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Where Do Millionaires Keep Their Money?

If you’re like most of our clients, you’ve been investing for some time, have built a rock-solid financial foundation, and have accumulated wealth along the way. As you know, building wealth isn’t just a happy accident—it’s an intentional choice, one with sacrifices and wise financial decisions along the way. One of those decisions is knowing where to keep your money (and it may be surprising to find out that it’s not just tucked away in a savings account). So, in that case . . . where do millionaires keep their money anyway?

Where Millionaires Keep Their Money

In 2022, there were 24.5 millionaires in the U.S.1 If you’re one of them, you know that there’s not just one specific formula that leads to wealth (or one place to store it either). The wealthy know that to make money, you have to be willing to make your money work for you. And many times, that means investing your dollars into assets that will increase your wealth over time like stocks, bonds, real estate, and more.  

In fact, the average U.S. millionaire household has over 65% of their wealth in stocks, 25% in savings bonds, and 10% in cash.2 

So, let’s take a deeper look at these top money “storage” solutions for millionaires:

1. Investments

One way to make sure your money is going to work for you is through investing. When you invest in stocks, bonds, mutual funds, and the like, you’re able to have the power of compound interest on your side.

2. Real estate

Purchasing real estate is another way millionaires invest their money. Buying real estate to turn into residential rental properties, commercial businesses, or even vacation rentals can help you build your wealth over time.

3. Cash

Believe it or not, many millionaires like to keep their cash pretty liquid. That means they keep their money in an account that not only earns them a good rate of interest, but one that allows them to access their cash if needed. These accounts are high-yield savings accounts, money market accounts, and even certificates of deposit (CD). 

4. Precious metals

Another way to invest your money is in precious metals like gold and silver or even other commodities like precious jewels and art. The value of these items will rise and fall depending on demand, but many wealthy people enjoy investing their wealth here as a hobby.

5. Charitable Giving

Investing your wealth by giving may not give you a return on investment in a tangible form, but it will always make you feel good. Plus, not only will giving your wealth to charities and non-profits make an impact on your community, but it will also give you a tax refund.

If you’re looking for the right places to keep your money, you’re not alone. At SageSpring, we help our clients find the right investment solutions that help you build wealth as you gain financial freedom. Work with a financial advisor today and continue building the financial future of your dreams.  

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Jeffrey T. Dobyns


President, SageSpring | Financial Advisor, RJFS 

Jeffrey T. Dobyns

President, SageSpring | Financial Advisor, RJFS

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.