Why Do Some People Become Millionaires While Others Struggle?

Imagine two kids who both start with a piggy bank. One kid gets a candy bar every day, while the other gets a whole bag of candies once in a while. Over time, the first kid might not have much saved up, but the second kid ends up with way more. That’s kind of like how some people become millionaires and others don’t, it's about how much money you save and where your money goes.

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Examples

One person saves $1 every day for a year, that’s $365! The other only saves $1 once in a while.
A kid who puts away part of their allowance each week will have more money saved up by the end of the school year than one who spends it all on candy.
If one person buys a new phone every month and another saves that money, they’ll have very different amounts when they’re older.

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Categories: Economics · wealth,inequality,finance,savings