Reuters: U.S. millionaires say $7 million not enough to be rich

[AsburySkinsFan]

I just read this as sour grapes. I could care less that someone with more wealth than myself still doesn't consider themselves rich. Who cares anyway? I think really driven people always look at what they have and are still driven. It's about the challenge for them. Reality in this sense is completely subjective.

I care because if they think they aren't rich then that begins to translate into what they believe is fair tax rates, for starters.

---------- Post added March-15th-2011 at 08:19 PM ----------

And everybody sees it a bit differently. Thus, it's a relative term.

You'd be far better off using objective standards everyone can understand and agree upon, like "top 1% of wage earners".

Bravo techboy...bravo! You managed to edit out the part where I talked about the top 1/3 of wage earners, in other words the part where I did exactly what YOU asked for.....BRAVO.

[techboy]

You asked for a consensus, demonstrating that your question had no purpose.

It was a leading question, I'll give you that.

Bravo techboy...bravo! You managed to edit out the part where I talked about the top 1/3 of wage earners, in other words the part where I did exactly what YOU asked for.....BRAVO.

No, you did not do exactly what I asked for, which isn't surprising, because the point of the (leading) question was to demonstrate that there is no one specific standard for "rich". The question cannot be answered. It's all relative.

You proved my point very nicely, by the way. Thanks.

Some might say "top one third of wage earners", some might say "top 1%", some might say "access to shelter and consistent meals of more than just rice and beans".

So, I'll repeat.

If you want to talk about objective measures like, for instance, the top one third of wage earners, fine. That's objective.

You cannot then, however, stretch that discussion into "rich", unless you're talking about what you personally think of as rich, and it's different for every single person.

[Califan007 The Constipated]

This thread is about the outrage that many of us "usual cast of characters" feel because they WON'T say it all because they are totally out of touch with the greater reality that exists beyond their gated communities.

You mean they're out of touch with YOUR reality. And your reality is little more than guessing at what it would be like to be in their shoes.

Absolutely, if I make $500K per year and spend $499,999 per year the fact that I'm broke doesn't mean I'm not rich, it means I've spent all my richness.

Rich is what you have...it's not what you make.

If I make $2 mil a year, but the gubmint takes $1.95 mil a year of it for taxes...am I rich?

---------- Post added March-15th-2011 at 06:53 PM ----------

WWERzwbobOk

(NSFW)

"Wealth is passed down from generation to generation. You can't get rid of wealth.

Rich is some **** you could lose with a crazy summer and a drug habit! ****, Rick James was rich! One minute you're singing 'Super Freak', the next minute you're doing Old Navy commercials."

[jnhay]

It most certainly does make sense, because the mere fact that they don't think they are rich shows just how out of touch with reality they are.

No, it just means that either a) you're out of touch with reality, or you're trying to rationalize your behavior.

You can have one without the other. Your interpretations don't necessarily apply.

[Koolblue13]

I don't think you have to be this guy, to be rich. If you have seven million dollars, you're rich.

[chipwhich]

I don't think you have to be this guy, to be rich. If you have seven million dollars, you're rich.

This post misses the mark.

It shows how Americans spend more time negotiating for a car than planning for retirement.

It also misses the point. PLANNING to have enough income to last you for the REST OF YOUR LIFE.

I would ask you and ASF, what is the magic number you need to live life comfortably.

You have to pay property taxes.

Income taxes.

Health Insurance.

Gas for car.

Gas/and or electric for your home.

Home insurance.

Car insurance.

Want to take a vacation?

ASF what if you want to tithe?

What if you end up in an Alzheimers ward like my grandfather.

Remember, you have to have enough money to last you until you die.

What is that number?

How much do you need to be "rich" meaning you can live the rest of your life without financial issues?

You guaranteeing me 10, 5, 1 percent on my millions? I always tell people if you can guarantee me 10% returns for the rest of my life, my money is in your hands

So ASF and KB. What is your number that will ensure the rest of your life will be worry free with regards to $$$?

What will you pay for health care until you die? Property taxes? Insurance?

There has to be a number.

