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Mike
Carruthers:
They're called "middle class millionaires." Lewis
Schiff: It's somebody who has a net worth between one million and
ten million dollars. It's a self-made person - they never receive more than $50,000
from their family. The population of those folks with one million to ten million
dollars is one of the fastest growing populations in America. Lewis
Schiff, co-author of the book The
Middle Class Millionaire, says these people have some interesting characteristics
in common. They're
openly aspirational. So, they have a strong middle class ethic. They work very
hard; in fact, according to our survey they work seventy hours a week compared
to the regular middle class, which works forty hours a week. They also report
that in the face of adversity, such as career set backs, when they experience
adversity they got back up and tried again doing the same thing. When we asked
the middle class that question they report that when they face adversity they
gave up and tried other projects. The third thing is they seem to leverage information
better. Sometimes it's in the form of networking, they know more people, and they're
more willing to ask people for things, they're more willing to be asked for things.
So, they take what's out there all around us and they turn it into opportunities
for themselves. And
middle class millionaires are willing to take more chances. The
middle class millionaire failed at least twice as often as the middle class. We
had some cases in our survey sample where we had people reporting six substantial
career set backs and still having accumulated a million dollars in net worth or
more. At somethingyoushouldknow.net
I'm Mike Carruthers and that's Something You Should Know. |
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