PROFILE OF LATIN MILLIONAIRE
Most Latino / Hispanic millionaires got there in a predictable way: They worked hard, took risks, and controlled personal spending. Few achieve and maintain their wealth by winning the lottery or by being a sports or media star.
Those people, who achieve quick and easy success, who have come to wealth without sustained effort, often have very different views than 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.
Defer gratification today 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 skills.
Politically conservative on most issues, though liberal toward specific causes.
Take a serious attitude toward family responsibilities.
TOWARDS MONEY ATTITUDES
Much motivated 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 taxes.
Encourage direct ownership of assets they can control, such as their own business or real estate.
Aggressive, growth-oriented investors with a keen interest in increasing their wealth.
They are willing to take controlled risks, especially with some personal involvement.
Only a small minority favor defensive investments.
Seek to minimize your personal financial exposure in business and investments.
They like to use “other people’s money” to improve their own wealth.
They tend to prefer grand philanthropic gestures with the desire to have some control over the application of funds.
TOP PRIORITIES
Personal success in business or career.
Financial security for their families.
Maximize the return on your careers and your investments.
Provide an excellent education for your children.
Appreciate favorable personal advertising.
HIS GREATEST FEARS
Their children end up failing.
The IRS, tax and tax return audits.
Losing all your money and power (particularly strong among people who grew up in poverty).
Loss of assets as a result of an “unjustified” lawsuit or government seizure.
THEY WANT A FINANCIAL ADVISOR TO HELP THEM
Plan for retirement, with the style and financial comfort you’ve grown accustomed to.
Combat the erosion of inflation on your income and purchasing power.
Select the most suitable investments.
Minimize your taxes: income and wealth.
Define and prioritize your financial goals.
Increase your net worth (to compensate for inflation).
Give gifts without jeopardizing your other goals.
Avoid mistakes.
WHAT THEY WANT MOST FROM A FINANCIAL ADVISOR
An informed and trustworthy expert who understands and can relate to their goals and who diligently helps them get what they want.
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