Some interesting numbers

Numbers don’t tell us everything. But some numbers should start us thinking:

Citigroup’s Smith Barney conducted an online research study in 2006 among 504 individuals reporting investable assets of at least $1 million.

Here are some interesting statistics published from that survey:
•    46% of working wealth want to give at least $100,000 to charity in their lifetime
•    55% of these have no plan to do so
•    28% of working wealth have a family member with a significant health problem
•    27% have no estate plan
•    32% of working wealth own a business
•    49% have at least one business partner
•    59% of working wealth know they will receive an inheritance
•    37% expect it to be at least $1 million
•    22% of working wealth plan on starting a second business
•    32% would need a loan to pay for it
•    56% of working wealth are helping financially support either parents or children
•    89% think they may need to support both

As in previous areas of discussion, planning is important in each of the items noted above. Planning is important both for your personal success as well as your professional success. Reminding you of John Wooden’s phrase:  "Failing to plan is planning to fail."


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