What It Takes to Succeed in America

How some people become rich - and others don't... [Shield] AN OXFORD CLUB PUBLICATION Loyal reader since April 2024 [Liberty Through Wealth]( [View in browser]( SPONSORED [Claim Your FREE Ultimate Dividend Package]( [Ultimate Dividend Package]( Today, you can claim the Ultimate Dividend Package... For FREE. (No credit card required!) Inside, Marc Lichtenfeld - bestselling author of Get Rich with Dividends and world-renowned income expert - is giving away his [top five dividend picks](. [Click here to get the names and ticker symbols of the top dividend stocks in the market!]( EDITOR'S NOTE [>>Claim Your FREE Ultimate Dividend Package Here<<]( Today, you can claim the [Ultimate Dividend Package](... For FREE. (No credit card required!) Inside, Marc Lichtenfeld - bestselling author of Get Rich with Dividends and world-renowned income expert - is giving away his [top five dividend picks](. [Click here to get the names and ticker symbols of the top dividend stocks in the market!]( - Nicole Labra, Senior Managing Editor THE SHORTEST WAY TO A RICH LIFE [What It Takes to Succeed in America]( [Alexander Green, Chief Investment Strategist, The Oxford Club]( [Alexander Green]( When people complain about economic inequality in this country, they often betray a lack of understanding about how income and wealth are created. I've spent the last four decades studying how people get rich in America - and why so many don't. A good summary can be found in [The Millionaire Next Door]( by Thomas Stanley - or [The Next Millionaire Next Door]( a collaboration with his daughter Dr. Sarah Stanley Fallaw. They discovered that wealthy households follow a remarkably similar formula. They optimize their education or marketable skills, maximize their incomes, live within their means, save regularly, invest prudently, and let their money compound over a long period of time, generally decades. Virtually everyone who is nearing retirement age today who isn't financially independent has made one or more of the following mistakes... - They didn't work - They worked but didn't save - They saved but didn't invest - They didn't invest wisely - They invested wisely but couldn't resist spending their capital rather than leaving it alone to compound. Some people don't like this analysis. Not because it doesn't align with their real-world experiences. But because it does. It means taking full responsibility for your own economic wellbeing. Before the reader accuses me of being uncaring or hard-hearted, let's recall that we're not talking about poverty here. Poverty is a real problem. And I realize that poverty makes it impossible for some folks to earn a living wage and save. I support a social-welfare network for folks whose mental or physical disabilities - or tragic circumstances - make it impossible for them to rise. 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Some are dealt better hands than others, with more supportive families or a more affluent household. (Although I'd take the former over the latter any day.) But we each have to play whatever hand we're dealt as skillfully as possible. From an economic standpoint, that means maximizing your education and marketable skills, showing competence, reliability, and integrity at work, and doing whatever you can to rise in the organization. (Or else seek better alternatives elsewhere.) Complaining that "capitalism is broken," "the system is rigged," and "life isn't fair" will not increase your income or net worth one iota. It is, however, guaranteed to make you bitter and unhappy. Beyond income inequality, there is also another form of economic disparity in this country. Some households have a much higher net worth than others. There is a significant wealth gap. Is this unfair? Again, not necessarily. In my 40 years as a money manager, investment strategist, and financial writer, I've learned that wealth accumulation is based on six primary factors: - Your ability to maximize your income - Your propensity to save - Your appetite for risk - Your willingness and ability to let your money compound - The investment costs you absorb - And the taxes you pay. These factors are under your control. And the incentives are right. Capitalism says you can have whatever you want if you just help provide enough other people get what they want. Warren Buffett - someone who knows a thing or two about wealth accumulation - emphasized just this point in an Op-Ed piece in The Wall Street Journal: In recent decades, our country's rising tide has not lifted the boats of the poor. No conspiracy lies behind this depressing fact: The poor are most definitely not poor because the rich are rich. Nor are the rich undeserving. Most of them have contributed brilliant innovations or managerial expertise to America's wellbeing. We all live far better because of Henry Ford, Steve Jobs, Sam Walton and the like. You probably don't have the skills or the access to capital that these geniuses had. But that doesn't matter. There are simple steps you can take to ensure your own financial independence. I'll enumerate those in my next column. Good investing, Alex [Leave a Comment]( [OXF Seven]( BUILD AND PROTECT YOUR WEALTH - [Alexander Green Reveals the ONE AI Stock He's Invested $100K Right Now. 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