I just found this fascinating chart that shows how Americans spend their money. The chart is broken down into three income classes and shows the difference in their spending patterns; specifically, how much they spend within major expense categories.
The three categories with the biggest disparity (based on percentage difference) are: taxes, charitable contributions, and education.
I found this to be a bit surprising. The media, politicians, etc. would have us believe that high-income earners are spending it all on themselves. But that seems to be only partially true. While they do spend more on housing, food, and cars, the biggest expense differences aren’t in those areas.
Also, is it any surprise that the highest income earners also spend the most money on education? My best guess is they spent just as much on education before they developed their incomes. The education helped drive their success.
Anyway, I think this chart is worth a look: How Americans Spend Their Money