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What do you picture when you think about where millionaires live? You might think of Beverly Hills or Malibu in California. You might picture New York City. On the other hand, you may imagine millionaires retiring to exotic international destinations.
Of course, there are plenty of millionaires around the world. However, you might be surprised to learn just how many of them live in small American towns. It makes sense, when you think about it. One million dollars doesn’t go a long way in New York City but you can stretch it really far in Williston, North Dakota.
Williston is one of the towns that Kiplinger reports has a high concentration of millionaires. Here are ten small American towns where millionaires live:
1. Summit Park, Utah
There are only about fifteen thousand total households in Summit Park, Utah. Of those, nearly 2000 are where millionaires live. When you look at the exact numbers, it’s got 12.5 % concentration of millionaires. In fact, it’s got the highest concentration of any small town in the United States. This is where millionaires live.
The median income for the area is just under $95,000. The median home value is just over $558,000. People here live good lives; it’s known for film festivals and ski resorts.
2. Los Alamos, New Mexico
I was surprised to learn that Los Alamos was on the list. I’ve been there and it didn’t seem like a place where millionaires live. However, like Summit Park, it has a 12.5% concentration of millionaires.
It’s interesting to compare the statistics between the two locations. There are fewer people living in Los Alamos (about 8000 households) but there are 1000 millionaire households. The median income is higher in Los Alamos (over $110,000) but the median home value is considerably cheaper ($285,000).
Each of these cities offers a very different way of life for the people who choose to call them home.
3. Williston, North Dakota
I’d actually never even heard of this small town before but apparently it’s an oil town and that’s created a dense population of millionaires. Of 14,570 household, 1331 of them are millionaire households. That’s just over 9% concentration.
4. Juneau, Alaska
Juneau has a high cost of living compared to many other places in the United States. Nevertheless, it might not be the first place to come to mind when you think about where millionaires live. And yet, the concentration here is high. The 1156 millionaire households here make up just under 9% of the total.
5. Edwards, Colorado
Edwards is a ski resort town. It’s one of the larger cities on the list, with a population exceeding 20,000 households. Of those, 1756 are millionaire households, which is 8.7% concentration.
6. Torrington, Connecticut
Torrington is a hidden gem – a beautiful place that’s great for outdoor activities but also offers shopping, dining, and art galleries. It’s a frequent escape for Manhattanites who want to get away.
It’s by far the largest city on the list, with more than 74,000 households. More than 6300 of those are millionaire households. The median home value here is $260,700 but the state has some of the highest taxes in the nation.
7. Kapaa, Hawaii
I think of Hawaii as more of a vacation destination than a place where millionaires live full time. However, about 8.4$ of the 25,000+ household in this Kauai island city are millionaire households. Like in Torrington, the property taxes are high, though. And like in Juneau, the cost of groceries and other cost of living items is high as well.
8. Vineyard Haven, Massachusetts
The name alone suggests that rich people live here. There are fewer than 650 millionaire homes here but they have such a low total population that it’s still over 8% concentration.
9. Breckenridge, Colorado
Apparently the wealthy like to live in ski towns in the Western United States. This one has just over 1000 millionaire households, which is just under 8% concentration.
10. Easton, Maryland
Millionaires who want a quieter spot with antiquing and calm beaches may try Easton. There are over 1250 millionaire households here, which is 7.9% concentration for the area.
There are many different investing apps available now. It’s possible to easily start investing through your phone with minimal money and minimal hassle. However, there are drawbacks to these apps as compared to other investment options. It’s important to understand the pros and cons of investment apps so that you can make the best use of them.
What Are Investing Apps?
Any app that you use specifically to invest your money is an investing app. For example, if you use Acorns to “round up” your payments and invest your small change then you’re already using one of these tools. Some of the most popular investment apps today include Robinhood, WealthFront, Stash, and Betterment. Investing apps may or may not include robo-advisors. They each have different features and limitations.
Benefits of Investing Apps
Each app is different, so you have to look at your options carefully to figure out the benefits and drawbacks. Generally speaking, though, the biggest benefit of investing apps is that they make investing easy. You download an app, follow the online advice, and before you know it, you’re investing your money. If you are brand new to investing, then this is a great way to get a toe in the water. It starts you on the path.
Another huge benefit of investing apps, as compared to other investment options, is that you don’t pay a lot to use them. If you get into more serious investing, then you’re going to have to understand fees for financial advice, making trades, etc. Many of the investing apps do have fees, however they are low.
Moreover, you can start investing with just a small amount of money with many of the apps. In contrast, other types of investments might require you to have a high minimum just to begin. So, if you don’t have a lot of money and/or you don’t want to spend a lot of money, then investing apps can help you out.
Drawbacks of Investing Apps
Investing apps are easy to use, but that doesn’t mean it’s easy to make money with them. If you don’t know what you’re doing, then you can make a lot of bad decisions. You might not even realize the consequences at first, because you’re just swiping on your phone. It doesn’t feel as serious as “real investing,” therefore you might not take it as seriously. You can end up losing money. Even if you make a bit of money or stay even, you don’t gain the experience of truly understanding your investments. Therefore, you don’t learn how to make bigger money and play the investment game to its true benefit.
The thing that you pay for when you work with a financial advisor is the advice and knowledge of a person with experience in the field. When you use an app, you don’t get that. Some apps are better than others at automating good options and offering personalized advice. However, none are as good as working with someone one-on-one. Therefore, if you really want to get serious about investing, then you have to go beyond the apps.
What do you think are the biggest pros and cons of investment apps?