5 Traits Tomorrow's Millionaires Possess

5 Traits Tomorrow's Millionaires Possess

Want to know whether you’ll hit millionaire status in the near future?

Turns out you don’t need a crystal ball to figure it out. There are certain traits and behaviors that do a pretty good job of predicting your financial future.

That’s according to new research from Fidelity Investments, which found that today’s “emerging affluent” investors share many qualities in common with millionaires—and even deca-millionaires.

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The seventh Millionaire Outlook Study defined the “emerging affluent” class as people between ages 21 and 49 with at least $100,000 of annual household income and a median of $250,000 in investable assets. Millionaires were defined as those with a median of $2.5 million in investable assets and deca-millionaires as those with $11.75 million.

Results showed that there are five key factors that will help emerging affluent investors ascend the ranks.

First up: their careers. Many of the emerging affluent work in information technology, finance and accounting—the same fields in which many millionaires are employed.

In terms of their salaries, the median annual household income for the emerging affluent is $125,000—which isn’t too far from millionaires’ median income of $200,000.

Members of the emerging affluent also approach their investments much the same way as millionaires and deca-millionaires. For example, all three groups are willing to invest aggressively to help maximize returns and to allocate a bigger percentage of their portfolio for riskier investments. What’s more, emerging affluent investors tend to emphasize the long-term growth of their assets.

But don’t think that all of these people were born with silver spoons in their mouths. The survey found that the majority of emerging affluent investors as well as millionaires and deca-millionaires are self-made—meaning they’ve earned or increased their assets on their own.

Curious to know what other ingredients make up the millionaire recipe? Check out these nine money habits that can help you build wealth—from using heuristics to living somewhat below your means.

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