The results reveal the public’s shifting perception of what being rich means, with many associating wealth with wellbeing rather than simple net worth. But financial planning still plays a role in feeling wealthy, however one defines it, experts said.
It takes more than $2 million to be wealthy, according to a new survey of everyday Americans. But it takes just a quarter of that figure for them to feel wealthy themselves., which polled 1,000 Americans about saving, spending, investing, and wealth.
"People define wealth differently when they're asked about how to define a dollar amount or when they're asked what it means to be wealthy," Rob Williams, managing director of financial planning, retirement income and wealth management at Charles Schwab, told Yahoo Finance. "I think the actionable point that we would suggest is to think carefully about what wealth means to you comprehensively.
"I think COVID probably caused some of this," Williams said. "[We’ve] all reevaluated what it means to be healthy, to be wealthy, to be confident about our financial lives, and a little bit more about our current lifestyles."Some financial planners have observed this change in perception among their clients as well.
The survey also revealed that only a third of Americans have a financial plan, which Williams said is integral to cultivate the lifestyle that’s most meaningful to them. Wes Battle, a financial planner who works with federal employees, said a financial planner can tailor a plan to Americans' individual needs and desires. For example, a financial plan could help someone balance the goals they want to pursue while also attending to aging parents.
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