Tuesday, March 15, 2011

42% of Millionaires Surveyed "Do Not Feel Wealthy"

by Joanna

This article says exactly what I have suspected for a really long time. Specifically, that the more money people have the more they seem to complain that they "need" more. It seems like there is a trend today that even those with millions of dollars in the bank want to complain that they do not have enough, and want to classify themselves as "middle class".

While most millionaires say they feel wealthy, a large share do not, according to a survey by Fidelity Investments.
Of 1,000 millionaires surveyed last fall, 42 percent said they don’t feel wealthy — and wouldn’t being to until they had $7.5 million in investable assets (what they have without counting workplace retirement accounts or real estate).
Feeling wealthy involves a sense of having more than what you need, said Gail Graham, the executive vice president at Fidelity Institutional Wealth Services. This can include the ability to buy luxurious items, and give your money away to family members
“Many of the respondents are baby boomers, who are supporting their parents and children,” Graham said
Retirement saving is a major worry, even for millionaires. Four in 10 surveyed said having enough money to support their lifestyle after retirement is their biggest concern. SOURCE

It seems to me that the more money a person accumulates, the less happy they are with what they have. Any need to "downsize", even if it simply means downgrading from a Mercedes to a Toyota is seen as a sign that a person is "going broke". I have heard of people crying poverty because they can only afford to eat out once a week instead of every night.

Forget the fact that there are REAL poor people out in this world. Don't even think about the notion that 1 out of every 7 Americans needs food stamps just to put food on their family dinner tables. It is all about "maintaining your lifestyle". God forbid a rich person have to give up even one of the luxuries they indulge in on a regular basis.

I wonder what would happen to these millionaires if they were forced to exist on the budget of someone who is ACTUALLY living in poverty... I wonder if they would look back on their previous life and see that they were EXTREMELY wealthy.

Shit, I don't know about the rest of y'all, but I feel "wealthy" if I have a hundred bucks left in the bank at the end of the month!! If these millionaires are not happy with what they have got, I will sign up to be the first one to take their places!


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