Millionaires are just like you and me. Really.
The Ameriprise Modern Money study surveyed over 700 millionaires. When it comes to money, they’re not that different from everyone else.
They’re truly the modest millionaires next door. The majority of wealthy people (those with $1 million or more in investable assets) do not consider themselves wealthy. Only 13% of the millionaire club see themselves as “rich.”
They still believe in saving. Their #1 financial priority? It’s saving for retirement. Over half of millionaires said they have a specific target amount they need to save and invest each year to stay on track.
They still struggle to meet their goals. Even with a million dollar nest egg, they can’t have or do everything they want. They need to make choices between competing goals. “The reality is even people who have accumulated seven figures juggle many financial goals,” says Marcy Keckler, vice president of financial advice strategy at Ameriprise, who sponsored the research.