How much money does it take to be wealthy in America?
$2.2 million
Here are six fascinating takeaways from a new wealth survey:
$2.2 million
Here are six fascinating takeaways from a new wealth survey:
Charles Schwab just published their annual "modern wealth" survey.
The surveyed 1000 people and broke down the results by generation:
• Gen Z: 1997-2001 (21-25)
• Millennials: 1981-1996 (26-41)
• Gen X: 1965-1980 (42-57)
• Boomers: 1947-1964 (58-75)
The surveyed 1000 people and broke down the results by generation:
• Gen Z: 1997-2001 (21-25)
• Millennials: 1981-1996 (26-41)
• Gen X: 1965-1980 (42-57)
• Boomers: 1947-1964 (58-75)
1: Wealth paradox.
Americans say they need $2.2 million to "be" wealthy.
However, they only need $560k to "feel" wealthy.
And almost half of Americans feel wealthy.
Americans say they need $2.2 million to "be" wealthy.
However, they only need $560k to "feel" wealthy.
And almost half of Americans feel wealthy.
2: Shockingly, the group that "feels" the most wealthy today is.....millennials.
Given the high levels of debt, skyrocketing education costs, housing affordability, high childcare costs, and a volatile stock market....color me surprised.
Given the high levels of debt, skyrocketing education costs, housing affordability, high childcare costs, and a volatile stock market....color me surprised.
3: Well-being > Money
All Americans say that "well-being" is more critical to being wealthy than just having a lot of money or assets.
Lovely to see.
All Americans say that "well-being" is more critical to being wealthy than just having a lot of money or assets.
Lovely to see.
4: Time > Money
Every group said they value time more than money.
Makes total sense to me.
Every group said they value time more than money.
Makes total sense to me.
5: The young compare. The old don't care.
The younger you are, the more likely you are to compare yourself to your friends & family.
One of the biggest downsides to social media.
The younger you are, the more likely you are to compare yourself to your friends & family.
One of the biggest downsides to social media.
6: Planning is rare, but helpful
Only ~35% of people have a formal financial plan. Those who plan are MUCH more confident in their ability to reach their goals.
Why don't more people plan? They don't think they have enough money:
Only ~35% of people have a formal financial plan. Those who plan are MUCH more confident in their ability to reach their goals.
Why don't more people plan? They don't think they have enough money:
My takeaways:
1) It takes much less to feel wealthy than be wealthy
2) There are more definitions of wealth than just money
3) Stop comparing yourself to others. Comparison is the thief of joy.
4) Make a financial plan!
1) It takes much less to feel wealthy than be wealthy
2) There are more definitions of wealth than just money
3) Stop comparing yourself to others. Comparison is the thief of joy.
4) Make a financial plan!
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Each Wednesday, I share six short pieces of timeless content that demystify finance.
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Each Wednesday, I share six short pieces of timeless content that demystify finance.
Join 55,000+ investors for free:
brianferoldi.com
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