poor goldman sachs execs. how ripepd off they are to only be making millions/year when they could fire thier boss and start a subway franchise. poor a-list actors only making $20/million per film. Most small businesses,startups fail. Odds are a doctor making 7-figures will become more rich compared to an entrepreneur who dropped out of college.
A-list actors are pretty much defined by being the extremely narrow elite of the profession (entry into which elite requires work and talent and lots of luck) whose income is determined by their value licensing their personal brand to attach to things.
> Odds are a doctor making 7-figures will become more rich compared to an entrepreneur who dropped out of college.
Sure, but most doctors don’t make 7 figures. Anesthesiologists (the highest paid medical occupation code in BLS data) have a national mean salary of $271K.
The main difference between being rich and being wealthy is owning and controlling your time.
So it's not apples and oranges.
Evidence?
While I will eventually make a bit more, it would take me 74 years to make a million even if I were to save 75% of my wages, assuming that inflation is of no concern (or that modest investments that match it are in place).
Not everyone is well paid, hence a side hustle and any means of passive income make sense - especially if it scales without issues (such as software, videos, music etc.).
Again, the original point isn’t that it’s impossible to get rich by selling your time but that you’ll most likely need some leverage (i.e. in the form of owning a business)
If you’re not becoming wealthy with these kinds of average incomes, you’re doing something wrong:
https://www.medscape.com/slideshow/2019-compensation-overvie...
“Software and Web Developers, Programmers, and Testers”, total, in the US are under 2 million, and FAANG+M are a small fraction of that. FAANG+M is around 1 million total employees, but most of that is Amazon, non-software.
The idea that there are millions of FAANGN+M software engineers is simply nowhere close to true.
> Odds are a doctor making 7-figures will become more rich compared to an entrepreneur who dropped out of college.
The only doctors that make that much are either superstars with a brand of their own, or entrepreneurs with their own practice.
Doctors these days don't make that much money, but it varies a lot depending on location and specialization. I'd rather be a programmer or a lawyer from a money perspective.
Here’s a thread on Bogleheads from yesterday from a young doc earning $1M+:
https://www.bogleheads.org/forum/viewtopic.php?t=349431
I think median is closer to $300k to $500k per year though.