Last time, I asked – Can YOU become a millionaire? Incredibly, 95% of voters picked yes. That’s awesome, I love it! It really isn’t that hard to become a millionaire in the U.S. if you make at least a median household income of $60,000/year. You just have to commit to saving and you’ll get there. The point of the previous post was for you to pick yes. Unfortunately, a million dollars doesn’t go as far as it used to. Most people don’t even consider a million dollars wealthy anymore. So how much money do you need to feel wealthy? Let’s check it out:
- One million dollars! (You’ll have to channel Dr. Evil here.)
- $3 million+
- $5 million+
- $10 million+
- $100 million!!!
- 2-3 times what you have now
Wealth isn’t all about money. Of course, wealth isn’t all about money. Health, relationships, freedom, and happiness are all integral parts of wealth. Money won’t make you feel wealthy if you’re missing some of these. When asked about wealth in Charles Schwab’s 2018 Modern Wealth Index survey, two of the top three answers weren’t related to money. Those things are more difficult to measure, though because they are all subjective. We all have different definitions of happiness. My happiness doesn’t necessarily match yours. In fact, I think the pursuit of happiness is misguided. We can’t measure those other things, so we’ll just focus on the money today. It’s way easier to figure out net worth than happiness.
When asked to focus on just the money, respondents said it takes $2.4 million to be considered wealthy. I don’t feel wealthy.
