How much money is enough to “feel” rich? Answers will vary I’m sure. Have you ever asked yourself that question though? Do you know the answer?

I was just reading a report (http://www.huffingtonpost.com/2011/03/14/us-millionaires-say-7-mil_n_835327.html?ref=tw) that said that…
More than four out of ten American millionaires say they do not feel rich. Indeed many would need to have at least $7.5 million in order to feel they were truly rich, according to a Fidelity Investments survey.
Some 42 percent of the more than 1,000 millionaires surveyed by Fidelity said they did not feel wealthy. Respondents had at least $1 million in investable assets, excluding any real estate or retirement accounts.
Not being a mega-millionaire myself, I can’t relate to the people in this survey and tax bracket. It got me thinking though about what wealth really means to me. For me, it’s not about having a ton of zeros on my bank account. It’s not about driving a fancy car or flying first class. Sure, those things are nice to have and great to aspire for, but at the end of the day if you really think about it…

  • Do they make your life that much fulfilling?
  • Are you happier at your core because you have money?

The Internet is full of tons of people who are focused on the great big $$$ chase. In fact, that’s probably why you’re here on Shoe’s blog. But I’d ask you to walk up to Shoemoney, or any other wealthy person and ask them really where money fits on their scale of importance of things in their life.

My point is… most will probably put it about 5 or lower.

I know, I know, it’s easy for people who already have some amount of money and success to tell people who don’t that it’s not that important. You think that as soon as you get the money, all the happiness will just fall into line. I get it. Everyone thinks that way, until they make it and realize that it really doesn’t matter that much.

So where do you stand on the matter? Is it all about zero’s for you?

For over 15-years, Jim Kukral has helped small businesses and large companies like Fedex, Sherwin Williams, Ernst & Young and Progressive Auto Insurance understand how find success on the Web. Jim is the author of the book, “Attention! This Book Will Make You Money”, as well as a professional speaker, blogger and Web business consultant. Find out more by visiting www.JimKukral.com. You can also follow Jim on Twitter @JimKukral.

By Jeremy Schoemaker

Jeremy "ShoeMoney" Schoemaker is the founder & CEO of ShoeMoney Media Group, and to date has sold 6 companies and done over 10 million in affiliate revenue. In 2013 Jeremy released his #1 International Best selling Autobiography titled "Nothing's Changed But My Change" - The ShoeMoney Story. You can read more about Jeremy on his wikipedia page here.

20 thoughts on “How Much Money Is Enough To Feel “Wealthy”?”
  1. My favorite clothing line has the slogan “Wealth is of the heart and mind, not the pocket”

    Wealth for me is not about money necessarily, but it surely is the cherry on top!

  2. “For me, it’s not about having a ton of zeros on my bank account.”

    They’re all just ones and zeros anyways. I suppose it’s a natural fit with marketing online~

  3. Mr Forrest’s wealth jumped more than a third to $6.2 billion due to soaring iron ore prices. It put him on top of the Business Review Weekly’s richest

  4. I really enjoyed reading your blog, specially about this subject.
    I got some very useful information form this article thanks for sharing your info

  5. Money doesn’t make you happy, but it sure is better to have a lot than a little. Not having to worry about being able to pay bills? Being able to buy any little knick knack I want? PRICELESS. I’ve never experienced that feeling, but there is no way that it’s more stressful than having to worry about whether I can afford to pay my rent (much less pay for food).

    It would also be really nice to have a car. Must be nice to have a lot of money. If those millionaires aren’t happy with it, I’ll take it off their hands!

  6. I think the more money you have, the less important it becomes. People who are “living on the edge” financially are generally more obsessive about money than someone who is more “comfortable.” I think most people could care less about the zeros and more about the level of security they feel with what they have. Someone who is used to earning $50K per year and lives within their means will feel “rich” with a 10% increase in income. Someone used to making $250K per year might feel “poor” with a 10% reduction in income, especially if they don’t handle their money well.

    I have seen relatively low earners live comfortably because they handle their money and savings well. Conversely, I have seen people making north of $250K per year go bust just a few months after losing their job because they were leveraged to the hilt “keeping up with the Joneses.”

    The key thing is to live within your means, start saving at a young age and keep finances in perspective. I have a few measuring sticks I use to this day: if I don’t have TWICE AS MUCH in the bank for something I want to buy, I don’t buy it; I finance nothing (except my home); and if an item or service costs more than my first car ($600), I wait 24 hours before making a purchasing decision.

    One other thing I never do is tell ANYONE (other than my wife and my Uncle Sam) how much I make.

