How Do Millionaires Do It?
How Do Millionaires Do It?
By William K. Hayes
According to Slate magazine, there are now 8.9 million American households
with assets over $1 million, excluding their homes and retirement funds.
Dr. Larry Samuel of the consulting group Culture Planning breaks them down
into five basic groups:
- Thrillionaires. These millionaires live on the edge, consuming conspicuously.
They’re more likely to be found rolling the dice in Las Vegas than
taking a family vacation. While they’re not impulsive, they take
calculated risks. Think: Donald Trump.
- Coolionaires. These millionaires live in the cultural centers and
support fine art, architecture, and other expressions of creativity.
They probably acquired their wealth through a combination of innate
talent and an extraordinary amount of hard work. Think: Steve Jobs, founder
of Apple Computer.
- Realionaires. These unassuming millionaires live ordinary lives.
They do not like to spend money unnecessarily. However, they do spend
money on their priorities, like education. These millionaires may
be the “Millionaire
Next Door” as described in the book by Drs. Stanley and Danko a few
years back. They are hard working and down to earth. Think: Warren
Buffet.
- Wellionaires. They value their spiritual, mental, and physical health.
They are open to new ideas and methods, which may be how they acquired
their wealth. Think: Mark Hughes, founder of Herbal Life.
- Willionaires. Their wealth is often inherited and they view it as
a sacred trust. They view their wealth as a responsibility to better
their environment. These are the philanthropists. Think: David Rockefeller.
While these millionaires vary considerably from one another, they all have
one thing in common: planning. It has been said that those who fail to plan,
plan to fail. Whether you are a millionaire or aspire to be one, planning
is the way to achieve your financial and life goals.
As with most endeavors, planning is essential when it comes to deciding
what should happen when you are gone and how to deal with that eventuality.
Will the kids be taken care of? What if my spouse remarries? Will I pay too
much in taxes or expenses? What if my family fights over my estate? If you
start now, you can make that eventual transition smoother and less traumatic
emotionally and financially for you and your family.
A qualified estate planning attorney can help you set up a plan that will
put your mind at ease. Taking care of matters now can avoid big messes down
the road when you are incapacitated or after your death. You will know that
things are taken care of and you can concentrate on more important things,
like creating memories with your family.
William K. Hayes is a member of the prestigious American Academy of Estate
Planning Attorneys and has been engaged in the practice of law for the last
31 years. The Hayes Law Firm specializes in Trusts, Probate and Asset Protection
Planning for professionals and small business owners. For free information
or to attend an upcoming seminar, you may contact attorney Hayes at 626-403-2292
or visit The Hayes Law Firm website at www.LosAngelesTrustLaw.com.
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