People tend to think about this going into retirement. Tell me what your number is. Remember, you have to plan for unknown expenses and unknown returns.

How much money do you need to check out of life and live until you die without having concern for running out of $$$$.

This isn't a home or car purchase. This is your life.

[deejaydana]

I care because if they think they aren't rich then that begins to translate into what they believe is fair tax rates, for starters.

You paint with a very broad brush methinks

[Koolblue13]

This isn't a home or car purchase. This is your life.

While I do get what you're saying, if you had 7 million dollars and lived within your means, I would think a person could live out there lives comfortably.

If you have that much money and buy a boat or an airplane, you're not living within your means. If you have a mansion, instead of a nice moderate home, again, you're not living within your means.

However, if you can afford to buy a boat, an airplane or a mansion, you're rich.

[Destino]

The tax question has two sides to it:

1 - What benefits me.

2 - What benefits America.

No doubt some will argue they are one in the same but it doesn't take a rocket surgeon to see that they are separate considerations. Since the top tax brackets were radically changed the flow of income into the different classes shifted radically as well. Some would argue this is better some would argue it is not. Unlike the previous answer this one is not as simple. Incoming finding it's way DOWN the class scale is important for hundreds of reasons. Upward mobility is equally as important and taxes are a obstacle to that. If it were an easy answer we'd have figured it out a long time ago.

As for the rich question I think the only conclusion is there is a difference between "being rich" and being able to "live rich". There really isn't much more to say than that because there are so many factors to consider. Cost of living for instance. Living rich in Ecuador and living rich in New York, New York is incredibly different in terms of cost.

So the answer (that I'm able to give) is there is no easy answer. (again)

[Koolblue13]

On a side note, I was just reading an article about how Brazil is working on reducing the difference of income and it's working. Bail out program for the poor.

[No_Pressure]

I think that is an obvious response. Not to say that this isn't the case with people who make normal incomes, but many people who are in the range of 1 million to 7 million in assets are people who had to work their asses off to get there. I think people who make that kind of money are the types who never quite feel comfortable with how much wealth they have. This is probably one of many traits which caused them to be so driven to make so much money in the first place, and also the one responsible for their insecurity about their finances at times. I have my dad tell me all the time that he feels like he needs to have much more money to attain financial security. Anybody can see that he has complete security and stability with a paid off house all cars paid off a large salary and low expenses, but he is always driven towards more. I wouldn't expect people in that range of wealth to answer such a question any differently really. I don't think it shows a disconnect from the rest of society, and I feel like people get the notion that someone who has over 1,000,000 dollars has somehow been handed it or inherited it or something. Most people who truly inherit wealth inherit a **** load more than that, and people such as my dad whom I used as an example aren't disconnected rich snobs sitting in their manors sipping brandy by the fireside while sighing that they haven't accumulated ALL the wealth in the world for themselves. Many of the partners at his company including himself are former members of the USMC, Army, Navy, Air Force, (I'm not talking officers either, I'm talking PFC's and Corpsmen) and come from humble backgrounds from which they worked their way up the ladder.

Besides, I think that if a lot of those on here who make between 40 and 100k somehow made it to a 500k, 700k, 1m per year salary, I don't think you would suddenly feel completely secure and satisfied, you would continue to build and build your wealth because enough is never really enough and there are a million what if scenarios.

[TimmySmith]

I think that is an obvious response. Not to say that this isn't the case with people who make normal incomes, but many people who are in the range of 1 million to 7 million in assets are people who had to work their asses off to get there. I think people who make that kind of money are the types who never quite feel comfortable with how much wealth they have.

Hold on while I digest this. You mean that wealthier people tend to be goal oriented and tend not be complacent with their current standing in terms of wealth and social standing? You are wrong my friend. They are delusional, liars living in Ivory towers behind the gates of their communities.

[DRSmith]

I think this whole things proves money does not bring happiness and having money does not make one satisfied.

I find the simpler I keep my life the happier I am

[Burgold]

It also refers to the changing state of the definition of "normal" Wherever we are and what every we do soon becomes unremarkable. The seven million dollar man doesn't see himself as rich because he sees himself in his normal condition. He still has wants and is aware of certain limitations.

