How much money you need to feel good about life
Money can buy happiness at a certain point. But how much do you need to feel good about life?
Astudy poorly calculated Whether you have to earn at least $ 75,000 each year to be happy. More recently, aPurdue University SurveyThere is a change in $ 95,000 / year for life satisfaction, while noting that you need $ 60,000 to $ 75,000 / year for emotional well-being. But a new survey examined how much money you have to have in your wallet to feel "comfortable" in life.
After all, money can buy a lot of expensive toys, but beyond that, the good amount of funds can also guarantee a degree of certainty and comfort in life. Nobody wants the added constraints can not be able to provide their own relatives and loved ones. So, how many zeros would you need to see on your bank account to feel really financially at ease?
Charles Schwab asked 1,000 Americans who ask themselves very question for his2021 Modern Survey of Wealth. In particular, this year's average response was significantly lower than the past year. Read it to see how much money you have to feel comfortable financially in life. And for more news that can affect your mental health, do not miss theSurprising habits that quickly get your body, say experts.
Who needs to be a millionaire?
When most people think they have tons of money, the word "millionaire" comes immediately in mind. According to the survey, however, all needs are a much more modest value (compared to comparison) of $ 624,000 to be nicknamed "financially comfortable". About the comparison, the average last year was $ 934,000.
It is very likely, if not practically guaranteed, the Covid-19 pandemic had an impact on the change from this year to the next. More than half of the Americans surveyed (53%) admitted that coronavirus had been detrimental to their personal finances in 2020. In this group, 20% even lost their jobs because of the pandemic.
Net worth, explained
How is the net worth of someone calculated exactly? It's not as simple as taking a look at their bank account. The net worth deserves a wide net financial, representing the complete spectrum of finances, debts, loans and even possessions of an individual. In other words, all assets (both positive and negative) are taken into account. If you quickly want to estimate your own net worth, take a moment and add all your bank accounts (verification, savings), investments (stocks, IRA, crypto) and the value of all cars, properties, etc. . Then take this number and subtract it from its loans or debts outstanding in your name (mortgages, student loans).
But remember: money is not everything
At the risk of ringing as a cliché, last year has changed everything. We all had to re-evaluate what is important as a result of COVID-19 and many responses from the Americans to this survey reflected. Nobody will go from $ 624,000, but at the same time, 68% of respondents said that their priorities have changed since 2019. A full 69% of 69% place more importance for their mental health and 57% say that relationships in their lives are still else.
Demographic differences
Of course, what a person considers enough money for financial stability can not freeze with someone else. Depending on age and sex, a number of trends have emerged in the results of the survey. For example, the average male defendant considers that $ 864,000 sufficient stability, while $ 325,000 is sufficient for the average female investigation participant.
The generational differences were also apparent. Baby boomers (aged 56 to 74) consider that $ 609,000 to be comfortable, while the millennia (aged 24 to 39) need a little more ($ 618,000). Meanwhile, those belonging to X generation (aged 40 to 55) do only feel on financial security if they have $ 717,000. And for great ways to improve your mental health, do not miss theseSelf-care self-care turns that work totally!
