Why Is Getting Rich So Hard? Why it is Virtually Impossible To Become a Millionaire

Now this will be something of a controversial blog post in which I will talk about the struggles of going from being poor to being rich. Aside from taking a really long time and coming with a ton of risks and troubles along the way, it is something of an uphill battle with the odds stacked against you depending on some of the attributes you have. And so, while I’m stuck waiting at the phone store here, I’m going to write a somewhat negative blog post on why it is so darn hard to get rich, and why the odds are strongly stacked against you. 

Biology

I’ll start off with this one first. Aside from the part where nature has basically hard wired you to be lazy, it has also wired other people to be somewhat lazy. Heck even conscientious people sort of live for the weekend, and while working is definitely in our DNA, we are social animals, and hanging around lazy people can absolutely rub off on us (and often does.)

Add in the fact that EVERYONE has some sort of health problem, whether mild or serious (skin issues, hypoglycemia, needing glasses, everyone has something). Add in the fact that health care is super expensive, and you have yourself a bit of a conundrum to push through here. 

Inflation

Yes, our blog is titled Inflationhedging.com after all, and so yes I am going here. Inflation is currently at 6.2% per year. That’s right, you basically need global stock market returns just to keep up with inflation right now, and this is a very bad deal for common folks right now. It means that even if I lock my money up in a 5 YEAR CD with the highest possible interest rates, I am still losing 5.4% in interest each year. The good news is this should fall closer to the average of 3% by next year.

Urge to Procreate

Sex. Yep, believe it or not, and as much as I fully believe that this is one of the most meaningful parts of your life and mine, the urge to have sex and have children is absolutely a detriment to your building wealth. 

Aside from the fact that kids cost A LOT of money, condoms cost money, picking your date up wastes gas and time that you could be using to build, dates cost money, all of this….unfortunately, pulls you further and further away from your goals.

IQ Scores

This is another factor that is very luck based. IQ, or basically the way that you process information and how intelligent you are, as well as memory, diligence, your ability to focus, and the like, all are factors that are hugely luck and genetic based (I would put health and general energy levels into this as well, because all of these truly are a huge factor in making money.) 

You can modify these to a certain extent. For instance, you can become obsessed with something that you are interested in, which often times helps you to dig deep and press forward during difficult moments of the job. You can also work on micro habits that make you more orderly or industrious, such as making your bed, waking up early, getting a job with structure, and so on and so forth. These traits are hugely important for how much money you will or will not make, and much of them have a strong genetic component.

Who Your Parents Are, Why Is Getting Rich So Hard?

If you are born in Ethiopia in virtual poverty, good luck becoming a millionaire from there. Born in America to a middle class family? This should be much easier to pull off, and is very doable with some good financial education and with hard work and persistence. Make no mistake about it, it is still very difficult to get successful in America, but not nearly as much as in different world economies.

The Economy

If I had to guess, I would say that something like 95 to 99% of people in the United States will make their living by having either a job or a career that is in an office. Very few make their living by running their own business, online or otherwise, and even those who make money by working a side hustle, will inevitably always need to work. The thing is, to have a house, a family, good healthcare, etc. You are likely going to need to spend between $80,000 to $100,000 per year in order to keep up this type of lifestyle, good luck saving funds with this type of spending.

Time

You have limited time, both day to day and in your overall life. Obviously as we are not immortal, but how you choose to spend your time is hands down the most important factor to your overall success.

Youth 

Until you are about 25 or 30 years old, and I would say with few exceptions, you are very naïve to the world (sorry young readers browsing through this article right now). It just takes a bit to really understand how money works, how long it takes to build wealth, how to consolidate your resources when you have an income, how to build monetizable skills, how to not spend all your time chasing women, and things of that nature. Only experience and time can give you this.

Improper Money Management (Learning Lessons the Hard Way)

This goes back to experience, but this is a big one that most people never learn in their entire lives. The way that you manage your expenses, the importance of investing your money, the importance of having a large enough emergency fund and investing in your career and a stable salary before hitting your 401K, and the like, are all skills that take a really long time for you to build up.

Final Thoughts On Why Is Getting Rich So Hard, With a Plot Twist!

And those are my thoughts on the trials you will have to face in order to get rich and make a lot of money. It is extremely difficult to get rich, and unless you live your life day to day in a certain way, it will not happen. Maximize every single day and do what it takes to save up money as well as you can. Till next time, you heard it first right here at Inflation Hedging.com.

Cheers!

*Inflation Hedging.com

Sources:

https://www.bankrate.com/banking/cds/cd-rates/

https://money.cnn.com/data/markets/

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