I can tell you that If I had a portfolio worth $5mil, returning at least 5% p.a. with a fully paid for PPOR.........I'd be on easy street.
Of course "most people" have this attitude. Whatever their economic station in life, they reckon if they were 2 or 3 stations higher up the track, they'd be on easy street, could put their feet up and cruise along with not a care in the world. It doesn't work like that unfortunately.
If you turn around and look back down the track, there are some Indians and Chinese who are about 2 or 3 stations below you with the same attitude, although their binoculars can only see as far down the track as where you are now. If you have a chat to them, they'll say that when they get to your stage in life, everything will be cruisy. Of course, if they hear you bleat about your lot in life right now, they'll probably have the same contempt for you as you have for the Yanks in the article.
Having worked and lived in the Middle East for a few years in a former life, I can confirm that their are people from Eritrea and Djoubuti (sp) who are so far back down the track, they can only dream of being at the station that the Chinese and Indians currently occupy. What you currently enjoy is beyond even their dreams. They are just trying to avoid being shot and having something in their stomach. If those two things are achieved, it's been a great day.
I reckon it's human nature to aspire to better things....it's just that those Americans depicted in the Silicon Valley article are further up the track than what we are here...on average in Oz, and hence we think their whinging and whining is un-called for. Of course, they are comparing themselves to mega-wealthy folk even further up the track and lamenting their relative 'poor' position. They probably haven't given one moment's thought to the vast bulk of the world's population behind them on the track, us included, as they are firmly focussed and comparing themselves to what's on up ahead.
Make sense ??
The real question for me is.....where is this track headed ?? Are we all destined to eventually sit in front of plasma TV's, watching the unfortunates of the world at a safe and hygenic distance whilst having servants do our every pedantic bidding, busily doing the chores whilst we check our stock prices and portfolio net worth, because anything else we spend our time on is simply not economically sensible ?? Maybe we be like Gates and Buffett and jog around to the start of the track again ??
