The Super Rich Start Saving Super Early
According to a new survey by Bank of America U.S. Trust, the bank’s private wealth management arm, many wealthy individuals in the U.S. start saving in their teenage years. The report, “Insights on Wealth and Worth,” surveys nearly 700 people and offers an inside look at the attitudes and behaviors of ultra-high-net-worth individuals. The survey’s respondents have at least $3 million in assets, and 30 percent have more than $10 million.
.. What is rare is the average age when these individuals started working and investing in stocks—15 and 25 years old, respectively.
.. On average, the survey’s respondents estimated that 52 percent of their wealth came from income, while 10 percent came from inheritance, and 32 percent from investments.
.. Data from the U.S. Bureau of Economic Analysis indicates that the national personal saving rate—the percent of a person’s disposable income that goes into savings—is currently 5.4 percent. However, for America’s wealthiest 1 percent, that rate is as high as 51 percent.
.. So why are the wealthy so good at saving money? It’s not just that they have ample funds to do so. Researchers who study the wealthy have long suspected that it might have something to do with the way wealthier parents teach their childrenabout money