PROFILE OF LATIN MILLIONAIRES
Most Latino/Hispanic millionaires got there predictably: they worked hard, took risks, and controlled their personal spending. Few achieve and maintain wealth by winning the lottery or being a sports or media star.
Those people, who achieve quick and easy success, for whom wealth has come without sustained effort, often have very different views from the “typical” millionaire described below. The traditional millionaire shares these beliefs:
GENERAL ATTITUDES
They have a tremendous need for power, control, and approval.
Do not feel rich or flaunt your wealth.
They are frugal bargain hunters.
Delay today’s gratification to create a better tomorrow.
Have a natural “nose” for opportunities.
They are good at getting and processing information.
Independent thinkers who believe in their own decision-making abilities.
Politically conservative on most issues, though liberal towards specific causes.
Take a serious perspective towards family responsibilities.
ATTITUDES TOWARDS MONEY
Highly motivated by money and prefers money to material items.
They believe that money can buy happiness, love, acceptance, security, etc.
I hate paying taxes: income, property and estate tax.
Favor direct ownership of assets they can control, such as their own business or real estate.
Aggressive investors oriented to growth and very interested in increasing their wealth.
They are willing to take controlled risks, especially with some personal involvement.
Only a small minority is in favor of defensive investments.
Try to minimize your personal financial exposure in business and investment deals.
They like to use “other people’s money” to improve their own wealth.
They tend to prefer large philanthropic gestures with a desire to have some control over the application of funds.
TOP PRIORITIES
Personal business or professional success.
Financial security for their families.
Maximize the returns on your careers and your investments.
Provide an excellent education to your children.
Appreciate personal advertising of a favorable nature.
YOUR BIGGEST FEARS
Their children end up being failures.
The IRS, taxes and tax return audits.
Losing all your money and power (particularly strong among people who grew up poor).
Loss of assets as a result of an “unwarranted” lawsuit or government seizure.
THEY WANT A FINANCIAL ADVISOR TO HELP THEM
Plan for your retirement, with the style and financial comfort you’ve grown accustomed to.
Fight the erosion of inflation on your income and purchasing power.
Select the most suitable investments.
Minimize your taxes – income and estate.
Define and prioritize your financial goals.
Increase your net worth (to offset inflation).
Give gifts without compromising your other goals.
Avoid mistakes.
WHAT THEY WANT MOST IN A FINANCIAL ADVISOR
An informed and trusted expert who understands and can empathize with their goals and diligently help them get what they want.
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