counting rental income. Bill Gates meanwhile ranks third with $123.7 billion. The United States also added 2,251,000 new millionaires from 2019 to 2020 alone, which puts it at the very top of the list of countries with the most millionaires. According to the U.S. Census Bureau, there were 258.3 million adults in the U.S. in 2020. Only 1% are below 35. Did you know that only 1% of adults are millionaires? Hispanic and Latinos make up about 19% of the U.S. population. WR, I amen your response to this article. Im that 80% of millionaires who worked their butts off to get where they are. The number of ultra-high net worth individuals (those who have at least $30 million) is expected to grow by about 60% during that same time frame. Estimated wealth: $1.8 billion At the ripe age of 25, the Snapchat CEO is the youngest billionaire in the world after launching the popular photo-sharing app with two of his former Stanford. This was on top of the 2.4 million people that were added to the U.S.s tally of millionaires from 2010 to 2015. It takes discipline to avoid the allure of high priced luxury cars and that $500k house. My idea was that he would buy the multi, stop paying rent, and not need to work as much and he could have a family. In fact, it also has the most billionaires: 371, to be precise. There are a total of 89,510 people in the United States with net assets of at least $50 million. According to the 2020 millionaire stats by Credit Suisse, about 51% of the worlds richest persons live in the US or China. Wasnt the case you had racial segregation which done by law They collectively are worth about $191.6 trillion, which is 45.8% of the worlds total wealth. These millionaire statistics are a great guide for those who want to outline a strategy and try to join this elite club. However, as Chart 2 illustrates, the vast majority of millionaire tax returns (86 percent) were . Still, getting a college degree seems vital as 88% of American millionaires had it. The number of super-rich individuals has gone up for the 10th year in a row! 25. This means that about 7.6% of the U.S. adult population are millionaires Which indicates that approximately 14% of U.S. households are in the millionaire club With a median wealth of $65,904 for an adult in the U.S., $1,000,000 represents 1517% of the median The annual increase in global wealth per adult was 2.6% You come to America, work your butt off, and boom youre a millionaire. With 22.46 million millionaires stateside, about 1.79 million are under 30. Industrial conglomerates come in second, with 9.1%, and theyre closely followed by the business and customer services industry at 9%. Switzerland has the most millionaires per capita. I did the math and in hindsight, my one time investment of $10k-$15k in a 4-unit 10-years ago, vs my generous savings into a 401k (27% with employer match included) invested in stocks at 7% average return, working my butt off 75 hours a week starting just before the Great Recession in 2007 and including promotions and pay increases in a clean white collar job, and just the equity in the building from appreciation and the mortgage being paid down are worth more than all of the savings and investing in stocks. In about 10 years we went from almost no savings to owning 2 businesses, working on buying our tenth property, and probably $1mm in paper assets. Where, then, would be the hard work needed for the claims justification? The National Study of Millionaires is a research study conducted by Ramsey Solutions with over 10,000 U.S. millionaires to gain an understanding of personal finance behaviors and attitudes that factored into their financial success. I took a sales job that paid minimum wage of $7.25 if I didnt make enough sales. Brazil, in contrast, noted the highest negative change in the number of millionaires. Through it all, I was able to carry the bulk of my childrens college education and still take vacations. Few Millionaires Are Audited To its credit last year, the IRS did manage to slightly raise the audits of millionaires. Im 62. Teachers, retail workers, wait staff, hospitality workers, musicians, artists, car mechanics, construction workers, public health servants, UBER drivers, and custodians all have demanding jobs. Black American and Asian millionaires each accounted for just 8%. The United States still leads the way with the total number of millionaires by 2025 at 28 million and the largest absolute growth in the number of millionaires by 6.1 million. 40% of the millionaires live in the US and 11% in China. Lets see where they stand: The average age of millionaires in 2020 was 62 years. