MIDDLE CLASS TURNS MILLIONAIRE : THE CHANGING FACE
During my four months stay in USA I have done some research to find out how most people have become millionaire here ? Is it through business and through investment only? Or through regular habits of saving and investment? To my utter surprise I had to conclude that most of the millionaire in USA have become millionaire now , not from high family business cconnectionnbsp; , inheritance through land lord community's assets and from shares of Industrial investment but from working as a serviceman and through regular saving and investment habit. Approximately 33% millionaire today came from middle class who never inherited fortune from their parents. Even Bill gates and Warren buffet's wealth were created during their life time and not from inheritance. This is a very good news for aspiring midle class of India.
It is a fact that the United States booms when it comes to creating millionaires.Amrica has highest number of millionaires in the world since last fewyears.The nation counted 8.9 million millionaire households in 2005 -- that's more American millionaires than ever before, according to British market researcher TNS Financial Services. It was the third consecutive year the number of U.S. millionaire households rose, and the total number of millionaires has jumped 62 percent since 2002. The study defined a millionaire as anyone who has a net worth of $1 million or more, excluding a primary residence. Even during the period of recession though number of millionaire has reduced by 10% yet America boast highest number oi millionaire.I was pleasently surprised to find that One third of these millionaire are self made scientist, professors, consultant, lawyers, Doctors and Business executives and cinema stars and players.
What are the most important qualities that made them millionaire? We asked a few working persons, who are millionaire at San Jose. They wanted to remain anonymous but confided to us that two most important characteristics could be (a) capacity to dream big and (b) to cultivate the habit of enormous patience. There are a few other qualities that are necessary for building up fortune. they added. Those are frugal habits, avoidance of impulsive decision making, development of courage, to become optimist and understanding the qualities of self discipline. In modern times,the most millionaire cannot be recognised by their appearance as they remain frugal in habits. Even billionaires like Warren Buffet and Narayan Murthy live in modest Houses and drive ordinary commoners automobiles.
In our quest very interesting data was revealed that the average millionaire household in USA had a net worth of roughly $2.2 million, and about half of the heads of these households are 58 years or older. Forty-five percent of millionaires are retired persons.
The highest number of millionaire residents of USA are located in California. It's no surprise that Los Angeles County topped the list of millionaire with 262,800 households qualifying for millionaire status. While the label "millionaire" may conjure images of business moguls like Bill Gates and Warren Buffet, the TNS study found that just 19 percent of U.S. millionaires made their wealth through all or part of a private business or professional practice. Apparently, the lion's share of the country's millionaires made their money the old-fashioned way, working, saving and investing. This result inspired me to write this article for our readers because in case our readers also try sincerely that can become millionaire. How much time middle class( working class) took to become a millionaire ?The most of the millionaire took Thirty year to become millionaire out of their regular saving and investment habits. What for they have been accumulating wealth?
TNS reported that the most common goal mentioned by the millionaires in the survey was to "assure a comfortable standard of living during retirement." Lesser financial goals listed included leaving a big inheritance to children and charitable giving.
One of the millionaire technocrat said that to become a millionaire, beside his own qualities described above, it is necessary to have a mentor. Many people have become millionaire because they had good guidance from their mentor.The most important example is the driver of Narayan Murthy who became also a millionaire due to coaching of his mentor.
The united states have 8.9 million millionaire where as Russa has 87,000 millionaire and China ha 300,000 millionaire. In my research it was found one of the highest concentration of millionaire is in Silicon valley. In Santa Clara county of silicon valley where I visited found that one out of twelve persons are millionaire. It is a well known fact that Santa Clara is a county of service class population who work as consultant, teachers, office executives , bankers or IT and communication professional. How much salary these professional were making? The most of them made yearly 36,000 dollar initially after five years 1,,50,000 dollar per year and later salary rose to 2.60,000 or more per year beside royalty etc.They regularly paid taxes amounting to 40%(both state and federal).
Before world war 1 most millionaire were from landowner community. Before and after world war 11 most of the millionaire were from business community. Since last sixty years
profile of millionaire changed to middle class. By the end of twentieth century one third of the millionaire came from middle class. During this time millionaire included, scientist, teachers, IT and communication engineers, Business executives, lawyers, Doctors, and architect . I, therefore like to conclude that middle class people of Assam can become also a millionaire in terms of Rupees in-case they save and invest well in thirty years.Our aim however should not be only to become a millionaire but to make fortune while remaining in the path of truth by dint of their education and beautiful mind. For whom do they need money?. Initially for their livelihood, then to live comfortably during days of retirement and there after for the charity of the society, who fostered them.
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