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The United States’ 20.27 million millionaires, predominantly self-made, show a proclivity for investing in various financial and real assets, with entrepreneurship being a significant wealth generator. Financial advisors play a crucial role in guiding individuals, irrespective of their net worth, toward their financial goals.

Frugality characterizes many millionaires’ spending habits, with savings being a cornerstone of their financial strategy. Cash and easily liquidated assets serve as primary reserves. Unlike typical banking experiences, millionaires often opt for personalized service, with private bankers managing their accounts seamlessly. Research suggests millionaires allocate up to 25% of their wealth to cash reserves, offering a buffer against market volatility. Common cash equivalents include money market funds, CDs, commercial paper, and Treasury bills.

Some millionaires favor Treasury bills for their liquidity and safety. Notably, Warren Buffett maintains significant holdings in money market accounts and Treasury bills.

Additionally, millionaires often utilize zero-balance accounts for check-writing, unconcerned about FDIC insurance due to funds being held in their name.

Certain millionaires diversify holdings by storing cash in safe deposit boxes, denominated in various currencies across different global locations, aligning with their international transaction needs.