November 17, 2014 Millionaire Fact of the Day
Did you know that most households with more than $25 Million spend less on extravagant items than you might think?
Most wealthy households don't live the lifestyle of the Kardashians, while it's fun to watch, it is not always realistic. In fact, only one-third of households with $25 Million Plus of assets spend more than $10,000 dollars per year on clothes. The other two-thirds spend less than 10,000 dollars. Only one-third spend more than $10,000 annually on jewelry and only 19 percent more than $50,000 on an automobile. So where do they spend their money? On vacations. Sixty percent spent more than $10,000 per year on vacations and almost half pay more than $10,000 per year on charitable contributions. In fact, 12 percent make charitable contributions exceeding $100,000 dollars annually. At this time of elections, it is interesting to note, 15 percent make political contributions of over $10,000. I don't know about you, but with the recent cost of airfares it is probably not hard to exceed the $10,000 dollar limit for vacations. So while your expenditures may be lower, some of their spending isn't as excessive as it's believed to be and in many cases they are contributions to good causes.