The website MarketWatch, run by Dow Jones, recently reported on the new wave of millionaires called “Middle Class Millionaires”. This stratum of demographic accounts for almost 10% of the population. Middle Class Millionaires did not inherit their wealth, but earned it. The net worth of this type of demographic is between $1 million and $10 million.
These individuals share some unique work ethics and characteristics. The average middle class millionaire logs in over 70 hours per week at work. They are five times more likely than regular middle class workers to say they are always available to work. 89% of this population believes that anyone can attain wealth with hard work and dedication.
Middle Class Millionaires are typically business-savvy and financially wise. 62% state that they believe networking is the key to financial success. The MarketWatch survey said they are five times more likely to continue in their same line of business regardless of previous failures and 90% have made bad business moves. This unique group is five times more likely than other middle class members to continue in the same line of business regardless of previous failures.
A key tactic to their business success lies in their negotiation skills and their drive to win. Sixty-five percent of middle class millionaires identify their approach to negotiating as “doing whatever you need to do to win”. This type of work ethic is exemplary and a good guide to use for the rest of us to become millionaires.
Almost half of this group believes that a child’s academic success and achievements reflect their success as a parent. Seventy-five percent chose the town they live in based on the rating and reputation of the school district.
There is a stark contrast in education values between regular middle class households and middle class millionaire households. Only 16% of regular middle class households are willing to stake their reputation as parents on their kids’ performance in schools. And a little more than 50% of regular middle class households chose the town where they live based only upon how close this town was to their job. The quality of the school district was not a factor in this major decision.
Middle class millionaires have definite goals as to what they consider as a net worth to define them as “rich” or “wealthy”. According to the survey, they need to attain an average net worth of $13.4 million to feel rich and a net worth of $24 million to feel wealthy.
With all of the new business, income producing, and investing opportunities available today, we are likely to see the number of middle class millionaire households flourish in the near future.