This topic was inspired by the book I was reading last night by Thomas J. Stanley PhD and something something Danko PhD
It’s called The Millionaire Next Door
As a second generation American myself, I could relate to the ethnic breakdown analysis
According to this book, first generation Americans are very entrepreneurial, start their own businesses, but when they pass on “new” values to their kids, they instill values of not as being so entrepreneurial, encouraging them to go to college, get degrees, and live a “high consumption lifestyle” as people with degrees and a good education tend to have certain material acquisitions.
This is very true in my case, with both of my parents from the Phillipines, they both worked really hard, maybe harder than my sister or I will ever work. My dad’s been with the Post Office for more than 25+ years and has always been extremely frugal. My mom came from more of a privileged family and never understood or cared to be frugal. My mom, however, has been self-employed for a while, fitting the description the book mentioned. But my mom never encouraged self-employment despite my interest in entrepreneurship.
Both of my parents encouraged school, and getting a job, where both are not paths to “creating your own path” in life if you will.
According to the book and their research, over 2/3 of millionaires in America are self-employed.
If this is where the money is, how come we don’t live in a culture where self-employment and entrepreneurship is encouraged to the norm?