Why can some people retire at age 50? Or not lose everything when there is a "crash" in the stock market?
Why can some people make a lot of money or have "multiple streams of income"?
Why do some retirees live in luxury and travel the world, while others barely have enough money to eat and live?
Some people are smarter and more hardworking than others, so that's part of the answer. We are not all the same, no matter what anyone says. Even though we were all made the same, no one has ever promised us the same results. That depends on how hard we try.
Part of the answer is that some people think about the risks they face and take steps before they happen to lessen the damage. One obvious way to do this is to buy the right kinds and amounts of insurance to protect your home, health, and life, if you have an income stream to protect.
Less obvious, but still a good idea, is to become an expert at whatever you choose to do, so that your employer can't do without you.
Whether you're a doctor or a baker, if you work for yourself, you want to be the best at what you do. You also have to be willing to keep going even when things get hard and work hard for a long time.
Having a plan is another part of the answer. Some people get up in the morning and then just let their day happen to them. Some people make plans for their lives and stick to them.
They will learn how to invest and how to spread out their investments so that if one asset goes down, another one stays the same or goes up. Or, they will hire financial experts to do the work for them.
They save as much money as they can by putting it in tax-sheltered accounts like 401(k), IRA, Health Savings Plans, and 529 plans for college savings. Then they'll put even more money into taxable accounts.
They don't spend more than they have. Some people, like Warren Buffet, who is one of the richest people in the world, live well below theirs. They will be careful with credit or not use it at all.
People who are successful invest in businesses, rent out property, or work part time while keeping their full-time job so they have more than one way to make money. If someone gets lost, the world doesn't end for them.
People play the lottery in the hopes of getting rich. Many people think this is the only way to get rich, which is sad. But if you want to, you can find a way.
There are many books in our public libraries about how to invest, get insurance, set up a financial plan, or start and run a business.
Many employers have plans to help pay for school, so if you want to get better, you can get paid to do it. Or, community colleges offer free classes for adults that can help you learn new skills or get better at the ones you already have.
With the internet, it's now easy to start an online business while keeping your regular job.
In the end, you have to depend on yourself to work and save as much money as you can. If you do, you could be one of the "lucky" people who retire young and have a lot of money.
If you don't, your Social Security check will be all you have to eat.
You have a choice.
