Richard A. Lindsey, CPA Lindsey & Waldo, LLC – Certified Public Accountants
  • Are You Wealthy and Don’t Know It?

    Filed under Taxes
    Jul 22

    It seems many wealthy Americans don’t consider themselves so. A recent article on financial-planning.com reported on a survey by the Spectrum Group in which only 10% of Americans with $5 million to $25 million in investable assets considered themselves as “very wealthy.” Twenty-eight percent considered their wealth as “moderate.”

    Most observers would have little doubt that the survey participants were “very wealthy.” According to the U.S. Census, only 2.1% of households have an annual income greater than $250,000. Respondents to the Spectrum survey had an average pre-tax income of $448,000 while most professionals such as doctors and lawyers (and such) earn an average of $125,000 per year.

    What does this ultra-wealthy group have to be concerned about?  Because of their lack of confidence in this economy they remained concerned about the financial well-being of their children and grandchildren.

    Like other American homeowners, this group expresses that a significant lesson was learned with the bursting of the housing bubble: Don’t rely on your home as a stable financial asset.

    “Millionaires experienced significant losses on the value of their homes and are unlikely to increase the amount invested in their primary residences,” said Catherine McBreen, managing director of Spectrum Group.

    Just how much money does it take to feel secure?

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