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Exciting Data About Millionaires

Exciting Data About Millionaires

Matt Viera
April 07, 2023

Good morning and Happy Friday!

Welcome to another edition of The Matt Viera Newsletter.

The newsletter with the goal to inspire you to live the life you actually want to live.

Thank you for your continued support.

By the time you read this, I'll be on a road trip.

I’ll be on my way to South Carolina to camp for a few nights and then go to the panhandle of Florida to stay in a small Airbnb on the beach in Panama City Beach.

When I get there…

I’ll do nothing.

Well, I am looking forward to dinner and drinks in some bar overlooking the Gulf of Mexico.

It’ll be nice to get away for a few days and decompress from the fast-paced, everyday life of living and working in NYC.

With that, I encourage you to take this weekend and have some fun:

Go away for the weekend (last-minute trips are great)
Go see a movie you’ve been wanting to see
Go out for a nice dinner
Go to the beach
Read a book, or,

Do nothing and relax.

This week I want to share some exciting data I came across about millionaires.

Most people believe you need a high income, come from a wealthy family, or attend an Ivy League school to attain millionaire status.

However, a recent research study revealed that beliefs “about how millionaires got their money are wrong. Flat wrong.”

Here’s what the data revealed:

The National Study of Millionaires:

Surveyed over 10,000 millionaires
Was conducted from November 17, 2017, through January 31, 2018
Was conducted by a 3rd-party and the Ramsey Solutions research panel

Here are some of the questions the surveyed answered:

How do millionaires invest?

8 out of 10 invested in their company’s 401K
3 out of 4 invested outside of company plans
3 out of 4 invested regularly and consistently over a long period of time

How do millionaires spend their money?

94% live on less than what they make
They spend $200 or less each month at restaurants
Nearly ¾ of the millionaires never carried a credit card balance in their lives

Did millionaires become millionaires because they received an inheritance?

1 in 5 (21%) received some inheritance
79% did not receive any inheritance at all
3% received an inheritance of $1 million or more
8 out of 10 come from families at or below the middle-income level

What about high-salary jobs?

31% averaged $100,000 a year throughout their career
1/3 never made six figures in any single working year of their career
93% of millionaires said they got their wealth because they worked hard, not because they had big salaries

Are millionaires college educated?

83% of millionaires graduated from college
52% of millionaires earned a master’s or doctoral degree

However,

Only 8% went to a prestigious private school.

The top 5 careers of millionaires:

Teacher
Attorney
Engineer
Accountant
Management

What can you do to tip the odds in your favor to become a millionaire?

Well, you don’t need a 6-figure salary job or an inheritance.

But you do need to:

Spend less money than you make
Avoid debt (especially credit cards)
Invest regularly and consistently over a long period of time (the earlier you start, the better)

Source:

The National Study of Millionaires

Interesting Finds:

10 Tiny Signs You're Doing Well Financially (Even If It Doesn't Feel Like It)

15 Best Countries to Retire Easily in 2023

Thanks for reading!

Please feel free to reply to this email with suggestions, questions, or comments.

If you have a question about personal finance or money, in general, send me an email and ask. I'll discuss the answer in a future issue of this newsletter.