Obama has his definition ($250,000 a year in income). Donald Trump has his (his net worth depends on how “he’s feeling,” as in “I’m feeling $2.7 billionaire-ish today” ). And millionaires have theirs ($7.5 million). But a new survey offers some other clues on how to know if you are rich.
He knows he’s rich.The survey, done by Phoenix International and U.S. Trust of people with $3 million or more in investible assets, and cited in U.S. News and World Report, says that you know you are wealthy when…
1–Money is no obstacle. More than half (56%) said they considered themselves wealthy when they could buy anything without money concerns.
2–The Magic Number. A little more than a third of the millionaires say they became wealthy when they hit a certain number. A quarter of the respondents said it was $1 million to $2 million saved, while another quarter said it said it was $2 to $4 million. Only 15% said they needed $5 million to $10 million and 4% said they needed more than $10 million. (They must all live in New York City).
3–Pursue their passion. Ok, so not everyone can become lemur rescuers or deep-ocean submarine explorers, but 14% of mere millionaires say the ability to pursue an interest or passion is a sign they are wealthy. Of that group, most say they plan to travel or “have fun.”
4–You tell friends “Have Your Family Office Call Mine!” Of course, if you have a family office, you probably have more than $100 million, in which case you probably already know you are rich.
5–You think a salary of $1.6 million a year is “not a lot of money.”
Still, one third of respondents said their wealth is a “very important” measure of their self-worth. More than half considered their assets to be “somewhat important.” Seven in 10 said that what mattered to them was “the quality of relationships with family and friends and the success of their children.”
Can you finish the sentence “You know you’re wealthy when…”?