Tag Archives: feeling rich

How Many Millions Does It Take to Feel Rich?

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Money Surprise

When I was a teenager, I though that it just took a million dollars to be rich.  Perhaps it was back then (barely), but now according to 42% of millionaires, it take a cool 7.5 million to feel rich!

I’m bummed!  10 years ago, I thought that if I were able to grow my money to 1.6 to 2 million dollars, I would be rich!  Not Buffett or Gates rich, but still very well off! But consider this information I read on Yahoo.com’s site called “U.S. millionaires say $7 million not enough to be rich”, I’m not even close!

More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.

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.

So according to the survey of over 40% of those who are multimillionaires, it will take at least $7.5 million dollars to be considered rich.

I’m afraid I’m going to be short by at least 5.5 million…

Unfortunately, there is a reasonable probability of inflation running rampant, and so there is a good chance that these millionaires may be correct.  So what is a person to do?

  • Read 7million7years.com site, according the blogger he was able to make 7 million in 7 years.
  • Be extremely frugal.  A great site to refer to for this route is the blog site earlyretirementextreme.com
  • Perhaps another route would be via investments.  In this case consider the advice at BuyLikeBuffett.com
  • Maybe lottery ticket is a viable options after all?  (Just kidding).
  • Work 2 or 3 more jobs?  Possible, but a bit demanding…

To be honest, I’m not really sure how to get up to the 7.5 million dollar level.

What do you think would be the best possible way to get to the elusive 7.5 level?

-MR

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