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Thread: When a Million Dollars Just Won't Cut it

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    When a Million Dollars Just Won't Cut it

    "U.S. millionaires are reporting a sunnier outlook about the economy, although nearly half of them donít feel truly rich. Fidelity Investments released its fourth Millionaire Outlook survey this week, which studies the investing attitudes and behaviors of more than 1,000 millionaire households throughout the country.

    The survey found that four in 10, or 42% of millionaires do not actually feel wealthy. This is down four points from 2009; however, those who said they did not feel wealthy reported they needed to have at least $7.5 million in investable assets to begin feeling wealthy again.

    Those who did report feeling wealthy said they began to feel that way with $1.75 million in investable assets."


    Read more: When a Million Dollars Just Won't Cut it - FoxBusiness.com


    According to the 2010 Census, one in seven Americans were officially poor in 2009, meaning for individuals, they made less than $11,000, and a family of four, less then $22,500.

    Who's feeling sorry for the rich folk here?
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    "U.S. millionaires are reporting a sunnier outlook about the economy, although nearly half of them donít feel truly rich. Fidelity Investments released its fourth Millionaire Outlook survey this week, which studies the investing attitudes and behaviors of more than 1,000 millionaire households throughout the country.

    The survey found that four in 10, or 42% of millionaires do not actually feel wealthy. This is down four points from 2009; however, those who said they did not feel wealthy reported they needed to have at least $7.5 million in investable assets to begin feeling wealthy again.

    Those who did report feeling wealthy said they began to feel that way with $1.75 million in investable assets."


    Read more: When a Million Dollars Just Won't Cut it - FoxBusiness.com


    According to the 2010 Census, one in seven Americans were officially poor in 2009, meaning for individuals, they made less than $11,000, and a family of four, less then $22,500.

    Who's feeling sorry for the rich folk here?
    reich wing republicans, of course

    enough to use unemployment benefits as leverage for a trillion dollar tax cut for millionaires/billionaires
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: When a Million Dollars Just Won't Cut it

    Wealth and Poverty are more than "how much money you make" though.

    Wealth is "how much are you WORTH" - property like homes, land, RV's, boats, cars and trucks.
    Income is "how much you EARN in a paycheck"

    Poverty is, also, not calculated as "the lower 5% of the income of the population" either - poverty is calculated based on the cost of food for a family of four times three. If food costs go up then the poverty-level goes up with it.
    That's because the average low-income family spends 1/3 their income on food every year. Thus: multiply a years worth of food times three makes the food 1/3 overall costs.

    This doesn't really change anything - I'm just clarifying what's being referred to, here.
    Last edited by Aunt Spiker; 03-17-11 at 01:04 PM.
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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by justabubba View Post
    reich wing republicans, of course

    enough to use unemployment benefits as leverage for a trillion dollar tax cut for millionaires/billionaires
    We are going backwards to the days of a two class system, the barons and the poor. I don't see anyway to reverse the trend but to return to a progressive tax system
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by Catawba View Post
    We are going backwards to the days of a two class system, the barons and the poor. I don't see anyway to reverse the trend but to return to a progressive tax system
    these are good times ... IF you are rich


    that bailout - using taxpayer dollars - replenished the losses the wealthy would have sustained in the wall street meltdown

    main street was allowed to melt down instead
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

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    Re: When a Million Dollars Just Won't Cut it

    I understand the sentiment that a million is not enough, really that is only the upper end of the middle class. Considering wealth distribution it doesnt amount to dilly compared to the top 10%.

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by justabubba View Post
    these are good times ... IF you are rich


    that bailout - using taxpayer dollars - replenished the losses the wealthy would have sustained in the wall street meltdown

    main street was allowed to melt down instead

    And yet we keep giving the rich as much as teacher's pay in tax cuts year after year. I guess people will eventullly figure it out, or we will continue on our path to fascism.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    Quote Originally Posted by SE102 View Post
    I understand the sentiment that a million is not enough, really that is only the upper end of the middle class. Considering wealth distribution it doesnt amount to dilly compared to the top 10%.
    If a million is not enough, where does that leave the middle class? The median family income in 2008 was $52,029.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: When a Million Dollars Just Won't Cut it

    I would say the middle class is quite wide, segregated in lifestyle from the poor and the 'rich' who live quite differently from them.

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    Re: When a Million Dollars Just Won't Cut it

    Hey, a million dollars ain't what it used to be. The little town of 2,500 I live near just spent about a million dollars re-doing the sidewalks... for a "downtown" area barely 200' long.

    A half-acre suburban lot with a nice-but-not-mansion house on it recently sold for 300,000 in a fairly rural county nearby.

    If you invested 1 mil in an investment portfolio intended to provide an annual income for yourself, you'd probably draw about $50,000 a year off of it, maybe a little more, maybe a little less depending. 50 grand a year is a living income but it WON'T buy you a "rich" lifestyle these days.

    Actually these days I'd say "moderately wealthy" probably starts at about 5 million in net assets.

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