If you had $1 million dollars would you feel wealthy? You won’t.
- What is considered “wealthy?”
- How much money would it take for you to be happy?
Is it the amount that you have? It is whether you have no financial constraints to do what you want? Is it the sense of security you get from just having money?
Wealth equals no financial constraints on activities
Did you know the majority of millionaires don’t consider themselves wealthy? Only 31% of those with $1 Million dollars in assets consider themselves wealthy. Only after the $5 million dollars threshold do a slight majority (60%) of the millionaires feel they are wealthy. Absurd? or just the nature of people?
How much does it take to be happy?
As a kid, we would be happy with $20 in our pocket. That’s all we needed. As a poor college student, if we could just have a couple hundred bucks to eat decent food and pay some of our loans, we would be ecstatic. As a working professional, we needed enough money to get a nice car, an iPad, and bunch of other gadgets. Family. Kids. Investments. Retirement. Vacations. Bigger homes. As we grow older, and our standard of living continues to rise, is it really that big of a surprise that our happiness threshold in terms of money only increases? When then will anyone be happy?
Though the identity of being “wealthy” goes from 31% to 60% between having $1 million in assets to $5 million, note that when they are asked how confident they will be to achieve your financial objectives for the future, there is negligible difference.
The full report is here: Investors Wealth Report
- Do you think having $1 Million Dollars is considered wealthy?
- Do you think you will feel secure with $1 Million Dollars?
- Comment below and give your take!