SMH: Poor little millionaires - Australian millionaires are reluctant to recognise themselves as well-to-do, and even the very rich still cry poor. Yes! Some people with over $3,000,000 dollars in asset and equity are still thinking that they are just "getting along", and some even think that they are "poor", when they are living in a multi-million dollar mansion in Eastern suburbs with a coastal view. And quotes this MacBank employee, "but even clients with tens of millions 'never really stop wanting and accumulating wealth'. That's pure greed! Now, let me see. Imagine I have 3 million dollars sitting there under my disposal...
Err. D'oh. Some people just can't be contented.
However, there might be some truth in there. I have seen plenty of people that are asset-rich but cashflow-poor. Especially elderlies who live in those glamorous 5 bed-room houses in a nice suburb, but has little saving, and have to rely on pension to get by. My immediate reaction would be, why not sell the house, buy a smaller unit in Perth and enjoy your retirement?! But then their kids would not get any inheritance. You can't claim pension from the government if you have a large sum of liquidated assets anyway, so many actually do the exact opposite - spend most of money renovating their residence so they can become cash-poor in order to get support from government.
The most interesting point is at the bottom of the article:
But a separate measure showed the same trend, he said. The same proportion of households on the lowest incomes (under $25,000) and high incomes (over $100,000) were "totally satisfied" with their financial position - just 9 per cent.
That's right. Those who are satisfied will feel contented no matter how much they earn. In another word, earning more and more money can never satisfy somebody. As long as you are comparing yourself with those who are richer, you will always feel poor.
From a Christian point of view, we are truly rich. We have the inheritance God reserved for us in heaven, and there is no need to compare our wealth with our next door neighbour.
There will be no greed.