Young millionaires are more likely than older millionaires to credit running their own business for their current wealth level.
There are generational differences between young Millionaires and middle-age Millionaires when it comes to determining how they got to be Millionaires.
From Spectrem’s Millionaire Corner study Changing Investor Attitudes and Behaviors, Millionaires were asked what factors aided in the creation of their wealth. While “hard work’’ was chosen by 94 percent of Millionaires, only 86 percent of Millionaires under the age of 45 made that selection.
For the Spectrem Millionaire Corner research, Millionaires were those investors with a net worth of $1 million to $5 million Not Including Primary Residence.
Young Millionaires were far more likely to believe specific work was more responsible. While 83 percent of Millionaires said “smart investing’’ was a factor in obtaining wealth, 91 percent of Millionaires under the age of 45 chose “smart investing’’ as a factor.
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“Taking risk” was selected by 60 percent of the total Millionaire population, but 68 percent of young Millionaires said risk was a significant factor.
Young Millionaires were also more willing to admit luck had something to do with it. Forty-one percent of Millionaires under the age of 45 said luck was a factor, while only 36 percent of the total Millionaire population did so.
Interestingly, only 23 percent of young Millionaires said ‘inheritance’’ was a factor (compared to 31 percent of the total population) while 18 percent of young Millionaires said “family connections’’ played a role (compared to only 8 percent of the total Millionaire group).
Among all age segments, the young Millionaires were most likely to credit “running my own business” (27 percent to 18 percent of all Millionaires) and less likely to credit “frugality” (64 percent to 78 percent of the total population).
The young Millionaires were also more likely than the total population to credit “being in the right place at the right time” (45 percent to 40 percent of all Millionaires).
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.