$7,000,000 is not enough to be rich!
Wow, talk about being greedy, I guess that's not enough to feel rich, maybe they need a few hundred million to feel good. I guess the other 50,000,000 in Poverty would be just happy with a couple of hundred thousands dollars.
For Millionaires, $7 Million Still Not Enough to Be Rich
Published: Monday, 14 Mar 2011 | 8:44 AM ET
A million dollars ain't what it used to be.
More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.
Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy.
Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.
"Every person in the survey is wealthy," said Sanjiv Mirchandani, president of National Financial, a unit of Fidelity. "But they are still worried about outliving their assets."
The average age of respondents was 56 years old with a mean of $3.5 million of investable assets. The threshold for "rich" rose with age.
"They compare themselves to their peer group ... and they are also thinking about the long period they will have in retirement and want more assets" to fund their lifestyle, said Michael Durbin, president of Fidelity Institutional Wealth Services.
Still, millionaires are slightly more optimistic now than they were in 2009, when 46 percent did not feel wealthy.
Respondents were also more optimistic about the U.S. economy. While they thought the current U.S. economy remained very weak, they think it will improve by the end of this year.
Fidelity noted the wealthiest 5 percent of Americans hold more than 55 percent of the nation's wealth.
I keep telling people that this is about enough wealth to "feel secure" and the only thing that being a millionare gets you is a small buffer to prevent being kicked out on the street. The thing that scares me is that at any time wealthy foreigners came come over on buy the US up with there pocket change when you consider the mutli billionare club.
Folks wake up.
$1million is not what it used to be. 10M is the new $1M.
A few million invested only secures a lower middle class lifestyle if one is not annuitizing principle. $10M only secures a professional level income without annuitizing principle.
That is well off compared to the indebted middle class who are net debtors but barely wealthy.
Yet we are told a 70hr a week professional family pulling 250K with hardly any net assets is "the rich". what a joke.
It's been a long time since having $1 million meant you are rich. I figure $2 million is the minimum needed for a modest middle class retirement, assuming you already own your own home.
That is why I can't feel too sorry for those public employees protesting in Wisconsin. Their benefits packages are equivalent to having a couple of million dollars, while high taxes guarantee that the rest of us will never be able to save that much.
I laugh and cry when I read about Obummer and Congress throwing around $250,000 as being the defintion of rich for tax purposes. It is a good deal of money, but rich it is not, especially if you have kids. Destroy the tax code and go after the real rich if you want, but at the same time it shouldn't be a penalty for doing well. The $250, 000 should be a million, and that should be at a rate less than where we are now. Above $10 mil. should be the top rate, and no exemptions. No allowances for stock options etc. Pay what you owe...period. I don't believe anyone should ever pay over 50% of their income. Yea I do have a problem with the inherited wealth, but they would have to pay on the income genrated to support their lifestyles.
when u reach $1 million, u'll learn how to get to $10 million.
when u get to $10, u'll reach for $100, then the billionaire mark.
but yeah...i dont blame them. i wanna be up there too!
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