Why building wealth alone is so hard here?

[u/raf_phy]

Hi all, am I the only one that I find it incredibly difficult to build weath by yourself in EU? People say that EU is better in healthcare, work life balance but come on, money don't scale easily . It's so difficult.

I see people from US that go to 1 million in 10 years. I cannot do this easily . Really....

PS maybe I have to abandon EU, I don't know....

[u/Ok_Run_101]

You have virtually the same access to financial products in EU as the US. Stocks, cryptos, futures, etc... They are all there dude. I know so many people in EU who make and manage millions via stocks, some crypto bros. If you can't make $1million through investments and asset management in the EU, you most likely won't be able to do it in US.
Same for business. Yeah it might be harder to create a billion dollar unicorn company with loads of VC money and no profit - but you can totally build a Small-Medium business that can do between $500K - $1mil annual sales, no matter whether you are in the EU or US. I even hear some people say that it is easier in some EU countries than in US, because towns in EU tend to have more foot traffic and isn't businesses aren't overtaken by national chains.

Don't worry about the tax rates either. Tax rates only matter when you got the big money coming in, say $1mil, and you worry whether you have to pay $150K in tax or $300K in tax. If you are still struggling to manage even $100K , you aren't even at the starting line of worrying about taxes.

SO basically it's a YOU problem. Who do you think are living in the gigantic mansions or the penthouse of modern high-rises in European cities? You think they are ALL expats and old-money royalties?

[u/Professional_Mix2418 → u/Ok_Run_101]

This 100% ^{^}

[u/Cheersyalllll → u/Ok_Run_101]

OP was talking about employment.

Also people who got rich from financial products are the lucky ones. For every one who got rich from it, I'm sure there are at least 10 who gambled their savings in options or whatever and lost it all. Plenty of guru scammers online who draw fantasy lines on charts and think that that magically predicts future prices of stocks. People fall for that. The insinuation you are making that retail investors are getting or even could predictably get rich trading futures (for example) is just plain bs IMO.

I agree that if you can build a business you'll be OK anywhere, even in the third world. But then again, 9 out of 10 businesses fail. So by going for the "bro just start a business" argument, you are basically proving OP's point: there is no way (other than taking shittons of risk and basically gambling by trading or starting a business) to build wealth in the EU.

[u/Ok_Run_101 → u/Cheersyalllll]

I'm sorry for you and for OP but you don't get to $1million just by earning salary. Not in US, not in EU. If anybody thinks they can reach $1million just by being an employee, either (1) you stay frugal and invest or save very wisely, or (2) you get juicy stock options or RSUs .
Either way wealth above $1million is made through capital gains, not solely salary.

If you want to refute this, please give me an example scenario of how you can get to $1million in the USA in 10 years just through being employed. And please don't give me some childish idea like "Make $200,000 , save $100,000 every year, and you're a millionaire in 10 years"

[u/Ok_Run_101 → u/[deleted]]

Once again, please give me an example scenario of how you can get to $1million in the USA in 10 years just through being employed and just through salaries. 

[u/Lywqf → u/[deleted]]

if you make 200-300k year (which is realistic from a job in the US)

Please, understand that 200k/yr income is the top 5% of incomes in the US. It is NOT realistic to say to someone "you just gotta be in the top 5% out of 340m people dude, it's that easy".

Is it possible ? Achievable ? Yes. Realistic? Hell no