Howdy fellow Dinarians,
Well the hack gurus were wrong again with their “intel” and about the RV happening – I hope none of my regular readers have been loosing sleep waiting for that elusive Iraqi Dinar to finally revalue!
Today I happened across this interesting article about perception of wealth, and hopefully someday “soon” all of us who own IQD will finally get our chance to call ourselves “wealthy”.
Maybe this article will help you to become just a little more educated as to wealth, and the perception of being wealthy!
~ Mr. IQD
NOTE: This article is excerpted from money.msn.com
What constitutes wealth in the U.S. these days? It depends on the context.
If you’re talking about wealth in relation to the minimum wage, billionaire Charles Koch assures America that the path to riches requires a mere $34,000 a year. If we’re discussing wealth in the Western, above-the-paupers sense, then even $4 million doesn’t seem to cut it.
The UBS (UBS -0.57%) Investor Watch asked 4,450 investors whether they consider themselves wealthy.According to CNBC, 60% of those worth $5 million or more said they are indeed wealthy, while only 28% of those worth between $1 million and $5 million said the same.
But what are these folks thinking when they hear the word “wealthy,” and why aren’t all the people envying those fat stacks of cash thinking the same?
Well, for one, the millionaires’ goals are different. Only 10% told UBS that being wealthy means “never having to work again” — that’s just “rich.” Only 16% think “surpassing a certain asset threshold” makes a person wealthy. It’s gauche to count your money.
Nope, the broadest definition of wealth — the one more than half of the survey’s respondents embrace — is “no financial constraints on activities.” This is a group whose impulse buys include last-minute hikes in the Himalayas and the cute 40-acre property they saw while on holiday.
With this goal in mind, they’re keeping 23% of their assets in cash, which is the highest level since 2010.
Those cash holdings alone would exceed the definition of “rich” that Americans gave in a late 2011 Gallup poll, which found a yearly income of $150,000 would be enough for most people to consider themselves rich. Those making less than… [CONTINUE READING ON MONEY.MSN.COM]
- What does it take to be rich? (cnbc.com)
- Affluence Redefined: UBS Investor Watch Report Finds Most Millionaires Do Not Consider Themselves We (dailyfinance.com)
- Most Investors Don’t Feel Wealthy Unless They’re Worth $5 Million (businessinsider.com)