Final answer:
The statement that "everyone can retire a millionaire" is false, according to the author. However, it is possible to accumulate hundreds of thousands of dollars by retirement through consistent saving and increasing savings as income rises.
Step-by-step explanation:
The statement that "everyone can retire a millionaire" is false according to the author.
The author explains that having $45,000 does not make one a millionaire, but by saving consistently over several decades or increasing savings as income rises, it is possible to accumulate hundreds of thousands of dollars by retirement.
However, this type of wealth is not comparable to the riches of top CEOs like Bill Gates.
It's important to note that only half of Americans have money in mutual funds at all, so accumulating that amount of wealth can put a person in the top 10% of American households.
To achieve significant financial wealth, the author suggests two rules: completing additional education and training after high school and starting to save money early in life.