Growth in profits
Tuesday, May 6, 2008 | | |The currency, not inherit, creates more financial security
Most rich people earn their money, and because they earned, they feel more secure on maintaining. That's what a new survey reveals the richness and values. More from MarketWatch.com:
• richest Americans see slow housing market by buying opportunity
• wealthy people Press on social networking sites
• World's Richest Man could feed the poorest billion euros for two months
PNC Wealth Management conducted the survey among people over $ 500000 to invest assets. Wealth and Values Survey revealed that 69% of "rich" Americans accumulated most of their money through work, entrepreneurship or investments, 6% percent received money through inheritance, and 25% of wealth acquired through a combination of inheritance and income.
"A large number of wealthy Americans earned their wealth and are more likely to feel safe during periods of economic difficulty compared to peers who inherited their money," according to PNC.
These results reflect most other studies of the rich and how they were rich. Indeed, take a look at the Forbes list of the richest in the world and people you will not find much at the top of the rankings who inherited their wealth. This set of values says a lot about money, and the prospects of losing it.
A couple of things separate the income from the heirs: First, were back in control of their money, and therefore feel more confident about the preserve or do even more. On the other hand, took great risks income likely to achieve wealth. As we all know that the risk increases, so does return. Accordingly, revenues are likely more comfortable with the notion of risk.
Keep what you do
Revenues are more likely to be concerned about an economic recession, with more confidence and they can manage through a downturn. When asked about a recession, 36% of employees said it was a matter of concern, but 77% agree with the statement "I feel that I have a lot of control over my financial future. "
Meanwhile, 27% of heirs expressed concern about the recession, but 67% expressed confidence on controlling their financial future, PNC found.
To drive the point of risk tolerance at home, the report said employees also have a higher risk that tolerance heirs: 39% of employees rate themselves as moderate-risk investors compared to 21% of heirs.
"There is a strong correlation between those who earned their wealth, their willingness to take risks and confidence that they can retrieve an important negative financial event," said Thomas Melcher, executive vice president and general manager of Hawthorn, PNC Wealth Management Services division that the ultra-wealthy clients.
"Those who inherited their wealth often see themselves as custodians for future generations," he adds. "Consequently, they tend to be more conservative in their investment approach."
Other survey results include:
Happiness is relative: Three-quarters of revenue agree with the statement: "My financial success enables me to feel less stress and anxiety," against 50% of heirs. Meanwhile, 51% of employees agree with the statement: "As I have accumulated more money in my life I became happier," compared to 33% of heirs.
More is not necessarily merrier: The heirs are more than twice as likely to say "After a lot of money causes more problems than it solves."
Chance wanted: More people who have earned their wealth (37%) agree with the following statement: "The money I've made so far has come to be the right place at the right moment "compared to 25% of heirs.
In passing on much of employees agree with the statement: "Each generation must be responsible for creating its own wealth." And more workers believe that "It is more important for children to learn the value of money by working hard."
Who also seems to be a good lesson for adults.
The copyright MarketWatch. All rights reserved. Republication or redistribution MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. Mobile can not be held liable for any errors or delays in content, or for any actions taken under them.
Most rich people earn their money, and because they earned, they feel more secure on maintaining. That's what a new survey reveals the richness and values. More from MarketWatch.com:
• richest Americans see slow housing market by buying opportunity
• wealthy people Press on social networking sites
• World's Richest Man could feed the poorest billion euros for two months
PNC Wealth Management conducted the survey among people over $ 500000 to invest assets. Wealth and Values Survey revealed that 69% of "rich" Americans accumulated most of their money through work, entrepreneurship or investments, 6% percent received money through inheritance, and 25% of wealth acquired through a combination of inheritance and income.
"A large number of wealthy Americans earned their wealth and are more likely to feel safe during periods of economic difficulty compared to peers who inherited their money," according to PNC.
These results reflect most other studies of the rich and how they were rich. Indeed, take a look at the Forbes list of the richest in the world and people you will not find much at the top of the rankings who inherited their wealth. This set of values says a lot about money, and the prospects of losing it.
A couple of things separate the income from the heirs: First, were back in control of their money, and therefore feel more confident about the preserve or do even more. On the other hand, took great risks income likely to achieve wealth. As we all know that the risk increases, so does return. Accordingly, revenues are likely more comfortable with the notion of risk.
Keep what you do
Revenues are more likely to be concerned about an economic recession, with more confidence and they can manage through a downturn. When asked about a recession, 36% of employees said it was a matter of concern, but 77% agree with the statement "I feel that I have a lot of control over my financial future. "
Meanwhile, 27% of heirs expressed concern about the recession, but 67% expressed confidence on controlling their financial future, PNC found.
To drive the point of risk tolerance at home, the report said employees also have a higher risk that tolerance heirs: 39% of employees rate themselves as moderate-risk investors compared to 21% of heirs.
"There is a strong correlation between those who earned their wealth, their willingness to take risks and confidence that they can retrieve an important negative financial event," said Thomas Melcher, executive vice president and general manager of Hawthorn, PNC Wealth Management Services division that the ultra-wealthy clients.
"Those who inherited their wealth often see themselves as custodians for future generations," he adds. "Consequently, they tend to be more conservative in their investment approach."
Other survey results include:
Happiness is relative: Three-quarters of revenue agree with the statement: "My financial success enables me to feel less stress and anxiety," against 50% of heirs. Meanwhile, 51% of employees agree with the statement: "As I have accumulated more money in my life I became happier," compared to 33% of heirs.
More is not necessarily merrier: The heirs are more than twice as likely to say "After a lot of money causes more problems than it solves."
Chance wanted: More people who have earned their wealth (37%) agree with the following statement: "The money I've made so far has come to be the right place at the right moment "compared to 25% of heirs.
In passing on much of employees agree with the statement: "Each generation must be responsible for creating its own wealth." And more workers believe that "It is more important for children to learn the value of money by working hard."
Who also seems to be a good lesson for adults.
The copyright MarketWatch. All rights reserved. Republication or redistribution MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. Mobile can not be held liable for any errors or delays in content, or for any actions taken under them.
