Ninety six percent of rich Americans credit "Hard Work", not the Government, for their success. In fact, Senior Corporate Executives credit 99 percent of their success to "Hard Work". This information comes from Spectrem Group's recent research with investors that have more than $5 million of net worth, not including their primary research.
Other factors attributing to their financial success include education, smart investing, frugality and being in the right place at the right time. Fewer than a third indicate they inherited money.
While trying to keep political issues out of the discussions on the Millionaire Corner website, I do admit to being maybe center right. As a small business owner, I was offended by President Obama's statement that I had not created my business and inferring that the government had helped me along the way. The government has actually provided a lot of barriers to success along the way that we have been forced to deal with.
Hard work as a key factor to individual success is consistent across all of the levels of wealth that Spectrem researches...all the way down to households with $50,000 of net worth. In all cases, more than 95 percent of successful Americans still believe that hard work can help them achieve success. No one has ever credited food stamps as a key driver of their success.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.