HOW MUCH MONEY DOES ONE NEED TO FEEL RICH?

A new survey of Canadians and Americans says that almost half of those with a household income of between $50,000 and $60,000 said they would consider themselves wealthy if they earned  $100,000 or more a year.  Yet only 16  percent of those who actually made that amount thought of themselves as wealthy.

Of the higher income bracket, 43 per cent said they’d need at least $250,000 a year to be wealthy, 24 percent said they’d need $500,000 a year, and 11 per cent said they’d need at least $1-million a year.

It would seem that even high income earners may not consider themselves rich because it’s human nature for people to want what they don’t have.

There may be an easy solution to boost your sense of wealth:  Quit trying to keep up with the Joneses.

I had lunch with a male friend earlier this week.  He said even a million dollars was not all that much money in this day and age.  Isn’t that ridiculous.

How much money does one need to feel rich?

What do you think?

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7 Comments »

  1. It’s all very relative, Neil. For the first time in my life I have a slowly growing savings account and a checking account that is not always at 0$ at the month’s end. For the first time in my life I feel financially a bit comfortable, not rich, but not in a worrisome situation in case of catastrophe.
    Among retirees does that make me rich?

  2. 2
    Neil McKenty Says:

    I would say, Paul, that being comfortable may even be preferab le to being rich.

  3. 3

    What a great question! I’m in the same boat as Paul. We’re retired, debt free and really enjoying life at a moderate level. At our age, we have everything we need and have extra money for some things we want too. We don’t worry much about the future…
    I was in sales and a high wage earner at one time. My taxes were $30K + a year, but I never felt rich, and couldn’t really understand how my peers were skiing every weekend, travelling, drove fancy cars, & lived in B I G homes. I lived a very modest life style by comparison, in the country where there weren’t any “Jonse’s”.
    I really don’t know how they are doing in retirement (we had so little in common) we don’t keep in touch. I think some of them are still working.
    I like having some money now & not chasing my overdraft all the time. 🙂
    It is all relative. I think I would have done a lot with a cool million!

  4. 4
    Barbara Says:

    I was a college teacher so I never had much money and I don’t even make your lowest echelon now. But I have yet to touch my RRSP because I feel OK living simply.

    The way I look at it, the rich are those who NEED little. You don’t have to have money to be in that category.

  5. 5

    From the comments so far it seems that those of us who have a little more than we need feel comfortable. I imagine we all have a picture in our minds of “rich” and it would be a lot more than we have at the moment, but enjoying having enough is a most satisfactory way to live (and it sounds as if most of us responding are retired!)
    I remember being struck by Mr. McCawber’s words when I was in Grade XI, so I just looked it up.
    “Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

  6. 6

    Jan,you have it spot on. Watch your expenses,especially monthly payments.

    If I was glib, I would say being rich means having more money than your friends . I`m not, so I won`t.

  7. 7
    Jim Says:

    One can be rich without the money. But what makes me feel secure is that I know where I can get the money if I need it. (No, not there) I can appear to be rich if I get decked out in all my sartorial splendor, turn on my pseudo-breeding air, including my Brit nuances. Subject matter for conversation, would be my breeding farm of wild horses. Then I die when a lady neighbour friend mentions that she saw me buying a Saville Row suit at the Salvation Army Store. I feel like starting smoking again, not to ease my nerves, but to blow some smoke in her kisser.


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