Millionnairecorner.com research shows that 6% of 1224 respondents with at least $50,000 in net worth plan to buy a big ticket item this year as a Christmas present for a loved one.
A net worth of $50,000 is not a hefty one against which to splurge for Christmas. But even the wealthy can be irresponsible spenders. It's a good time to introduce the topic of managing your clients' spend rates throughout the year.
Even the wealthy can be a bit delusional that their money will never run out. There are plenty of media stories that show this is true. All you have to do is think of names like Mike Tyson and John DeLorean, among others.
Although clients with over $100,000 in assets may not be planning to spend as much this year, it's a great time to broach a spend rate conversation.
Eighty-six percent say they plan to keep their holiday spending within last year's limits. Only 14% plan to spend more than they did last year.
Since money is often also associated with love, acceptance, and self-esteem, behavioral tendencies can cause people who are tired and stressed—as they often are during the holidays—to act irrationally.