A recent study by Bank of America Private Bank reveals that only 25% of multimillionaires in the U.S. are truly self-made, meaning they come from middle-class or poor backgrounds without any inheritance. The survey, which included 1,007 respondents with at least $3 million in investable assets, found that 32% of multimillionaires inherited wealth, while 43% had a head start, benefiting from a wealthy upbringing or partial inheritance. Despite the advantages of legacy wealth, the fact that a quarter of multimillionaires built their fortunes from scratch is an encouraging sign of financial discipline and hard work. The article emphasizes that building wealth requires spending less than you earn, avoiding unnecessary debt, and investing wisely. It offers practical tips for increasing income and managing expenses effectively, ultimately guiding readers on their journey to financial success. With consistent saving and investing, anyone can aspire to join the ranks of multimillionaires.
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