Who is that iconic millionaire next door? The answer may surprise you.
Would you like to get to know the millionaire next door? The iconic fellow, who rose to fame through the 1996 book by Thomas J. Stanley and William D. Danko, might be a little bit different than you imagine.
Do you picture the millionaire next door as a venture capitalist or plastic surgeon? Your stereotype may clash with the profile that emerges from ongoing Millionaire Corner studies on the attitudes and behaviors of wealthy investors. Truth is a Millionaire is more likely to be a manager (21 percent) or educator (14 percent). Professionals, including doctors, lawyers, dentists and accountants, make up 11 percent of Millionaires in America.
The millionaire next door is unlikely to drive an expensive sports car and take lavish vacations. Millionaires are a generally thrifty group of people who attribute their wealth primarily to hard work, education, smart investing and frugality.
The millionaire next door is most likely to be retired (59 percent) and worried about a lot of the same things as other Americans his or her age. Health issues and family concerns preoccupy millionaire investors. More than two-thirds say they are worried about the financial situation of their children and grandchildren, and 62 percent worry about the health of their spouse.
Like most Americans, the millionaire next door is likely to be concerned over maintaining their financial position in the current economic downturn, but is unlikely to make a lot of risky investments to increase their returns. Only one-third of Millionaires with $1 million to $5 million to invest say they are willing to accept significant risk in exchange for higher returns, according to a Millionaire Corner study completed in the first quarter of 2012. Working with a financial advisor can help to manage this risk and help the millionaire maintain their financial position. If you are in need of a financial advisor to help you on your track to becoming a millionaire, try searching for one with Millionaire Corner’s Best Financial Advisors service.
Still want to get to know the millionaire next door? There’s a growing chance you can find him or her on Facebook. A Millionaire Corner study completed in the second quarter of this year indicates that more than half of Millionaires (56 percent) are on Facebook, including 78 percent of those ages 44 and younger.