You are middle class and maybe you think if you had a million dollars you'd have no worries. Not so, according to a Fidelity survey of millionaires and their worries.
How much is enough? - Retiring at age 65 with potentially thirty years of inflation and health care costs, millionaires used to think that $3 - $4 million would be a good amount for their savings account. At the $3-$ million dollar level they don't feel wealthy. They think that to 'feel rich' they'd need about $7.5 million We've all seen things go wrong and lives upended by unexpected events. People are all the same. It seems that you will feel more cozy with more money.
How do they invest?- Millionaires are fairly conservative in their investing, according to this survey. A majority of the survey respondents said their investment goal was 'preservation of capital." That is a hold down the fort position and is not the usual growth objective.
Charitable giving- Millionaires were increasing their giving according to this survey. Not by a large amount. But it was up from $36,000 to $38,000.
People are people, as you can see from this survey. We think we'd feel more comfortable with more money. We are concerned about loosing what we have already saved. And we try to be more charitable. The numbers are bigger, but we're really the same.
Citation:
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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