Moneyadviceblog » Budgetingtitle_li=Budget » 7 Millionaire Spending Habits — How Do You Compare?

Compare oneself to others is not a good idea since it may be harmful. It’s both unjust and incorrect. As you go through the statistics below, bear this in mind. It’s quite OK if you’re a statistical outlier. (In many ways, I am.) However, when we look at others, we generally see the best version and compare it to an average version of ourselves.


 I enjoy studying habits because it’s less about where someone is right now… Rather, it depicts who they have been over time and where they are likely to go.


 Here are ten wealthy habits to compare;


7 Millionaire Spending Habits — How Do You Compare?

7 Millionaire Spending Habits — How Do You Compare?

Habit #1: Every day, 88 percent of millionaires read for 30 minutes or more

 I’m off to a horrible start in terms of comparisons! If I’m being really honest, I’ve probably only read for a few hours in the last several weeks. If that’s the case, I’ll spend 30 minutes or more each day doing it! Wait, can we include blogs and online reading of financial news?…


 Here’s a breakdown of the daily reading of 30 minutes:

  •  During their commute, 63% of people listen to audiobooks.
  •  Seventy-nine percent of those polled said they read educational or career-related material.
  •  Self-help books, articles, and other materials were read by 55% of respondents.
  •  Fifty-eight percent of individuals read successful people’s biographies.
  •  Ninety-four percent of people keep up with current events.
  •  Fifty-one percent of people read history.
  •  Only 11 percent of people read only for amusement.

Habit #2: The majority of millionaires (67%) watch less than one hour of television every day

In addition, 63 percent of the rich spend less than an hour every day “surfing the Internet.”

So, I guess I’m a FAIL in this category as well. I normally watch TV for approximately an hour each night, maybe a bit longer if I am hooked on a good show. But, when I welcome a little one into my home and all of my spare time vanishes, this TV habit will be broken quickly! 😉


Habit #3: The majority of wealthy people (86%) like what they do for a living


Woohoo! This is something with which I completely agree. I enjoy what I do for a living right now!

The fascinating thing I discovered about this survey question was how the financially disadvantaged persons responded… While most “wealthy” individuals enjoyed what they did for a job, 96 percent of “poor” people did not.


 Surprising? Isn’t that surprising? Maybe having financial security alters the way you look at your work?

 Habit #4: Millionaires exercise at least four times every week; according to 76 percent of them


 This is reasonable. Investing in your health goes hand in hand with investing in your money. What good is having a lot of money if you can’t enjoy spending it because you’re not healthy enough (or living) to do so!?


 I go to the gym at least four times each week. It’s been closer to six times a week lately! Again, this behavior will most likely be abandoned after you have children.


Sixty-seven percent of millionaires said they were “frugal with their money,” according to Habit #5


Other money-saving statistics for millionaires include:


  • Thirty percent of the rich clip coupons.
  •  Eight percent of people go to secondhand stores!

This dispels the idea that wealthy individuals spend money recklessly. It’s the polar opposite… Most rich individuals are very deliberate with their spending, seeking extra value and discounts wherever they can. I am pleased to report that I share this spending pattern.


Habit #6: The majority of wealthy people (55%) spend less than $6,000 each year on vacations


Not only did I spend over $8k on trips last year ($4k on our Hawaii trip alone), but I have set aside $10k this year for travel! Oops.

But this is one habit I’m willing to break. Vacationing is something I want to do more of rather than less of in my life. That’s how I’m feeling today… Perhaps, later in life, I’ll be singing a different tune.

I’d like to know how much money you spend on vacation on an annual basis.

classic silver Mercedes-Benz coupe


Habit #7; Wealthy People Do Not Buy Lottery Tickets (94 percent)


Only 6% of the wealthiest persons polled buy lotto tickets. In contrast, 77% of poll respondents who are financially strapped play the lotto weekly.

I do not participate in the weekly lottery. However, I enjoy traveling to Vegas and playing craps now and then (at the cheapest table we can find). Gambling can be enjoyable… But not as a way of life!

It is important to have a good budget and to look at your spending habits. Let us know in the comments what is your budget plan…