Are you a millionaire in the making? Here are 11 traits to emulate


America's millionaires are more common than you think. Check to see how similar you are to them.

Chances are you wish your bank account had a few more zeros and your wallet had a few more bills in it.

But even if your net worth hasn't hit the million-dollar mark yet, you might have more in common with the average millionaire than you think.

The number of millionaire households stands at a record. The benchmark has become more attainable than ever, fueled by equity prices that have soared since the financial crisis.

"People perceive that millionaires are not ordinary people—that they're so wealthy that they can't relate to ordinary folks. In reality, millionaires represent a lot of the folks that are our neighbors," said George Walper, president of Spectrem Group, in a phone interview.

There are now 10.4 million of these households—a measure that doesn't count money tied up in a primary residence— according to a report from Spectrem.

"It's not the 1 percent. It's a lot of Americans who are doing quite well. Depending on how they created their wealth, they're the ones who created jobs in this country," he said.

So how similar are you to the average millionaire, which Spectrem defines as a household net worth of $1 million to $5 million? Find out below:

How old are you? A full 71 percent of millionaires fall into the Baby Boomer category. The average age is 66.

Have you been to college? About 82 percent of millionaires have graduated college, and 100 percent graduated from high school.

Do you work? Just 41 percent of the group describes themselves as working. Another 49 percent are retired while 10 percent are semi-retired.

Have you inherited money? Almost 60 percent of millionaires have.

Do you use a professional advisor? If you don't, you are in the minority. About 78% of millionaires use one.

How many income producers are in your household? Only 34 percent say their household income was generated by one person.

Why are they wealthy? About 95 percent attributed it to hard work while 83 percent credited education and 79 percent say smart investing helped them create wealth.

What is or was your occupation? About 16 percent of millionaires said they were managers, followed by professionals at 15 percent and perhaps surprisingly educators at 13 percent.

Where do you hold the majority of your money? More than half, or 55 percent, is held in millionaires' investable assets, followed by 16 percent for a principal residence, millionaires reported.

Who makes the financial decisions in your family? In 56 percent of millionaire households, it's a joint process while about 37 percent leave it mostly to the husband and 6 percent say it's the wife.

How high is your risk tolerance? About 60 percent of millionaires described it as moderate and another 17 percent as conservative. About 24 percent answered aggressive or most aggressive.

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