Hard work seems to be the consensus of young multi millionaires (if you didn’t inherit the money). They work in excess of 60 hours per week. We have always believed that hard work is important, and so is being creative, follow this article from Adriana Reyneri from millionairecorner.com to see if it holds any clues for you.
More than half (51 percent) of U.S. households with a net worth of $125 million or more are headed by investors ages 55 and younger, according to a recent Millionaire Corner study, $25 Million Plus Investor 2012. What sets younger affluent investors apart from their older peers?
Younger $25 Million Plus investors appear to be a more diverse group than those ages 56 and older. While 82 percent of the younger investors are white, 4 percent are Hispanic, 9 percent are black, 4 percent are Asian and 1 percent is from another racial group. At the same time, $25 Million Plus investors ages 55 and younger are more likely to be born in the U.S. compared to the older ultra-wealthy, and to have parents who born in Americas.
In addition, a greater share is female. According to our research 38 percent of the younger $25 Million Plus investors are women. Less than one-fourth (23 percent) of $25 Million Plus investors ages 56 to 65 are women, and the share falls to 10 percent for those ages 66 and older.)
Younger $25 Million Plus investors are more likely be part of a two-income household, and the most common occupation for both heads of household is “entrepreneur.” The younger age group tends to put in longer work hours than older affluent investor. More than one-fourth (27 percent) of those ages 55 and younger reports they work in excess of 60 hours a week.
About one-third (34 percent) of the younger investors attribute their wealth to inheritance and family connections, but younger investors most commonly attribute their success to hard work (82 percent), smart investing (78 percent) and education (74 percent).Taking risk (73 percent) and being in the right place at the right time (70) also play a significant role in wealth building for younger $25 Million Plus investors.
Younger investors are less likely to depend on a financial advisor than their older peers, but – counter to stereotype – appear more conservative than the older $25 Million Plus group. Twenty percent of the younger group describe themselves as conservative investors, compared to 5 percent of investors ages 66 and older. More than one-fourth (27 percent) calls themselves moderate investors, compared to 17 percent of those well in to their 60s.
The full text from Adriana’s article can be found here. What do you think? Will you accumulate this type of wealth by age 55? Have you already? Share your stories with us below – tell us your stories about how you are creating wealth for yourself. We’d love to hear more in the comments below!