According to this article from msnbc.com Gallup found that the median amount of savings, real estate holdings and other investments Americans would want to have in the bank in order to feel rich was $1 million.
I thought this was an interesting tidbit, since Sam, Inc. has been over the $1 million mark for six months running. And guess what, I don't feel rich and Mr. Sam's favorite saying is "we must be the poorest rich people ever."
Mr. Sam's saying comes from the fact that we restrict how much we can spend via our allowance system and our rules. So its hard to feel rich when you have to pay attention to how much you are spending otherwise you'll run out of funds. I think I probably feel the same way, you are "rich" when you can spend without thinking or without care. We, on the other hand, have gotten to this point only because we think about our day to day spending every day (just about).
I also think that your target income or target net worth is driven by your peers, and by what you see in your circle of reference. I blogged about this back in December when I was at a "ladies who lunch" charity event on Palm Beach. A person's normal changes over time. So while I am very happy that we have reached the $1 million mark, and recognize the hard work and discipline it took to get to this point, I don't feel rich at all.
What say you? What is your target number for income and net worth in order to feel rich?