Wealth Paradox: How Much Money Does it Take to be Wealthy in America?
Americans say they need $2.2 million to be wealthy, but only need $560k to feel wealthy. Charles Schwab's annual modern wealth survey reveals six fascinating takeaways about wealth in America.
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Brian Feroldi (🧠,📈)
I demystify finance | Author, Investor, Teacher | Tweets about money & investing | 55,000+ investors read my free Long Term Mindset newsletter
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How much money does it take to be wealthy in America?
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
$2.2 million
Here are six fascinating takeaways from a new wealth survey: pic.twitter.com/Z3BfQQAT6v -
Charles Schwab just published their annual "modern wealth" survey.
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
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.
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
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. pic.twitter.com/KAOhBezzSL -
2: Shockingly, the group that "feels" the most wealthy today is.....millennials.
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
Given the high levels of debt, skyrocketing education costs, housing affordability, high childcare costs, and a volatile stock market....color me surprised. pic.twitter.com/Tzt0JeO2VF -
3: Well-being > Money
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
All Americans say that "well-being" is more critical to being wealthy than just having a lot of money or assets.
Lovely to see. pic.twitter.com/DBniN6tBUa -
4: Time > Money
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
Every group said they value time more than money.
Makes total sense to me. pic.twitter.com/e0uJ6pN7EY -
5: The young compare. The old don't care.
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
The younger you are, the more likely you are to compare yourself to your friends & family.
One of the biggest downsides to social media. pic.twitter.com/ujElS4YtkM -
6: Planning is rare, but helpful
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
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: pic.twitter.com/ZguTw0BUkW -
My takeaways:
— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
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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— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023
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