Most people are completely oblivious to the blessings in their own life and how good they have it. They concentrate to fiercely on what goes wrong, what they haven't got, or what's next to appreciate all the good stuff they do have. Perhaps, most of that hunger is adaptive and helped them become rich or stay rich, but most of us are not connected to the reality we live in.

[DRSmith]

I care because if they think they aren't rich then that begins to translate into what they believe is fair tax rates, for starters.

I think the larger issue becomes where do they get extra money from that they think they need.

Tax rates being lowered either means more borrowing or cuts to other people or increasing taxes on others to offset the cuts for the wealthy.

Do they charge more for the services they happen to provide

Do they cut the wages and benefits of others to get more for themselves.

[thebluefood]

It was my understanding that "rich" and "poor" were subjective terms.

At the same time, I don't care how swanky and high class your city is: 7 million is A FRIGGIN' LOT.

[endzone_dave]

If you told me that I had $7M to live from the ages of 60 through 90, I would feel comfortable, not rich. $230K a year is a pretty nice retirement but knowing you could have massive health care costs and even retirement home costs and wanting to leaving some money to your kids, I doubt you'd go out and live high on the hog.

[chipwhich]

I would love to hear what ASF thinks he needs to live his life out.

I can tell you his number is well north of 1 million.

And 7 million may or may not be enough depending on what happens to him in his lifetime.

[DRSmith]

I would love to hear what ASF thinks he needs to live his life out.

I can tell you his number is well north of 1 million.

And 7 million may or may not be enough depending on what happens to him in his lifetime.

Is that one million per year or just living off of one million?

I mean I can earn 50,000 a year for 20 years and be very happy

[chipwhich]

Is that one million per year or just living off of one million?

I mean I can earn 50,000 a year for 20 years and be very happy

Living off one million.

You can be very happy maybe. Canada pays your health insurance. How much are health costs going to be. $1000 a month, $2000 a month, $10,000 a month. What if you are forced into assisted living at 30, 40, 50, 100K per year.

Taxes/property taxes. Vacations? I can assure you 50K for 20 years wouldn't be a cakewalk. Plus you ignore inflation.

As I said, people spend more time shopping for cars than thinking about their finances.

[DRSmith]

I pay my health in taxes my employer pays the rest in a health care tax which is a lot lower than one thousand a month, my employer does and that which the government does not cover is part of my bennies

And 50,00 would do me fine as I tend to try to keep my life pretty simple

[stevenaa]

10 out of 10 people living in poverty feel poor, and those same 10 know that those millionaires are rich.

That's not true. I've lived below the poverty level supporting a family and never felt poor. Which I suppose is why I now live in the stratosphere above poverty level.

[NavyDave]

Just because someone's rich, doesn't mean they're not dumb. There are plenty of stories of lotto winners who had a lot more than $4 million going bankrupt because they were stupid.

Rich to me means that your investments are working for you, generating a solid yearly income without you having to touch it or really beat the market. $150 - $200k is enough for anyone to live comfortably. That doesn't mean you can buy a fleet of Bentleys or take all your buddies on a month-long whirlwind vacation at the drop of a hat, but you can live very comfortably. That's the level for me. If you have enough in investable assets to reliably take in $150k - $200k per year without doing anything, you're rich.

So true and yet the alleged smart people like Mark Brunell after having multi million dollar a year salaries is broke after making sound investments. Heck the New Jersey Nets billionaire became one because his former partner bought him out of a business deal and that partner is now broke. Plenty other young athletes, actors and other entertainers are going to be part of the fool and his money are soon parted headlines.

[Redskins Diehard]

In my high school the rich kids were the ones that had a new car and could go on vacation every year somewhere other than relatives house. I guess you wouldn't need 7 mil to do that.

[Elessar78]

In my high school the rich kids were the ones that had a new car and could go on vacation every year somewhere other than relatives house. I guess you wouldn't need 7 mil to do that.

Not really. A lot of people are way in over their heads.