It's Better To Earn It

From WSJ’s Wealth Report:

PNC Wealth Management recently polled about 1,500 Americans with $500,000 or more in investible assets and found that 69% of respondents made most of their fortune through work, business ownership or investments. Only 6% made their wealth by inheriting it, while 25% made it through a combination of inheritence and earnings.

What’s most interesting is that the survey found some major differences in the two groups’ attitudes about money — and their responses didn’t always break down along predictable lines:


LUCK — Fully 37% of earners agreed that “the money I have made so far has come from being at the right place at the right time.” Among heirs, the number was 25%. I guess the heirs don’t subscribe to Warren Buffett’s “lucky sperm” theory.

HAPPINESS– Fuly 76% of earners agree that “my financial success lets me feel less stress and worry,” compared to 50% of heirs. Half of all earners agree that “as I have accumulated more money in my life I have become happier,” compared to a third of heirs.

I especially like the luck result. It’s hard work getting born to the right parents.

[HT: Free Exchange]