How easy life would be if you just had more than enough to go by your entire life. Quality education, quality food, and just enough to spend a lifetime without worrying about anything. Let’s Know More About Odds Of Becoming A Millionaire.
That’s the life we all want. But as much joy these thoughts give us, achieving them is just another set of hurdles to cross. Being a millionaire is no one-day task, you have to constantly hustle in your directive field to be anywhere near the multi-million dollar club.
We can divide the criteria for getting selected into three major topics: age, ethnicity, and education. We will dive deeper into each topic’s analytics which are obtained from renowned sites such as Business insider, Bloomberg, CBS News, CNBC, confronting poverty, people-press, and gobankingrates, etc.
Age
- We should listen to our elder’s advice not because they are always right but because they have more chances of going through the wrong things and taking lessons from them. The saying that elders know the best when it comes down to cracking the code of being the next millionaire is not far from true.
- The senior citizen crowd(ages 62 and up ) enjoys a greater 12.5% chance of being rich.
- The younger generation is not so lucky with only one in fifty-five people having a measly 1.78% chance.
Ethnicity
- Race is the special feature that determines a person’s net worth in America. One in five Asians has a 22.3% chance to become a millionaire.
- White people on the other hand enjoy a 21.5% chance.
- One in fifteen Hispanic people has a 6.8% chance to be rich whereas one in sixteen black people enjoys a 6.4% chance to have a penthouse-worthy life.
Education
- Education plays an important part in molding a person’s future. The higher the education the more likely it is for people to take you on jobs about your skill level and expertise in the required subject matter field.
- One in twenty-three people has a 4.2% chance of becoming a millionaire who has completed a high school degree.
- One in six people who have completed college has the chance of around 13.5%
- One in three people who have received their post-graduate degree has a whopping 32.8% chance of making it big.
Luck
- The probability of being a millionaire is great if you are born lucky with a silver spoon.
- Even when you think that it’s not been your case, the mere fact that you had a warm home, clothes, and someone to feed you since you were young counts as a lucky factor.
- Having these things automatically makes you 37% ahead of the people who have not got this chance and have to start straight from the ground.
Hard work vs luck
While a lot of people believe hard work to be the tipping scale and the external factors such as luck to be merely a feather put on the scale by mistake. The topic of whether success is earned by hard work or simply by luck is still the most debatable.
People become millionaires overnight
We give you two cases of people turning millionaires overnight
- Saniniu Laizer is a miner who was lucky enough to find two chunky tanzanite gemstones that weighed 9.27 kg and 5 kg respectively. The government was so happy with his achievement that they gifted him $3.14 million.
- Eric Tse who is always seen in the recent tabloids with celebrities turned into a billionaire overnight. He received $3.88 billion from his parents in the form of company shares.
Funding the lottery money
According to a recent survey around $73 billion in lottery tickets are sold out each year in America.
The pooled fund is divided into three major categories:
- Prize money for the people
- Commissions to the people selling the tickets
- Advertising and printing costs
Most of the money received from the states through the lottery is gone to community centers, addiction centers, and other social services.
The rest is usually given to state scholarship programs for schools and colleges.
Conclusion
We took a close look at what constitutes the playing factors on which your candidacy of being a millionaire is being played out. Factors such as age, ethnicity, education, hard work, and luck are the prominent classification criteria. Then again these things are just templates for the world to predict the known. Every decade we get a select few millionaires who break the notion of these factors and build their checkpoints into existence for the 99.5% to draw another analytics form.
Frequently asked questions
- A person who has won the lottery the most times?
Stefan Mandel, a native Romanian won the lottery 14 times using mathematical probability.
- How do people become rich overnight?
Josua Hutagalung from Indonesia found a meteor that crashed in his house and sold it for $1.2 billion.
- The most successful billionaire of 2022?
Elon Musk has a net worth of $219B.
