Are You "Rich" Or Not? New Survey Hits The High Points
Do you consider yourself rich? If you own a couple of mansions, a fleet of luxury cars, and financial accounts reaching high into the millions, it may be easy to answer that question. But other well-to-do people might struggle with the issue of whether they are "rich" or not.
To get a better grasp of perceptions, Yahoo Finance recently posed a series of questions about personal wealth, to which more than 25,000 people responded. The survey concluded that people call themselves rich if they have a median income of $425,000 and a net worth of $5 million.
But this exercise also turned up other interesting results. For instance, the median amounts respondents required to consider other people rich were an income of $500,000 and a net worth of $10 million. In other words, more people called themselves rich than were actually rich by their own standards. On the other hand, it's noteworthy that people earning $300,000 a year with a couple of millions of dollars of assets didn't think themselves rich—far from it.
But even if you're not rich in your own mind, you may get there by sticking to a financial plan designed to increase personal wealth. And, if you're already rich, follow the same approach for preserving your status. We can help you make provisions for the future.
© 2018. All Rights Reserved.
- 6 Ways To Close The Retirement Gap
- The myRa Is Cut Short, But Other Options Abound
- Foreign Intrigue In Estate Planning
- Retirement Plan Choices For The Self-Employed
- Do You Know If Your Business Really Is Small?
- 5 Reasons To Amend Your Estate Plan
- New Law Says Tax Debtors May Lose Their Passports
- Five Ways You Can Dig For Gold
- New Study Says U.S. Tax System Is Among Worst In The World
- What Women Want: An Equal Share Of The Financial Pie
- Show More Life With A Living Trust
- Take Your RMD On Time, But You Might Want To Add To It
- Taxing Issues For Business Entities
- Be Aware Of Your Tax Surroundings
- 7 Tax Baskets For Investments