How Much Money Do You Need to Call Yourself Rich
This was actually a interesting study to me, My friends and I talk about this kind of stuff all the time so I thought it was cool to see a study one it. How much money would you need to call yourself rich?
A new survey by Modern Wealth asked Americans how much money they would need to consider themselves rich. I found this interesting because I think it has changed over the years by a lot. At least in my eyes!
I remember growing up in the 1990’s if someone made 100 thousand dollars a year you thought they were rich. Now if you make 100,000 thousand dollars a year, its still good don’t get me wrong, but it is not the same as it was in the 1990’s or before. I refer to the 90’s because that is when I was growing up.
According to this new study, Americans say they need 2.2 million dollars to consider themselves rich. I actually agree with this. Growing up, I would have said 1 million dollars makes you rich, but in today’s world that really isn’t that much money.
That number is actually down from before the pandemic. In early 2020, Americans said that $2.6 million was the magic number to be rich. But there’s a difference between being wealthy and feeling wealthy.
They surveyed 1,000 random people between the ages of 21 to 75, who had an average net worth of $560,000 in assets. And 48% of them said they already “feel wealthy,” even if they’re well below $2.2 million.
Like I said, I agree with this, and I have always said. To the people that say more money, more problems. Let me figure that out, give me the money and I will see what happens!
Here is the full study:
https://www.schwab.com/learn/story/wealth-is-more-than-money
https://www.schwab.com/learn/story/wealth-is-more-than-money
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