I used to run Profit & Loss (P&L) statements for projects at a corporation and first learned the basics that way, but the paragraph above is what really opened my eyes. Once you have skin in the game the numbers become far more meaningful.
Factually this is not guaranteed. Highly likely, yes, but its not a "truth" so to speak. This is financial advice calibrated to historal returns. Besides that, not everyone wants to life as frugal as a homeless person for 20 years. A lot of people will regret it.
My savings target is about $6MM. I won't need to live like a 'homeless person' as you say when I get there.
for the securities side of the industry and
for banks that take deposits and make loans.