Latino profile, Hispanic millionaire
PROFILE OF LATINO MILLIONAIRES
Most Latino/Hispanic millionaires got there in predictable ways: 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, who have found wealth 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.
Don’t feel rich or flaunt your wealth.
They are frugal bargain hunters.
Put off today’s gratification to create a better tomorrow.
Have a natural “nose” for opportunities.
They are good at obtaining 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 approach to 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 wealth 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 are 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 enhance their own wealth.
They tend to prefer large philanthropic gestures with a desire to have some control over the application of the funds.
TOP PRIORITIES
Personal business or professional success.
Financial security for their families.
Maximize the returns of their careers and their investments.
Provide an excellent education to your children.
Appreciate personal publicity of a favorable nature.
YOUR GREATEST 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 “unjustified” claim or government forfeiture.
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 appropriate investments.
Minimize your taxes – income and wealth.
Define and prioritize your financial goals.
Increase your net worth (to offset inflation).
Give gifts without jeopardizing your other goals.
Avoid mistakes.
WHAT THEY WANT MOST IN A FINANCIAL ADVISOR
A knowledgeable and trustworthy expert who understands and can empathize with their goals and diligently helps them get what they want.
insert file
