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Would you feel rich if you had $7 Million dollars?
By Helen Kearney Helen Kearney – Mon Mar 14, 11:07 am ET
NEW YORK (Reuters) – 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."
Poor babies. One -half of American actual tax-payers makes less than $30,000 a year and these people don't feel rich. They want more, while robbing from the poor. Lets see them make it on what most Americans have to live on, many with no retirements. Many Americans have full time jobs and live in the woods. These are pathetic little people who whine.
6 Answers
- lildioicusLv 51 decade agoFavorite Answer
Yes I agree with you. It seems ridiculous when you consider that you or I could live for the rest of our lives comfortably on seven million dollars. You have to look at it from their point of view I guess. They are thinking
"How shall we live on only seven million for the rest of our lives when we spend a million a year now.." That would only last them seven years and they are of course planning on living without diminished circumstances. They would never be happy to live like we live.
For example I have a cousin who is quite wealthy and lives on a million a year at least. She owns six dogs, keeps horses, has ten acres of manicured lawn, and a mansion with six fridges and two full kitchens with four dishwashers, a library, a swimming pool and a tennis court and six garages all full. She plans on living in this manner for the rest of her life I would assume. Or she would like to.
She wouldn't consider living as my family lives in a three bedroom split level with seven people, no garage and a kitchen that has only one fridge, dishwasher, and microwave, and stove. I own used cars, and my husband can't think about retirement. I care for a handicapped child full time. I won't be retiring either. A third of my and my husbands income go for medical bills. We live simply but we could go even further and forgo some creature comforts.
Furthermore there are plenty of people who live with less than we do and know no different. They are happy with just a radio and hopefully the basic appliances like a washer and dryer, fridge and stove. They have wood stoves to keep them warm in the winter. Many of them buy expired food to live on. I know this because I know some of them. Some I know have something called a composting toilet and septic field rather than have a sewer bill. They don't answer questions on here because they don't own a computer and couldn't get service in their area of the U.S.A even if they did. Yes you can live very simply indeed.
But those "Rich" people would never be happy like that. They would think themselves terribly misused if they had to live without their six cars and their two kitchens. What no swimming pool oh gasp! No snow blower? What do you mean you can use a shovel? What shall we do.
- Anonymous1 decade ago
No, I wouldn't feel "rich" if I had 7 million dollars but it's just a personal thing. I would feel secure maybe...I just think to be truly rich is to not have to worry about money and 7 million dollars isn't enough to make paying for your children's college not a bit of a burden.
I don't think there's anything wrong with this perspective and I really take issue with the way you assert these people are "robbing from the poor" (??) when the company's lots of millionaires own create hundreds of jobs and provide useful products. I also think it's ridiculous to assert that Americans with no retirement are somehow completely innocent in the process (plenty of people in my family have saved for retirement on 35,000 a year while supporting children...it can be done) and that these people live in the woods (??) I'd also like to point out that most millionaires work AT LEAST the equivalent full time job and often 70+ hours a week. Most of them are hardly lazy.
You should also take into account that in a city like New York, 7 million dollars doesn't go half as far as it would in say rural Nebraska.
- Anonymous5 years ago
If they can't live of of the investments and property holding of 7 million then they need some investment counseling. I wonder if anyone of these poor people ever give to charity for any other reason then the tax break
- JayLv 71 decade ago
I think "rich" is when you can live a better life than you have now, without working, and know that you'll not run out of money before you die... and there will be money left for your heirs.
The key there is "better life than you have now."
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- Anonymous1 decade ago
I love you people.
No. The best part is that you don't understand why they don't feel rich. Sure I don't feel sorry for them but I do empathize.
- Anonymous1 decade ago
Give it to me and we'll find out.