A recent survey from Charles Schwab revealed that a net worth of $2.27 million would be enough.
But can you really put a number on it?For many people, being wealthy means being financially independent and not having to work for a living, says Bradley Nelson, of Lyon Park Advisors. He says a family with a net worth of $2.27 million could easily be wealthy.If that family spent a conservative 3% of their assets each year, they would have $68,100 a year to live on. That's more than the median household income in the United States of $61,000 -- without even having to work.
For example, they have a lake house in Michigan, with a boat. "Our spending is really about lifestyle. While not overly extravagant in our opinion, we do drive nice cars, travel frequently and help others regularly," he says."We, like many others, find ourselves spending on experiences more than things because they enrich our lives and relationships."In his view, the purpose of building wealth is to generate more income.
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