If I had a Million Dollars
Becoming a millionaire is something that many of us have dreamt about. Many people have been chasing this particular windmill, so to speak, in many ways. The incessant quest for the Holy Grail of a million dollars has created a lot of game shows and contests. Mentioning the possibility that someone will become a millionaire has a lot of people trying to make it happen. Having a million dollars was thought of as a ticket to the good life, the path to freedom. These days though, a million dollars is not what it used to be and is far from being enough to be considered among the elite. Sure, it is still a considerable amount for many of us, but it leaves us to wonder exactly what is considered rich in this day and age.
How much does it really Take?
According to a Barron’s Online article from March of 2008, $ 25 million dollars is now thought of as the base amount to be considered rich in today’s society. This may seem absolutely ridiculous in the middle of such a tough economy, but it is seen as the amount necessary to live a carefree lifestyle. Though a lot of people are suffering, the elite are growing. It makes some sense when we look at it more closely. Money does not disappear; it only changes hands. The money that we’re all missing has to be somewhere.
Who has all the Money?
The Barron’s piece explains further that there are more than double the number of U.S. households which have between $ 1 million and $ 25 million dollars in net worth than there were ten years ago. Even more shockingly, there are approximately three times as many households in the $ 500 million category than there were in the previous decade.
It is Hard to Imagine
Even though most of us would be thrilled to have $ 10 million dollars in our pocket, many people who currently have this amount feel that they are living a rather middle of the road lifestyle. $ 25 million to $ 50 million is thought to be the lowest levels of wealth. $ 50 million to $ 500 million is middle of the road and $ 500 million and up is considered elite.
If only we had such Problems
In a time when most people are struggling to bring in enough to pay the bills and hopefully tuck a little away, it can be difficult to wrap our minds around the concept that having $5 million or $ 10 million dollars is not considered rich. In reality, even a good size nest egg in the bank can get wiped clean by a crisis. These new ideas about wealth take into consideration the amount of money that would be necessary to cover all of a person’s possible expenses without financing anything and still have enough left over in case the unexpected happens, such as healthcare issues. So if you were wondering how much money will financially set you free today, the number is $ 25 million.
