BuffaloBill Posted March 14, 2011 Share Posted March 14, 2011 According to these folks it would $7 mil not enough Link to comment Share on other sites More sharing options...
boyst Posted March 14, 2011 Share Posted March 14, 2011 According to these folks it would $7 mil not enough Link to comment Share on other sites More sharing options...
KD in CA Posted March 14, 2011 Share Posted March 14, 2011 As usual, shoddy reporting leads to a misleading "OMG!!!" headline. The article also said 'many would need to have $7.5MM to feel rich'. Two problems here; one, we have no idea what % of the respondents "many" represents and two, it seems obvious they offered an open ended question 'how much would it take to feel rich', took a subset of the answers and came up with an average. The only hard data they provide is: --4 in 10 do not feel rich --respondents had at least $1MM Therefore, 40% of those with $1MM or more don't feel rich. Presumably those closer to the bottom of the scale are the ones not feeling rich, which seems reasonable to me; given the uncertainly in equity and real estate markets, I wouldn't consider someone with $1MM to be 'rich' either. For me the definition of 'rich' is "I don't need to worry about money for me or my children any more". $1MM wouldn't get me anywhere close to that feeling. Link to comment Share on other sites More sharing options...
BuffaloBill Posted March 14, 2011 Author Share Posted March 14, 2011 As usual, shoddy reporting leads to a misleading "OMG!!!" headline. The article also said 'many would need to have $7.5MM to feel rich'. Two problems here; one, we have no idea what % of the respondents "many" represents and two, it seems obvious they offered an open ended question 'how much would it take to feel rich', took a subset of the answers and came up with an average. The only hard data they provide is: --4 in 10 do not feel rich --respondents had at least $1MM Therefore, 40% of those with $1MM or more don't feel rich. Presumably those closer to the bottom of the scale are the ones not feeling rich, which seems reasonable to me; given the uncertainly in equity and real estate markets, I wouldn't consider someone with $1MM to be 'rich' either. For me the definition of 'rich' is "I don't need to worry about money for me or my children any more". $1MM wouldn't get me anywhere close to that feeling. Valid points However, the article does lay open the question how much is "enough?" The answer has to be very personal and driven by individual circumstances. I know what my retirement number is and happily it has come down considerably - primarily because I've figured out that living simply can be much more satisfying than running the treadmill of earn and spend (not to mention significantly reducing and not relying upon debt). Don't get me wrong, my number remains pretty substantial as I believe in conservative planning but it is much lower than it once was. Link to comment Share on other sites More sharing options...
Pete Posted March 14, 2011 Share Posted March 14, 2011 !@#$ greedy people, !@#$ selfish people, and !@#$ corporate America Link to comment Share on other sites More sharing options...
boyst Posted March 14, 2011 Share Posted March 14, 2011 (edited) Valid points However, the article does lay open the question how much is "enough?" The answer has to be very personal and driven by individual circumstances. I know what my retirement number is and happily it has come down considerably - primarily because I've figured out that living simply can be much more satisfying than running the treadmill of earn and spend (not to mention significantly reducing and not relying upon debt). Don't get me wrong, my number remains pretty substantial as I believe in conservative planning but it is much lower than it once was. Lets see. I am almost 30...FTW. I will just figure I will live another 55 years, at best. Most in my family live in to their 90's. So, $7,000,000 / 55 = $127,272.70 a year. I do not think I'd be "rich" but I would definately not be hurting. I'd get a job at Tractor Supply Co. for the savings on equipment, I might make $20k there. That $20 could support my major needs, as well. But, in my case, I support myself on so very little that I am almost embarassed to say. So, for me it's more then enough. When/If I ever start a family it might not be perfect, but for many, it is just enough. But, like you, I am sick that this story made the press. At a time like this why is this a story you'd want to put out there? Edited March 14, 2011 by jboyst62 Link to comment Share on other sites More sharing options...
Chef Jim Posted March 14, 2011 Share Posted March 14, 2011 !@#$ greedy people, !@#$ selfish people, and !@#$ corporate America So what does this article have to do with greedy people, selfish people and corporate America? Link to comment Share on other sites More sharing options...