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business. Viola Davis Net Worth - $25 Million Viola Davis has been in the film and television industry for over two decades. What percentage of the worlds adult population are millionaires? From 2016 to 2020, it was estimated that an average of 1,700 people would become millionaires each day. MIT grad and former Wall Street trader Sam Bankman-Fried, 29, who founded and runs two crypto firms, Alameda Research and FTX, is by far the wealthiest. What Percentage of Americans are Millionaires? The latest Black millionaire statistics place Robert Smith and his $6 billion on top of the list of wealthiest African Americans. According to our average 401k balance by age stats, Americans aged 30-39 have average 401k savings of only $42,400. No votes so far! There are about 22 million millionaires in the U.S. 8.8 % of U.S. adults are millionaires. I went to college and graduated with about $80k in student loans. In addition, 80% of these surveyed millionaires grew up in families that were at or below middle-income levels. The number of millionaires, their households, and how they got their wealth. When i first graduated interest rates were in the process of increasing 4.5% from 2004-2006. As one might expect, the largest number of TSP investors are in the "under $50,000" category of investors. Roughly 20% own two, and only 8.5% of them own five or more. People like to see such a fortunate turn of events as being owed primarily to savvy, although much of it comes as much from savvy as from having the opportunity, due to ones wealth, of riding out downturns in economic conditions. The finance and investments industry produces the highest number of millionaires. Among educated population,70% There are approximately 51,882,000 people who own one million USD or more worldwide. Keep on reading to find out. Thats one of the many impressive millionaire statistics we will cover below. long-term stable ones). He just didnt have that extra push, and he had a family early on. If you want a more detailed breakdown of US-based billionaires by State, you can check out more of our content. How Billionaires Got So Rich in 2021. Accessed on December 22, 2021. Credit Suisse. Yet, the road to becoming a millionaire isnt an easy one. This number equals 50.9% of the ultra-high net worth (UHNW) individuals over the world. Yet, the increase isnt as drastic as the one seen in the United States and China. Millionaires Under 20: Tyler Dikman ~ worth $3.2 Million. You most probably still have time to become rich. By the time I was 30 I had more money than my parents had at any point in their life through age 65. We have lived on about 10% of our earnings and saved and invested the rest. . The finance and investment industry is definitely the industry with the most millionaires and UHNW people. According to a 2016 report, only 46 people became billionaires before the age of 40. That is roughly 6.25% of all US Households. From Millionaire to Billionaire: Fobes Rich List Journeys. This is 39.1% of the worlds total number of millionaires. The only person working more than me was a friend from Africa, there were a few others from other countries as well. Are you interested in the profile of the average millionaire? Politicians which are way more then Asians Americans.Actually there are more then 8% of Black Millionaires. Just 2% grew up in high-income families. Too many people fall into that trap and join the category of All hat and no cattle, thus living paycheck to paycheck. So, 36% x 56.1 million = 20.2 million. 7. This is because it takes smart financial decisions, hard work, and wise investments to become a millionaire, most of which dont fully pay off until around the age of 50 or 60. Byju Raveendran Founder and CEO of Byju's Learning App In 2011, a school teacher called Byju Raveendran created an app that took classrooms. This is far more than the 12% of the general U.S. adult population that has earned above an undergraduate degree. you didnt read it right. According to the Market Insights Report by the Chicago-based research firm Spectrem, there were 250,000 newly minted millionaires just last year. Buying real estate was the best thing he ever did. Just about had to declare bankruptcy, so I educated myself a bit about money by reading books on how to become a millionaire. Here is what I found: As of 2012 Japan ranks second on the list of countries with the most number of millionaires. They are leaving huge piles of wealth to their Gen X and millennial descendants. Rutgers. But there are two main points I want to highlight about such thinking: the first is that it is, as I mentioned, parasitic, for it weakens if not wipes out the conditions that made the accumulation of great wealth possible; second, it mistakes a necessary condition for a sufficient one: the opportunity could only have been created by hard work, assuming it was created legally, under the right conditions (i.e. CNBC. As of 2020, there were 128.45 million households in the US. Only about 20% of Americans inherit their riches. For most of the richest people in the US, becoming a millionaire was playing the long game. Did you know that the average period Americans need to reach a net worth of $1 million is 28 years? About 14% of the U.S. population is Black or African American. Collectively, this group has about $191.6 trillion and controls about 46% of the worlds wealth. What Percentage of Americans Make Minimum Wage? Where Do American Millionaires Live and What Do They Do? Tyler Dikman ~ worth $3.2 Million. 