In this article
Odds are you know at least one millionaire.
More than 8% of adults in the U.S. have enough assets to fit the definition, according to the Global Wealth Report 2020 by Credit Suisse. That works out to more than 20 million Americans.
Chris Hogan, radio host and author of the book "Everyday Millionaires," surveyed more than 10,000 of those wealthy individuals to figure out their secret to success.
Hogan quickly learned that most millionaires aren't the jet-setters you see on television.
"These are regular, hardworking, everyday people. They're not flashy," he said. Most of them accumulated their wealth over time by making wise decisions, according to Hogan.
And having a particular mindset almost universally contributed to their success, Hogan said. He found that around 97% of millionaires surveyed believed they were in control of their own destiny.
That is much higher than the 55% of the general population Hogan found to hold the same opinion.
Check out this video to see the other beliefs and practices that more than 90% of millionaires apply to their money.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
The insights shared in that article resonate deeply with my expertise in finance, wealth management, and behavioral economics. Examining the topic of millionaires and their habits involves a multidisciplinary approach, considering financial literacy, psychology, and socio-economic patterns. The Global Wealth Report by Credit Suisse is a crucial reference, outlining the distribution of wealth across nations and shedding light on the proportion of individuals fitting the millionaire profile.
Chris Hogan's work, particularly "Everyday Millionaires," is a cornerstone in understanding the behavioral traits and financial practices of affluent individuals. His survey of over 10,000 millionaires provides invaluable qualitative data, highlighting the commonalities among this group. Their unassuming lifestyles, emphasis on consistent decision-making, and long-term wealth accumulation align with numerous studies in behavioral finance, reinforcing the significance of prudent financial choices over ostentatious spending.
The contrast between the mindset of millionaires (with 97% believing in their control over destiny) and the general population (where only 55% share the same belief) underscores the psychological aspects of wealth creation. This disparity reflects the importance of mindset, perseverance, and a proactive approach toward financial goals.
The mention of behavioral economist Dan Ariely's advice for investors during the pandemic draws from the principles of irrational behavior influencing financial decision-making in uncertain times. It hints at the relevance of behavioral economics in understanding market reactions and investor behavior during crises.
The article's disclosure of NBCUniversal and Comcast Ventures as investors in Acorns adds a layer of context to the business affiliations, possibly influencing the perspective presented or highlighting vested interests in promoting specific financial platforms or services.
Each element in this article, from statistical insights to psychological aspects and business affiliations, intertwines to offer a comprehensive understanding of wealth, behavior, and financial decision-making.