Fezmid Posted March 14, 2011 Share Posted March 14, 2011 "Not feeling rich" is not the same as "feeling poor." Even though my wife and I make a good salary, I don't feel rich at all. That doesn't mean I feel poor though. Headlines like the article and this thread are what help make people so polarized. Link to comment Share on other sites More sharing options...
boyst Posted March 14, 2011 Share Posted March 14, 2011 So what does this article have to do with greedy people, selfish people and corporate America? Shirely, the only way they could have ever built up money was to work and run corporate America which raped the money away from the slave labor that is blue collar to amass a huge fortune of $7million and because they are so bloodlusting for money they are not happy. Link to comment Share on other sites More sharing options...
Beerball Posted March 14, 2011 Share Posted March 14, 2011 So what does this article have to do with greedy people, selfish people and corporate America? Please don't get him wound up. Link to comment Share on other sites More sharing options...
BuffaloBill Posted March 14, 2011 Author Share Posted March 14, 2011 At a time like this why is this a story you'd want to put out there? The world has not stopped. Many people in our society spend time worrying or thinking about the following: Money Sex Fame Politics Religion Perhaps not always in that order. Don't get me wrong, I'm not advocating these as priorities simply saying that at the end of the day they grab a significant amount of mindspace. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 14, 2011 Share Posted March 14, 2011 Shirely, the only way they could have ever built up money was to work and run corporate America which raped the money away from the slave labor that is blue collar to amass a huge fortune of $7million and because they are so bloodlusting for money they are not happy. I wanted to hear that from Pete. And don't call me Shirely. Link to comment Share on other sites More sharing options...
boyst Posted March 14, 2011 Share Posted March 14, 2011 The world has not stopped. Many people in our society spend time worrying or thinking about the following: Money Sex Fame Politics Religion Perhaps not always in that order. Don't get me wrong, I'm not advocating these as priorities simply saying that at the end of the day they grab a significant amount of mindspace. I think if we worried more about sex then there might be less worry about the rest. Or wait, is it less time? Besides, who wants to worry when they're talking about John and Kate trying to reconcile! Plus, Nancy Grace will be on soon! And don't call me Shirely. Alright Susie. Link to comment Share on other sites More sharing options...
BuffaloBill Posted March 14, 2011 Author Share Posted March 14, 2011 I wanted to hear that from Pete. And don't call me Shirely. This may be the best movie .... ever. Link to comment Share on other sites More sharing options...
Pete Posted March 14, 2011 Share Posted March 14, 2011 I wanted to hear that from Pete. Did you read the article? Average person surveyed was worth over $3.5 million. And a high percentage said they did not feel rich. That reminds me when Lattrell Sprewell complained about a $15 million contract saying "I need to feed my kids". I don't give a !@#$ about money. It does not impress me. I am much more impressed by a mans character. I got !@#$ed over at my job- and turned down $22,000 severance offer. I cannot be bought off. With what little money I make- I still donated over $1000 to charity last year. Greedy people suck. Don't tell me you are a fan of Madoff, Kenneth Lay, Gary Winnick, Dennis Kozlowski, etc? I could go on and on with scumbag corporate execs. And I could lecture for weeks about how evil companies such as Monsanto, Capital One, and Nestle are. What is not to understand? I reiterate- !@#$ greedy people, !@#$ selfish people, !@#$ Corporations Link to comment Share on other sites More sharing options...
