I read today that Fidelity Investments recently conducted a survey of over 1,000 households. Results of the survey were released yesterday. The households surveyed had average assets (not including their home) of $3.5 million. One of the questions that was asked was "How much money do you need to feel rich?" The answer -- $7.5 million.
The guy from Fidelity who lead the survey had a great quote: "Wealth is relative and, to some extent, the more you have, the more you realize how much more you need." I don't have $3.5 million but I completely get what he's saying. My family can vouch for that. They probably think I'm cheap -- I just think I'm careful. How careful? Let me give you an example.
Bucknell is in the NCAA tournament ('ray Bucknell). They play UConn at the Verizon Center in DC on Thursday night. Yesterday morning, Kim said that we should go. Her logic -- how many opportunities will we have to watch Bucknell in a tournament game in person? So, I went on line and saw that Bucknell was going to have a limited amount of tickets for sale that morning. The price -- $84 per ticket. My mental calculator quickly clicked into gear. Four tickets at $84 each. Parking at $20. $10 for gas. With a 7:20PM start time, we'd need a quick dinner outside the arena. That's another $40. A couple drinks during the game is another $30. We're over $400 already. I just couldn't do it.
It's not like I've got something else in mind on which I'll spend that money. It's just that there are always these voices in my head. Sometimes, I hear "Do you really need that?" Other times, it's "Is it worth it?" Occasionally, I hear "Something else will come along that you'll want even more." I understand the point of those questions. They're logical. Mostly, though, I just hear a voice saying "Be careful."
That "Be careful" voice has been with me a long time. I remember hearing it growing up in Elmira when it was time to decide if I really needed a second pair of Levi's at the start of the school year. It was with me during my first week at Bucknell after I got cut from the soccer team and needed to buy food for a week before the cafeteria opened (I bought a large pizza and "rationed" it for my dinners). It stayed with me when I moved to DC before I got married (I'd buy 4 Big Macs whenever McDonald's had a 2 for $2 sale -- that was 2 lunches and 2 dinners right there). And, it was with me Monday morning when I said "No" to the NCAA tournament. You know what? If I ever hit $7.5 million, my guess is that voice will still be there.