In this article, we are going to discuss the 5 reasons why millionaires think they’re middle class. If you want to check out our detailed analysis of what it means to be a millionaire and the companies of self-made millionaires, head to 15 reasons why millionaires think they’re middle class.
5. Millionaires worry about market volatility
Despite the common belief that millionaires can withstand recessions with ease, according to Ameriprise’s survey, 32% of them express concern about market volatility. This fear serves as a reminder of the fragility of wealth and the ongoing worries that even millionaires have in a financial environment that is always changing. Millionaires’ recognition of market volatility serves as a warning that financial achievement does not insulate people from the fundamental risks associated with global economies. Millionaires still identify themselves as not super rich but with a middle-class mentality.
4. Millionaires are saving for retirement
As per the Ameriprise poll, 43% of millionaires are actively saving for retirement even after accumulating substantial riches, disproving the myth that great wealth inevitably results in stable finances. Even individuals brimming with money still worry about their financial standing, and planning for their finances begs the question of what financial freedom is and if it can ever be attained.
3. Millionaires worry about safeguarding their wealth
Unexpectedly, a significant proportion of millionaires worry about protecting their fortunes. According to Ameriprise Financial survey, an astounding 62% of affluent respondents acknowledge worrying about the safety of their wealth, highlighting a particular problem where people with significant wealth are plagued by a dread of financial instability. The fact that even the affluent have worries beyond material worth highlights the complicated relationship billionaires have with their money.
2. Millionaires deal with the decision-making dilemma
Decision fatigue becomes a real worry for millionaires when they have significant money because there are plenty of choices available on what to do with that money. However, several options can overwhelm wealthy individuals and doubt their ability to make the right choices, regardless of whether they are investing for the long term or planning for the future. This burden of choice casts doubt on the notion that having money relieves the stress associated with making decisions and brings attention to the particular difficulties in handling a wide spectrum of options.
1. Many Millionaires are “self-made”
Making money isn’t always an easy process for self-made millionaires; many of them put in a lot of effort to become financially successful before using their cleverness and intelligence to strategically allocate their newfound wealth. Thus, the struggle behind becoming a self-made millionaire is one of the reasons why a lot of millionaires identify themselves as middle class.
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