I was struck today with the incongruity and yet inter-connectivity of two separate articles regarding financial security in America. The first one was from the Associated Press, rebroadcast through the Huffington Post, titled 80 Percent Of U.S. Adults Face Near-Poverty, Unemployment: Survey wherein it states that “Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream.” http://huff.to/11omSe1
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.
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.
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