Tuesday, January 11, 2005
As Mark Twain said in Tom Sawyer: "Being rich ain't what it's cracked up to be. It's just worry and worry, and sweat and sweat, and a-wishing you was dead all the time." A new survey commissioned by PNC Advisors finds that of those with more than $10 million of assets:
- 29% say "having a lot of money brings more problems than it solves"
- 19% "worry they will not have enough money to support the lifestyle they want to have in retirement"
- 37% do not have a will, trust, or health care durable power of attorney
The survey also reveals that people feel they need to double their wealth in order "to feel financially secure":
- Those with $1 million say they need $2.4 million
- Those with $5 million say they need $10.4 million
- Those with $10 million say they need $18.1 million
For press coverage, see the Wall Street Journal.