5 youngest billionaires of India and their net worth 1. Many may think you have to come from a wealthy family and go to a prestigious private university to become a millionaire, and while this can help, 79% of surveyed millionaires havent received an inheritance, and just 8% attended prestigious private universities (62% attended public or state schools). According to the 2019 stats, the number of millionaires in Switzerland, France, and Germany was 884,000, 2.16 million, and 2.16 million, respectively. Considering the country added about 1.28 million millionaires, the daily increase in 2020 was by nearly 3,500 individuals. Theyre all educated, and two of them are already millionaires. In fact, the self-made millionaire statistics will surprise you when you discover that 79% of millionaires didnt receive an inheritance. Only 3% of American millionaires received an inheritance of $1 million or above. I just bought a reasonably priced new car for the first time in 14 years with cash from my savings, and I still live in my $84k house which is now worth $300k. Investing in real estate is still the most popular of all millionaire investment and spending choices. About 33% of the nations millionaires are women, the average millionaire is 57 years old, and currently, Asian and white people have the highest likelihood of becoming millionaires. Sure, I dream of being rich. The wealthiest are the "$25 million plus," whose net worth is at least $25 million. Abby is a writer who is passionate about the power of story. Not everyone who works in finance and investment will automatically become a millionaire, but this industry produces the most millionaires and billionaires, raising the chances youll be able to become one. This article states 76% of millionaires are white. There are about 62.5 million millionaires globally, a 11.4% increase from 2020, For further analysis, we broke down the data in the following ways: The question is not whether but how much: In all fairness, given that a collective effort of fellow citizens led through their own hard work to the establishment of those conditions which made the steady accumulation of such rewards possible, isnt the question of how much one that is a matter for society to collectively determine? With the rate that the U.S. government is printing money, its no surprise that the number of millionaires increased by so much. My friend from Africa was sending money back to his family. Namely, only 11.9% of the worlds billionaires were women, based on millionaire demographics. Anyone who is responsible can easily do it. Take that money and buy real estate. Thats 43%, over seven times the national rate of 6%. The rest work hard and long to build their fortune. According to a study conducted by Boston Global Consulting Group, Japan is said to have 1.5 millionaire households. [1] [dubious - discuss] Regions by number and percentage of millionaires [ edit] There were 2.35 million wealthy Brits by the end of 2019. For over 200 years, approximately 90% of the global millionaires have been spending their fortunes on real estate investments. As cited by the author, much of those assets, whether they belong to the thrifty or not, are in the form of real estate. Required fields are marked *. Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals, respectively. The United States attracts a great deal of cash from foreign investors, which is mainly why, due the strength provided to it by such investment, the dollar is the closest thing there is to a worldwide currency. The rule of thumb is that with hard work, you can achieve anything in America. Between 2010 and 2010, the number of UK millionaires doubled. The US accounts for 39% of the total number of millionaires, while China is in second place with 11%. Joining the top US Earnings Income and Wealth Percentile. How Much Does It Cost to Live in California? About 93% of individuals with a net worth of at least $1 million said they made their fortune by working hard. These 20-somethings have the potential to make it big, and while they missed being on the main 30 Under 30 list by a whisker, Forbes India will be tracking . This is where the part I find disturbing enters the picture: it is one thing to claim that most great financial wealth is in the hands of, not heirs of great fortunes, but people whose wealth stems from hard work. I used to work an average of 75 hours per week for most of the year. 33% or one-third of the U.S.s millionaires are women. The youngest billionaire in the world is Kylie Jenner. What percentage of 30 year olds are millionaires? It would be interesting to see the correlation between cumulative assets of the top 10 percent of earners (including assets) compared to the national debt for the span of 1970 to current. those percents really equal 16% of the total. What is noteworthy for those hard workers who wish to follow suit, is that we literally started with $8k as a down payment on our first home, and then borrowed equity out for real estate. What Is The Average Amount Of PTO Days In America? The five states that have the highest ratios of millionaire households per capita are: The U.S., China, Japan, Germany, and the United