saving, spending, investing and overall wealth.According to Charles Schwab, this year’s survey of 1,000 respondents revealed there is a paradox between how people define wealth for themselves and how they define it for others.
The data also demonstrated that the 48% of Americans who feel wealthy today have an average net worth of $560,000, compared to the $2.2 million they say it takes to be considered wealthy.
Luxury modern minimalist house with swimming pool and beautiful sea view. via Getty Creative Images A FED PAUSE LIKELY WON'T HELP STRUGGLING CONSUMERSThe survey shows about two-thirds of Americans (62%) say being able to enjoy healthy relationships with loved ones better describes wealth than having a lot of money.
And seven in 10 say wealth is more about not having to stress over money than having more of it. Respondents were also asked to share what it means to be wealthy in their own words, and, according to the findings of the survey, Americans mention their well-being (40%) more often than money (32%) and assets (26%).THE HOUSING RECESSION ISN'T OVER YET"My interpretation is that we are looking at what money will do for us a little bit more in terms of lifestyle rather than dollar amount," Rob Williams, managing director of financial planning at Charles Schwab told FOX Business. "Wealth today is more about healthy relationships with family/friends, good health and career flexibility than having more money."Age also seemed to play a role in wealth perceptions.