72% of Millionaires Don't Think They're Rich

Jul 29, 2013 Full story: WCHO-FM Washington Court House 75

While your first reaction may be to scoff - especially since the median household income is $51,500 - the study points to a real shift in what it means to be rich, and it isn't just wads of cash.

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Level 8

Since: Jul 07

Vancouver, Canada

#1 Jul 29, 2013
Because they've never been poor.
venturatx

Dallas, TX

#2 Jul 29, 2013
pure greed - nothing more....
Dr Stinko

Hampton, VA

#3 Jul 29, 2013
Well, I'm definitely not rich, meaning I've a 3:1 chance I'm a millionaire???
Yaaayyyy!

“Right click Left click Yay!”

Level 7

Since: Dec 10

Nehwon

#4 Jul 29, 2013
At one time, if you had a million in your bank savings account way back when at 5%, you'd get 50k per year in interest.

The median income in the article says 50k. That's only 20 years of a million dollars. If you don't plan to live more than 20 years, yeah, you're rich.

But now, a million is like Keyser Sose if you end up in the ICU at the hospital. All your work over the decades... fffft! it's gone.

“Easy does it... ”

Level 5

Since: Nov 12

Location hidden

#5 Jul 30, 2013
greymouser wrote:
At one time, if you had a million in your bank savings account way back when at 5%, you'd get 50k per year in interest.
The median income in the article says 50k. That's only 20 years of a million dollars. If you don't plan to live more than 20 years, yeah, you're rich.
But now, a million is like Keyser Sose if you end up in the ICU at the hospital. All your work over the decades... fffft! it's gone.
Yep, the health care system can put you in debt in a irregular heartbeat (and that's WITH health insurance). And when the Government got involved, it's supposedly going to help things be better....

Except for one major problem,the government has already put us trillions in debt. This is who's supposed to fix health care?

“Forehead wrinkle”

Since: Dec 10

Homefries

#7 Jul 30, 2013
I have a million dollar smile......I think I'm rich.

8-)

Level 7

Since: Oct 12

Location hidden

#8 Jul 30, 2013
I have little doubt this could be true....many don't realize what they are actually worth, if all assets were combined.....

“Denny Crain”

Level 8

Since: Jan 11

Location hidden

#9 Jul 30, 2013
Tourex wrote:
Because they've never been poor.
Wrong! I started out dirt poor. This country gives you the chance to become wealthy if you take a few chances and work smart. I have worked on commission all my life. You have to trade security for the chance at wealth
Level 7

Since: Dec 12

Location hidden

#10 Jul 30, 2013
So the rich don't think they're rich?

Hmmmmmmmmmm

I guess I won't have to worry about feeling like that.

Level 8

Since: Aug 08

Location hidden

#11 Jul 30, 2013
1 million dollars isn't what it used to be. It's just not. This isn't the 1950s when 1 million was probably more akin to 5 million in today's dollars.

When you also have that kind of money you also likely have a lot of bills ... lose your job have investments go sour, and the bill don't wait for anybody. I think it's really about security, when they say they don't feel rich. I would need a lot more than a million to feel secure, myself.

We also need to keep in mind that by millionaire, they don't mean these folks make a million dollars in salary or income each year ... they just have a million in investable assets saved. So, let's say you are 65 years old, have saved all your life (and really with compound interest lots of folks could be millionaires by the time they retired if they prioritized saving) and have a million in your 401k account ... not that you are poor, but that's really not that much to live on for the rest of your life. It's not like you are gonna have a chauffeur driving you around in a Bentley or be flying off to Paris for a weekend on a whim.
do the math

Hoffman Estates, IL

#12 Jul 30, 2013
If some idiot doesn't think a million dollars offers security, they probably think that $51,000 a year is actual "median income".

Since: Feb 09

Location hidden

#13 Jul 30, 2013
to me it seems like most people who have money don't want to admit to it. and the people who are poor want to let the whole world know about it.

then u have the middle class who don't know if they're rich or poor. lol

its great to have money and it sucks when u don't but like they say, money doesn't guarantee happiness..

“Forehead wrinkle”

Since: Dec 10

Homefries

#14 Jul 30, 2013
I would think that most millionaires wouldn't be bothered taking polls......lol

Level 7

Since: Oct 12

Location hidden

#15 Jul 30, 2013
The main thing money gives you is security and options.....

Level 8

Since: Aug 08

Location hidden

#17 Jul 30, 2013
do the math wrote:
If some idiot doesn't think a million dollars offers security, they probably think that $51,000 a year is actual "median income".
Just cause you make more than the median income, doesn't mean you are "rich," which is what we are talking about. I understand your confusion, tho ... it's common in liberal circles to think anyone who makes more money than you do is by definition rich and should be taxed the f' out of.

“100% Princess”

Level 8

Since: Jan 07

and totally harmless

#18 Jul 30, 2013
I think I could agree with that article. It states that those with more than $250,000 in investable assets have so many pressures--caring for relatives, loans, job insecurity, poor economy, that they just don't feel like they are masters of their money--more like slaves.

I think a lot of people--not just the "rich" would fall into that category. Times are just too uncertain to feel comfortable and secure with your income

Level 8

Since: Aug 08

Location hidden

#19 Jul 30, 2013
Par 4 the course wrote:
Just more Obamacrat class warfare BS. Bet most of the complaining libs on here would guard their wealth like a hawk if they had it.
True, it is the rare liberal that is willing to actually give up any money of any material significance to them in order to support their causes.

Most often, either they want to use the money of someone else (anyone who makes more than they do ... because by their thinking they are loaded if they do) or they themselves are so ridiculously wealthy (think a lot of hollywood types) that paying more money, even a large sum of money, doesn't materially affect them or their family.

I might have more respect for more them if more of them were like, sorry family, we aren't going on annual family vacation to the Wisconsin Dells for the foreseeable future and we are going to have to stop eating out, but I support paying more in taxes to provide more welfare benefits.

Level 8

Since: Aug 08

Location hidden

#20 Jul 30, 2013
Having said that, there are some liberals who put their money where there mouth is. I have nothing but respect for them, even though I don't agree with them in certain respects.

Level 7

Since: Oct 12

Location hidden

#23 Jul 30, 2013
Hitesrunprincess wrote:
I think I could agree with that article. It states that those with more than $250,000 in investable assets have so many pressures--caring for relatives, loans, job insecurity, poor economy, that they just don't feel like they are masters of their money--more like slaves.
I think a lot of people--not just the "rich" would fall into that category. Times are just too uncertain to feel comfortable and secure with your income
The economy has been doing steadily well...hardly a poor economy....

Level 8

Since: Aug 08

Location hidden

#24 Jul 30, 2013
True BUT wrote:
<quoted text>And then you have the likes of Warren Buffet, who preaches "fair share" while feverishly trying to avoid paying over a $BILLION in back taxes his company owes.
In fairness to him, the tax laws in this country are so complex, it is not fair to expect him to know what should have been paid.

CEOs donít understand these things and couldnít possibly understand this with all they have to do. They have to delegate that to others.

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