How Much Would it Take to be Rich?

If I had a Million Dollars

Becoming a millionaire is something that many of us have dreamed about. Many people have been chasing this particular windmill, so to speak, in many ways. The incessant quest for the Holy Grail of a million dollars has created a lot of game shows and contests. The mere mention of the possibility that someone will become a millionaire has countless people clamoring for a chance to try. Having a million dollars was thought of as a ticket to the good life, the path to freedom. These days though, a million dollars is not what it used to be and is far from being enough to be considered among the elite. It’s a heck of a lot of money for most of us, but it at least gives one pause to think of what is considered rich in this era.

How much does it really Take?

A Barron’s Online article from March of 2008 purported that $ 25 million is thought to be the base amount of what would be considered wealth today. This might seem completely ludicrous in light of a rotten economy, but it’s the amount seen as essential to live carefree. Even though a large majority of the population is financially suffering, growth among the elite is on the rise. It makes sense when you take a closer look. Money does not disappear; it only changes hands. The money that so many of us are currently missing has got to be somewhere.

Who has all the Money?

The Barron's article goes on to explain that there are more than double the amount of U.S. households with $ 1 million to $ 25 million in net worth than in the last ten years. Even more shockingly, there are approximately three times as many households in the $ 500 million category than there were in the previous decade.

It is Hard to Imagine

Even though most of us would be thrilled to have $ 10 million dollars in our pocket, many people who currently have this amount feel that they are living a rather middle of the road lifestyle. $ 25 million to $ 50 million is now thought to be the low level of wealth. $ 50 million to $ 500 million is middle of the road and $ 500 million and up is considered elite.

If only we had such Problems

In a time when most people are struggling to bring in enough to pay the bills and hopefully tuck a little away, it can be difficult to wrap our minds around the concept that having $5 million or $ 10 million dollars is not considered rich. The truth is that even with a fairly large sum in the bank, a crisis can come along and wipe out a large portion of a person's funds. These new ideas about wealth take into consideration the amount of money that would be necessary to cover all of a person's possible expenses without financing anything and still have enough left over in case the unexpected happens, such as healthcare issues. So if you were wondering how much money will financially set you free today, the number is $ 25 million.