Blawgletter once had a pyramid scheme case.  A high-level schemer loved to tell marks how many millionaires belonged to the group.  Dozens, right?  But under oath she admitted that anyone who made $1 million over a lifetime qualified.  So, $40k per year x 25 years and — bingo — welcome to the millionaire club.

We thought of her when we read a NYT story today about Silicon Valleyers whose net worth tops a million bucks.  The point:  they don’t feel rich.  And they envy people who have more dough.  But they feel bad about it.

With T-bill rates hovering at 4.76 percent, even $10 million yields a risk-free return of less than $500,000 a year.  Who can live on that?

Barry Barnett

Feedicon14x14 We kid.