Do Self-Made Millionaires Really Exist?

Summary

The concept of a self-made millionaire is largely a myth, as reaching millionaire status typically involves leveraging business opportunities, social influence, and the contributions of others, rather than solely one's own efforts.

Abstract

The article challenges the notion of the self-made millionaire, pointing out that true financial success is rarely achieved in isolation. It suggests that business ventures, regardless of their nature, often form the foundation for accumulating wealth. The author notes that even those who appear to be self-made, such as influencers on social media, benefit from a wide network of supporters and customers. The term "self-made" is seen as misleading, especially when millionaires have employees or use their influence to amass wealth. The author emphasizes that while hard work and sacrifice are essential, the public and various external factors play a significant role in an individual's financial success. The article calls for a more honest acknowledgment of these factors by those who have achieved millionaire status.

Opinions

The author believes that the term "self-made millionaire" is often used to exaggerate individual achievement and overlook the contributions of others.
There is a perception that self-made millionaires exhibit arrogance by not crediting the collective effort that goes into their success.
The article implies that even wealth obtained through less reputable means, such as crime, cannot be considered truly self-made due to its reliance on external circumstances and opportunities.
The author does not discount the hard work involved in becoming wealthy but suggests that the term "self-made" should be used with more humility and recognition of the broader societal contributions.
It is highlighted that the larger an individual's circle of influence, the higher the likelihood of achieving millionaire status, which contradicts the idea of being entirely self-made.

Do Self-Made Millionaires Really Exist?

The concept of a self-made millionaire is really misleading unless you gain that status by winning the lottery — but that’s just luck and I’m not talking about lottery winners.

Image taken from Microsoft Word

Most who identify as self-made millionaires reach this status through business. The type of business does not really matter even if you become a millionaire by criminal activities — which I definitely don’t condone.

Becoming a millionaire almost always depends on others. Generally, the greater your circle of influence, the greater the chance that you have to become a millionaire. That is why even influencers on social media can become millionaires.

These so-called self-made millionaires want to make it appear as though they did it all by themselves. Also, if they build a company with employees, the concept of a self-made millionaire is even more dubious. Self-made millionaires become so on the back of the public at large.

Of course, you could say that I am taking the term self-made millionaire literally. Perhaps so, but I do so because these self-made millionaires often have a tone of arrogance when they self-identify as self-made millionaires. I am not trying to diminish their accomplishments. but I believe that they could more honestly express their achievement while still acknowledging the hard work and sacrifices required to reach their status.