Welcome to the Millionaire Club

Tip of the MorningThere are 323.1 million people living in the United States. According to the latest Credit Suisse Wealth Survey on America’s millionaires (source: Money Magazine September 2017), there are 13.5 million individuals, or 4.17% of the population, with $1 million or more in net investable assets (liquid assets). Of this 13.5 million, 11.3 million, or 83.7%, had between $1 million and $5 million in such liquid assets.

According to research data from Fidelity and the Spectrum Group (source: Money Magazine September 2017), the typical U.S. millionaire is 62 years of age with $1.75 million in net liquid assets (Median).

Here’s some more interesting data regarding America’s millionaires:

  • Median Annual Income = $125,000.
  • 55% of the typical millionaire’s wealth was net investable assets (stocks, bonds, cash – think liquid assets)
  • 44% of the typical millionaire’s net investable assets were invested in stocks, 15% in fixed income investments, 15% in short-term investments and 26% in other investments.
  • 45% of the typical millionaire’s non-liquid wealth was spread out as follows:
    • 16% Home
    • 12% Retirement Assets
    • 8% Insurance/Annuities
    • 6% Non-Home Real Estate Investments
    • 2% Privately Held Business
    • 1% Other
  • 76% are married.
  • 67% are men and 33% are women.
  • 91% are White/Caucasian. Caucasian means white European origins.
  • 83% had an undergraduate degree or higher.
  • Millionaires with $5 million to $25 million in net investable assets were, on average, 66 years of age.
  • Millionaires with more than $25 million in net investable assets were, on average 52 years of age.

Having $1 million in liquid wealth does not make you rich. What makes you rich is being able to live off of the passive income generated from your liquid wealth. Rich means your passive income equals or exceeds your cost of living. In the research behind my book, Rich Habits, I set the bar for being rich higher:

  1. $160,000 in passive income and
  2. $3.2 million in Net Investable Assets

Passive Income of 5% on $3.2 million = $160,000 in annual passive income.

In most parts of the world, having $160,000 in annual passive income is more than you need to meet your cost of living.

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Thomas C. Corley About Thomas C. Corley

Tom Corley understands the difference between being rich and poor: at age nine, his family went from being multi-millionaires to broke in just one night, due to a catastrophic fire that destroyed his Dad's thriving business. For fourteen years they struggled with poverty. There were eleven in Tom's family, and they lived in constant fear of losing their home.

Driven by the desire to unlock the secrets to success and failure, Tom spent five years studying the daily activities of 233 rich people and 128 poor people. He discovered there was an immense difference between the habits of the rich and the poor. During his research he identified over 300 daily activities that separated the “haves” from the “have nots.” Tom decided to write a book to share what he learned. That book, Rich Habits: The Daily Success Habits of Wealthy Individuals (1st Edition), went on to become an Amazon Bestseller in the United States forty times over a three year period. To give you some perspective, in order to be a true Amazon Bestseller in the United States, where you actually receive a specific Bestseller designation from Amazon, you need to be in the top 100 of all books sold by Amazon in the United States in a given day. Rich Habits did that for nearly thirty straight days, rising as high as #7, eclipsing such Bestselling authors such as Stephen Covey, Robert Kiyosaki and J.K. Rowlings. Imagine that - an unknown, first-time, self-published author selling more books than J.K. Rowlings!

Tom now travels the world, sharing his Rich Habits and motivating audiences at industry conferences, corporate events, universities, multi-level marketing group events, and global sales organizations’ presentations and finance conferences. He has even spoken on the same stage with famous entrepreneurs and personal development experts, such as Sir Richard Branson, Robin Sharma, Dr. Daniel Amen, and many others.

Tom has shared his insights on various national and international network, cable, and Internet television programs such as CBS Evening News, NBC News, Yahoo Financially Fit, Money.com, India TV, News.com Australia, and a host of others. He has been interviewed on many prestigious nationally syndicated radio shows, including the Dave Ramsey Show, Marketplace Money, and WABC.

Tom has been featured in numerous print magazines—such as Money magazine, Inc. Magazine, SUCCESS Magazine, Entrepreneur magazine, Fast Company magazine, More magazine, Epoca Magazine (Brazil’s largest weekly) and Kiplinger’s Personal Finance magazine—and various online publications, including USA Today, CNN, MSN Money, SUCCESS.com, Inc.com, and the Huffington Post. Tom is a frequent contributor to Business Insider, Credit.com, Bankrate.com and a few other media outlets.

National publicity has garnered international media attention for Tom and his Rich Habits research spanning 23 countries. Broadcast media, online publications, and television throughout Asia, the South Pacific, Europe, the United Kingdom, and Central and South America have shared his powerful message.

In an effort to help parents, grandparents, teachers and adults become success mentors to the younger generation, Tom released his second book, Rich Kids: How to Raise Our Children to be Happy and Successful in Life in 2014. This book was the self-help category winner of the 2015 New York Book Festival and Runner-up in the prestigious 2015 Writer’s Digest Self-Published Book Awards Contest. In 2016 Tom released his third book, Change Your Habits, Change Your Life. This book provides the latest science on habit change as well as more of Tom's unique research on the specific habits that helped transform 177 ordinary individuals into self-made millionaires.

Besides being an author, Tom is also a CPA, CFP, and hold a master’s degree in taxation. As president of Cerefice and Company, CPAs, Tom heads one of the premier financial firms in New Jersey.
 
Phone Number: 732-382-3800 Ext. 103.
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