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  • This is what it takes to be counted among the wealthy in America

    From a425couple@21:1/5 to All on Wed May 15 13:21:13 2019
    XPost: or.politics, seattle.politics, alt.economics
    XPost: alt.politics.economics

    from https://www.marketwatch.com/story/heres-what-it-takes-to-be-counted-among-the-wealthy-in-america-2019-05-14

    This is what it takes to be counted among the wealthy in America

    Published: May 15, 2019 3:11 p.m. ET

    iStockphoto
    What IS "wealthy," anyway?

    Author photo
    By SHAWN LANGLOIS
    SOCIAL-MEDIA EDITOR

    Millionaire status ain’t what it used to be.

    In fact, according to Charles Schwab’s 2019 Modern Wealth Survey, you’d need a lot more than a mere seven figures to be viewed as wealthy these
    days.

    That’s right, the annual survey of 1,000 adults asked how much their net worth would have to be for them to earn such elite status, and they came
    up with $2.27 million, on average. Considering the median net worth of
    the average U.S. household is less than $100,000, that’s a pretty lofty number.

    Here are median and average net worth figures by age across the country,
    per the Federal Reserve’s Survey of Consumer Finances:

    Under 35: $11,100 ($76,200)
    35-44: $59,800 ($288,700)
    45-54: $124,200 ($727,500)
    55-64: $187,300 ($1,167,400)
    65-74: $224,100 ($1,066,000)
    75+: $264,800 ($1,067,000)

    Perhaps the reason so few have actually attained “wealthy” status lies
    in the answers that Schwab SCHW, -3.59% got when it asked what they
    would do if they suddenly came into a $1 million windfall.

    Here’s how they responded:
    54 - spend it
    28 - pay off debt
    23 - invest it
    21 - save it
    7 - donate it

    For millennials, in particular, their financial troubles could have
    something to do with the fact they spend more time (and more
    FOMO-induced money) surfing their social-media accounts than older
    generations. “Social media has become the millennials’ financial
    Achilles Heel,” Kelly LaVigne, vice president of Consumer Insights for Allianz Life, said regarding a survey released last year.

    Read: The dark reason so many millennials are miserable and broke

    But it’s not all about the money. The vast majority (72%) in the Schwab
    poll said wealth’s more about how they live their life, not some dollar amount.


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