U.S. millionaires say $7 million not enough to be rich

It would seem the " haters " of entrepreneurship " are either to lazy, and want a hand out or have no real understanding of what this country was founded upon? The ignorance on this site is baffling?

reply to post by beezzer
Yep, blame the liberals. Too bad the facts don't agree with you. Warren Buffett say's there is class warfare and his class is winning. I sure get tired of the tired old line that the rich pay whatever percent of taxes, blah blah blah. The rich pay far far less percentage wise, than they did a decade ago, and indeed for the last few decades. I pay a higher percent of my income in taxes than do the wealthy. Yet, this liberal doesn't complain about it.

Hard work doesn't guarantee anything, if it did, I'd be rich.

What I never hear is the liberals whining about life not being fair, and why can't everyone be rich. I hear that crapola from conservatives and wanna be rich people. I always hear from the right that liberals want to redistribute wealth. Really? show me. A great question is, how much is enough? Apparently, people not based in reality, think 7 million isn't enough. They are delusional, and jealous of those that have more.

No, I think I'll choose to listen to Buffett, before someone on the interwebs.

If they work hard starting their own business and in turn become very wealthy from it....more power to them! They deserve it. Instead of being jealous, start your own business and try and be just as successful.

Originally posted by DevilJin

Originally posted by Turq1
Yet a 10 year old though would feel incredibly rich with say $100 a month. Bizarre really.

I think it's fair to say on the whole, we are really an ignorant bunch.

Lol. Not bizarre. A ten year old feels rich because his government (his parents) pay for everything else. No taxes or anything.

It's obvious that our economy is so screwed up and the line between the rich and the poor is so wide that seven million bucks isn't enough for the rich. Probably because of the super rich.

My point is on the idea of Value and human nature. Always wanting more, consuming... "feeling" rich should be irrespective of money. It's sort of like someone who drives a clunker and turns the music up, has a good time, while someone else might drive a $$$ car, but enjoy it no where near the amount the other guy does. It's ignorant and misguided.

How about a little perspective here... This also included those with 1 million in retirement funds. Divide that million by 30 years (retirement years) and you have $33,333.00 a year. 2 million $66,666.00 etc....

Hope you are all saving...

I say, if you've figured out how to be rich and have good things in life, then good for you. I don't believe in the spreading the wealth around to everyone. That situation is ripe for lazy people getting paid for doing very little, while the hard worker gets the same pay. Heck with that. People have nothing to strive for, if you're just going to farm out all the money to everyone equally. It puts a ceiling on the hard workers, and snuffs out the big achievers. So, it pretty much suppresses society, and keeps them from really growing great and powerful. It squashes the human spirit.

That being said, if you are rich, don't forget to give back to society. Teach others how to grow bigger. Build a company to provide jobs for others. Teach people how to build their own businesses. Etc.

If we will rekindle that creative spirit, and strive for big things, we can plow through this recession. In the process, rebuild the middle class, and have fewer poor people. Ultimately, we do not want poor people. We want everyone doing well.

Rich people are not automatically bad, unless they got that way by doing harm to others.

Troy

Originally posted by Whereweheaded
It would seem the " haters " of entrepreneurship " are either to lazy, and want a hand out or have no real understanding of what this country was founded upon? The ignorance on this site is baffling?

Nobody is hating on entrepreneurship;but the "arrogance of the wealthy" where conspicuous consumption is only meant to say "look at me! "I have 3 ferraris and goldrims.because 2 would not be "excessive enough "and then not present the image I was going for". for them That7 million (though more money than a majority will see in a lifetime.) is not enough).

I wish i had $7,000,000 I have a thread kinda related to this but more-so about average people. the link i used for my thread was joshtolley.wordpress.com...

Originally posted by schuyler
Oh yeah, I hear all the laughter and derision. Now do the math.hat are CD rates today? Hovering about 1%. You CAN get more with longer ranges, but your basic CD is about 1% yielding $10K per million invested per year. So $6 million invested will get you an average income. Anything else is terribly risky. If you had invested $6 million in real estate a few years ago your net worth would be less than half today.

