The following is my answer to a Quora
question: “There
are more personal finance books and online sources than ever, that give advice
on wealth creation. Does this mean that
there will be more millionaires and successful people in the future? Or does this mean that it will be even more
competitive?”
Firstly, many of these resources are
either gimmicks, or outright nonsense. And
many of the resources which are genuine are not exactly accessible. Many of them assume some level of familiarity
with the finance industry or finance. Or,
they are applicable to specific market conditions that may not arise for the
reader, or simply be unavailable to them.
Secondly, assuming people are able to
imbibe and understand, we are assuming that they are able to apply these
lessons, which requires a combination of opportunity and discipline. People may develop discipline, but
opportunity is a rare commodity, and may not be available to most people
without the requisite networking.
That all being said, there will be more
millionaires simply because of a combination of economic growth and inflation. A million dollars is not what it used to be. As the world gets more educated and people
search for opportunities, there will be more successful people. This is because the developing world is
hungry, not because of some books and websites. The main drivers of financial
growth are entrepreneurship and networking.
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