The second article from ABC News was titled: Study Finds Only 28 Percent of Millionaires Think They're Rich, wherein they state “According to a study from investment bank UBS, entitled "What is Wealthy?," 40 percent of those with $5 million in investable assets said they didn't feel they were rich. And only 28 percent of investors who had between $1 and $5 million in investable assets viewed themselves as rich.” http://abcn.ws/12VOe97
I simply cannot view both of these studies about the state of the American condition without comment. The first one deals with one level of insecurity, as in – I cannot make my mortgage payment, fix my car or pay for my child’s education; and the second one deals with a different level of insecurity, as in, I have all the comfort that I need… but my neighbor has three houses, five cars and a more beautiful wife. Both are insecure conditions to that person.
I live in Beverly Hills, California where it is very easy to understand the attitude of people who don’t think that they are rich, even though they have a few million dollars in the bank. In my neighborhood you can throw a ball in any direction and hit someone who has more money, cars, homes, women and stuff than you do. At the same time I wonder how some of my neighbors are getting by when they have not made a movie in three years and have no visible form of income to support themselves or their family. "The Lord (read – entertainment industry) giveth and the Lord hath taken away, blessed be the name of the Lord. [Job 1:21]"
My point is that poverty is still a real possibility for all of us. You may be flying high today and they may be repossessing your Lamborghini tomorrow. What the 40% of millionaires that have $5 million in investable assets know is that it could all disappear tomorrow. You can’t allow yourself to become complacent. If you don’t stay hungry, you don’t stay rich for long.