The Millionaire mindset mirrors that of middle-class Americans.

A popular saying tells us that "the rich are different than you and me," but research by Spectrem Group has found just the opposite.  In fact, the Millionaire mindset is strikingly similar to that of less wealthy Americans.

"We tend to think that people with millions of dollars are insulated from everyday concerns," said Catherine McBreen, Spectrem's Managing Director, "but we've found that Millionaires worry just like the rest of us about the Recession, the federal deficit, taxes, their families and health care."

Most investors with $1 million to $5 million in investable assets do not believe the Recession is over, and feel employment needs to fall below 6 percent to end the prolonged economic downturn, reports Spectrem.  This sentiment mirrors that of Americans with $100,000 to $1 million in investable assets, who are also looking for a sharp drop in unemployment to signal the end of the recession.

Both Millionaires and the middle class have responded to the Recession by reducing their debt and focusing on preserving, rather than increasing wealth.  As the economy slowly improves, both asset classes have started shifting away from ultra-conservative investments, such as CDs with historically low interest rates, and they both report a slow move back into the stock market.

Family concerns are equal for middle class and Millionaire Americans.  About two-thirds of both groups worry about the financial futures of their children and grandchildren.  More than 60 percent of both Millionaires and the middle class are concerned about the health of their spouse, and both groups worry about having the resources to cope with a catastrophic illness or injury.

The Recession has had a sobering effect on investors of all wealth levels and has prompted them to reevaluate their portfolios and their relationships with their advisors.  In some respects, the Millionaire mindset is moving closer to that of the middle class.  Wealthy investors have expressed more interest in putting money into low-cost mutual funds - a preferred product for the middle class - as an attempt to reduce fees associated with financial advisors.

A big shift in the Millionaire mindset has to do with real estate.  The Recession taught millionaires many lessons, but the most significant is that their house is not a stable investment.  Like the middle class, millionaires have experienced dropping home values in the past two years.

A key difference in the Millionaire mindset centers on attitudes toward financial advisors. Wealthy Americans are much more likely than the less aflluent to use financial advisors.  Millionaires value professional input and are willing to pay for it, even though they, like the less affluent view advisor fees as expensive.

To think more like a millionaire investor:

• Research: Millionaires follow financial news in daily publications, magazines and visit financial websites.  They also make use of financial podcasts and webinars.
• Engage an advisor:  Millionaires use advisors for a variety of reasons, such as building a retirement portfolio or reducing taxes.  Professional advice is part of virtually every Millionaire's wealth building strategy.
• Get educated:  There's an extremely high correlation betwen wealth and education level.  Almost all millionaires have a college degree, and many have graduate degrees.