Sunday, July 1, 2007

What is rich?

The Federal Reserve Survey of Consumer Finance says that 8% of U.S. households in 2004 were worth $1 million or more. Therefore, they must re-calculate the definition of "rich." Apparently, they have to do this because there are some investment opportunities that only "the rich" are allowed to participate in. It's mportant that everyone knows just "who" is considered rich.

So, after much calculation, the Federal Reserve has decided that The Rich are defined as households with $6,000,000 in net worth or/and $310,000 in annual income.

See? Even if I reach my goal ($2,000,000 in assets excluding the house) I will fall far short of what the Federal Reserve would call "rich." In the Federal Reserve's eyes, I'll still be considered and working-class stiff.

Sigh. I guess I'll always be doomed with the "outside looking in syndrome."

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