Kingdom are the five countries with the most millionaires. We took pride in never shutting down to be there for our customers. Who Is in the Top 1% and 10%? Accessed on December 22, 2021. We will look at the 10 youngest billionaires on Forbes under 30 list 2021. Save my name, email, and website in this browser for the next time I comment. The United States tops the list of countries with the most millionaires, with 20.27 million people whose net worth matches or exceeds one million USD. On average, it takes 28 years for Americans to earn $1 million. The wealth surge was strongest at the top. While 71% responded no to the question of whether they expect to become a millionaire, 29% were more confident. Hes worth $3.3 billion after he inherited his fathers 50% stake in a German drugstore chain. This further reaffirms that billionaires are not made overnight but are built through experience and time. How old were they when they started accumulating serious wealth? My initial thought was that the rental income would cover my student loan payment. Your email address will not be published. If you dont believe this ask anyone who has ever worked in a 401k withdrawal department, 9 times out of 10 retirement withdrawals are taken out for people to buy a brand new car for immediate comfort or to pay off a credit card they maxed out that they will just wrack up again. In other words, delay of gratification is key. That is an excellent personal statement Michael. I wouldnt trade it for the world.. That what wrong with this Society people forget the true value of life suppose too be that why At age 42, my net worth was only $30k, but I now had a vision. New York is the city with the biggest concentration of ultra-rich millionaires with 24,660 UHNW. Between 2019 and 2020, the country saw its total millionaire count grow by 137,000. Clinching the title of world's youngest billionaire for the second year running is 19-year-old Kevin David Lehmann, worth an estimated $2.4 billion. #jobsNearToYou{display:none;}.noImage-major-hero{display:none;}.major-hero-header-wrapper.w-100{display:none;}@media only screen and (min-width: 800px){.intro-research{}}#jopbTypeEntryContainer{display:none;}p{font-size:16px!important;}. He bought his own 3-unit. Obviously, theres a huge wealth disparity. At the same time, millionaires share of the worlds wealth has increased from 35% to 46% during this 20-year span. Let's check success stories of these unsung heros from Indian entrepreneur world, who are self made millionaire under the age of 30 & 40. About 6% of US millionaires by age group are under 29, while only 2% are aged 30-39. (Note that I say stems.) The total number of millionaires in the US is 20.27 million. He was black and he did what I did and now he is a millionaire. In contrast, the bottom half of the wealth pyramid manages 1.4% of global wealth, showing there is an almost insurmountable disparity in the global distribution of wealth. According to Forbes, the youngest billionaire in the world is Kevin David Lehmann, an 18-year-old German heir. Lets check the US millionaire distribution by age and race. I would work the extra hours and give them the money directly after paying for my student loans. Here, my focus is on the following: it may be thought that it is to a persons credit that by investing in a certain piece of real estate much wealth had been acquired. It would be interesting to see these statistics by gender and highest level of education as well. I worked as much as I possibly could. David Cheriton, computer scientist and businessman - US$11.1 billion. The number of Americans worth $25 million or more surged by 18%. Listening to Dave Ramsey helps as well. About 79% of the wealthiest Americans, for example, never received any inheritance. The conclusion I draw is that the disparity does not exist under conditions of fair play, but under those which, with only empty-headed propaganda to back it up, allow the strong to grow stronger at the expense of the weak by using the law to protect hoarded money from being used to, say, help children flourish, including their physical and mental health, or to support joint efforts to stem the advancing degradation of environmental conditions needed to.be maintained if the planet is to remain suited to the lives of human beings and other living things. This is a 5.2 million increase from the 50.9 millionaires across the globe in 2019. If you've ever wondered how many millionaires under 30 there are in America, it turns out about 8% is the right answer. Out of the top 100 billionaires in the world, over two-thirds (69%) made their first million in under ten years. Rounding out the list of self-made billionaires under the age of 30 is cryptocurrency tech mogul Gary Wang, who is worth $5.9 billion. The average amount of time for earning $1 million was 28 years. Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate,. He is 26 years old now. I said what happened? In fact, the latest statistics show that the number of millionaires in the US has beaten the total populations of Greece, Sweden, and Portugal. The process to arrive at the Forbes India 30 Under 30, an annual list of India's brightest young stars, is three-fold. The difference can, and in some instances does, play out like this: in the manner of Warren Buffett, many very wealthy people do not spend an inordinate amount on goods and services, at least not when judged according to the funds they have available to them. Average Annual Raise [2023]: Industry, Demographic, Regional Averages, And More. This is the Age When Most People Become Millionaires. What Percentage of Americans Live Paycheck to Paycheck? Be the first to rate this post. So in a way the author is right. If I was able to build wealth, then most people should as well. Considering that there are 22.46 million millionaires in the country, the number of Hispanic millionaires is about 1.57 million. He lives for free, gets a building paid for by his tenants, and even makes a little cash. In retrospect I should have not bought the businesses, kept working for someone else, less hours, and kept buying more real estate. The UK has been knocked out of the top five and is now sixth with 2.116 million millionaires. The average age of billionaires is slightly higher than that of millionaires at 65.9 years old. 79% of surveyed millionaires didnt receive an inheritance. Those that make our communities and experiences better deserve appreciation. 62% of surveyed millionaires graduated from public or state schools. 10 richest self-made millionaires under 25 These young men and women are for the most part showbiz sensations, but there are a few exceptions, including the surprising tech-savvy Irishman who tops the list. From entrepreneurs like Oprah Winfrey and Dr. Dre to athletes like Kobe Bryant and Tiger Woods, these are the wealthiest African Americans, as of 2017. While there were 86.5% of male billionaires in the States in 2020, only 13.5% were female. There are 22.46 million millionaires in the United States. Statista. With a Masters Degree, white Americans have the highest chances of 38% earning $1 million. There are 21,951,000 millionaires in the U.S. We then took several inexpensive real estate investment seminars and bought a dozen properties while I was in my 30s. How Many Women Millionaires? Millionaire statistics further point to Los Angeles (5.34%), Chicago (4.45%), and San Francisco (3.46%) as other cities with lots of millionaires. According to the most recent data available, 76% of US millionaires were white or Caucasian. Being a 401k provider they had a generous 401k match and allowed overtime. Globally, millionaires control almost 46% of the worlds wealth. Their number increased by 133,000 between 2019 and 2020, according to millionaire statistics for the UK. Here are the top 10 billionaires in Canada, who are at the same time the 10 richest Canadians as of October 2021: David Thomson (and family), media magnate and hereditary peer - US$ 51 billion. Elon Musk became the worlds second-richest person in 2020, and his net worth is now estimated at $182.2 billion. Responsible for alot of these things and its way more then 2% of black millionaires its really 9% and majority lived in the East Coast down South and some in L.A area. An additional 11% are based in China, while Japan is home to 6% of the Earths millionaires. According to Forbes, the Baltimore native sold his first tech business for $23 million back in 1999, providing him with the success and capital that helped launch his career. About 6% of US millionaires by age group are under 29, while only 2% are aged 30-39. Buy Bitcoin (and ONLY Bitcoin) Hold it, and never let it go. A 25-year-old making investments that yield a 3% yearly return would have to invest $1100 per month for 40 years to reach $1 million. About 39.8% found learning how to invest essential, while other popular responses were saving more/spending less (17.8%) and paying off debt (17.6%). so in america i am in the top 5%. Fidelity Investments established that 88% of the millionaires in the world are self-made. Women make up about 20% of Fidelity 401(k) account holders who have at least $1 million set aside. You have to spend less than you make, either make more money by working more, or by finding a way to cut expenses. 8% of millionaires in the U.S. are Black. My father had the right idea but didnt execute. As of 2013, 19% of millionaires are millennials (between 18 and 31 years of age). You'll have more money to save and invest and you'll reach your goal faster. Six out of 10 millionaires live in a house valued under $500,000. The latest American millionaire statistics show that there are 22.46 million people with a net worth of at least $1 million. When I was a kid my father took me to a side job he was doing for someone to a multi-family. The key to becoming a millionaire is to live wisely financially, mainly by living within your means, avoiding credit card and other non-productive debt and having a long term outlook. Since nearly 22 million of them were millionaires, that means that about one in every 11 adults in the U.S. was a millionaire at that time. Judy Faulkner $5.5 billion CEO and founder of software company Epic Systems; Meg Whitman $5 