If I had a Million Dollars
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Becoming a millionaire is something that many of us have dreamed about. It is a vision that has led many people to do crazy things in the pursuit. The incessant quest for the Holy Grail of a million dollars has created a lot of game shows and contests. The mere mention of the possibility that someone will become a millionaire has countless people clamoring for a chance to try. 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. It’s a heck of a lot of money for most of us, but it at least gives one pause to think of what is considered rich in this era.
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 might seem completely ludicrous in light of a rotten economy, but it’s the amount seen as essential to live carefree. Even though a large majority of the population is financially suffering, growth among the elite is on the rise. It makes sense when you take a closer look. Money does not disappear; it only changes hands. The money that we’re all missing has to be somewhere.
Who has the Money?
The Barron’s piece explains further that there are more than double the number of U.S. households with $ 1 million to $ 25 million in net worth than in the last ten years. 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 now thought to be the low level 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 ideas about wealth call into question the amount of money it would take to cover all a persons’ possible expenses without having to finance a thing, and have enough left over to live on and keep an eye on the unexpected. So, just in case you were wondering how much it would take to live worry free (at least financially speaking) in today’s society, $ 25 million ought to do it.
