I’m rich.
At least I consider myself rich. Certainly not in the live in a mansion, drive a Ferrari and fly in private jets rich. No way. But rich in the sense I enjoy good health and a loving family. I also enjoy freedom from want. I’ve got a roof over my head and food on the table. That’s not to mention the opportunity to work in print journalism with real print. And, I’d like to think, real journalism.
I raise these points not to enumerate all the blessings I’ve got to count. There are a lot of them. Rather, I was struck by what I deem the fascinating and troubling results of a survey reported by Bloomberg.
In a nationwide poll of more than 1,000 Americans earning at least $175,000 a year, a quarter of those who responded said they were very poor, poor or just getting by. Half described themselves as comfortable. By the way, those earning $175,000 or more annually rank among the top 10 percent of all tax filers in the United States. Some millionaires who participated in the poll said they consider themselves poor.
What gives?
Part of the answer might involve the distinction between what people make and what they keep. While many people earn a lot of money, they also spend a lot of money. Inflation and the higher prices that have resulted have only fueled their fears.
Contrast that with what Thomas Stanley and William Danko wrote in their book “The Millionaire Next Door” about the common traits of people who accumulated wealth, yet eschewed lavish lifestyles. Rather than try to keep up with the proverbial Joneses, they lived well below their means.
Some of the people who participated in the survey and subsequent interviews said they moved from places with high costs of living, mostly big cities, to areas with comparably lower costs and taxes. It’s part of what started as a pandemic exodus.
Here’s another part of the answer: social media and the ease it affords for people to compare their lives with celebrities, professional athletes and even their friends. Even if the comparisons aren’t realistic, it’s difficult to ignore the conspicuous consumption on constant display.
As is usually the case, the broad-brush results of a survey don’t reflect the individual circumstances of those who responded.
Many reported they were stressed out about making ends meet in paying for housing and child care while also saving for retirement and their children’s college educations. The prospect of losing jobs frightened them.
But others reported they’ve paid off houses, their children are out of college and they accumulated sufficient savings for retirement. They can do what they want. Some defined rich as the freedom not to worry about money.
I still consider myself rich, although by different definitions. I’m convinced money alone can’t buy happiness, Or, apparently, even the perception of richness.