Motion for a Recess

We all know our current economic situation is a major concern as the housing market still looks very bleak and will probably continue to stay that way for a little longer. But while the average American feels that way, how do the wealthy feel about their wealth? According to “The Fidelity Millionaire Outlook” survey sent out to those with at least $1 million in assets, they too have begun to feel the squeeze. It’s an interesting effect to see that the ones with a lot of money feel they aren’t as rich (or shielded) in this type of market, especially the wealthier ones.

People with more than $10 million to invest other than their home and retirement savings have a more pessimistic view than those with less than $2.5 million.

It also shows how these so-called wealthy individuals have managed to spend more money than they are able to actually pay for, a problem most prevalent with the average American. And with the rising costs of food, health insurance, mortgages, education, and other necessities, there will undoubtedly be a greater burden on every American rich or not. The annual savings rate is already at historic lows meaning we have no other place to bail ourselves out from this hole.