When you were growing up, you may have dreamed of one day being a MILLIONAIRE. But these days, having a million bucks is NOT enough to make you rich. Neither is TWO million.
According to a new “Modern Wealth” survey from Charles Schwab, Americans consider themselves wealthy if they have an average of $2.2 million in ASSETS, which includes cash, property, cars, and bling.
That number is actually DOWN from before the pandemic. In early 2020, Americans said that $2.6 million was the magic number to be rich. But there’s a difference between BEING wealthy and FEELING wealthy.
They surveyed 1,000 random people between the ages of 21 to 75, who had an average net worth of $560,000 in assets. And 48% of them said they already “feel wealthy,” even if they’re well below $2.2 million.
That’s because many people . . . especially younger adults . . . say money alone doesn’t equal wealth, and that there’s also “currency” in experiences and relationships. (Which IS true . . . although that awesome getaway to Mexico isn’t paying off your student loans.)