Most millionaires don't feel wealthy

[Ace in the Hole]

It depends on how long you have been wealthy.

Someone who has been brought up rich, or who has developed wealth consistently over a period of time probably won't feel wealthy with millions.

Someone who wins lotto who previously had no money will feel wealthy, at least temporarily for a few years until they spend it or lose it.

 

[virgo]

I have about 2mil investible assets outside PPOR and have never felt wealthy in the least. Still working a*se off.

My PPOR is worth about 700k and this contributes to feelings of working class mediocrity.

Hiya China

Sorry to say that but i agree with one of the previous posters about you being a fool

Being wealthy is a state of mind after a certain level is reached....man, you need to step out of yourself and look around...with your mindset, you are still going to feel "poor" even if you reached 10 million....

We are all given 80 years on earth...give and take...fill it not just with money but with love, companionship, children(?), compassion, charity etc etc

you mentioned in one of your previous posts that at the end of the day you have no one to share your life/wealth with...

Maybe change your focus slightly and look at other areas of your life which is "lacking"....

My apologies though if i have stepped outside the boundaries but you sound like a "young" man who has so much potential...perhaps your culture or your family or your upbringing (i suspect from Hongkong/China perhaps) has always been too moneyfocused...there i have said it .

From foot-in-the-mouth
virgo

 

[Aaron_C]

China - first world problems

 

[china]

We are all given 80 years on earth...give and take...fill it not just with money but with love, companionship, children(?), compassion, charity etc etc

you mentioned in one of your previous posts that at the end of the day you have no one to share your life/wealth with...

Maybe change your focus slightly and look at other areas of your life which is "lacking"....

I agree with you entirely. Wealth is measured in many different ways. In the areas you have mentioned above, I feel like the impoverished citizen of a fourth world nation.

However, these are problems that money cannot solve and hence are far more serious problems.

 

[keithj]

Some research quoted here

Cornell University interviewed nearly 1500 people age 70 to 100+

....

...advice the older folks consistently did not give:

• No one said that to be happy you should try to work as hard as you can to make money to buy the things you want.
  
• No one said it’s important to be at least as wealthy as the people around you, and if you have more than they do it’s real success.

...

 

[alexlee]

The bias, though, is that people like to sound better than they are.

Look at the interviews of CEOs, etc in the business magazines. Everyone talks about integrity and honesty and taking care of employees. Who's going to admit to cutting backroom deals or abusing legal loopholes?

 

[Ace in the Hole]

Some research quoted here

Cornell University interviewed nearly 1500 people age 70 to 100+

....

...advice the older folks consistently did not give:
No one said that to be happy you should try to work as hard as you can to make money to buy the things you want.

No one said it’s important to be at least as wealthy as the people around you, and if you have more than they do it’s real success.
...

The way they word those statements makes it look like working hard and receiving money is bad.
The questions are loaded.

Some people feel extremely happy working as hard as they can, it gives a great sense of ability and achievement.
Making money is a side effect of this, especially if your earnings are not limited by running your own business.
Then, if you want to buy the things you want, you simply can.

 

[alexlee]

Older people regret that in their youth, they focused on making money and buying stuff.

That doesn't mean they would have been any happier if they'd wandered around the world looking for religion or salvation, but not having done it, they wish they had.

 

[pinkboy]

I agree with you entirely. Wealth is measured in many different ways. In the areas you have mentioned above, I feel like the impoverished citizen of a fourth world nation.

However, these are problems that money cannot solve and hence are far more serious problems.

You should post a photo up china, you cant be that ugly!





pinkboy

 

[virgo]

The Hunt of Red China

I agree with you entirely. Wealth is measured in many different ways. In the areas you have mentioned above, I feel like the impoverished citizen of a fourth world nation.

However, these are problems that money cannot solve and hence are far more serious problems.

Hiya China

Chins up! Now you have been intrigued....care to share more?

(i do have some lovely single girlfriends if you are so inclined)

From Virgo the matchmaker

 

[Aries]

Hiya China

Chins up! Now you have been intrigued....care to share more?

(i do have some lovely single girlfriends if you are so inclined)

From Virgo the matchmaker

Go, Virgo!

 

[zed_kid]

Older people regret that in their youth, they focused on making money and buying stuff.

That doesn't mean they would have been any happier if they'd wandered around the world looking for religion or salvation, but not having done it, they wish they had.

Nail… head… has been hit on

 

[china]

Since your metric is 'investible assets', why does a bigger PPOR make you feel financially secure?

Not bigger PPOR but one in a better location with views of the Harbour Bridge or Opera House. This is likely to be much smaller but cost triple my current PPOR. If I ever achieve this with funds outside my retirement funds, then I know that I must be doing all right.

 

[Deltaberry]

If an awesome house is what you need to feel happy, you'll probably never there if you can only save $2m of investible assets in 15 years.

 

[china]

If an awesome house is what you need to feel happy, you'll probably never there if you can only save $2m of investible assets in 15 years.

Then I must save harder. But the awesome house is only a secondary aim. The primary aim is to have an independence / retirement fund.

 

[HomePage]

What makes you wealthy is excessive cashflow over and above expenses. Then you feel wealthy - no matter what the level of excess...more is better, obviously.

+1. While China feels frugal at $150K pa passive income, I feel wealthy receiving about a third of that and still having some excess cash flow after what I consider to be a spendy lifestyle. It's all a matter of perspective, and my perspective makes me happy!

 

[VYBerlinaV8]

$150k p.a. (in 2005 dollar terms) was always my goal. I'm about halfway there in terms of accumulating the equity needed to achieve that and I already feel very wealthy.

I don't care about brand names, imported cars or fancy restuarants, though.

EDIT: This goal assumes my PPOR is owned outright.

 

[Ace in the Hole]

I'll be satisfied with $1,000/day.
Which really isn't that much for a couple + child.
$1,000 is pretty easy to spend counting all ongoing expenses and maybe a holiday or 2 once in a while.
On track in just over 12 months from residential rents.

I'll be happy with the 1 mil/annum though, might be another 5 years to get that.

 

[willair]

Then I must save harder. But the awesome house is only a secondary aim. The primary aim is to have an independence / retirement fund.

What about the offer to meet the Ladies from some of the posters the hardest part is always getting the first foot in the door,,i only ever seemed to make serious money once you have 2 people in the room..

 

[luce.rocks]

I think it's also about whether you control your wealth. You can come from a rich family but until you inherit, you can feel pretty poor. But then I guess you're not really a millionaire if it's your parents' money anyway.