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this post was submitted on 19 Feb 2025
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It’s certainly possible to become a millionaire without committing any fraud - you just have to start as a billionaire first.
If you are given/get/earn $51,000 and you invest that at a 7% return when you are 21 and never save a single extra penny, at age 65 you will have $1,001,051.44.
I'm not suggesting everyone can come up with $51k at 21. This is just illustrating that the path to being a millionaire is can be more about how early you start saving rather that how much. If you start saving much later, you have to save much MUCH more to reach $1m.
More realistic example for most:
At age 18 start investing 200 per month at 8% return. At age 63 you have over million dollars. If your parents invested the 200/month for you for the first 18 years you were alive, you'll be a millionaire at age 45.