42% Of American Millionaires Say They Aren’t Rich

millionaireDo you feel sorry for these people? Reuters reports on the millionaires who need more money to feel rich:

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.

“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.”

The average age of respondents was 56 years old with a mean of $3.5 million of investable assets. The threshold for “rich” rose with age…

[continues at Reuters]

majestic

Majestic is gadfly emeritus.

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71 Comments on "42% Of American Millionaires Say They Aren’t Rich"

  1. grooveboss | Mar 17, 2011 at 2:33 pm |

    well let them come by and ill spray them with some mace to see if i can spark their “oh im wealthy” emotions. Yeah being mediocre rich is just not the same as being filthy rich. maybe they should change to upper middle class and at least have some genuine social contact. bitches! Being rich also involves knowing how to spot things that have real value to you and not just buy stupid commodities to flagrantly compete with so called “others”. Plus they keep working for more when there is a glass ceiling on their shit. son these niggas need to learn how to hustle, all this old money is turning dem soft nowhatmean.

    P.s This comment is a master piece….

  2. grooveboss | Mar 17, 2011 at 10:33 am |

    well let them come by and ill spray them with some mace to see if i can spark their “oh im wealthy” emotions. Yeah being mediocre rich is just not the same as being filthy rich. maybe they should change to upper middle class and at least have some genuine social contact. bitches! Being rich also involves knowing how to spot things that have real value to you and not just buy stupid commodities to flagrantly compete with so called “others”. Plus they keep working for more when there is a glass ceiling on their shit. son these niggas need to learn how to hustle, all this old money is turning dem soft nowhatmean.

    P.s This comment is a master piece….

  3. Ah yes, no matter how much money they hoard, they’ll never fill the gaping voids in their souls. http://disinfo.com/2011/03/the-more-secure-you-feel-the-less-you-value-your-stuff/

  4. Ah yes, no matter how much money they hoard, they’ll never fill the gaping voids in their souls. http://www.disinfo.com/2011/03/the-more-secure-you-feel-the-less-you-value-your-stuff/

  5. DeepCough | Mar 17, 2011 at 3:17 pm |

    Hey, a million dollars just ain’t what it used to be, certainly not after our financial crisis.

  6. DeepCough | Mar 17, 2011 at 11:17 am |

    Hey, a million dollars just ain’t what it used to be, certainly not after our financial crisis.

    • grooveboss | Mar 17, 2011 at 11:31 am |

      Well then they should move to a different countries, where they can become warlords. Torrentreactor bought a town in russia and renamed it torrentreactor for 125,000 dollars!!!!! In russia you buy town and many many oxen. Torrent rector has 2 computers and 1 with internet connection, I bet their users feel truly elite!!

  7. grooveboss | Mar 17, 2011 at 3:31 pm |

    Well then they should move to a different countries, where they can become warlords. Torrentreactor bought a town in russia and renamed it torrentreactor for 125,000 dollars!!!!! In russia you buy town and many many oxen. Torrent rector has 2 computers and 1 with internet connection, I bet their users feel truly elite!!

  8. grooveboss | Mar 17, 2011 at 3:33 pm |

    http://www.youtube.com/watch?v… I believe you are truly awesome justagirl !!!!!

  9. Hamsanath437 | Mar 17, 2011 at 4:06 pm |

    like this is a shock. habituation + law of diminishing returns…

  10. Hamsanath437 | Mar 17, 2011 at 12:06 pm |

    like this is a shock. habituation + law of diminishing returns…

  11. Liam_McGonagle | Mar 17, 2011 at 4:07 pm |

    That’s because they have a primal, if unarticulated, understanding that our current economy is based on fear.

    They may understand that they’ve been relatively fortunate to survive the meat grinder up to this point. But they also know that the treadmill’s not stopping any time soon, and to get too complacent about that fact is to invite their destruction by assholes even more vicious than themselves.

    No, the answer here is to lay the foundation for the acceptance of a less self-destructive social contract.

  12. Liam_McGonagle | Mar 17, 2011 at 4:07 pm |

    That’s because they have a primal, if unarticulated, understanding that our current economy is based on fear.

    They may understand that they’ve been relatively fortunate to survive the meat grinder up to this point. But they also know that the treadmill’s not stopping any time soon, and to get too complacent about that fact is to invite their destruction by assholes even more vicious than themselves.

    No, the answer here is to lay the foundation for the acceptance of a less self-destructive social contract.

  13. Liam_McGonagle | Mar 17, 2011 at 12:07 pm |

    That’s because they have a primal, if unarticulated, understanding that our current economy is based on fear.

    They may understand that they’ve been relatively fortunate to survive the meat grinder up to this point. But they also know that the treadmill’s not stopping any time soon, and to get too complacent about that fact is to invite their destruction by assholes even more vicious than themselves.

