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| 6 types of millionaires: Which are you? | |||||||||||||||
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The wealthy share some attitudes and habits, and almost all live below their means. But they're also very different, with some governed by fear and others by altruism. By Laura Bruce, Bankrate.com Every year, The Phoenix Cos. 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 Cos. Living below their means "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 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 which traits you have in common with millionaires? Satisfied Savers These are the folks you would love to have as your parents or grandparents -- happy, well-adjusted, and rich! They make up 24% of the wealthy population and share these characteristics. Status Chasers You've met them. You may envy their possessions, but you wouldn't want to be them. They comprise 18% of the wealthy population. Altruistic Achievers These are the do-gooders of the bunch. Most of us can learn from them. Roughly 17% of the wealthy population is composed of the philanthropists who share these qualities. Secret Succeeders These people worked hard and had some luck and should be very happy, but they're not. They make up 17% of the wealthy population. Disengaged Inheritors Fortunately, not all who inherit money fall into this category. These folks are proof that having money doesn't necessarily mean you're happy. They compose 13% of the wealthy population. Deal Masters The Donald Trumps of the world. "You're fired!" No, actually, if you have a fairly strong personality, these folks would be fun to know. They make up 11% of the wealthy population. | |||||||||||||||
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