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December 04, 2004
Millionaire Michael Moore
The Kerry Spot had a fascinating quote from self made millionaire Michael Moore yesterday:
"Listen, friends, you have to face the truth. You are never going to be rich. The chance of that happening is about one in a million. Not only are you never going to be rich, but you are going to have to live the rest of your life busting your butt just to pay the cable bill and the music and arts classes for your kid at the public school where they used to be free."
Besides the obvious irony of a self made multimillionaire telling other people they will never be rich, I have several family members and have known many other people who are Michael Moore style "one in a million chance" millionaires. By Moore's logic of "one in a million" I probably have known every self made rich person in this country, save for Moore himself who I have never met. I have known several people who started out very poor, but through a lifetime of hard work, thriftiness, and good investing now are millionaires. These are friends, coworkers, and family members some of whom started out for instance as first generation Americans working on subsistence farms who are going to retire very comfortably in their mid fifties and are not going to have to work again.
Here is a good article I found in the comments section of junkyardblog about how 7% of American households now have net worth's (not counting homes) of at least a million dollars.
Posted by Pete at December 4, 2004 09:59 AM
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