Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

Today’s ‘Wordle’ #1478 Hints, Clues And Answer For Sunday, July 6th

July 6, 2025

How This Man Grew His Beverage Side Hustle From $1k a Month to 7 Figures

July 6, 2025

I Built a 7-Figure Business with a Team I Had Never Met – Here’s What I Learned

July 6, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » You Need More Than $2.2 Million To Be Considered Rich In The U.S.—But Some Say ‘Well-Being’ Is The Most Important Measure Of Wealth, Study Finds
Leadership

You Need More Than $2.2 Million To Be Considered Rich In The U.S.—But Some Say ‘Well-Being’ Is The Most Important Measure Of Wealth, Study Finds

adminBy adminJune 17, 20230 ViewsNo Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

Americans need at least $2.2 million in assets to be considered rich, according to Charles Schwab’s 2023 Modern Wealth Survey. The investment platform surveyed 1,000 Americans to determine the average net worth required to be considered wealthy in America. Nearly half of the respondents said they feel wealthy, with an average net worth of around $560,000.

Feeling wealthy was most common amongst Millennials and Gen-Z, with 57% and 46% reporting that they feel rich, compared to just 41% of Gen-X and 40% of Baby Boomers.

The survey shows that wealth to some people means not having to stress about money or having more money than most people they know. Interestingly, many self-reported that experiences, relationships and their career carries as much weight as actual money. The report claims that well-being—not money—is an important measure of wealth. Nearly 70% of respondents said a healthy, flexible work-life balance is a greater driver of wealth than maximizing their earnings.

Despite recent inflation and the rapid rise in costs across the board, the current amount of what’s considered rich is lower than pre-pandemic levels per the 2020 Schwab survey, which found $2.6 million to be the magic number.

The results are somewhat surprising, as the cost of purchasing a new home has risen due to higher interest rates. With inflation causing prices to soar, it takes more money than ever to feel financially secure, especially in cities with a high cost of living.

What To Keep In Mind When Considering How Much Money You Need To Be Rich

Being “rich” is a subjective matter. There is no metric for measuring this. The important thing is to be comfortable with your financial situation and to feel confident that you are on track to achieve your financial goals.

We can’t talk about wealth in a vacuum. You need to take into consideration where you live. Some locations offer a lower cost of living, relatively inexpensive home prices and lower taxes. Large cities like New York or Los Angeles are costly, and taxes consume much of the paycheck.

Priorities impact your wealth. If you have a high-end lifestyle that includes expensive cars, homes and vacations, you will need more money to be considered rich than someone with a more modest lifestyle. Conversely, if you have ambitious financial goals, such as retiring early or leaving a large inheritance to your children, you will need more money to be considered rich than someone who does not have such goals.

Inflation can erode the value of your money over time, so you will need to earn more money to maintain the same standard of living. Your investments can grow over time, which can help you reach your financial goals. However, assets can also lose value, so it is essential to manage your risk carefully. Taxes can take a significant chunk of your income, so it is important to plan for them.

If you are serious about becoming rich, you must start saving and investing early. The earlier you start, the more time your money has to grow. You should also make sure to create a budget and track your spending. This will help you stay on track and ensure you are not overspending.

It is important to remember that being rich is not the only thing that matters in life. Many other things, such as your health, relationships and happiness, are more important.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

What It Means For Passengers

Leadership December 29, 2023

How AI is Revolutionizing Customer Service with Human-like Responses

Leadership December 28, 2023

Lawmakers Push Forward On Legislation To Expand Community Schools

Leadership December 27, 2023

20 Ways To Navigate Misunderstandings In Multinational Workplaces

Leadership December 26, 2023

If Your MBA Application Was Deferred or Denied, Here’s Some Advice

Leadership December 25, 2023

7 Tips For Recovering From Burnout Over The Holidays

Leadership December 24, 2023
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

Today’s ‘Wordle’ #1478 Hints, Clues And Answer For Sunday, July 6th

July 6, 2025

How This Man Grew His Beverage Side Hustle From $1k a Month to 7 Figures

July 6, 2025

I Built a 7-Figure Business with a Team I Had Never Met – Here’s What I Learned

July 6, 2025

This City Is the Best Place to Be an Entrepreneur Right Now

July 6, 2025

Airplane Wi-Fi Is Now … Good?

July 6, 2025

Latest Posts

This Mistake Can Tank a Deal, Even If Your Business Is Solid

July 5, 2025

Why Storytelling (Not Selling) Is Your Most Powerful Branding Tool

July 5, 2025

How Smart Entrepreneurs Are Protecting Their Brand and Building Wealth — And How You Can Too

July 5, 2025

eBay and Vestiaire Collective Want an Exemption from Trump’s Tariffs

July 5, 2025

UFC Veteran Announces Retirement 2 Days Before Her 30th Birthday

July 4, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT