25 How much money would it take for you to ”feel” wealthy?
By CNN’s Jack Cafferty:
Turns out $1 million still isn’t enough money to make some people feel rich.
A new survey of millionaires finds more than one-quarter of them say they don’t feel wealthy, but they would if they had an extra $5 million.
The Fidelity Investments Millionaire Outlook Report finds the average millionaire is about 60 years old and has at least $3 million in assets.
The survey also shows 14% of today’s millionaires say they grew up wealthy while a whopping 86% describe themselves as “self-made.”
And according to this report, millionaires’ outlook on the future financial environment is the highest it has been in the survey’s history. Let’s hope they’re right.
Meanwhile, there are a million different definitions for what being “wealthy” means.
I bet it’s safe to say Mitt Romney’s idea of wealthy is a far cry from your idea or mine. Wealth is relative in many ways. If you are free from financial worry, have enough set aside to secure your retirement and can afford a few luxuries such as vacations, maybe a second home or a fancy car, you may well consider yourself
But for the Donald Trumps of the world, too much money is never enough. They are driven continually to amass more wealth, buy another company, make another deal. Sometimes not stopping to appreciate what they have. And the accumulation and management of that kind of money involve tremendous stress and energy.
The saying — “Money can’t buy happiness” — is true, but it can buy peace of mind.
Here’s my question to you: How much money would it take for you to “feel” wealthy?
Interested to know which ones made it on air?
Tim in Hays, Kansas:
Jack, I think that depends on how one was raised. I was raised by a father who was a manager at a pizza parlor and a stepmom who didn’t work. There were 5 of us and we lived on less than $18K a year. Even though I know I have to pay these student loans back… between the $16K in loan money, the tuition waiver for being a Graduate Assistant, and my $7,000 salary, I already feel rich – comparatively speaking.
Pat in Wyoming:
About $3 million would do it. Anyway, lots more than it used to be. Millionaires aren’t so rare.
Jorja in Bethlehem, Pennsylvania: