What is “rich” anyway?
If you have to ask… Senior Living surveyed over 1,000 people about wealth. According to respondents, being rich, on average, means an annual salary of $309,000 and a net worth of $2.3 million.
So how much would we like to make if it can’t be $309,000?
We’re a nation of strivers. Only 4.2% of respondents are OK with their current financial situation. A third would like to be rich, and 62% would be satisfied just having more money. (Among men and women, 70% of women would like to have more money, versus 55% of men). More men than women would like to be “rich.”
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Amongst all respondents, almost half (49%) were actively working with the intent to be wealthy. Out of that, the biggest share was Millennials, at 57%. This makes sense – past data has shown that about half of Millennials think that they’ll be millionaires at some point in their lives. Other studies have highlighted the importance they place on being rich.
Only one in four Baby Boomers say ‘rich’ is their goal, followed by 41% of Gen Xers.
Of course, being “rich” isn’t just your stockpile of money (81%). It’s assets, stocks, and bonds (71%). It’s inherited wealth. It’s freedom from worry about what things cost (63%). It’s being able to buy what you want (61%) and travel where you want (56%). (While most people take one vacation a year, respondents said that if they were rich, they’d take four.)
And for a lucky 37%, it’s not having to work.
Respondents said if they had real money, they’d also help their family out, and to a lesser extent, their friends:
While money can buy your lesser-well-off family members some relief, respondents also felt that it could buy good health (51%). Half felt it could buy happiness.
A wise 85% believed that there are other ways to be rich that don’t come in monetary form.