You Won't Feel Rich Until You Have $7,500,000

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Photo: Foto ChesKa via Flickr

Everyone has a number.It’s a monetary value; if you reach it, you’ll feel like you are rich and can retire. This is lovingly referred to as F.U. money.

But that number has been creeping higher and higher. Nowadays, just being a millionaire doesn’t seem to cut it.

According to The New York Times, people in the top 10% of earners don’t feel like they’re making a lot.  They only consider themselves to be middle to upper-middle class citizens.

“Single digit millionaires are an extremely insecure lot,” one of our astute commenters said. ” It is not enough money to quit working. They fret about the future and don’t think any investment is safe. They clip coupons and long for they day they can be double digit millionaires.”

Fidelity Investments conducted a study on wealth, and the results seem to agree. Just being a millionaire isn’t enough. 

After surveying 1,000 households with an average of $3.5 million investable assets, 42% said they didn’t feel rich. So, how much money would it take for them to feel secure? The response: about $7,500,000.

“The 58 per cent of respondents who said they do feel wealthy were younger on average and have a greater number of remaining years in the workforce,” Bloomberg reports.

“Wealth is relative, and to some extent the more you have the more you realise how much more you need,” said Sanjiv Mirchandani, president of National Financial, a Fidelity subsidiary in response to the survey.

So we ask, what’s your number?

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