Julie Jason: Are you wealthy?

Do you consider yourself wealthy?

Forty-eight percent of more than 1,000 adults between the ages of 21 and 75 surveyed recently answered “yes” when they were asked if they felt they were wealthy. The Charles Schwab Modern Wealth Survey, released in June, was conducted online in March 2023 ( tinyurl.com/4zzkwsfw).

I’m a firm believer in wealth as a broad concept, not limited to the bank account. Very simply, there is a lot more to life, including health, family, friends, free time, work — and achieving one’s purpose in life.

But, what about that cash?

The Schwab study found something interesting. The average net worth (including retirement funds held by employers, but not including any real estate) of those who said they felt either “very wealthy” or “somewhat wealthy” was $560,000. Not a million-plus, but just over about one-half of that amount.

When probed further, respondents did indeed define wealth broadly. When asked “What does wealthy mean to you?” only 32 percent said “money.” Forty percent said “well-being.” In response to a separate question, 61 percent said it was more important to have time than to have money.

What about you? Where do you stand? Schwab’s 10-question self-assessment will help you get some insight. There are no “wrong” answers.

The beginning part of the question for each of the following comparisons is “Please select which statement best describes how you think of wealth. To me wealth means … ”:

• Having a fulfilling personal life OR working on my career.

• Not having to stress over money OR having more money than most people I know.

•...

from News https://www.ctpost.com/news/article/julie-jason-are-you-wealthy-18201909.php