A friend of mine passed me this link on how much you need to be “wealthy” in America (shocker: it’s in the millions!), but the stats that were included were the real gems here…
It comes from Charles Schwab’s second annual “Modern Wealth Index” survey, and I challenge you to really think about this and then compare to your own lists at home :)
But first – the “number” you “need” to be financially comfortable in this great country of ours? Which as we all know is nonsense if you’re completely omitting the *expenses* side of the equation??
To be financially comfortable in America today requires an average of $1.4 million, up from $1.2 million a year ago, according to the survey. The net worth needed to be “wealthy”? That’s an average $2.4 million, the same as last year in the online survey of 1,000 Americans between age 21 and 75.
Don’t tell Mr. Money Mustache or 80% of all other early retiree bloggers this ;)
The article then goes on to list the rankings of what people feel “wealth” means to them:
- 28% Living stress-free/Peace of mind
- 18% Being able to afford anything I want
- 17% Loving relationships with family, friends
- 14% Enjoying life’s experiences
- 11% Having lots of money
- 7% Having good health
- 2% Being charitable
- 3% Other
I’m actually surprised at the first one as I always thought I was unique in saying “peace of mind” myself, but I’m glad I’m not the only one as it really is the key to happiness! When you’re stress-free it means ALL the areas in your life are going pretty well! Health/love/career/money – you name it. You either have to be high or delusional if you’re feeling content when any one area is majorly jacked up, haha… And unfortunately money doesn’t solve everything.
The article then listed out all the things that people said made for a “rich daily life”, which was equally interesting to see:
- 62% Spending time with family
- 55% Taking time for myself
- 49% Owning a home
- 41% Meals out/meals delivered
- 33% Subscription services (Netflix/Spotify/etc)
- 29% Grooming/pampering
- 27% Having the latest tech gadgets
- 22% Shopping at specialty grocery stores
- 21% Having a busy social life
- 21% Driving a luxury car
- 17% Gym membership/personal trainer
- 12% Using a home cleaning service
- 10% Using car service/not public transport
- 4% Other
There’s literally only three on that list that I personally only care for (spending time with friends and family, taking time for myself, having a
busy (fun!) social life), but there was also a handful of things left out that I’d def. list: coin collecting, reading, going on walks – or hell, just not having to think about money at all! Wouldn’t that be nice? Just waking up and doing whatever you want without having to worry or think about $$$ in the least? (It would probably also mean this blog would cease to exist, but hey – pros and cons ;))
I was also surprised that “owning a home” was so high on the list too. I know a lot of people love owning, and rightfully so, but wow does it beat out a lot of the other things listed there! Def. seems that people have their priorities right though looking at that top section!
The real question now is whether people are *actually putting their money/time* towards them?! It’s easy to say what’s important to you, but a whole other to actually follow through with it :)
For today only though I’ll give them the benefit of the doubt, haha…
Here’s the article again if you want to dive in deeper: How Much Money Do You Need to Be Wealthy in America? And then here’s my feisty response to all these “how much you need” calculations that come up over time that never cease to amaze me: Finally – The Magic Number You Need to Retire!!
Where do you fall on these lists? Would you rank your priorities similarly to those above? How do you gauge “wealth” in your lives?
The beautiful part is that we’re all allowed to use our money however we well please, but if you’re not happy with where it’s gotten you so far, I do hope you’re brave enough to stop and switch gears. And you know we’re all here to help and encourage you when you do!! We love this money stuff!
So keep on pushing for what you want over there… Doesn’t matter what it is, just so long as you’re inching closer to it!
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!