{"id":39132,"date":"2024-12-24T19:56:41","date_gmt":"2024-12-24T19:56:41","guid":{"rendered":"https:\/\/isafespend.com\/?p=39132"},"modified":"2024-12-24T19:56:41","modified_gmt":"2024-12-24T19:56:41","slug":"eighteen-percent-of-us-households-are-millionaires-here-is-why-you-arent-one-of-them","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=39132","title":{"rendered":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them."},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-23938\" src=\"\/\/www.savingadvice.com\/wp-content\/uploads\/2014\/06\/1-million-new-US-millionaires-550x371.jpg\" alt=\"Report: there are more than 1 million new millionaires in the US BCG\" width=\"550\" height=\"371\">Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a representative picture of the wealth of America.\u00a0 It details the assets and liabilities of participants in the studies, and also shows their income, demographic characteristics, and changes in American wealth every three years.\u00a0 \u00a0So you may be wondering, if there are so many millionaires, why aren\u2019t you a millionaire?\u00a0<\/p>\n<h2>What Is The Average Millionaire Profile in the United States?<\/h2>\n<p>According to the SCR, American millionaires typically have a number of characteristics.\u00a0<\/p>\n<ul>\n<li>About 18% of US Households were millionaires<\/li>\n<li>Millionaire households were usually older \u2013 most were over 55 years of age<\/li>\n<li>Most millionaires were couples, or couples with children.\u00a0<\/li>\n<li>Millionaires were usually better educated, with college degree holders having an average net worth of $1.9 million dollars, nearly four time more than those who never graduated college<\/li>\n<li>Millionaires were typically self employed ($3 million net worth) or retired ($1 million net worth)<\/li>\n<li>Millionaires were more likely to own their homes ($1.5 million net worth), rather than be renters ($150,000 thousand net worth)<\/li>\n<li>Millionaires were more likely to own businesses and business owners had higher incomes and wealth that non-owners.<\/li>\n<\/ul>\n<p>The Survey of Consumer Finances also found that the majority of millionaires owned stocks, had retirement accounts and many owned pooled investments such as mutual funds or index funds (Source: Survey of Consumer Finances).\u00a0<\/p>\n<h2>Is The Survey of Consumer Finances Accurate?\u00a0<\/h2>\n<p>Since the Survey of Consumer Finances only interviews about 4,000 people, you may be wondering if the data is accurate.\u00a0<\/p>\n<p>It is.\u00a0<\/p>\n<p>The survey uses something called multi-stage area probability sampling which is a statistical term that means the Federal Reserve selected study participants in a way to make them representative of the country at large, per the survey\u2019s annual report.\u00a0 The study deliberately excludes members of the Forbes 400, which is a list of billionaires.\u00a0 So, the study is reflective of what wealth basically looks like in the United States.\u00a0 It is as accurate as large economic studies can be.\u00a0<\/p>\n<h2>So, Why Aren\u2019t You A Millionaire?<\/h2>\n<p>If you find that you\u2019re not one of the millionaires included in this report, there could be a number of reasons for this. Below is a list of common reasons many people fail to become millionaires:<\/p>\n<ul>\n<li>You spend more than you make each year<\/li>\n<li>You fail to pay yourself first<\/li>\n<li>You have a lot of kids, and you have them too young<\/li>\n<li>You don\u2019t own a home<\/li>\n<li>You don\u2019t save or invest<\/li>\n<li>You continually replace things before you need to<\/li>\n<li>You have a low income<\/li>\n<li>You don\u2019t live a healthy life<\/li>\n<li>You don\u2019t read<\/li>\n<li>You get a divorce<\/li>\n<li>You have at least one bad habit that\u2019s a money drain, such as smoking or gambling<\/li>\n<li>You\u2019re young.\u00a0<\/li>\n<\/ul>\n<p>If you currently aren\u2019t a millionaire, or aren\u2019t on course to becoming one, it\u2019s likely due to the consequences of choices you\u2019ve made in the past. The good news is you can make different choices from this point forward to create the wealth you want. It won\u2019t necessarily be easy and you\u2019ll need to avoid making the mistakes which limited you in the past.<\/p>\n<h2>Want To Be A Millionaire \u2013 Here Are Some Things You Can Do<\/h2>\n<p>Becoming a millionaire is straightforward, but it requires sustained effort over time.\u00a0 \u00a0Here are some immediate steps you can take that will help get you on track.\u00a0<\/p>\n<ul>\n<li><em>Start saving and investing as soon as possible.<\/em>\u00a0 The Survey of Consumer Finances data is very clear \u2013 it takes time to become a millionaire.\u00a0<\/li>\n<li><em>Contribute the maximum to your retirement accounts<\/em>.\u00a0 Nearly all the millionaires in the Federal Reserve\u2019s study had retirement accounts. In contrast, very few of the poorest in the study had these.\u00a0 So, if you don\u2019t have an IRA or you haven\u2019t signed up for your 401(k) through your employer, do it and contribute the maximum.\u00a0<\/li>\n<li><em>Buy A Home<\/em>.\u00a0 Millionaires are far more likely to be home owners.\u00a0 Homeownership results in forced savings, tax benefits and homes often appreciate in value.\u00a0 Renters have none of these advantages, leaving homeowners with more wealth in the long run.\u00a0 If you don\u2019t have one, buy home you can afford.\u00a0 \u00a0\u00a0<\/li>\n<\/ul>\n<p>So, by taking a few steps, you may be able to count yourself as one of the newly crowned millionaires in these reports in the not-too-distant future.<\/p>\n<p>(Photo courtesy of Pamela Carls)<\/p>\n<p>Read the full article <a href=\"https:\/\/www.savingadvice.com\/articles\/2024\/12\/23\/1023923_millionaires-why-arent-you-one.html\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a representative picture of the wealth of America.