U.S. Millionaires say $7 Million not enough to be rich

[ClosedCaption]

U.S. millionaires say $7 million not enough to be rich | Reuters

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.

Oh and then this gem at the bottom.

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 really dont know what to say here, too much...

 

[Oddball]

Green: The color of envy.

 

[Mini 14]

$7 million used to be the "magic number" that you need to all but insure an interest income of $1 million/year. With the struggling economy, that number is rising. I'm a little surprised it they don't think they need 8-10mil.

But it can still be done EASILY with 7. If you pay attention, it is almost impossible not to.

 

[Avatar4321]

Inflation affects people.

 

[ClosedCaption]

and that million wasnt counting real estate or retirement either. They control 55% of the entire nations wealth, they can afford to kick in to keep the place up.

 

[God Guns Beer]

I tend to agree with them. I could see where someone with 7 million worth would have more in common with the middle class than the upper class.

 

[Mini 14]

and that million wasnt counting real estate or retirement either. They control 55% of the entire nations wealth, they can afford to kick in to keep the place up.

They already do.

And if you raise the taxes, they'll move the money.

The bottom line is, they got rich for the same reason they'll stay rich:

They're smarter than you.

 

[ClosedCaption]

They already move their money and still have 55% of everything.

 

[ClosedCaption]

So when a Repub ask you "what is rich?" Remember rich is a feeling, they can amass 55% of all the wealth and still not "feel rich".

 

[editec]

$7 million used to be the "magic number" that you need to all but insure an interest income of $1 million/year. With the struggling economy, that number is rising. I'm a little surprised it they don't think they need 8-10mil.

But it can still be done EASILY with 7. If you pay attention, it is almost impossible not to.

Really?

Clearly you have investment information most of us need, Mini.

Where can one count on a ROI of slighter greater than 14% annually on a secured investment?

 

[editec]

I tend to agree with them. I could see where someone with 7 million worth would have more in common with the middle class than the upper class.

Inclined to agree GGB.

Seven million in net worth is affluent, but hardly uber-wealthy.

Now 7 million income annually, that's pretty wealthy, but still not uber-wealthy.

So what are we talking about here: net worth or annual income?

 

[ClosedCaption]

And that million doesn't count real estate or retirements

 

[Cuyo]

I never saw the benefit of defining what constitutes "Rich." It's just a distraction from whatever conversation is trying to be had.

 

[ABikerSailor]

You know.......the household income of my house is probably less than 1,500 a month.

I have enough to pay rent, keep the lights on and have cable and internet. I also have a really nice bicycle that I can ride as far as I want with a decent speed (18-25 mph).

I also have plenty of time to think deep thoughts, watch lots of History, Science and Discovery channels, as well as other shows that teach and can spend quite a bit of my time thinking about God and how He does stuff. I even get to see the synchronicity of the world on occasion, which is how I know He's listening to me.

I make much less than 7.5 million per year, yet still consider myself rich.

 

[chikenwing]

Bfd

 

[GHook93]

 

[kaz]

U.S. millionaires say $7 million not enough to be rich | Reuters

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.

Oh and then this gem at the bottom.

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 really dont know what to say here, too much...

They don't feel rich because they understand what it took to earn it. You don't because you have no freaking clue, you think of it as winning the lottery and the money falling in your lap. Since that's the limit of your imagination, that's how you think they must think about it. So you're not feigning cluelessness, it's the real thing.

 

[Jarhead]

$7 million used to be the "magic number" that you need to all but insure an interest income of $1 million/year. With the struggling economy, that number is rising. I'm a little surprised it they don't think they need 8-10mil.

But it can still be done EASILY with 7. If you pay attention, it is almost impossible not to.

Really?

Clearly you have investment information most of us need, Mini.

Where can one count on a ROI of slighter greater than 14% annually on a secured investment?

Certain mutual funds.
For example...I have a fund..B shares....and over the last 2 years I have averaged close to 15%....was earning as much as 22% in the early 2000's....and hads a negative gain for 1 year...

Problem is...I am not willing to scarifice all I have invested in one fund...as tempting as it is.