Boost Your Odds for Financial Success

The tried and true strategy of saving your hard-earned money is still the most commonly traveled path to wealth.

Many Americans dream of becoming millionaires and billionaires, but what are your odds of really making it? According to an analysis based on 2010 data from the Current Population Survey, you have a better chance of being struck by lightning (about one in 750,000) or winning the lottery than joining the ranks of the one percent.

What's more, when the IRS studied high-income households over a 17-year period starting in 1992, they found that an overwhelming majority earned their wealth through corporate partnerships and capital gains – wealth-creation paths that usually require access to existing capital, a high tolerance for risk, or both.By contrast, only 8.6% of Americans joined the ranks of the country's most wealthy households by earning wages and salaries.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Nathan J. Gendelman, MBA, ACAS
President and Director of Investments, The Family Firm, Inc.
Nathan J. Gendelman is President of The Family Firm, Inc. and serves as Director of Investments. With nearly 30 years of financial management experience, he guides the firm's investment and planning policies and specializes in advising individuals and families on complex wealth management issues. At a firm where a majority of client engagements span 10 years or more, Gendelman focuses on lifetime protection of assets and the development and implementation of customized strategies.