286: How Much Money Does it Take to Be Considered Wealthy?

Be Wealthy & Smart personal finance podcastLearn how much money Americans think it takes to be considered wealthy.

From CNBC.com, Kathleen Elkins:

According to a Schwab survey on wealth, Americans say it takes an average of $2.4 million to be considered “wealthy.” As for how much it takes to be “financially comfortable,” survey respondents say it’s an average of $1.1 million.

By that standard, less than 10 percent of American households qualify as “comfortable,” since less than 10 percent have over a million dollars.

Americans are split on their definitions of wealth, with some describing wealth as a specific sum of money and others describing it more as a state of mind.

When asked to define wealth, the top five sentiments among 1,000 Americans are:

1. Having a lot of money (27 percent)
2. Enjoying life’s experiences (24 percent)
3. Being able to afford anything they want (22 percent)
4. Living stress-free and having peace of mind (19 percent)
5. Having loving relationships with family and friends (12 percent)

However, when asked to compare two opposing ideas of wealth at a more personal level, Americans lean into things that money can’t buy:

•Sixty-five percent equate wealth with having good physical health vs. having lots of money (35 percent)

•Fifty-eight percent say wealth is about having gratitude vs. having money (42 percent)

This one surprised me because I think it’s a big departure from past generations of parents and grandparents:

•Fifty-six percent believe wealth is about building community vs. working on one’s career (44 percent)

The Schwab article is posted HERE.

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