What You May Not have Known about Millionaires
I’m not just in the business of commercial real estate. I’m also in the business of educating others on how to get to the top of their game… and stay there, despite the odds of entrepreneurial success.
There are perks to success. One of which is becoming filthy stinking rich, which is more common than you’d think.
Millionaires aren’t very rare, in fact.
Thanks to the actions of the Federal Reserve post-crash, a rebounding commercial real estate market and bull market in stocks has created many millions. The number of American households with more than $1 million has hit 9.6 million, bettering the pre-recession high of 9.2 million.
And when asked by surveys how they accumulated such wealth, the response is that hard work and proper education pay off. In fact, 80% of millionaires have a college education.
The average millionaire also goes bankrupt at least 3.5 times over their lives.
And, according to “The Millionaire Next Door” only 12% of millions actually inherited their wealth. The other 80% earned that cash on their own.
Like the rest of us, millionaires worry about retirement, too. But with a well-balanced portfolio of cash, stock and real estate, those fears don’t seem so bad.