    No, the answer here is to lay the foundation for the acceptance of a less self-destructive social contract.

  14. justagirl | Mar 17, 2011 at 4:09 pm |

    aww! *squeeze*

  15. Hadrian999 | Mar 17, 2011 at 4:25 pm |

    when you factor in cost of living in some areas a million isn’t exactly rich, where i live, in the heart of the midwest, it would be but in parts of L.A. or new york it’s middle class

  16. Hadrian999 | Mar 17, 2011 at 12:25 pm |

    when you factor in cost of living in some areas a million isn’t exactly rich, where i live, in the heart of the midwest, it would be but in parts of L.A. or new york it’s middle class

    • grooveboss | Mar 17, 2011 at 12:43 pm |

      yes its all relative to life style and social circles it seems. But when it comes to independent survival as a natural autonomous person a few million should make it happen. But rich is not just about money, it seems the universe seems to keep certain beings around by rewarding with Material possesions, others Spiritual experiences, others with beauty and other accolades that dont translate into a bank account number. And some can’t be persuaded to stay by any means :(. People with a surplus of money seem to think its the joker of all rewards, but if one is also not a good buyer, just looking at that stuff can get real boring.

      • grooveboss | Mar 17, 2011 at 12:45 pm |

        so they try to makes us feel bored with our alternative but still exceptional gifts. Can’t never get bored of my glorious beard!!!!!!!!!

  17. grooveboss | Mar 17, 2011 at 4:36 pm |

    grooveboss@hotmail.com if you need anything!!!!!! i would post other info but you know trolls…. ๐Ÿ™‚

  18. justagirl | Mar 17, 2011 at 4:39 pm |

    lol! you should edit now.

  19. grooveboss | Mar 17, 2011 at 4:43 pm |

    yes its all relative to life style and social circles it seems. But when it comes to independent survival as a natural autonomous person a few million should make it happen. But rich is not just about money, it seems the universe seems to keep certain beings around by rewarding with Material possesions, others Spiritual experiences, others with beauty and other accolades that dont translate into a bank account number. And some can’t be persuaded to stay by any means :(. People with a surplus of money seem to think its the joker of all rewards, but if one is also not a good buyer, just looking at that stuff can get real boring.

  20. “Wahhh I didn’t have enough for a bowling alley in my house, I could only afford a Tennis Court. Boo, I got a 30 person movie theater, but the other guy down the street has a 100 person movie theater (sure none of us have that many friends… its the principle of the thing)” … etc.

  21. “Wahhh I didn’t have enough for a bowling alley in my house, I could only afford a Tennis Court. Boo, I got a 30 person movie theater, but the other guy down the street has a 100 person movie theater (sure none of us have that many friends… its the principle of the thing)” … etc.

  22. grooveboss | Mar 17, 2011 at 4:45 pm |

    so they try to makes us feel bored with our alternative but still exceptional gifts. Can’t never get bored of my glorious beard!!!!!!!!!

  23. Anonymous | Mar 17, 2011 at 6:20 pm |

    I wonder what it feels like to sweat in a 10 million dollar mansion about how fancy my neighbors renovations are

  24. MoralDrift | Mar 17, 2011 at 2:20 pm |

    I wonder what it feels like to sweat in a 10 million dollar mansion about how fancy my neighbors renovations are

  25. grooveboss | Mar 17, 2011 at 7:22 pm |

    secondary email no problem. Just for you !!!

  26. grooveboss | Mar 17, 2011 at 7:24 pm |

    chose not to have editing, that way i dont second guess and if typos are abound, its ok no teachers get paid to police the internet.

  27. grooveboss | Mar 17, 2011 at 7:26 pm |

    if you send me your email ill send the FB ๐Ÿ™‚ tc

  28. Do they not feel rich because they’re old and alone?

  29. Do they not feel rich because they’re old and alone?

  30. justagirl | Mar 17, 2011 at 7:40 pm |

    LOL! get offa me!
    anyway, how would you know that it was ME that was emailing you??
    to know the troll you have to think like one!! *shaking you now*

  31. Ask Wesley Snipes or Willie Nelson about it…they know how fast a million can go bye bye…and generally how swiftly a person can transition between incredibly well off and near broke. No one feels rich…with the solitary exception of those who were born to it and have never experienced not having enough to get by. I might make an exception for Bill Gates and other new rich that reached a point so high where there isn’t much likelihood of their suffering a major loss they couldn’t recover from.

    It takes a lot of luck and labor for anyone not already wealthy to suddenly crack the glass ceiling and rake in millions…but it doesn’t take much at all to suddenly lose it and find it all out of reach. Shit…I know a contractor who was averaging 1.2 mil a year three years ago…and is now taking in less than a 100 Gs before expenses and taxes. House builders are among those in the direst shape of all these days.

