most people that have moneyhave money because their parents have moneynot because of being the walking embodiment of competence they imagine themselves to be.Only a minority of less than 1% move up or down the social ladder. Boomers had social mobility, but that hasn't been the case for decades.The more of a headstart you have, the more extreme compounding gets over the long term. Most of them never even beat SP500 index returns, but they don't need to since they got started with a high basis. Most of these people have a fantasy in their head that wealth outcomes are the result of narratives. Narratives that they like to tell themselves. But all of it really is just ultimately, compounding. Wealth is a mathematical equation. It doesn't just spring forth from nothing. And exceptionalism is only an extreme, less than 1% minority. There's nothing special at all about almost everyone.
