The Typical Millionaire
According to “The Millionaire Mind”-
· Is a 54-year-old man married to the same spouse for 28 years. Has three children.
· Has an average household net worth of $9.2 million; annual realized income of $749,000.
· Thirty-two percent are business owners or entrepreneurs; 16 percent are senior corporate executives; 10 percent are attorneys; 9 percent are physicians . . . . . . . . . . . . . . . . . .
- Is self-made affluent, i.e., 84 percent inherited less than 10 percent of their household net worth.
- Purchased current home 12 years ago for $560,000; valued today at $1.4 million.
- One in four searched for a "bargain" home that was part of a foreclosure, divorce settlement or estate sale.
- Understands the key, basic success factors that the American economy rewards, e.g., integrity, discipline, getting along with people, having a supportive spouse, hard work, affection for career and strong leadership qualities.
- Is four times more likely to rate these basic success factors as more important than graduating at the top of his/her college class or even having excellent investment advisers.
- Nine out of 10 graduated from college. Overall as a group, they had a 2.92 undergraduate grade point average (on a 4-point scale).
- More than eight in 10 reduce the worries associated with financial risk by: hard work, preparation, focusing, planning and being decisive. Nearly four in 10 rely on strong religious faith to reduce such fears.
- Most selected their vocation because it allowed them to use their abilities and aptitudes fully.
- Married a spouse who had qualities complementary to both a successful marriage and wealth accumulation - i.e., they are honest, responsible, loving, capable and supportive. The "wealthy" quality was not a major factor in explaining choice of spouse.