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Podcast: The Money with Katie Show
Episode: Are Most Millionaires Actually “Self-Made”?
Description: “Luck” is where opportunity meets preparation, right? Fantastic financial outcomes are the culmination of a lot of factors coalescing in a very specific way, but we tend to only focus on one: effort.So much American lore (and by extension, American…personal finance advice?) is constructed on the foundation of the self-made meritocracy. One such “statistic” that often gets touted in these conversations: Somewhere in the ballpark of 88% of US millionaires are “self-made.” But where does that figure come from? How was it determined? And where do its implications fall dangerously short?We chat with Shann...