Posted on 11/13/2023 3:27:53 PM PST by george76
Only a small share of millionaires say they feel wealthy,..
Persistent inflation has taken a toll on most Americans’ financial security, making it harder to feel well off..
What does it take to be rich? “The short answer is more...
Feeling “rich” is increasingly elusive.
Even among millionaires, only 8% would characterize themselves as wealthy these days.
Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class,
...
Even doctors, lawyers and other highly paid professionals — also referred to as the “regular rich” — who benefit from stable jobs, homeownership and a well-padded retirement savings account, said they don’t feel well off at all. Some even said they feel poor,..
Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either “very poor,” “poor” or “getting by but things are tight.”
Even a share of those making more than $500,000 and $1,000,000 said the same.
Despite their high net worth, just 44% of all millionaires felt “very comfortable,”
...
In the past year, credit card debt spiked to an all-time high, while the personal savings rate fell.
...
Where there was a time in the U.S. when a married couple, with children, could get by with a single-wage earner in the house, those days are mostly vestiges of the past.”
Money continues to be the No. 1 source of stress among households,
(Excerpt) Read more at cnbc.com ...
1/4 of people earning $175,000, said they felt poor? Simply incredible. Well, maybe high end colleges cost a million nowadays.
If you’re still spending $20-30M on your mortgage when you retire after what, 40 years?, you did something wrong. $40M a year, even without SS, should leave some decent room for beer if you don’t have a mortgage!
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