In the U.S.A., even people of modest means can become well off through the magic of compound interest.
If a person invests 10% of their income for 40 years, at the end they will have 20 times their average income invested.
That, at a rate of return of 7%, will give them an income of 1.4X of their annual earned income for the rest of their life, and they can pass on the entire principle to their heirs.
7% is what a stock market index fund, based on the S&P 500, has averaged for the past 90 years, adjusted for inflation.
Once people start making the automatic payments to a 401K type investment account, they don't even miss the 10%.
That’s why nobody in Canada is rich, there’s no income “left over” to invest after our confiscatory tax rates are applied
... especially for the young Freepers, take heed.
You are a valuable asset here in Freepland, too.