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I have a family member who does financial planning for high net worth people. She says these people's savings rates have been through the roof. My guess is the
by francisofascii 3y ago
I have a family member who does financial planning for high net worth people. She says these people's savings rates have been through the roof. My guess is these people are throwing off the average.
- ryandrake 3y agoI mean, it makes sense. Unless you are living some extravagant lifestyle, beyond a certain point, income just gets hoarded straight into savings. If I made $1M a year, I wouldn't even be able to spend it if I wanted to. I couldn't think of anything to do with that money besides invest it somewhere or give it away. There are a lot of these doctors, lawyers, and corporate executives who make more money than they could possibly spend, so of course it all just gets slammed into savings.
- testval121 3y ago[dead]
- sokoloff 3y agoA lot of money can be/is spent on travel and vacations. For the last several years, the picture on that has changed significantly, for my own account meaning fewer international vacations, less domestic travel to see family, and a dramatic reduction in eating in restaurants (which is really expensive compared to cooking at home). I'm not high-net worth, but I suspect that a lot of the same vacation forces are at play in that community as well, particularly during the pandemic.