As many Millionaires wish they had taken more risk before the recession as wish they had saved more before the crash.
The Millionaire next door has a few regrets related to the recent recession, and chief among them is related to investment risk, but may not be what you would expect to hear.
When asked in a Spectrem’s Millionaire Corner study Changing Investor Attitudes and Concerns about their attitudes toward the recent recession, 25 percent of Millionaires said they wished they had taken more risk in their investments prior to the collapse, while 24 percent said they wished they saved more. Sixteen percent said they wished they had done more research on their finances, and 15 percent said they wished they had invested in real estate or real estate products.
Thirty-two percent of Millionaires said they had no regrets related to finances and the recent recession.
Eleven percent of Millionaires wished they had used their financial advisor as a resource more prior to the recession, and 10 percent said wish they had put more money into their 401(k) account as a savings vehicle.
Ninety-four percent of Millionaires credit “hard work’’ for attaining their current wealth level, and 87 percent credit “education”. Eighty-three percent credit “smart investing’’ and 78 percent credit “frugality’’ for their wealth level.
The Millionaire next door is far less likely to admit luck had anything to do with their financial status. Only 40 percent said “being in the right place at the right time’’ was a factor, and only 36 percent said “luck” contributed to their wealth level.
Less than half (43 percent) of investors credit decisions made by their financial advisor for their current wealth position.
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For the sake of the Millionaire Corner study, Millionaires were investors who had a net worth between $1 million and $5 million not including their primary residence. Asked to place themselves on a sliding scale of “wealthy’’ from “0” being not wealthy at all and “100’’ being “wealthy’’, millionaires put themselves at 63.91.
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.