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Wealth personalities: 6 types of millionaires

Every year, The Phoenix Companies Inc., surveys wealthy people to see how they feel about the economy, their financial goals and the like. The survey ultimately is aimed at selling them financial products, but when the Phoenix folks toss all the data in the hopper, it spits out some interesting information on demographics, attitude and tendencies -- a wealth personality of sorts.

For the survey, wealth is defined as having $1 million or more of net worth, not including the primary residence.

"Most millionaires today don't have inherited wealth. They're not driving a Jag and they're not flamboyant or flashy. They work hard, they're frugal and they save and invest well," says Walt Zultowski, senior vice-president of business and market development at The Phoenix Companies.

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"It's not enough to stick your money under your mattress. You have to invest, but you have to do it wisely. Few hit it big hitting a stock. It's a discipline. The message is one of steady habits as it relates to savings and investing. Living below your means is a key point, whether we're talking about someone with $1.2 million or $80,000. There's clearly also a work ethic; you hear a lot of these people say work is a joy."

The survey came up with six wealth personalities: Satisfied Savers, Status Chasers, Altruistic Achievers, Secret Succeeders, Disengaged Inheritors and Deal Masters. Most of the personalities share some positive characteristics: They work hard, live below their means and they know how to make their money work for them. On the other hand, some of them are so worried about losing money that it's a source of daily concern.

Want to see what traits you have in common with millionaires?

Once you figure out which type you are, get started on "Becoming a millionaire in 7 easy (hah!) steps."

Illustrations by Brandy Kesl.

 
 
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