Buzz
In Charles Schwab’s yearly Modern Wealth Index, an online survey of 1,000 individuals aged 21 to 75, many respondents identified wealth as living stress-free and enjoying time with loved ones. Only 11% of participants linked wealth to having an abundance of money.
When asked about the amount of money needed to feel wealthy, the survey found that $1.4 million was considered enough to feel 'comfortable,' while $2.4 million was seen as the threshold for being 'wealthy.'
Generational differences were evident in the responses, as reported by Bloomberg. Baby Boomers stated that $1.6 million would bring comfort and $2.7 million would be considered wealthy, while Millennials believed $1.3 million and $2 million would be sufficient. Gen Xers reported feeling comfortable with $1.4 million and wealthy with $2.6 million.
While 18% of those surveyed said being able to afford anything they desired would define true wealth, 17% believed that having 'loving relationships with family and friends' was the true measure of wealth.
So, what would need to happen for you to view yourself as truly wealthy?
