Every party needs a pooper – that’s why God invented rich people. Learn more about the frugal Millionaire.
Who’s the least likely to celebrate (insert holiday here)? If you guessed the folks without means you’d be wrong. Rich people – in the tradition of Ebenezer Scrooge – appear adverse to a good time, at least what most of us would call good times. The frugal Millionaire may be happy staying home and tallying up the day’s market winnings.
How do I know this? Spectrem’s Millionaire Corner tracks the attitudes and behaviors of Millionaire investors through monthly surveys and has learned that the wealthy attribute their financial success to hard work, education, smart investing - and frugality. We’ve also asked the frugal Millionaire what’s happening for most major holidays and the answer is, not much.
The frugal Millionaire probably didn’t toast the New Year with a glass Dom Perignon, which starts at over $300 a bottle. Roughly 83 percent of Millionaires surveyed in December said they planned to spend less than $200 ringing in 2013 – and three-in-10 planned to go to bed early to start the New Year rested.
Millionaires were not any more inclined to flash green on St. Patrick’s Day. How were they planning to celebrate? Mostly, they weren’t. Only one-fourth had plans, and of these, two-thirds expected to spend less than $50, according to our February survey. On the other hand, the frugal Millionaire was not likely to end up in the next day’s police blotter. Their St. Paddy’s celebrations tended to take the form of wearing green (77 percent) or cooking a traditional corned beef dinner (36 percent).
The frugal Millionaire may seem stingy, but surely he or she has heart. Perhaps. Most wealthy Americans celebrate Valentine’s Day – and most commonly mark the holiday by buying a card (45 percent) or going out to dinner (40 percent), according to our January survey, but you can pretty much forget about a weekend get-away, jewelry or other gifts.
How about Halloween? Two-thirds will buy candy and probably spend less than $50 on it, but only 10 percent will dress up. Thanksgiving? Two-thirds of Millionaires were cooking their own dinner and 56 percent were spending from $50 up to $200 on the food. Christmas? Ten percent said they were cutting back on spending, due to less disposable income, the belief the economy is getting worse or that the holidays are too commercial - though 20 percent expected to spend more than $2,000 on gifts – and the majority were staying put for the winter holidays. As far as weddings go, nearly 90 percent of Millionaires surveyed last May say they’ve become too lavish.
Don’t envy the rich – particularly frugal Millionaires. They’re boring.