Re: Does it take luck to become a millionaire?
I know all the things about how great compound interest is, but they all use models with 8% or 10% compounded. Now you can only get 3% or less from a bank.
And I know that historically the stock market has produced better results, but it isn't an even spread. So if the stock market happens to be bad your first few years, the results will be totally different than an average that everyone writes about.
That is why I was wondering how much luck is involved. You have to pick stocks that increase and they have to do that when you first get them. That takes either a lot of knowledge or luck I would think.
A lot of small businesses create millionaires, but most small businesses go bankrupt, so there has to be some luck there in having the business succeed. And there are good business with solid plans that fail due to bad luck.
So how much is luck?
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