This is a moderated blog. The Biltmore Group has the sole discretion to edit or remove any message posted. For more information, contact The Biltmore Group.
This entry was posted on 1/8/2008 10:14 AM and is filed under wealth marketing.
CHICAGO, January 7, 2008 /PRNewswire/ — How much money does it take to be
considered rich? It turns out that $1 million just doesn't cut it,
anymore.
In fact, rich today requires at least $5 million, according to a new
survey of affluent households, defined as those with investable assets
of $500,000 or more. When asked how much money it takes to be rich, 45%
chose $5 million, 25% selected $25 million, and 8% picked $100 million,
according to the research by www.MillionaireCorner.com, a newly launched website powered by Spectrem Group. Only 22% said $1 million is enough to be rich.
Achieving such wealth — and holding onto it for generations — is
the topic of a new book by Spectrem's Catherine S. McBreen and George
H. Walper, Jr. titled "Get Rich, Stay Rich, Pass It On: The Wealth
Accumulation Secrets of America's Richest Families."
Published this month by Portfolio and available in bookstores now, the
book is based on years of research in addition to interviews with
ordinary individuals who were able to amass enough wealth to pass on to
future generations.
"All you really need is to know how to use the same wealth-building
tools Carnegie and du Pont and all the other progenitors of sustainable
fortunes used," McBreen and Walper write. "They created the model but
they didn't patent it. It's available for your use, and this book is
the operating manual."
The authors found that the proper mix of entrepreneurial activities
and income-producing real estate is the key to achieving building
perpetual wealth. "Get Rich, Stay Rich, Pass It On" walks readers
through not only the theory but the practice of building sustainable
fortunes. It not only lays out the model, but provides exercises to
help readers bring their own finances into focus and determine what
they need to do to develop perpetual wealth of their own.
The data on how much it takes to be rich are based on 253 telephone
interviews conducted in December 2007, with a margin of error of plus
or minus 6.2 percentage points. Interviews were conducted with the
financial decision-makers in households with $500,000 or more in
investable assets.
Millionaire Corner is a website powered by Spectrem Group that offers research-based
articles, blog posts, podcasts and other content designed to help
individuals understand how to develop and handle significant wealth.
