A Spectrem study indicates investors reveal hard work, education and frugality are factors in obtaining wealth.
“Hard work’’ was chosen by most investors as a factor in obtaining their wealth, but luck had something to do with it for many respondents, a Spectrem study showed.
A Spectrem’s Millionaire Corner study of high net worth investors asked respondents to select the strongest factors in obtaining wealth, and 93 percent cited “hard work” as a reason, the most frequent selection made. Eighty-percent cited “education” while 75 percent noted “frugality’ and 73 percent said “smart investing.”
Several factors offered as choices were selected by less than half of respondents, including “inheritance” (27 percent), “family connections” (9 percent), “being in the right place at the right time” (39 percent) and “government assistance” (21 percent).
Ninety-eight percent of the investors with net worth of $750,000 or more said “hard work’’ was one of the key factors. While 75 percent of the total study said “frugality’’ was a responsible factor, only 45 percent of the $750,000 and above segment made that selection.
While 80 percent chose “education’’ as a factor, only 73 percent of those with less than $100,000 in net worth (not including primary residence) made that selection, but 91 percent of the study group with $250,000-$500,000 said “education’’ was an ingredient in obtaining wealth.
By far, the most unusual survey results came when asked about “luck.” Thirty-five percent said luck had something to do with obtaining wealth, but 64 percent of those with $500,000 to $750,000 said luck was involved, 51 percent of those with $750,000 or more in wealth, and 49 percent of those with $250,000 to $500,000 chose luck.
Only 28 percent of those with less than $100,000 in net worth said “luck’’ was involved.
Fifty-two percent of investors said “taking risks’’’ was a factor in obtaining wealth, but only 45 percent of those under $100,000 in net worth said risk was involved. Among those with $250,000 to $500,000 net worth, 65 percent said risk was a factor.
Family connections only received 9 percent acknowledgement in the study, but 18 percent of those with net worth of higher than $750,000 said family connections was involved.
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.