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| Enter the Milionaire |
| Wednesday, November 15, 2006 |
Consider this report about the increase in millionaire households for the year ending 2005.
Millionaires Once Again on the Rise Reports New Study from TNS
For the third consecutive year, the number of households with more than one million dollars ($1MM) in net worth (excluding primary residence) has risen, according to new research released today by TNS Financial Services, a division of TNS, one of the world’s largest market information companies...
Unlike 2004, year to date stock market growth did not fuel the increase in millionaire households. The Standard & Poors 500 and NASDAQ posted no significant gains during the time period measured, and the Dow Jones Industrial Average posted only a 4% gain. In fact, while ownership of stocks and bonds is up (72% of millionaires own individually held stocks and bonds, up from 63% in 2003), the average balance invested is down. Ownership of mutual funds is flat and the average balance also fell, dropping about 20% (mean among mutual fund owners in 2005 was $283,000 versus $355,000 in 2004.)
TNS found that the majority of the affluent households were earning from active reinvestment of capital.
Millionaire and affulent households are becoming more and more common. And, although many people have complaints that the quality of modern life is diminishing with so much government intervention, long commutes, and often long work hours, the evidence seems to indicate otherwise. A great example of this is easy to see everyday. Look at all the Jiffy Lubes, Chili's, and Target's and then take a look at how few people change their own oil and filters, brown bag it to work, or make their own clothes from scratch. There has beena notable increae in life's little luxuries. Even in poor areas you see an alarming number of working automobiles, name brand clothing, and other acouturements that indicate a certain level of wealth in almost all comunities.
There are many steps each of us can take to change this. One of the first is to develop knowledge about the systems that are necessay to increase ones net worth and then apply ourselves to activities that will help us make that move. If you fell that you're in a rut get out. |
posted by Domesticated Dog @ 10:43 PM  |
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