Feeling Wealthy Yet?

by Jay Pestrichelli on July 25th, 2013

I usually don’t get my financial news off of Yahoo.com (although I do get my gossip fix from there). However, today I saw an article by Hibah Yousuf of CNNMoney.com that I thought warranted comment.
 
In the article titled “What Does It Take to Be Wealthy” Hibah claims that 70% of those with $1M of investable assets don’t consider themselves to be wealthy.  The survey they reference from UBS states that $5 million is the mark to pass to get that “wealthy” feeling.
 
So out of curiosity, I wanted to know how many millionaires there are in the US and based on this article from The Guardian, looks like the US has more than 5 million millionaires.  Its worth a quick read and there are city-by-city breakdowns in it as well. "Cities Top Millionaires"
 
Many of our clients fall into that $1M and $5M range and I can attest that they do not feel wealthy, just as the article states. However, I will tell you that depending on someone’s age, their concerns about running out of money is less dire. Breaking the 7 digit mark does ease up many people's fears about going broke in their old age.
 
Smartmoney.com has a great retirement calculator. You have to setup a Marketwatch.com ID to use this, but it’s free and we have found that it does a decent job of giving the broad strokes of whether you have enough to avoid eating cat food on your 90th birthday. Check it out.

Retirement Calculator from SmartMoney


Posted in not categorized    Tagged with no tags


0 Comments


Leave a Comment