Most affluent investors maintain a landline for phone service, according to a Millionaire Corner Study.
Despite an increase in cell phone usage by almost everyone, a majority of wealthy investors still maintain a landline in their homes.
A Spectrem’s Millionaire Corner study shows that 76 percent of investors still own a landline phone that is connected to an outside physical line, as opposed to relying entirely on their cellphones for communication.
Cost is a factor in living without a landline, and explains why only 62 percent of investors with a net worth under $100,000 have a landline. Eighty percent of investors with a net worth above $1 million not including primary residence maintain a landline.
Age is also a determining point, as only 43 percent of investors under the age of 40 still have a landline.
Investors who identify themselves as corporate executives apparently appreciate their landline phones, because almost 87 percent say they maintain a standard phone line.
Of the 76 percent of investors who still have a landline, 46 percent say they have considered getting rid of that built-in telephone system. Fifty-five percent of investors between the ages of 41 and 60 are thinking about going without a landline.
Just as there are reasons people get rid of their landlines (mainly cost) there are reasons people keep their landline systems, and the top one is simply comfort. Forty-two percent say they are more comfortable talking on their landline than they are on a cellphone.
Thirty-five percent of wealthy investors with landlines maintain that access because their phone service comes as a package deal with their cable and Internet services. Twenty-three percent use it to screen telemarketers, and almost 23 percent say that 911 calls made from landlines are easily traced to addresses, whereas 911 calls on cell phones are not.
Twenty-eight percent of unmarried investors keep their landline for 911 purposes, as do 31 percent of investors who identify themselves as conservatives.
While 35 percent of investors keep their landline because it is part of a package deal, 46 percent of business owners and 53 percent of corporate executives admit keeping their landline for that reason.
Seventeen percent of wealthy investors say they do not have good cellphone reception in their homes.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.