Great American Myths about Money

What do the following have in common?

  • Skipping college to found a billion dollar company
  • Making a major league sports team
  • Making a killing at a casino
  • Buying a winning lottery ticket

They are highly improbable.

  • The average age of a successful business entrepreneur is 42, not 22. Fewer than 1% of successful entrepreneurs are age 20.(1)
  • The odds of making an NFL team is 0.09%. The odds of playing for a major league team is only 0.35% among those who played for a college team in their senior year. As a percent of high school ball players, just forgetaboutit. It’s easier to make the NFL. Only 0.3% of high school basketball players eventually get drafted by the NBA.
  • Making a killing at a casino? Good luck. The odds for every game favor the house. Blackjack as the most favorable odds, with a 46.36% chance of winning a single hand. The more hands you plan, the more likely the house is to take your money. The odds of winning at a slot machine is 7.566% — meaning that you should lose 18-19 times out of 20 spins. The odds of getting 4-of-a-kind in poker — approximately 0.3%.
  • Buying a winning lottery ticket? For Powerball, it’s 1/292,201,338 or 0.00000034%

No, if your going to be successful, it’s going to take college and hard work.


Sources:

  1. Meredith Somers, “The 20-year-old Entrepreneur Is a Lie,” mitsloan.mit.edu.

 

 

 

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