Chef Jim Posted March 14, 2011 Share Posted March 14, 2011 (edited) Did you read the article? Average person surveyed was worth over $3.5 million. And a high percentage said they did not feel rich. That reminds me when Lattrell Sprewell complained about a $15 million contract saying "I need to feed my kids". I don't give a !@#$ about money. It does not impress me. I am much more impressed by a mans character. I got !@#$ed over at my job- and turned down $22,000 severance offer. I cannot be bought off. With what little money I make- I still donated over $1000 to charity last year. Greedy people suck. Don't tell me you are a fan of Madoff, Kenneth Lay, Gary Winnick, Dennis Kozlowski, etc? I could go on and on with scumbag corporate execs. And I could lecture for weeks about how evil companies such as Monsanto, Capital One, and Nestle are. What is not to understand? I reiterate- !@#$ greedy people, !@#$ selfish people, !@#$ Corporations Rich/wealthy means different things to different people. I don't care nor do I know why these people don't feel rich. But I saw nothing about greedy people, selfish people or corporate America in that article. See that's what you see when you hear "rich." Must be greedy, selfish or part of the evil empire. I too am much more impressed with a man's character and seeing you used the "F" word five times in your post and probably would have typed it in all caps seeing how angry you are tells me all I need to know about your character. The following is a valid concern for most Americans, regardless of how much money they have. Being a millionaire is not rich but pretty much a requirement for a comfortable and dignified retirement. 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 Edited March 14, 2011 by Chef Jim Link to comment Share on other sites More sharing options...
Fezmid Posted March 14, 2011 Share Posted March 14, 2011 Being a millionaire is not rich but pretty much a requirement for a comfortable and dignified retirement. To be fair, the article did say "excluding retirement accounts." I don't know that I'll ever be worth $3.5 million if I can't count the retirement accounts. But your point is pretty much spot on... Unless you're a member of a union. Link to comment Share on other sites More sharing options...
Chef Jim Posted March 14, 2011 Share Posted March 14, 2011 To be fair, the article did say "excluding retirement accounts." I don't know that I'll ever be worth $3.5 million if I can't count the retirement accounts. But your point is pretty much spot on... Unless you're a member of a union. Yes I did miss that. But since when are retirement assests not considered "investable assets?" Link to comment Share on other sites More sharing options...
BuffaloBill Posted March 14, 2011 Author Share Posted March 14, 2011 Did you read the article? Average person surveyed was worth over $3.5 million. And a high percentage said they did not feel rich. Given uncertainty and time why does the information above create such anger for you? $3.5MM is a significant amount of money. It very well might not be a sufficient amount to "cover" oneself financially over an extended period of time. Take medical care - running up a million dollar tab at your local hospital is not that hard to do. A solid heart attach and a few days in the icu with complications may be all it takes. Sure, there is insurance or medicare out there but not everyone qualifies. Some financial planners advocate that in retirement only 4% of the value of your holdings should be withdrawn every year to assure you don't "run out" of money over the course of your retirement. There is plenty of debate about whether these numbers are appropriate but generally are viewed as "acceptable" from a conservative planning standpoint. So on $3.5MM this philosophy suggests you get a nice tidy sum of $140K to live on each year. A very good amount of money but hardly one that would be held out as supporting a lifestyle of the "rich and famous." Don't get me wrong, living on $140K per year is hardly uncomfortable either. The issue really boils down to your comparison points. If you're pulling down that $140K but running with a crowd "getting by" on $40K per year then you are doing very well. The reality is however more likely to be the opposite - the $140K peoople compare themselves to a crowd that has significantly more money. It's the American way. Link to comment Share on other sites More sharing options...
KD in CA Posted March 14, 2011 Share Posted March 14, 2011 However, the article does lay open the question how much is "enough?" The answer has to be very personal and driven by individual circumstances. Good point. I think the word "enough" has become a politicized concept, exploited by those who want to make a point (or gain readers like the author of this article). The question wasn't "how much is 'enough' to provide the basics of food, shelter and education for your family", the question was "how much is enough to be considered 'rich'". And it may very well take $3.5MM or $7MM under many people's definition of rich to achieve that. As Fez astutely puts it: "Not feeling rich" is not the same as "feeling poor." Even though my wife and I make a good salary, I don't feel rich at all. That doesn't mean I feel poor though. Headlines like the article and this thread are what help make people so polarized. And the result of people confusing "enough to be rich" with "enough to enjoy a comfortable, secure life" and taking the author's bait to respond with some non-sensical class warfare rant is: !@#$ greedy people, !@#$ selfish people, and !@#$ corporate America Link to comment Share on other sites More sharing options...
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