"The vast majority of investors with $1 million in assets don't consider themselves wealthy."
So says a survey of more than 4,000 people, all of whom had more than $250,000 in the bank, and half of whom had more than a million dollars in the bank! They don't think they're rich. Huh?
And, get this: Forty percent of those who had more than FIVE MIL in the bank did not think they were rich. Kidding, right?
No, not kidding. So, how much do you need these days in order to think of yourself as rich? Remember, most Americans have very little, if any, savings. In fact, about half of us don't have enough stashed away to cover three months of expenses. And you've got $5,000,000 in a bank account and you don't think you're rich?
When the UBS survey asked people what would have to happen for them to think they were rich, the number-one answer was "no financial constraints on activities." That's a shift from similar surveys where the most frequent answer was "wealth level." A 2008 survey, for...
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