3 things millionaires do in times of economic uncertainty

Almost regardless of how much you have in the bank, it’s hard to feel financially secure.

Across the board, households are facing surging child-care costs, ballooning auto loans, high mortgage rates and record rents amid economic uncertainty and recessionary fears.

Of those with more than $1 million in investable assets, as many as one third — or 33% — fear they could outlive their savings, according to Northwestern Mutual’s 2023 Planning and Progress Study.

And nearly half, or 47%, of wealthy Americans said their financial planning needs improvement.

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Despite their high net worth, less than half of all millionaires, or 44%, felt “very comfortable,” a separate report by Edelman Financial Engines found.

Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and a well-padded retirement savings account said they don’t feel well off at all. Some even said they feel poor, according to another recent survey conducted by Bloomberg.

Yet there are things millionaires do that the rest of us may not, Northwestern Mutual’s report also found, which can go a long way toward improving long-term well-being.

Here are three moves wealthy Americans are more likely to make:

Maintaining a well-diversified portfolio has never been more important, experts say, including stocks and high-quality bonds, which have historically performed well during a downturn.