Spectrem Group’s 2014 study Financial Attitudes and Concerns reveals that 83 percent of Millionaire investors with a net worth between $1 million and $5 million believe that smart investing was a factor in their wealth creation. Only “hard work” (94 percent) and “education” (87 percent) exceed smart investing in terms of factors credited with creating wealth for Millionaire investors.
The greatest regret Millionaire investors have regarding their financial decisions prior to the recession of 2008 is that they did not take more risk in their investments. Twenty-five percent of Millionaire investors said they wished they had taken more risk. On the other side of the risk spectrum, however, 24 percent said they wished they had saved more money prior to the event.
The only other regrets that received a significant number of nods from Millionaire investors were “done more research about finances on my own” (16 percent) and “invested in more real estate or real estate products (15 percent).
It is revealing the attitude Millionaire investors have about their own wealth status, namely in the question of whether they are wealthy. Asked to place themselves on a sliding scale from 0 (poor) to 100 (wealthy) the Millionaire investors averaged themselves to 63.91. High Net Worth investors at 72.14.
However, when asked if they “enjoy investing and don’t want to give it up” only 47 percent of Millionaire investors agree or strongly agree with that statement. That compares to 58 percent of Ultra High Net Worth investors with a net worth between $5 million and $25 million.
Sixty percent of Millionaire investors say they are fairly knowledgeable about investing but still have a lot to learn, while only 19 percent consider themselves very knowledgeable. Twenty percent admit they are not very knowledgeable about financial products and investments.
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