The US Trust conducted a survey of 700 wealthy people of all ages. How do you think they got wealthy?
Inheritance? Only 1 out of 10 inherited their wealth. 3 out of 4 wealthy people came from middle class or poor families.
Own a Business? A common way, however a good number were executives. Over half of wealthy people earned their wealth in business. Earners often believe they work harder, were disciplined, and willing to sacrifice. They typically believe building a business builds wealth. Serial business builders were common.
The third way to wealth is Investing for more than 3 out of 10. Interesting most success came from smaller gains, consistent investing, and Buy & Hold produced the biggest gains. Half of investors invested in real estate, timber and farmland. Almost all wealthy people hold 10-25% in cash for opportunities.
Values the wealthy cite for their success?
1. Hard Work
2. Personal Ambition
3. Family Values
What does this mean for you?
· Does not matter how broke you start. Start.
· More than one way to succeed. Pick based on your strengths and learn more.
· Be patient, and keep your eyes open for opportunities.
Why should you build wealth? Because the wealthy Give Back to charities, invest in Economic Growth, and make an Impact in society. Good goals for anyone.