Wealth Is up for Interpretation - Other News


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Wealth Is up for Interpretation

Wealth Is up for Interpretation

Wealth Is up for Interpretation
The content is accurate at the time of publication and is subject to change.

Is wealth all about cash value or your state of mind? Well, according to new research from Charles Schwab, American’s are split on exactly what it means to be wealthy, with some saying it’s all about how they feel, and for others, wealth is directly related to how much money they have in the bank.

The study aptly called Cents and Sensibility queried 1,000 people, finding that there is a wide range of perspectives when it comes to what being wealthy is all about, including:

  • Having a lot of cash (27%)
  • Being able to enjoy life (24%)
  • Having the ability to buy anything they want (22%)
  • Experiencing peace of mind and living a stress-free life (19%)
  • Having loving relationships (12%)

The cash value of wealth

When they asked people how much money it would take to be considered “wealthy” in the U.S. people settled on $2.4 million. Interestingly enough according to the U.S. Census Bureau, this amount is just about 30 times the average net worth of households in the U.S.

But being grateful for what you have and growing it may be one of the keys to financial success. “Wealth is often thought of as a lofty, unattainable number that doesn’t apply to most of us, but that’s an old-fashioned notion that needs to be retired,” said Terri Kallsen, executive vice president and head of Schwab Investor Services.

“It doesn’t matter whether you have a lot or a little—what matters is that you think about the money you have as your wealth and that you pay attention to it. Being engaged is the only way to reach your personal goals, he said.”

Life is about more than money

Yet on a more personal level when money is not part of the equation, people tend to focus on things that have little or nothing to do with money or career. When asked to choose between having lots of money and something else – the something else tends to take the top spot.

For instance, 65% went with having good health, rather than having lots of money (35%), while 58% chose “having gratitude” rather than having lots of money (42%), and for 56% building community was more important that putting in time building their career (44%).

The study was carried out by Koski Research between April 12 and 20, 2017. They interviewed 1,000 Americans from 21 to 75.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Amex Partners with Venus Williams at the US Open
Amex Partners with Venus Williams at the US Open

Posted: August 23, 2017

American Express will be at the US Open again this year, and they will be rolling out some new experiences for cardholders including games and photo ops, along with access to the Card Member Club and American Express Radio Live. Continue reading

Savers on Track to Meet Retirement Goals
Savers on Track to Meet Retirement Goals

Posted: December 01, 2017

Retirement can mean different things to different people, and those who are champs at saving are feeling confident about meeting their retirement goals, according to the new PNC Perspectives of Retirement Survey. These “successful… Continue reading

New Credit Card from Santander Bank
New Credit Card from Santander Bank

Posted: July 18, 2017

Santander Bank has added the Ultimate Cash Back Credit Card to their portfolio, with the new card offering consumers 1.5% cash back on everyday purchases, whether they are pumping gas, buying a coffee or booking a vacation. There are no… Continue reading

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn unlimited 1.5% cash back on every purchase, every day
For Average, Fair, Limited Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!