Wealth Paradox: How Much Money Does it Take to be Wealthy in America?

How much money does it take to be wealthy in America?

$2.2 million

Here are six fascinating takeaways from a new wealth survey: pic.twitter.com/Z3BfQQAT6v

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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)

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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. pic.twitter.com/KAOhBezzSL

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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. pic.twitter.com/Tzt0JeO2VF

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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. pic.twitter.com/DBniN6tBUa

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

4: Time > Money

Every group said they value time more than money.

Makes total sense to me. pic.twitter.com/e0uJ6pN7EY

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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. pic.twitter.com/ujElS4YtkM

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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: pic.twitter.com/ZguTw0BUkW

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023

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!

— Brian Feroldi (🧠,📈) (@BrianFeroldi) June 14, 2023