Only 20 percent of investors say being wealthy means having more fun.
In its research of affluent investors, Spectrem Group often asks respondents to place themselves in a 0-to-100 scale, with “0” being “not wealthy” and “100” being “wealthy.”
So apparently being wealthy isn’t an achieved status, it’s an opinion.
In a recent survey of affluent investors, Spectrem asked a multi-faceted question “What does it mean to be “rich’’ in America”, and the answers were varied. Apparently, it’s also more of an opinion than a stated fact.
The most overwhelming answer to the question about being rich in America was that it meant “greater security”. Eighty-one percent of respondents said security was an indication of being rich, although only 65 percent of affluent investors under the age of 40 felt that “greater security\\ equaled being rich.
The next most popular answer was “more responsibility”, with 29 percent of investors saying that is what being rich means. Again, a particular age group is led convinced that’s what being rich means; only 16 percent of investors between the ages of 41 and 50 said with great riches comes great responsibility.
Can money buy happiness? According to 28 percent, it does. Thirty-five percent of Business Owners, 32 percent of Corporate Executives, and 32 percent of investors under the age of 40 say being rich translates to greater happiness.
Being rich is definitely more fun, right? Apparently, that’s not what it means to investors, with only 20 percent saying being rich means having more fun. Males believe that more than females (23 percent to 17 percent).
On the other hand, 19 percent say being rich means life is more complicated, and 16 percent said being rich makes life more stressful.
However, 11 percent of investors say being rich means less work.
While most segments follow closely to the others in the question of what being rich means, investors who aren’t really rich have different points of view. For those with a net worth under $100,000, 71 percent said being rich means greater security (compared to 80 percent of the total), 31 percent said it means more happiness (28 percent total), 22 percent said it means less work (14 percent) and 17 percent said it means more responsibility (28 percent).
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.