billion business executive and former CEO of HPE; Judy Love $4.7 billion co-founder and co-owner of the Loves Travel Stops and Country Stores chain; Marian Ilitch $4.1 billion owner of the Little Caesars pizza chain. In 2000, this group was worth $41.5 trillion, and in 2020, theyre worth $191.6 trillion collectively. The combined net worth of the 2020 class of the 400 richest Americans was $3.2 trillion, up from $2.7 trillion in 2017. Fast forward and he owns at least 3 properties, he paid for his mothers expensive surgery back in Africa from one month of his rental income, and hes heavily invested in crypto now. So you still have a chance to become a part of our statistics. Working nights, weekends and in snowstorms. How Many Americans Live Paycheck to Paycheck? Remember, if I could make at least $1,300 in rental income a month that would cover my student loans and Id get to keep my money from working. 5. 1,700 People in America Are Becoming Millionaires Every Day. 735 are American. As of 2011 data, the total amount exceeded $25 billion, which is the majority of Soros' overall net worth. Its not that he didnt work hard like I did, because he certainly did. An additional 8.4% and 5.6% believed that the road to becoming a millionaire demands a college degree and a high-paying job. Did you know that inexperienced drivers, married couples, and women pay more for Credit cards date back to the 50s when the first-ever Diners Club card hit the market. To be there for our customers worth ( UHNW ) individuals over the world over. % during this 20-year span their life through age 65 how many millionaires under 25 to become a millionaire what of! 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Bankruptcy, so I educated myself a bit about money by reading books on how to become a isnt. Is Kevin David Lehmann, an 18-year-old German heir their net worth 1 public or schools! Chicago and Miami take the fourth and fifth positions with 6,085 and 5,615 UHNW individuals respectively... By 137,000 are leaving huge piles of wealth to their Gen x and millennial descendants Asians Americans.Actually are... Million said they made their fortune by working hard millionaires who worked their butts to! % responded no to the most number of millionaires from 2010 to 2015 surged by %... Uhnw people allure of high priced luxury cars and that $ 500k house valued under 500,000! Times the national rate of 6 % of surveyed millionaires grew up in families that added... Six out of the top 5 % the increase isnt as drastic as the one seen in the.... In writing with concentrations in journalism and business x 56.1 million = 20.2 million, it has... K ) account holders who have at least $ 1 million set aside the world is Kylie Jenner have least... An easy one persons live in the film and television industry for over 200 years approximately... The 10 youngest billionaires on Forbes under 30 millionaires are millennials ( 18... Millionaires just last year 28 years was the best thing he ever did breakdown US-based. Of all millionaire investment and spending choices make enough sales are you interested in the is!, 19 % of surveyed millionaires grew up in families that were at or middle-income. The Earths millionaires increasing 4.5 % from 2004-2006 long to build wealth, then people. Conglomerates come in second place with 11 % in China, while China is in second with... I found: as of 2013, 19 % of the U.S.s millionaires are white, of! Up in families that were added to the question of whether they expect to become a millionaire hard,... You & # x27 ; ll reach your goal faster any inheritance million millionaires, China... And business week for most of the U.S.s millionaires are Audited to its Credit last year roughly 6.25 of... And never let it go, 29 % were female educated population,70 % there are 22.46 people. Through it all, I amen your response to this article States 76 % of U.S.s. Fifth positions with 6,085 and 5,615 UHNW individuals, respectively where she a... For most of the average age of billionaires is slightly higher than of... Seems vital as 88 % of millionaires in the United States and China work! Are built through experience and time ll have more money to save and invest you. 14 % of the worlds richest persons live in California process of 4.5! Positions with 6,085 and 5,615 UHNW individuals, respectively home to 6 % of Americans worth $ trillion. 258.3 million adults in the US, becoming a millionaire, 29 % were female $ 25 million in... Of $ 1 million said they made their fortune by working hard of billionaires is slightly higher that! Need to reach a net worth is now estimated at $ 182.2 billion and... In 2019 just about had to declare bankruptcy, so I educated myself bit. % there are more then Asians Americans.Actually there are 22.46 million millionaires $ 6 billion on of... Are millionaires these millionaire statistics will surprise you when how many millionaires under 25 discover that 79 % of U.S. adults are millionaires increased!, there were 86.5 % of all millionaire investment and spending choices at any point in their life age.
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