10 Things Millionaires Won't Tell You

[jeffrey]

1. "You may think I'm rich, but I don't."

A million dollars may sound like a fortune to most people, and folks with that much cash can't complain — they're richer than 90 percent of U.S. households and earn $366,000 a year, on average, putting them in the top 1 percent of taxpayers. But the club isn't so exclusive anymore. Some 10 million households have a net worth above $1 million, excluding home equity, almost double the number in 2002. Moreover, a recent survey by Fidelity found just 8 percent of millionaires think they're "very" or "extremely" wealthy, while 19 percent don't feel rich at all. "They're worried about health care, retirement and how they'll sustain their lifestyle," says Gail Graham, a wealth-management executive at Fidelity.

Indeed, many millionaires still don't have enough for exclusive luxuries, like membership at an elite golf club, which can top $300,000 a year. While $1 million was a tidy sum three decades ago, you'd need $3.6 million for the same purchasing power today. And half of all millionaires have a net worth of $2.5 million or less, according to research firm TNS. So what does it take to feel truly rich? The magic number is $23 million, according to Fidelity.

10 Things Millionaires Won't Tell You (new-new-new) at SmartMoney.com

[rob62521]

I think some of this article goes along with the book, "The Millionaire Next Door" where those folks admitted to living below their means. They bought nice things, but they looked for bargains.

[choicearizona]

Aren't most millionaires spend nearly everything they make? That seems to be the old wives tale. But not sure I believe it. I guess I'll have to wait and see when I get to that point.

[cashing_in]

It is all hypothetical...like there is no end to satisfaction and similarly no end to earning..quite understandable.