10 Millionaire Spending Habits -- How Do You Compare? - Deepstash
10 Millionaire Spending Habits -- How Do You Compare?

10 Millionaire Spending Habits -- How Do You Compare?

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88% of Millionaires Read 30 Mins or More Every Day

As far as comparisons go, I’m off to a bad start! :( If I’m being honest, I’ve probably only gotten a couple of hours of reading in during the past few weeks. Wait, can we include blogs and reading finance news on the Internet?… If so, I definitely do that 30+ mins each day!

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Most Millionaires (67%) Watch Less Than 1 Hour of TV Daily

Furthermore, 63% of wealthy people spend less than 1 hour daily “surfing the Internet.”

Well, I guess I FAIL in this category, too. My wife and I usually spend about 1 hour watching TV each night, maybe a little more if we’re hooked on a fun series (like our most recent fav, Ted Lasso). But, this TV habit will be kicked shortly when we invite a little one into our home and all our free time disappears! ;)

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Most Rich People (86%) Like What They Do for a Living

Woohoo! I definitely align with this one. I love what I do for work currently – and so does my wife!

Probably the most interesting thing I learned about this survey question is how the financially struggling people answered… While most “rich” people liked what they did, 96% of “poor” people said they did NOT like what they did for a living.

Surprising? Not surprising? Maybe when you have financial stability it changes the way you perceive your work?

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76% of Millionaires Exercise at Least 4 Days a Week

This makes sense. What’s the point of accumulating a bunch of money if you’re not healthy enough (or alive) to enjoy spending it!? Investing your money coincides with investing in your health.

My wife and I work out at least 4 times a week. Lately, it’s been more like 6 times a week!  (Again, this habit will probably go out the window when we have kids haha.)

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67% of Millionaires Said They Were “Frugal With Their Money”

Other frugal stats for millionaires:

30% of wealthy people clip coupons

8% shop at thrift stores!

This dispels the myth that rich people splash around money without thinking. It’s actually the opposite… Most wealthy people are quite intentional with spending, looking for added value and discounts wherever possible. My wife and I are proud to say we align well with this spending habit. We love us some Goodwill bargains. 

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Most Wealthy People (55%) Spend Less Than $6,000 on Vacations Each Year

Ah, crap. Not only did my wife and I blow $8k+ on vacations last year ($4k on our Hawaii trip alone), but this year we’ve got $10k in our travel budget! Oooops.

But, this is a habit I’m OK not conforming to. Vacationing is something I want to incorporate more into my life, not less. Well, that’s how I feel today… Maybe I’ll be singing a different tune later in life. 

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Wealthy People Do Not Buy Lottery Tickets (94%)

Only 6% of surveyed wealthy people buy lottery tickets. Whereas, 77% percent of survey respondents who struggle financially play the lottery weekly. 

My wife and I don’t play the weekly lotto. But we love going to Vegas every now and then and playing craps (at the cheapest table we can find). Gambling can be fun… But not as a lifestyle!

(Ooooh this reminds me, I have to write a post about a book I read called The Luck Factor which has a great section on “lucky” people and how they pick lotto numbers.)

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