Interesting Article from Smart Money. Sometimes money is about security.
A million dollars may sound like a fortune to most people, and folks with that much cash can t complain they re richer than 94% of U.S. households and earn $350,000 a year, on average, putting them in the top 1% of taxpayers. But the club is a little less exclusive. About 6.7 million households have a net worth above $1 million excluding home equity more than there were in 2002 but lower than the record high of 9.2 million in 2007, according to a 2009 report by Spectrem Group.
Moreover, a recent survey by Fidelity found just 46% of millionaires do not feel wealthy. They re worried about health care, retirement and how they ll sustain their lifestyle, says Gail Graham, executive vice president of Fidelity Investments.
Indeed, many millionaires still don t have enough for exclusive luxuries, like membership at an elite golf club, which can top $300,000 a year. While $1 million was a tidy sum three decades ago, you d need $2.9 million for the same purchasing power today. And two-thirds of all millionaires have a net worth of $2.5 million or less, according to research firm TNS. So what does it take to feel truly rich? The magic number is $7.5 million, according to Fidelity.
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