Here's an interesting post from Bloomberg asking how much do you need to become wealthy?
The results:
- Millennials say you need $1.3 million to be financially comfortable and $2 million to be wealthy
- Gen X says you need $1.4 million to be financially comfortable and $2.6 million to be wealthy
- Boomers say you need $1.6 million to be financially comfortable and $2.7 million to be wealthy
Interesting how the older you get the more you think it takes to be wealthy. :)
Before you set a number, consider these net worth percentiles in the U.S.:
- 50th percentile: $97k net worth
- 75th percentile: $370k net worth
- 90th percentile: $1.2 million net worth
- 95th percentile: $2.4 million net worth
- 99th percentile: $10.4 million net worth
Now that you have those numbers, what would you say it takes to become wealthy?
I think you could argue that it takes more to be financially comfortable than to be wealthy.
For instance, $1 million makes you wealthy compared to most Americans -- only a bit over 10% have more.
But would you say you'd be financially comfortable with $1 million net worth? Maybe comfortable enough to relax a bit, but not comfortable enough to retire -- unless your spending was really low.
Anyway, what are your thoughts on the issue? What do you say it takes to be wealthy in America?
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