PROFILE OF LATINO MILLIONAIRES
Most Latino/Hispanic millionaires got there in a predictable fashion – they worked hard, took risks and controlled personal spending. Few reach, and maintain, wealth by winning the lottery or by being a sports or media star.
Those people, achieving quick and easy success, to which wealth has come without sustained effort, frequently have much different views from the “typical” millionaire profiled below. The traditional millionaire shares these beliefs:
Have a tremendous need for power, control and approval.
Do not feel rich nor flaunt their wealth.
They are frugal bargain hunters.
Defer gratification today to create a better tomorrow.
Have a natural “nose” for opportunity.
Are good at getting and processing information.
Independent thinkers who believe in their own decision-making abilities.
Politically conservative in most matters, although liberal toward specific causes.
Takes a serious outlook toward family responsibilities.
ATTITUDES TOWARD MONEY
Highly money motivated and prefers money to material items.
They believe that money can indeed buy happiness, love, acceptance, security, etc.
Hate paying taxes: income, property and estate tax.
Favor direct ownership of assets they can control, such as their own business or real estate.
Aggressive growth-oriented investors and are very interested in increasing their wealth.
They are willing to take controlled risks, especially with some personal involvement.
Only small minority favor defensive investments.
Seek to minimize their personal financial exposure in business and investment deals.
Like to use “Other People’s Money” to enhance their own wealth.
Tend to prefer large philanthropic gestures with a desire to have some control over the application of the funds.
Personal business or career success.
Financial security for their families.
Maximizing returns from their careers and their investments.
Providing an excellent education for their children.
Appreciate personal publicity of a favorable nature.
THEIR BIGGEST FEARS
Their children ending up as failures.
The IRS, taxes and tax return audits.
Losing all of their money and power (particularly strong among people who grew up in poverty).
Loss of assets as result of an “unwarranted” lawsuit or government confiscation.
THEY WANT A FINANCIAL ADVISOR TO HELP THEM
Plan for their retirement – with the style and financial comfort to which they have become accustomed.
Fight the erosion of inflation on their income and its purchasing power.
Select the most appropriate investments.
Minimize their taxes – income and estate.
Define and prioritize their financial goals.
Increase their net worth (to offset inflation).
Make gifts without jeopardizing their other goals.
WHAT THEY WANT MOST IN A FINANCIAL ADVISOR
A knowledgeable, trusted expert who understands and can empathize with their goals and who diligently helps them to get what they want.