People with 7 million liquid don't put it all in CDs. You can get over 4% from T-bills. Doesn't get any less risky than that. With a good diversified portfolio, you will conservatively earn at least $300,000 per year interest off 7 million.

Originally posted by bsbray11
This also proves how out-of-touch millionaire circles are with the rest of the people. Not surprising that someone who's biggest problem is not having enough millions is not going to want to be hanging around people who have to struggle just to eat and pay rent. They would never say $7 million is not enough in front of those people, or having middle class people in their social circles.

Earlier today, I saw an article about the US ambassador to China Jon Hunstman resigning, and how there was speculation he will likely run for president. I'd heard his name before. I remember reading he was fluent in the Chinese language. Seemed like a smart guy. Then I looked at the wikipedia article on him and found out he is the son of a Billionaire. My enthusiasm dropped like a rock. Nothing personal against him, but there is no way I can believe the son of a billionaire is in touch with this country's problems.

Originally posted by Rockdisjoint
I agree with them, if I was rich I don't think I'd just be happy with 7 million. I'd need at least 15 - 25 million to be satisfied. My parents have a ton of money (at least 5 million, plus their real estate stuff) and they are always complaining about how they don't have enough money to pay the bills and other stuff. They say having a million dollars won't get you far in life any more

If your parents have 5 million in the bank and extensive real estate and still need to complain about not having enough money to pay bills, they are obviously living beyond their means. With that attitude, even if they had 20 million, they'd probably just spend more.

Originally posted by TarzanBeta
A million today is about the same as having $100,000 about 30 years ago.

More like $350,000.

I used to think Donald Trump was a self made (B/M)illionaire. Then I read his father gave him $300,000 back in the 1960's to go into business. (well over a million when adjusted for inflation) I lost some respect for him.

Once you get to a certain point, money has a critical mass. Like the saying goes, making the first million is the hardest.

Originally posted by DuceizBack
This site seems to have a lot against people who work hard.
No wonder most conspiracy theorist are bums.

You seem to be under the delusion that extremely wealthy people all work harder than your typical bread winner. That's false. Most rich people got their money through luck, not hard work.

Originally posted by saturnsrings
reply to post by beezzer

 

Yep, blame the liberals. Too bad the facts don't agree with you. Warren Buffett say's there is class warfare and his class is winning.

It's funny to hear these morons kiss rich peoples asses. As Buffet has alluded, it's not a level playing field.
Wealth is seldom based on merit.

Le secret des grandes fortunes sans cause apparente est un crime oublié, parce qu'il a été proprement fait.

Originally posted by Neopan100
reply to post by ziggy1706

 

OMG...I have wondered the same thing...like do they have prego and doritos in their cabinets? Maybe some hotdogs or what not in the fridge? They probably go out to eat or have meals brought in..though.

Actually i have Ragu in my cupboard. Along with some Doritos and Tostito's, with salsa too. Have a few Healthy Choice TV dinners in the freezer as well as a few packs of all beef franks and hot links. I also have fish, chicken, pork and beef in the freezer too. We eat normal stuff like anyone else. I go out to eat occasionally for Thai food, because i love it. Mostly i prefer to grill my meals. Don't eat out much since i can usually cook better than what i'd get in the average restaurant. Plus it keeps costs down and more money in the bank.

Though i do have over a million in personal assets from 30+ yrs of hard work, i don't consider myself "rich". I use coupons and look for deals like anyone else. Just because you're a "millionaire", doesn't mean you have liquidity.

Obviously $7m is not enough money to buy taste, consideration, or empathy.

It is not enough to buy into the afterlife either.

Quiet, people..

Listen closely..

Do you hear that?

Yes, that is the world's smallest violin playing the world's saddest song for these poor millionaires.

I feel so bad for them..I think we should hold a telethon so we can raise money to make them feel more whole.