How Much Money Does It Take to Be Rich?
Stress-free living and spending time with loved ones was named the definition of wealth for many people in the Charles Schwab’s annual Modern Wealth Index , an online survey of 1,000 people aged 21 to 75. the definition was “to have a lot of money.”
But when asked to indicate the number they think is rich, respondents said that $ 1.4 million would make them financially “comfortable” and that hoarding $ 2.4 million would make them “rich.”
According to Bloomberg, the answers to these questions vary between generations. Boomers said that $ 1.6 million would make them comfortable and $ 2.7 million would make them rich, while millennials said just $ 1.3 million and $ 2 million, respectively. Gen Xers found themselves caught between two cohorts, claiming that $ 1.4 million would keep them comfortable and $ 2.6 million would make them rich.
And while 18 percent of respondents said that giving whatever they want will make them truly rich, 17 percent said “good relationships with family and friends” will help.
So what does it take for you to consider yourself rich?