What Americans Think They Need To Be Considered Rich
The amount is steadily rising
As an American, there is a huge stigma around money, being wealthy, and just what “class” you are in. It’s a pretty common goals for many people to want to be wealthy or to continue to be making money, because everyone wants financial freedom.
However, everyone’s perspective of what “wealthy” or “rich” is might be different from others. As Americans, you might think that having more assets is wealth, having more money saved up, or maybe just having a large income.
Some people might attribute wealth to how many material things you have. Everyone's experience is different, which is interesting. This is exactly what we’re going to look at today.
Let’s dive in and see what Americans think they need in order to be considered wealthy in the eyes of America. Some of these ideas are definitely different than others, but it’s still fun to see how other people define wealth.
Remember as you read through this that everyone is on a different journey and some people might be wealthier than others but that has nothing to do with who you are or where you came from. Pushing forward to achieve financial freedom is important for everyone and everyone is on a different journey to financial freedom.
It’s no secret that the cost of living is rising, and so many Americans are feeling those pressures.
The amount of money needed to be considered wealthy in America is steadily rising with the inflation. According to a new survey from Charles Schwab, the amount Americans been to have is two and a half million dollars.
The Federal Reserve’s Survey of Consumer Finances stated that the median U.S. household net worth in 2022 for Americans was a little under two hundred thousand dollars.
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There are many factors that can go into deciding how much Americans think they need in order to be wealthy.
The increasing inflation doens’t help because many Americans might feel like they need more simpley because things continue to rise in prices.
Rob Williams, managing director of financial planning at Charles Schwab said, “Wealth can be very personal and aspirational, and also, they haven't done extensive calculations; it's more how they feel — and that's meaningful.”
”If you look over the last couple of years, it's a bigger jump than it has been in prior years. The general trend of inflation is in part that when we ask what it means to be wealthy, the numbers go up."
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Being wealthy or rich is not the same as being financially comfortable when it comes to American’s interpretation.
Americans said that an average of $770,000 in assets would be what they consider a financially comfortable life. However, when compared to the median amount of assets for a home, this still doesn’t seem feasible for many people.
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It’s fair to say that there are multiple factors that go into this and that there is also a lot of things that Americans have to look into to look at wealth. Either way, the average net worth of households in the United States is still incredibly far from the amount of net worth needed to be considered financially comfortable or wealthy.
Daphnie