    I don’t really empathize with the newly well off…but I do grasp why they don’t see themselves as ‘rich’…they define it as never having to worry about money ever again…and it takes a LOT of cash to reach that point.

  32. Ask Wesley Snipes or Willie Nelson about it…they know how fast a million can go bye bye…and generally how swiftly a person can transition between incredibly well off and near broke. No one feels rich…with the solitary exception of those who were born to it and have never experienced not having enough to get by. I might make an exception for Bill Gates and other new rich that reached a point so high where there isn’t much likelihood of their suffering a major loss they couldn’t recover from.

    It takes a lot of luck and labor for anyone not already wealthy to suddenly crack the glass ceiling and rake in millions…but it doesn’t take much at all to suddenly lose it and find it all out of reach. Shit…I know a contractor who was averaging 1.2 mil a year three years ago…and is now taking in less than a 100 Gs before expenses and taxes. House builders are among those in the direst shape of all these days.

    I don’t really empathize with the newly well off…but I do grasp why they don’t see themselves as ‘rich’…they define it as never having to worry about money ever again…and it takes a LOT of cash to reach that point.

  33. grooveboss | Mar 17, 2011 at 8:28 pm |

    ill take the chance. plus if anything ill ask the goblins. tag

  34. Douglas Business Team | Mar 17, 2011 at 9:27 pm |

    Majestic, your comments are pathetic. Do you know how many millionaires are Organic Farmers, private practice doctors, documentary film-makers, activists, inventors, research authors, etc? Do you understand the difference between a million (just enough assets to provide people with useful goods and services) vs. a billion/trillion (speculative trading/derivatives/ponzi schemes/shady dealings). Do you understand the concept of people fighting and scraping there whole lives to leave something substantial for their children? Judge a person by their actions, not by your own jelousy.

  35. Douglas Business Team | Mar 17, 2011 at 5:27 pm |

    Majestic, your comments are pathetic. Do you know how many millionaires are Organic Farmers, private practice doctors, documentary film-makers, activists, inventors, research authors, etc? Do you understand the difference between a million (just enough assets to provide people with useful goods and services) vs. a billion/trillion (speculative trading/derivatives/ponzi schemes/shady dealings). Do you understand the concept of people fighting and scraping there whole lives to leave something substantial for their children? Judge a person by their actions, not by your own jelousy.

    • grooveboss | Mar 17, 2011 at 5:35 pm |

      yeah those are the 58% that feel as wealthy and they are. And listen no one here is pathetic, pathetic is a strong word best left for face to face discussions, were a physical retaliation can be properly conducted.

  36. grooveboss | Mar 17, 2011 at 9:35 pm |

    yeah those are the 58% that feel as wealthy and they are. And listen no one here is pathetic, pathetic is a strong word best left for face to face discussions, were a physical retaliation can be properly conducted.

  37. Somedumbass | Mar 17, 2011 at 9:52 pm |

    In Soviet Russia town names you! I wonder if Yakov lives in Torrent Reactor? What a country!

  38. Anonymous | Mar 17, 2011 at 9:54 pm |

    I have seen similar studies where the wealthy and the poor do not see themselves as wealthy or poor, respectively. Part of this finding is likely due to their relationships with others: because people tend to interact with others from the same social class, they tend to see themselves as no different from others. This is probably why the myth of a large middle-class in the U.S. has been so enduring.

  39. Transformative | Mar 17, 2011 at 5:54 pm |

    I have seen similar studies where the wealthy and the poor do not see themselves as wealthy or poor, respectively. Part of this finding is likely due to their relationships with others: because people tend to interact with others from the same social class, they tend to see themselves as no different from others. This is probably why the myth of a large middle-class in the U.S. has been so enduring.

  40. Anonymous | Mar 17, 2011 at 11:46 pm |

    Fuck off ….she’s mine beotch!!

    lol

  41. Never is enough ah?

  42. Never is enough ah?

  43. Grooveboss | Mar 18, 2011 at 12:31 am |

    im not jealous ๐Ÿ™‚

  44. Grooveboss | Mar 18, 2011 at 12:33 am |

    in soviet russia you are town

  45. money will never satisfy a persons insecurities.

  46. money will never satisfy a persons insecurities.

  47. Oh honey, if a million isn’t that much, you can just send that right on over to my Paypal account. That’ll last me about forty years, thanks.

  48. Oh honey, if a million isn’t that much, you can just send that right on over to my Paypal account. That’ll last me about forty years, thanks.

  49. Tchoutoye | Mar 18, 2011 at 11:42 pm |

    He who knows when he has enough is rich. (Lao Tze, ca. 565 B.C.E.)

  50. Tchoutoye | Mar 18, 2011 at 7:42 pm |

    He who knows when he has enough is rich. (Lao Tze, ca. 565 B.C.E.)

  51. better poor and busy then rich and bored

  52. better poor and busy then rich and bored

Comments are closed.