|
Wealth personalities: 6 types of
millionaires
By Laura
Bruce • Bankrate.com
 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.
"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.
|
