A while ago I read about a study that surveyed people with inherited wealth. IIRC they ranged from having inherited tens to hundreds of millions. No matter how much they had inherited, when asked how much they would need to have inherited to feel financially secure and not have to worry about money, they said they would need something like half again to double. I may be misremembering the details, but that was the gi…
As I become more wealthy, I have started to tackle problems that I never really thought about when I wasn't as well off, things that cropped up when I thought I'd finally have peace of mind. In retrospect, the insecurity was always there, but I had the luxury of ignoring it when I was poorer. Once I started making enough not to worry about rent, the problem was then saving enough for things like retirement, setting u…
A brutal and unfair characteristic of recessions is that the pain is very unevenly distributed. I've lived through several severe recessions here in the Uk and myself and my family were fine because we had comfortable jobs and incomes. Our house prices didn't appreciate as much and our wages were stagnant for a while, but we were fine. The pain falls on people who lose their incomes, lose their investments and come out of college with no jobs to chase.
I'm in no way diminishing the real hardship that these events cause, it sucks.