Smart investing got millionaire investors where they are today in terms of wealth, but that doesn't mean millionaire investors enjoy the process of investing.
Spectrem's Millionaire Corner 2014 study Financial Attitudes and Concerns reveals that 83% of millionaire investors with a net worth between $1 million and $5 million believe that smart investing was a factor in their wealth creation. Only "hard work" (94%) and "education" (87%) exceed smart investing in terms of factors credited with creating wealth for millionaire investors.
However, when asked if they "enjoy investing and don't want to give it up," only 47% of millionaire investors agree or strongly agree with that statement. That compares with 58% of ultra-high net-worth investors with a net worth between $5 million and $25 million.
Sixty percent of millionaire investors say they are fairly knowledgeable about investing but still have a lot to learn, while only 19% consider themselves very knowledgeable. Twenty percent admit they are not very knowledgeable about financial products and investments.
The greatest regret millionaire investors have regarding their financial decisions before the recession of 2008 is that they did not take more risk in their investments. Twenty-five percent of millionaire investors said they wished they had taken more risk. On the other side of the risk spectrum, however, 24% said they wished they had saved more money before the event.
The only other regrets that received a significant number of nods from millionaire investors were "done more research about finances on my own" (16%) and "invested in more real estate or real estate products (15%).
It's revealing the attitude millionaire investors have about their own wealth status, namely in the question of whether they are wealthy. Asked to place themselves on a sliding scale from 0 (poor) to 100 (wealthy), the millionaire investors averaged themselves to 63.91. High-net-worth investors came in at 72.14.
Take advantage of this little-known tax "loophole"
Recent tax increases have affected nearly every American taxpayer. But with the right planning, you can take steps to take control of your taxes and potentially even lower your tax bill. In our brand-new special report "The IRS Is Daring You to Make This Investment Now!," you'll learn about the simple strategy to take advantage of a little-known IRS rule. Don't miss out on advice that could help you cut taxes for decades to come. Click here to learn more.
The article Surprisingly, Millionaires Don't Always Enjoy Investing originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2014 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.