It Took Decades Richard Quinn | July 10, 2020
IF YOU’VE WORKED a lifetime—while prudently saving and investing—so that in old age you’re well off financially, should you feel guilty? If your retirement income is greater than the income of most American families, including those still raising young children and facing college costs, as well as the cost of their own retirement, is that embarrassing?
A few years back, during a discussion about how people spend, save and invest, my son-in-law—who’s a financial advisor to high net worth families—casually said to me, “You’re wealthy.” What? Me wealthy? I’m not even close to qualifying as one of his clients. I was shocked by the comment. Had I completely lost perspective? I’m well aware of the data on Americans’ income, net worth and savings rates. Rather, I think my shock reflects the fact that my road to wealth (I still cringe at that word) has been a long one. I started work at age 18, retired at 67 and have continued to collect investment gains in the 10 years since.
My wealth isn’t that out of line with the average—meaning the mean, not the median—for Americans in my age group. I suspect many seniors have been on a similar long journey—“long” being the operative word. When I listen to some millennials talk, I get the impression they believe us old folks rolled out of bed at age 18, instantly found financial success and that the road to where we are today was without potholes and bumps.
Read the rest of my story at the link below:
Source: It Took Decades – HumbleDollar