You know how you spend your money, but what is the millionaire next door doing with his or her disposable income?
According to a Spectrem’s Millionaire Corner study, 58% of investors with a net worth between $1 million and $5 million, not including primary residence, spent up to $10,000 a year on vacations in the past 12 months. Thirty-four percent spent between $10,000 and $25,000 on vacations last year.
Then again, your millionaire next door might be one of the 4% of millionaires who did not vacation last year.
Seventy-nine percent of millionaires contributed up to $10,000 to charitable organizations in the past 12 months, and 13% contributed up to $25,000.
You probably know if the millionaire next door is part of the 60% that spent up to $10,000 on home improvement in the past 12 months, or was one of the 24% that spent up to $25,000 on home improvement in that time period. Eight percent spent more than $25,000 on fixing up the homestead.
Is the millionaire next door part of the 80% that spent up to $10,000 on attending the symphony or other arts pursuits, or part of the 67% that spent up to $10,000 on attending sporting events? The answer could be neither; 19% of millionaires didn’t spend a penny on the arts in the past 12 months, and 32% didn’t spend any money on sporting events.
You might not know if the millionaire next door is part of the 63% that spent up to $10,000 on jewelry in the past 12 months, or one of the 4% that spent more than $10,000 on jewelry. You might know, however, if the millionaire next door was one of the 25% that spent more than $10,000 on an automobile in the past year. Thirteen percent spent more than $25,000 on automobiles in the past 12 months.
Fifty-seven percent of Millionaires spent up to $10,000 on household staff, but you probably know that about the millionaire next door.
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