news.yahoo.com/s/nm/20110314/lf_nm_life/us_fidelity_survey
Reuters * 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. 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." 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 US economy. While they thought the current US 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.
Report Abuse Maybe $7 million isnt enough to be rich for whomever said that, but it sure would keep one from having to worry about paying for the utilities, groceries and house note, provided one doesnt piss it away on crap like bling and McMansions.
I haven't worked a day since and have invested in a solid portfolio. My goal is to get it to 7 figures and live off interest comfortably. Of course, I also drive a 10 year old car and live in the same house that I did when I didn't have money. What these a-holes are really saying is they can't afford a house in The Hamptons and have a bunch of new cars every year. To me, I'm rich because I can take my kids to school every morning and ski every day. People are way too caught up in things and possessions so they can impress people.
In my last job, I was fortunate to go golfing with some bigwigs because my boss took me along to a conference in AZ. There was this group of 4 that were gambling at $100 per hole. I kept thinking in my mind, $100 pays a winter months heat bill, 2 months of cell phone bill, 2 weeks of groceries, 4 full tanks of gasoline (it wasn't 350 per gallon then), my summer electric bill, one month water and sewage, or 3 months of internet. Sorry, don't feel sorry for their feeling one single bit. To the wealthy, money increasing their wealth is a game where they can brag about having more then the next person.
Report Abuse Obviously, this is a bunch that believes money buys happiness -- and they can never achieve happiness, for some reason. I wish I had their financial predicament and they had mine!
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