Hey Powerball Winners How Much is Enough? — Dave’s Diary
Today we are celebrating the recent powerball lottery winners. Lucky them. Nearly half a billion split three ways. The Minnesota winner getting nearly 150 million himself. Will that be enough? I think he’ll be fine but perhaps you think he could get by on as little as $1 million and still feel rich. Think again.
That’s not even close to what you need. Apparently, the number is $7.5 million. When Fidelity Investments surveyed American millionaires, 42% said they don’t actually feel rich. Many of them said they would need at least $7.5 million to feel that way. To qualify as a millionaire for the Fidelity survey, participants had to have at least $1 million in investable assets that did not include real estate or retirement accounts.
The reality is that everyone who qualified for the survey is wealthy, but they don’t feel that way because they are worried — like the rest of us — about outliving their assets.