WTF U.S. millionaires say $7 million not enough to be rich. ?

[upstatecajun]

Are you Fuc@#$* kidding me.....

http://news.yahoo.com/s/nm/20110314/lf_nm_life/us_fidelity_survey










http://www.liberalohioan.com/index.html

[Octafish]

1. That may explain why they're so averse to sharing.

One can never be too rich or too thin, they say.

[jp11]

2. Related: they compare themselves to their 'betters' AND all want more than they have.

http://www.theatlantic.com/magazine/archive/2011/04/secret-fears-of-the-super-rich/8419/

[Coyote_Bandit]

3. I used to work

as an investment portfolio manager. Industry standard at the time was that high net worth begins at $5 million in assets capable of being invested. Interests in real estate, small businesses or single holding concentrations are not included in that total because they are not liquid. Wealthy clients had $25 million in assets capable of being invested.

Wealth is relevant. If you don't have a job or a pot to piss in then $1 is fabulously wealthy. If you have $1 million then you realize that you are just one illness or accident away from being bankrupt. And if you have a family of 4 and $8 million then you are in the same position. It is not at all uncommon for a catastrophic injury requiring lifetime care to cost millions of dollars. Lest we forget, having money to pay premiums does not mean that one has or can get health insurance. And even if one has health insurance they still have to pay deductibles and co-pays and provide their living expenses.

[spinbaby]

7. That is a point

If there's no reliable social safety net, then no matter how much you have, you always feel like you could lose it. Insecurity causes hoarding.

[Snoutport]

4. I'd settle for that

oh yes i would!

[Arctic Dave]

5. If only they were teachers, Then it would all be milk and honey.

Champagne for breakfast.

[tech9413]

6. I've been getting by on $11K a year with zero income

If you can't get by on $1M a year you're either exceptionally stupid or supremely self-serving. No sympathy from this end of he world.

[Xithras]

8. I guess it depends on your definition of wealthy.

I recently had the opportunity to work with a young man (26 or 27) who scored about $5 million when he sold the rights to a piece of software he developed a few years ago. When I asked him why he was still working, he quickly responded, "Five million isn't that much money nowadays." He then ran through the math explaining how taxes and inflation slowly eat away at it, and how he'd be broke long before retirement age if he tried to live even a $100k a year lifestyle (which isn't chump change, but is definitely middle class and is less than a doctor or lawyer would take home by SF Bay Area standards).

By his definition, "rich" meant that you had enough money to live in the best part of town, and NOT have to work a job to maintain that lifestyle.