    Call me a cheap bastard if you want, but this cheap bastard sleeps well at night!

    1. I agree completely with your comment, There are so many people out there who spend most of their money within the few first days after getting paid. This may be before or after bills but it leaves them feeling poor as they are just waiting for the next Pay-day. I have a very similar system to the way I purchase things too, setting spendings down to priories rather than desires and even then having self control over what I actually want over what I think I do. (also over what society tells me what I want, haha but that’s for another day). Possibly this is a question over money management rather than amounts of money earned. I also think a lot of people feel poor because the world portrays a message of “If your not rich your not earning enough”. Which again brings us back to…how much is money is enough to to feel “wealthy?”. Besides, money is only ever borrowed, not owned just as the rest of your life.
      I’d rather spend little and be happy than fall though the hole in my pocket.

    2. I agree completely with your comment, There are so many people out there who spend most of their money within the few first days after getting paid. This may be before or after bills but it leaves them feeling poor as they are just waiting for the next Pay-day. I have a very similar system to the way I purchase things too, setting spendings down to priories rather than desires and even then having self control over what I actually want over what I think I do. (also over what society tells me what I want, haha but that’s for another day). Possibly this is a question over money management rather than amounts of money earned. I also think a lot of people feel poor because the world portrays a message of “If your not rich your not earning enough”. Which again brings us back to…how much is money is enough to to feel “wealthy?”. Besides, money is only ever borrowed, not owned just as the rest of your life. I’d prefer to spend little, be satisfied and happy than fall down the hole in my pocket and forever seek “more”.

  7. Noone can answer that question because more you get more you want, and you can ever have enough.

  8. Great article! I’ve thought about this many many times. I’m afraid to tell you the truth. Afraid that no matter how much money i’ll make, i will never be happy about it and keep pushing for more. Hope that this won’t be the case.

    That’s why we all have to have a specific number in our minds, a goal that when we reach, we’ll take a break and see like from another view. My number is in the lowest possible 7 figure range.
    Cheers

  9. Interesting article. It’s really not what you make that’s important, it’s what you keep. If you make $20 million but spend $21 million, you will be broke.
    Wealth is income minus expenditures. You have to spend less than you make.

  10. I have mixed emotions about this. I am not poor but not the richest. I have six zeros after my digits and would like to make it much more. At the same time, comes all the stress from the family side which makes me nuts. Always acting frightened that it can be lost and never trusting newcomers to the family like newly weds into the family. I don’t just mean pre-numps, which are ok. There is an unhealthy side to this, as family members want to make sure outsiders remain outsiders by keeping them in the dark. In one way I think it is right, in another I think it is wrong because no newcomer can truly belong or become a part of family if he/she is made to feel like a loser from the start. It can create unhappiness which might not happen if they were just made to be felt welcome. In that respect while I think it is good to protect yourself I also think it is wrong to make somebody feel worthless just because they are not the reason you have earned the money. I think a lot of people can’t get the balance right on this issue and end up going through life alone. I agree with the guy who wants to keep going and live the 2nd part of his life enjoying the good life, but I see downsides to what wealth does to people’s private lives especially if it earned jointly by family members. Work wise, if you can’t take the heat get out of the kitchen, it requires sensible risk, blood sweat and tears. I remember having no gas money for my car because I buried my cash into my company just to get it up and up and accepted to pay the price at the risk of failure. The easy way is to go for the salary, but “most” people that do that won’t get the dream number they seek. That’s just a trade off with success and failure chances. So workwise no problem, it’s the bit about people not enjoying their wealth and tearing themselves apart in their private lives just because they have it that bothers me.

  11. Hi, I am really happy I’ve found this information. Nowadays bloggers publish just about gossip and internet stuff and this is actually irritating. A good site with exciting content, that’s what I need. Thanks for making this website, and I will be visiting again.

  12. To feel wealthy, is having enough or three time more than your monthly need through passive income, for example fm rental income from a few properties. So, even when the economy is doing badly n the rental income dropped by 50%, u r still doing fine. U will hav v good sleep n hav d freedom to fully retire anytime.

  13. its all about the little things that make one feel wealthy. psychology has much more to do with “felling wealthy” than actual real monetary wealth. besides, wealth can be measured in so many ways…. health, family, friends, etc….
    One of the little ways to feel wealthy is when you save a few bucks here and there. recently i had one of these experiences when shopping for car insurance. save and see what I mean… http://www.thinkinsure.ca/car-auto-insurance-tips/How-to-Lower-Your-Ontario-car-Insurance-Rate-Expert-Tips.html

    jon D

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