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Why Do Some People Become Millionaires While Others Struggle to Make Ends Meet?

Imagine you have two friends who start with the same amount of money. One spends all their savings on a new toy, and the other saves it up to buy more toys later, eventually, one has way more toys than the other. That’s like how some people become millionaires while others struggle.

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Examples

  1. One person saves $10 every week for 40 years, while another spends it on candy every day.
  2. A rich family gives their child a trust fund at birth, but the poor child starts with nothing.
  3. Someone invests in a company that doubles its value each year, and keeps doing so for decades.

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Categories: Economics · wealth inequality,compound interest,personal finance