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HOW TO FEEL ‘RICH’ IN 2023:
According to a recent survey, you now need $2.2 million dollars to be considered wealthy.
In terms of annual income, BankRate found that $483,0000 is the average income it takes to ‘feel’ wealthy, and $233,000 per year is what it takes to “feel secure or comfortable with finances.”
However, the more money you have, the more it takes to feel financially secure. For instance, if you earn up to $80,000 – you’ll need to make $208,000 per year. If you make $100,000 – you’ll need to make $341,000 per year, etc.
In terms of how much YOU need, first consider the COST OF LIVING. For example, it’s no surprise that living in a state like New York is SIGNIFICANTLY more expensive than living in Mississippi.
This is also backed up by another study by Charles Schwab which found that, in Denver, Colorado, $2.3 million was the amount needed to feel wealthy – but, if you move to San Fransisco, that amount skyrockets to $5.5 million.
Second: Consider HOW LONG YOUR MONEY WILL LAST.
$2.2 million invested should be able to safely generate an income between $55,000 and $90,000 per year, depending on where it’s invested, with what’s known as “The 4% Rule.” However, feeling “rich” earning between $55,000 to $90,000 annually doesn’t quite cut it.
A report from YouGov found that people felt that someone earning $90,000 a year was “neither rich, nor poor.” And earning $100,000 or more per year became the crossing point where 56% of people surveyed felt like that would make them “Rich.”
The Wall Street Journal even goes so far as to say that “rich is always going to be double what you already make.” This definition directly addresses the subjectivity of wealth, which: is a concept to be pursued, not possessed – and overall, it’s found that every individual’s benchmark for wealth increases in proportion to their current net worth..
In terms of potentially achieving $2.2 million, here’s how: At the core, it’s just a simple numbers game: How much money can you save – how much can you earn from your investments – and, how long are you willing to wait?
For example, if you invest $1000 per month, generate an 8% average return, and do that consistently for 34 years – congratulations, you now have $2.2 million dollars. By investing $2000 per month, assuming the same parameters, that $2.2 million dollars would take you 26 years to reach – and, at $3000 per month, you’d get there in 21 years.
“Just invest $2000 per month!” is a LOT easier said than done, but consider that the average American is spending $18,000 per year on non-essential purchases, only 32% of Americans are saving money in a 401k, which would often result in a tax-savings of 22-24%, almost one-third of the food you buy goes to waste, and categories like dining out, alcohol, and credit card interest are the highest ticket items that could most easily be cut back.
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