How much does it take to feel wealthy these days? For many millionaires, it’s about $7.5 million, according to a survey by Fidelity Investments. “Wealth is relative, and to some extent the more you have the more you realize how much more you need,” said Sanjiv Mirchandani, president of National Financial, a subsidiary of Boston-based Fidelity, that provides clearing and custody services to broker-dealers, in an interview before the survey’s release today. The more than 1,000 households surveyed had an average of $3.5 million in investable assets. About 42 percent said they don’t feel wealthy, saying they would need about $7.5 million to feel rich. The 58 percent of respondents who said they do feel wealthy were younger on average and have a greater number of remaining years in the workforce, said Mirchandani. A 65-year-old millionaire is “looking at potentially the loss of a paycheck as they retire, and 30 years in retirement, with inflation on the horizon,” said Mirchandani. “So they kind of go ‘Well, $3.5 million, $4 million, isn’t what I thought it would be. I’d like to have more.’” There are about 5.5 million U.S. households with at least $1 million in assets, or about 5 percent of the population. Millionaires control 56 percent of the country’s wealth, according to Fidelity, which is the second-largest U.S. mutual- fund company after Vanguard Group Inc. Household wealth was $56.8 trillion at the end of 2010, according to the Federal Reserve. The survey found millionaires’ outlook for the future is the most positive it’s been in at least four years. Turning a Corner “They’re beginning to feel that perhaps we’re turning the corner on a more consistent basis,” said George Walper Jr., president of Chicago-based Spectrem Group, a consulting firm that tracks attitudes among millionaires. About 56 percent of registered investment advisers, who manage or advise individual investors’ money, are bullish on the stock market’s prospects over the next six months, according to a January survey by San Francisco-based Charles Schwab Corp. (SCHW) Of the advisers surveyed, 23 percent said they’re providing reassurance to their clients about reaching their investment goals, down from 49 percent in January 2009. Buying Stocks About 83 percent of millionaires surveyed by Fidelity said the financial crisis didn’t shake their confidence in investing, and 43 percent said they plan to invest more money in stocks over the next 12 months. A majority said a goal is preservation of capital, rather than growth. “They’re still fairly conservative in terms of what they’ll buy,” said Mirchandani. Millionaires planned to give $38,000 on average to charity in 2010, up from $36,000 in 2009, the Fidelity survey said. The asset-management firm hired New York-based Northstar Research Partners to survey 1,011 households with at least $1 million in investable assets via the Internet during October 2010.
If those who have 3.5 million in investable assets said they would need about 7.5 million to feel rich, then what about those who already have 7.5 million? Do they feel wealthy?
def wealthy(net_worth): . return 2*net_worth
How much money does a thousandaire need to feel rich?
PhillyBanker Wrote: ------------------------------------------------------- stack-o-valpak
skycfa Wrote: ------------------------------------------------------- > If those who have 3.5 million in investable assets > said they would need about 7.5 million to feel > rich, then what about those who already have 7.5 > million? Do they feel wealthy? nope. Their poll said that they would need 17.5 million to feel rich.
justin88 Wrote: ------------------------------------------------------- > def wealthy(net_worth): > . return 2*net_worth That about sums it up. I think that’s kinda why being able to live below your means and having modest expectations is key to happiness…I’ve known at least a few folks who made sick sums of money, but didn’t seem too happy because they were only ever capable of looking above them on the payscale.
supersadface Wrote: ------------------------------------------------------- > justin88 Wrote: > -------------------------------------------------- > ----- > > def wealthy(net_worth): > > . return 2*net_worth > > That about sums it up. I think that’s kinda why > being able to live below your means and having > modest expectations is key to happiness…I’ve > known at least a few folks who made sick sums of > money, but didn’t seem too happy because they were > only ever capable of looking above them on the > payscale. I know many people like that, it’s striking actually. They bought into the notion that material possessions and career development are the key to happiness. However, there will always be someone with more money or a better career then you and its best not to have so much of yourself worth tied up into things that can evaporate so easily. I think they just haven’t figured out the difference between pleasure and happiness. Material possessions bring pleasure but true happiness is a matter of perspective and mental training, it comes from within. At least that has been my experience.