Asking the Wealthy, What is Wealthy

That rich people don’t think they’re rich is nothing new, but the studies that confirm it are good to read every now and then if only to remind oneself that money doesn’t buy happiness, satisfaction (for most people, at least—of course it would for us).  Two of the “top insights” from this new UBS report: “Wealth equals no financial constraints” (sounds nice) and “cash is still ‘king’” (quotation marks theirs). 

 

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UrbanGarlic (#4,303)

“Wealth equals no financial constraints on activities” (from the report)

Depends which activities you’d like to do. If you’re fine eating beans all the time and spending your life in a small city in the Midwest, wealth seems pretty easy to get. If you want to buy a professional sports team, it suddenly isn’t so easy. Most people obviously lie somewhere in the middle.

I find this criterion way too vague. The asset threshold camp is probably the one I’d agree with most.

“No financial constraints” is a pretty whack criteria though. Don’t multi-billionaires have financial constraints? “I’d really like to buy the entire world’s supply of chocolate this year but that would cost $5 billion more than I have. DAMN THESE FINANCIAL CONSTRAINTS ALWAYS CONSTRAINING ME.”

“What is your opinion of the 304 million Americans who somehow manage to get by with less money than you have?

A. Not wealthy.
B. Don’t work hard enough, don’t deserve money.
C. Beneath contempt.
D. Not aware of their existence.
E. Middle class, like me.”

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