How much money do you need to live comfortably? And how much money would you need to be worth to be considered rich? Those are just two of the questions posed to Americans in a survey from investment firm Charles Schwab,
Charles Schwab’s Modern Wealth Survey looks at how Americans value money and what U.S. workers think about their employment and investing options, among other things. The survey, conducted from February 8-27, 2022, by Logica Research on behalf of Charles Schwab, polled 1,000 U.S. adults ages 21 to 75.
One of the questions posed to study participants was: “At what level of personal net worth would you say a person in your area could be considered wealthy?”
Survey respondents said that they considered a net worth of $2.2 million to be the benchmark for wealth.
Here’s how that answer has changed in the past five years of the survey:
Another question the survey asked: At what level of personal net worth would you say a person in your area could be considered financially comfortable?”
To live comfortably, the respondents said that $774,000 was the figure that they needed to hit.
This marks the third consecutive year that the survey has indicated people feel they don’t have to be millionaires to be financially comfortable. Here are the survey answers for the last five years:
One of the best ways to grow your money is to put it in places that offer steady returns over an extended period of time.
There are several retirement accounts that can grow your money. In addition to a 401(k), a Roth IRA is a great place to invest. You’ll want to read our resources on Charles Schwab, Vanguard and Fidelity to get started.
Clark says the worst thing you can do is think it’s too late for you to start saving money.
“When you get right down to it, you are the only one who can provide for your retirement, particularly if you’re under 40,” Clark says. “So, you can either start saving money now or face the fact that you may not get to retire.”
Read our guide on how to save and invest the Clark Howard way.
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