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 ,illionaire 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.
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.