This paper looks at how different types of wealth, like owning a house or stocks, affect how much people spend. The researchers used data from thousands of American households over almost 20 years. They found that owning a house has a big impact on spending, but owning stocks doesn't affect spending as much. The study also shows that how much people spend from their wealth depends on things like how much money they make and their age. In the future, people might spend less of their wealth on things like houses and stocks.