Thursday, October 28, 2010

Positive Net Worth = “Rich”?

Rich Americans Feel Better Off Yet Remain Wary, reports Reuters. Most expect to retire later than previously planned.

Whoa! The rich don't have to work; they're rich. They work to keep a business growing, or for fun, or to keep busy. Why on earth would they change their retirement plans?

They haven't. As with so many news items about the rich, this one isn't about the rich. It reports a Merrill Lynch survey of people with $250,000 or more in investable assets. A quarter-million or so is a long way from being rich enough for a relationship with Bessemer or Northern – or even with Merrill Lynch's BofA sibling, US Trust.

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