I was reading an article today out of Reuters that had discovered that millionaires believe one needs more than $7 million dollars to be considered 'Rich'. They reported on the findings of a Fidelity Investments survey which found that of the millionaires surveyed, most believed that one must have more than $7.5 million dollars to be truly rich.
The average age of the typical respondent to the survey was 56, with a net wealth of $3.5 million dollars; $3.5 million dollars and one does not consider themselves 'rich'? These folks have investments, assets, and more importantly economic security. Which is more than I can say for myself. Apparently, if I was a millionaire according to this survey, I wouldn't be too worried. The millionaires surveyed expect the economy to start coming around by the end of this year. Come on, this is the same group of people that can afford to buy $1.1 million dollar comic books in our current economy. Things clearly been haven't too bad for them.
Do I feel for these inferior feeling millionaires? Not in the least. Not when too many people are struggling to make it by working pay check to pay check. I do wonder what I would do with $7.5 million dollars if I came into possession of it.
I think first and foremost I would make sure my immediate family was caught up on all those big bills that seem to plague us. With just under half a million dollars I could do so much for my family and have plenty left over. All student loans in my immediate family would be gone, all the credit card bills, car loans, back doctor bills, I'd even do something nice for my landlord and fix up the backyard so when it rains the water doesn't roll down the slope of the yard and create a mud swamp in the corner.
After getting rid of all the debt, I'd turn attention to my parents and get them a house somewhere. Possibly in the woods or at the beach. They'd get a million dollars of my 7.5. If you're going to be a millionaire, why not make other people millionaires too! My sister would get a million too even though she constantly torments me. So let's see I'm down to 5.2 million now...still loads to go. The next thing I'd do is buy a Kennedy Compound type place on the coast. Give everyone in the family a key and a calendar to plan vacations. I'd also have to have a Delorean decked out like the time machine from Back to the Future. Hey come on, like you wouldn't?
The remainder would be invested for purposes of my continual economic security and the economic security of causes I deem important. Issues and groups near and dear to my heart like the Planetary Society, LCV, SOLV, APIC, and don't forget all those ballot initiative and progressive causes and candidates out there. Needless to say $7.5 million dollars is a lot of money, probably too much for me as I can't even think of how to spend the majority of it. Perhaps I'd be better off with just $3 million, it seems I at least know how to use that for some good.
Then again, I could just waste it all on 1 million dollar comic books. What would you do with 7.5 Million dollars? Would you invest in the tricky market? Would you buy things for friends and family to make their lives easier? Would you save for the future? Tell us.