Men, women, young and old, agree on factors toward wealth creation.
Wealth creation happens in different ways for different investors, but hard work seems to be one similar factor for all investors.
In Spectrem’s Millionaire Corner research, investors are asked to select the factors that allowed them to create their own wealth. A large majority of all investors selected “hard work’’ as one of the factors, and it greatly outpaces any other factor over all investment segments.
For instance, in the report Financial Attitudes of Wealthy Investors Based on Income, investors ranging from those with an income of less than $100,000 to those with an income of $750,000 overwhelmingly selected “hard work’’ as a factor in wealth creation. The total percentage was 93 percent, and reached 98 percent among those with an income of between $500,000 and $750,000.
From the Spectrem report on men and women investors, 95 percent of men and 93 percent of women selected “hard work’’ as a factor. From a generational standpoint, some percentages were lower, as 74 percent of Gen Y investors (ages 32 and younger) with a net worth over $1 million credited “hard work”. Eighty-nine percent of Gen X (33 to 47 years of age) and 96 percent of Baby Boomers (48 to 66 years old) with a net worth over $1 million credited “hard work”.
All categories of investors selected “education’’ and “frugality’’ as the next most significant factor in wealth creation. Eighty percent of high income investors chose education, as did 83 percent of men, 79 percent of women, 80 percent of millionaire Gen-Yers, 82 percent of Gen-Xers and 88 percent of Baby Boomers.
“Frugality” matched “education’’ among women with 79 percent selecting it as a factor. Seventy-five percent of high income investors, 76 percent of men and 78 percent of Baby Boomers selected “frugality.’’ Interestingly, only 67 percent of Gen-Xers and only 58 percent of Gen-Yers selected “frugality’’ as a factor.
Some factors got a wide range of responses, such as “taking risk.” Fifty-two percent of high income investors tabbed “luck’’ as a factor in wealth creation, as did 61 percent of men, but only 43 percent of women.
“Family connections’’ came into play for Generation Y investors (49 percent), but less for Generation X investors (25 percent) and much less for Baby Boomers (9 percent). Only 9 percent of high income investors, 7 percent of men and 11 percent of women chose “family connections.”
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.