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Lauren O | Is this a lot of money? |
i heard my parents talking and they said that they are worth 7 million dollars is that a lot??
Additional Details
and they are always talking about money and how careful we have to be and i have a sister and me and my parents.....they are worried too...but i think we are pretty good off...and this is not including my moms money that she inherited |
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nycskaboy
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everything is relative... if you were a CEO earning 50 million a year it wouldnt be very much.. if you were a teacher making $50,000 a year then it certainly would be alot...
In the united states the GNI (gross national income) is around $48,000 per person on average... so having 7 million dollars certainly puts somebody it the top %age in the USA and also the world (since the GNI of the USA is in the top 10)
Also what do they mean by worth? Is that the amount of money in the bank? Is it in investments which can lose value? Is it in real estate or other assets that aren't liquid? (my house might be worth 1 million dollars but if i dont sell it, i dont have that money in hand) |
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quizzard123
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It's not bad. Remember a great line from the Cosby show, though:
They are pretty well off, you have NOTHING!
But in reference to your additional info, do they need to be careful? Absolutely, they could blow that amount in no time. |
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El Businessman
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Of course it is, especially if they worked for it. |
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piscesgurl310
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As someone has stated it all depends on how you live. For the average person living in America it would be a dream to have even $1 million let alone $7 million. If they budget well (no outrageous shopping sprees no massive mansion) and invest wisely it should be peltny of money. |
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noble8fold
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Yes. 7 million is a lot of money no matter how much you have or earn. It does not however guarantee wealth for life. I have known people who have had much more than that and are now working middle class citizens worrying about retirement because they did not manage their affairs very well and enjoyed spending money. 7 million dollars won't even buy you a house in some neighborhoods in this country. It's wise of your parents to be conservative. |
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Dave T
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It does sound like you are well off. It depends on how much of the money is cash or can be conferted to cash in a short period of time when it is needed. As an example, if the money is in a trust account set up to make payments to your parents either monthly or annually there is no was that I know to get the money out. |
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jose_jose378
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yes it is |
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Your Holiness
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I'd say "upper-average" for 2 professional people at age 50 |
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dec70
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It depends on where you live and your lifestyle. Also, if they are worth that much, it doesn't necessarily mean they have that much, the money could be tied up in investments and properties. If it is in investments and properties, then they may be worried because of the economic situation of the country; they actually could be losing money. |
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Just another girl
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It depends on your out look on life. For me, yes 7 mill. would be a decent amount. |
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