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How Much do You Have to Have to be Rich?
By Mike | March 5, 2010
If I had a Million Dollars
Becoming a millionaire is something that many of us have dreamt about. It is a vision that has led many people to do crazy things in the pursuit. The incessant quest has sparked many popular game shows and contests. Mentioning the possibility that someone will become a millionaire has a lot of people trying to make it happen. Having a million dollars was thought of as a ticket to the good life, the path to freedom. These days though, a million dollars is not what it used to be and is far from being enough to be considered among the elite. It’s a heck of a lot of money for most of us, but it at least gives one pause to think of what is considered rich in this era.
How Much does it Actually Take?
According to a Barron’s Online article from March of 2008, $ 25 million dollars is now thought of as the base amount to be considered rich in today’s society. This may seem absolutely ridiculous in the middle of such a tough economy, but it is seen as the amount necessary to live a carefree lifestyle. Though a lot of people are suffering, the elite are growing. It makes sense when you take a closer look. Money doesn’t disappear - it merely changes hands. The money that we’re all missing has to be somewhere.
Who has all the Money?
The Barron’s article goes on to explain that there are more than double the amount of U.S. households with $ 1 million to $ 25 million in net worth than in the last ten years. Even more shockingly, there are approximately three times as many households in the $ 500 million category than there were in the previous decade.
It is Hard to Imagine
Even though most of us would be thrilled to have $ 10 million dollars in our pocket, many people who currently have this amount feel that they are living a rather middle of the road lifestyle. $ 25 million to $ 50 million is now thought to be the low level of wealth. $ 50 to $ 500 million is the middle of the road, and $ 500 million and above is considered elite.
If only we had such Problems
In a time when most people are struggling to bring in enough to pay the bills and hopefully tuck a little away, it can be difficult to wrap our minds around the concept that having $5 million or $ 10 million dollars is not considered rich. In reality, even a good size nest egg in the bank can get wiped clean by a crisis. These ideas about wealth call into question the amount of money it would take to cover all a persons’ possible expenses without having to finance a thing, and have enough left over to live on and keep an eye on the unexpected. So, just in case you were wondering how much it would take to live worry free (at least financially speaking) in today’s society, $ 25 million ought to do it.
Topics: Investing |
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