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More than 50% of adults with NW > 15 M feel financially insecure
Old 02-20-2011, 05:19 AM   #1
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More than 50% of adults with NW > 15 M feel financially insecure

Quote from new-rich-wealth-after-recession: Personal Finance News from Yahoo! Finance

"And perhaps most striking of all, more than half of adults with a net worth of at least $15 million no longer consider themselves financially secure, according to a survey from Barclay's Wealth, with one in every 10 people interviewed saying they don't have enough money to retire."

Rather surprising....
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Old 02-20-2011, 05:26 AM   #2
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All of the high net worth folks I know personally accumulated their wealth via stock options in the run up to the dot bomb bust, and they ALL feel insecure about having enough! Prior to hitting the stock option lotto (it really was a crap shoot, some hit the big time, many like myself, not so much) they were "normal" folks, maxing out the 401k and figuring that they'd stay at it until they were 65+. However the windfall changed that and the most bizarre part of the whole thing is that their expectations (around all things material) seemed to shoot up faster than their net worth. Perhaps this is why, even though they have far more $$$ than they ever dreamed possible, they still feel as if they don't have "enough".

When ones philosophy is based on more, then one can never have enough.....got that from Joe D.
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Old 02-20-2011, 09:05 AM   #3
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I love this line.

And perhaps most striking of all, more than half of adults with a net worth of at least $15 million no longer consider themselves financially secure, according to a survey from Barclay's Wealth, with one in every 10 people interviewed saying they don't have enough money to retire.
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Old 02-20-2011, 09:43 AM   #4
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If they had felt financially secure, they probably would've stopped at $2 million or so. So it stands to reason that many of them have a personality trait that makes them strive for more money since they will always feel insecure.

I don't see too many people around here with the same disorder.
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Old 02-20-2011, 09:50 AM   #5
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Greed spawns financial insecurity in many ways. The day I got over trying to beat the market, and felt content to simply get my fair share was the day I began to feel financially secure.

Granted, that is easier to say once your goals are finally in reach but the observation seems valid.
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Old 02-20-2011, 10:35 AM   #6
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...........I don't see too many people around here with the same disorder.
Good point. Most with the multimillions check in, wring their hands then leave.
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Old 02-20-2011, 10:44 AM   #7
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I couldn't live contentedly on the amounts that some on this board do. So, I allow that there are others that cannot live on the amount that I live on. And on and on.

To each their own when it comes to what is enough.

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The day I got over trying to beat the market, and felt content to simply get my fair share was the day I began to feel financially secure.
Rich - so true!
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Old 02-20-2011, 02:25 PM   #8
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Yet another reason to closely track your spending. I know that I am happy right now. I know how much I spend. So long as I have the assets to generate this much income, I know I will continue to be happy. Knowing the actual numbers removes the emotional component.
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Old 02-21-2011, 11:25 AM   #9
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Gosh. My heart goes out to those sad folks.
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Old 02-21-2011, 11:28 AM   #10
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Good point. Most with the multimillions check in...
...

Nope; I'm not leaving...
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Old 02-21-2011, 11:57 AM   #11
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Originally Posted by obgyn65 View Post
Quote from new-rich-wealth-after-recession: Personal Finance News from Yahoo! Finance

"And perhaps most striking of all, more than half of adults with a net worth of at least $15 million no longer consider themselves financially secure, according to a survey from Barclay's Wealth, with one in every 10 people interviewed saying they don't have enough money to retire."

Rather surprising....
GMAFB...
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Old 02-21-2011, 12:33 PM   #12
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Either these people are unreasonably paranoid or they suffer from an out of control case of affluenza.
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Old 02-21-2011, 11:19 PM   #13
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I can sorta understand their perspective (which is not to say I sympathise).

The jump in living cost from middle class millionaire to the level where you "need" an income from investments of USD250-500K a year to maintain your accustomed lifestyle - luxury cars, boat, holiday home(s), country club, children in private schools, overseas holidays, mistress etc is significant - like tax rates, prices are progressive and advance more rapidly at the luxury end of the scale. As an example, a round trip ticket HK-NY-HK costs 5-6 times as much in business class as it does in economy. Inflation has also been historically higher for luxury goods and services than for the economy in general (see the Forbes Cost of Living Well Index).

Then there's the comparisons. USD15 million is rich, but your chances of rubbing shoulders with people who are (or appear to be) significantly richer would (I expect) become greater the more money you have. Comparative wealth matters to people's sense of well being. Expectations go up and its hard to bring them down again.

Lastly, we're living at a time when populist calls to tax the rich more are being answered and it's widely believed that countries which have racked up monumental debts spending beyond their means will have to inflate their way out of the mess (as well as continue to raise taxes). It's little wonder that people are more than a little bit paranoid about maintaining their standard of living.

That said, I'm sure it would be a nice problem to have and I'd like to think that if I had that kind of money I would keep a slightly healthier perspective.
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Old 02-22-2011, 12:03 AM   #14
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Gosh. My heart goes out to those sad folks.
I'd like to help share their pain by relieving them of some of their burden too...
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