3 Secrets of Wealthy Americans

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What makes wealthy Americans different from everyone else? Check out the interesting insights researchers have discovered about them. [[{“value”:”

For as long as there have been rich people, there has been a fascination with what their lives are like. How did they make their fortunes? What are their everyday routines? And is being wealthy as amazing as it sounds?

There’s been plenty of research about wealthy Americans over the years. Some of the findings are what you’d expect. They invest in stocks, they stay out of credit card debt — no surprises there. Here are a few insights about the wealthy that you might not have heard before.

1. Most of them aren’t self-made

Multimillionaires may like to promote the idea that they did it all themselves, but more often than not, they didn’t. Only 25% are self-made, according to a Bank of America Private Bank study. It surveyed Americans with at least $3 million in investment assets.

The study grouped multimillionaires into three categories:

Legacy wealth (32% of respondents): Those who self-identified as coming from a wealthy upbringing and receiving an inheritance. An average of 20% of assets came from inheritance.Head start (43% of respondents): Those who self-identified as coming from a wealthy upbringing with no inheritance or a middle-class upbringing with an inheritance. For the latter group, an average of 11% of assets came from inheritance.Self-made (25% of respondents): Those who self-identified as having a middle-class or poor upbringing and no inheritance.

It’s certainly possible to be successful with little help. But it’s important to acknowledge the roles that a stable upbringing and inherited wealth play. Those are significant advantages that most rich Americans have.

That’s also one of the reasons why you shouldn’t feel bad about your own financial situation compared to other people’s. You don’t know what kind of advantages they had.

2. Being wealthy doesn’t get rid of financial stress

I’m a regular viewer of the I Will Teach You To Be Rich podcast, where Ramit Sethi talks to couples about their finances. In some episodes, it sounds as if the couple is in pretty bad shape. They’re constantly worried about money, to the point where they get annoyed over $5 purchases their partners have made.

Then, they reveal their numbers, and it often goes something like this: “OK, so our net worth is $1.4 million, and our household income is $250,000 per year.” And as a viewer, my immediate reaction is shock. It was in the beginning, at least. I’ve since gotten used to it, because it happens all the time.

Many of us have this idea that more money would solve all our financial stress. We’re going to reach that magic number and never worry about money again. It rarely works out that way.

Don’t get me wrong — increasing your income and building wealth are great. They can significantly improve your quality of life. But they don’t fix everything. The wealthy are often still stressed about money and hesitate to spend it, despite the fact that they have far more than the average American.

3. They develop positive lifestyle habits in addition to their financial habits

Building wealth largely depends on your financial habits. Wealthy Americans tend to save money and invest regularly, avoid high-interest debt, and plan ahead for future expenses.

They also develop positive habits in other parts of their lives. Certified Financial Planner™ (CFP®) Tom Corley spent five years studying the habits of millionaires. He found that 80% read for at least 30 minutes each day, typically in subjects related to their careers. Here are a few more of his findings:

Nearly all of the millionaires he studied exercised at least 30 minutes a day.Nearly 90% devoted time to building and maintaining relationships.They all scheduled daily downtime for relaxation and leisure activities.

It’s probably safe to say that not all millionaires work out regularly or read every day. But in general, people who build positive habits in one area of their lives normally build them in other areas, as well.

There are valuable lessons you can learn from successful Americans. Their financial and lifestyle habits, in particular, could be worth incorporating into your own routine.

However, it’s also important to remember that nobody does it alone. While wealthy people don’t all come from rich families, most of them did have at least some assistance along the way. They can also be just as stressed about finances as anyone else. The idea that rich Americans are self-made or have stopped worrying about money are largely myths and misconceptions.

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