Wednesday, May 16, 2018
A survey conducted for the second annual Modern Wealth Index from Charles Schwab revealed that Americans have differing definitions of "wealth." Only 11% defined wealth has "having lost of money," while the majority interpreted the word in non-econimical terms such as loving relationship with friends and family, peace of mind, and living stress free.
From the 1000 Americans surveyed, it was determined that to be financially comfortable one's net worth should be $1.4 million, and to be wealthy one should be worth $2.4 million.
Joe Duran, chief executive officer of money manager United Capital, claims that money is simply a stepping stone to being wealthy. “I realized that money is nothing more than fuel,” he said. “It is a resource that lets you have choices, but if you don’t think about what you are working for, you will die rich but not live rich.”
See Suzanne Woolley, How Much Money Do Americans Need To Be Rich?, Financial Advisor, May 15, 2018.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.