Listen Now: Defining Wealth
Americans have put a number on what it means to be wealthy; and like most things around here that number is going up.
Recently Charles Schwab surveyed one thousand americans for its second annual wealth index. One of the questions asked is how much money do you need to be financially comfortable? The answer an average of $1.4 million dollars, up two hundred thousand dollars from the year before.
But despite putting a clear number on it only 11% say they believe actually having this type of money will make them happy. Seventeen percent of people say it was loving relationships with family and friends that makes you wealthy. And some people bringing in the big bucks agree.
The CEO of Money Manager United Capital says money is nothing more than fuel. If you don’t think about what you’re working for, you will die rich but not live rich. Overall, the highest number of people surveyed say wealth is defined by living stress free.
And with the cost of living continuing to rise, your paycheck will need to rise as well.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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