How the rules of getting rich in the U.S. change with every era

"History doesn't give us fixed rules for getting ahead financially. The “right” way keeps changing, so your best bet is to stay flexible, try a mix of strategies, and not get too excited every time someone claims they've cracked the code to wealth. We have an opportunity-rich landscape, but how best to mine it changes in every era."

"In 1676, 100 years before the Revolution, colonists burned the capital of Virginia to the ground because they felt that average people couldn't get ahead anymore. In the 1800s, big speeches were given saying “the rungs of the ladder to success are sawed off.” Heck, in 1980, there were headlines proclaiming that the Baby Boomers could never afford to retire. How did that turn out? The same goes for today."

"Of children born at the bottom, 6 in 10 rise out of poverty, and 4 in 10 become middle class, upper middle class, or rich; 1 in 10 goes all the way to the top. For the privileged born at the top, 64% fall out. Of the top 1%, 90% of their grandkids aren't particularly wealthy. We may not have perfect mobility in America, but we have a lot more than we think."

"Fun historical fact: Working one job for 40 years while saving 10% in stocks would have failed to fund retirement in almost half of historical scenarios. Boomers tend to think that what worked for them must work for everyone. That is"

Financial advice in America has repeatedly changed over 300 years, and no single method reliably guarantees wealth. People have often believed that getting ahead was impossible, yet outcomes show substantial upward mobility across generations. Among those born at the bottom, many rise into middle-class and higher positions, while a smaller share reaches the very top. Even those born into privilege frequently fall out of the highest ranks over time. Historical examples show that earlier fears about mobility and retirement did not match later results. The evidence supports staying flexible, combining strategies, and avoiding overconfidence in any one “cracked the code” approach.

Read at Fast Company