https://awealthofcommonsense.com/2023/12/5-million-is-nothing/"Once you become wealthy you start to spend more money. And you hang out with people who are even wealthier than you are, so you begin to feel inadequate.
I know I have a lot of money but I still don’t feel rich.
Sure, I have a million bucks but what if I had two million instead?
I’m worth five million but I’d be a lot happier with ten million.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, according to a recent Ameriprise Financial survey of more than 3,000 adults.
To that point, 31% consider themselves decidedly middle class.
There are roughly 16 million American households that are worth $1 million or more. But that number includes primary residence so the number with $1 million in investable assets is much smaller. We’re probably talking something like 5% of the population.
If you have $1 million in investable assets you are not certainly not middle class or upper middle class — you’re rich!
Munger was worth something like $2-3 billion. He was as good as anyone at understanding human psychology, incentives and behavior. And he still couldn’t help but wonder if he could’ve been richer!"
Comments
'People in the 90th percentile are considered well off, with a household net worth of $1.9 million. They can go on trips, and think about charity donations and sending their kids to college.
The 95th percentile is considered wealthy, with $3.2 million household net worth, so even more spending power, which means estate planning and possibly more than one home. And the 99th percentile is very wealthy, with $16.7 million in net household worth, Schmidt says. They can do whatever they want, and might own a winery or ranch.'
Yahoo article from July. I can't warranty the info or the source.
My wife and I were average earners and saved maybe 10% of our pay to a 401k, consistently. We didn't do anything special getting to the magic-mil by the time we were 60's. My kids now make quite a bit more than we did. I don't think they or your average gen-x'er or millennial will have a problem getting to the magic million either.
The US healthcare system is broken. And it ain't getting fixed anytime soon.
"Regardless of education, the average lifetime earnings of all Americans are roughly $2.3 million, according to a report from Georgetown University's Center on Education and the Workforce."
https://themessenger.com/business/the-american-dream-will-now-cost-you-over-3-million-report?utm_source=onsite&utm_medium=latest_news
Forrest Gump: "One less thing to worry about." Recall the scene where he gives that check to Bubba's surviving family.
LOL - Not wealthy. But at 78 I’ve decided to “let it roll” and have been flying first class several times a year for a long while now. And I’ve encountered some really
oddeccentric folks up in that front section of planes - some obviously well-heeled.After turning around and heading back to the gate to check out a technical glitch, a gal up in front began berating the poor cabin attendant (a middle aged male) shouting angrily and repeatedly “Bring me another drink!” She’d already had a couple at the gate. Obviously the flight crew didn’t want her getting smashed while the plane was being repaired before even departing. Finally, he told her if she persisted the captain would come back and deal with her. That seemed to quell her thirst until we were airborne. Meanwhile, the self-important (but friendly) dude next to me on the same flight mumbled into his cellphone the entire trip to someone on the ground. I figure he used the wifi aboard for a voice connection, although the airline rules prohibit such use.
On another recent flight the good natured soul next to me excitedly ran a demonstration video of a new candy wrapping machine he’d just bought while in California. Apparently he’d begun a very profitable business in Michigan producing and marketing “chocolate covered coffee beans” - a new confection. The roasted / coated beans are bound together into bars. It was amazing watching the video of that machine wrapping and spitting out about one bar every second. I remarked that I thought “Charlie and the Chocolate Factory” a pretty good flick. (Deep - I know)
All said, I do prefer the extra room, priority boarding and not having someone’s kid kicking the back of my seat during flight. On another vein I’m reminded of the adage: ”The rich are not like you and me …”
I’d say your dislike of the experience is pretty typical. Maybe it’s in ”the eye of the beholder”. Obviously, I continue to enjoy the experience. Took first jet ride out of DTW on an Eastern DC-8 in 1974. Smoked a pipe on the flight. We didn’t yet have wheels on our (hand carried) luggage.
@Crash - I haven’t encountered the type issue you did. Sounds like a totally obnoxious individual. I’ve seen more (obnoxious behavior) seated in the back for whatever reason. Part of it is the crowding and people fighting for space I think. More younger college aged who are sometimes drunk / buzzed ride in the back. But my comments were more about the behavior of some of the highly affluent than about seating choices. May have used a bad illustration. I suspect some are just used to “throwing their weight around” regardless of the setting.