\u00a0 It details the assets and liabilities of participants in the studies, and also shows their income, demographic characteristics, and changes in American wealth<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[54],"tags":[32],"class_list":{"0":"post-39132","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-savings","7":"tag-featured"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/isafespend.com\/?p=39132\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend\" \/>\n<meta property=\"og:description\" content=\"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/isafespend.com\/?p=39132\" \/>\n<meta property=\"og:site_name\" content=\"iSafeSpend\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-24T19:56:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/feat-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/isafespend.com\/?p=39132#article\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/?p=39132\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\"},\"headline\":\"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them.\",\"datePublished\":\"2024-12-24T19:56:41+00:00\",\"dateModified\":\"2024-12-24T19:56:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/isafespend.com\/?p=39132\"},\"wordCount\":764,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Savings\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/isafespend.com\/?p=39132#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/isafespend.com\/?p=39132\",\"url\":\"https:\/\/isafespend.com\/?p=39132\",\"name\":\"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend\",\"isPartOf\":{\"@id\":\"https:\/\/isafespend.com\/#website\"},\"datePublished\":\"2024-12-24T19:56:41+00:00\",\"dateModified\":\"2024-12-24T19:56:41+00:00\",\"description\":\"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a\",\"breadcrumb\":{\"@id\":\"https:\/\/isafespend.com\/?p=39132#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/isafespend.com\/?p=39132\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/isafespend.com\/?p=39132#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/isafespend.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them.\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/isafespend.com\/#website\",\"url\":\"https:\/\/isafespend.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/isafespend.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/isafespend.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/isafespend.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/isafespend.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/isafespend.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/isafespend.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/isafespend.com\"],\"url\":\"https:\/\/isafespend.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend","description":"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/isafespend.com\/?p=39132","og_locale":"en_US","og_type":"article","og_title":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend","og_description":"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a","og_url":"https:\/\/isafespend.com\/?p=39132","og_site_name":"iSafeSpend","article_published_time":"2024-12-24T19:56:41+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/feat-scaled.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/isafespend.com\/?p=39132#article","isPartOf":{"@id":"https:\/\/isafespend.com\/?p=39132"},"author":{"name":"News Room","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf"},"headline":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them.","datePublished":"2024-12-24T19:56:41+00:00","dateModified":"2024-12-24T19:56:41+00:00","mainEntityOfPage":{"@id":"https:\/\/isafespend.com\/?p=39132"},"wordCount":764,"commentCount":0,"publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"keywords":["Featured"],"articleSection":["Savings"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/isafespend.com\/?p=39132#respond"]}]},{"@type":"WebPage","@id":"https:\/\/isafespend.com\/?p=39132","url":"https:\/\/isafespend.com\/?p=39132","name":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them. | iSafeSpend","isPartOf":{"@id":"https:\/\/isafespend.com\/#website"},"datePublished":"2024-12-24T19:56:41+00:00","dateModified":"2024-12-24T19:56:41+00:00","description":"Every three years the US Federal Reserve conducts a survey of American\u2019s finances.\u00a0 This study, called the US Survey of Consumer Finances (SCR), is a","breadcrumb":{"@id":"https:\/\/isafespend.com\/?p=39132#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/isafespend.com\/?p=39132"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/isafespend.com\/?p=39132#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/isafespend.com\/"},{"@type":"ListItem","position":2,"name":"Eighteen Percent of US Households Are Millionaires. Here is Why You Aren\u2019t One of Them."}]},{"@type":"WebSite","@id":"https:\/\/isafespend.com\/#website","url":"https:\/\/isafespend.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/isafespend.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/isafespend.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/isafespend.com\/#organization","name":"Solutions For Real","url":"https:\/\/isafespend.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/isafespend.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/isafespend.com\/#\/schema\/person\/5b8c1c75336efaf09b163cd1eab0c9bf","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/isafespend.com\/#\/schema\/person\/image\/","url":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/isafespend.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/isafespend.com"],"url":"https:\/\/isafespend.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/39132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39132"}],"version-history":[{"count":0,"href":"https:\/\/isafespend.com\/index.php?rest_route=\/wp\/v2\/posts\/39132\/revisions"}],"wp:attachment":[{"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/isafespend.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}