How much money would you need to feel rich?
Posted: Mon Jun 23, 2014 10:55 am
Here's How Much Money
Americans Would Need
To Feel 'Rich'
Katie Simon
BusinessInsider.com
About a quarter of Americans believe they could be wealthy one day. Are their dreams realistic?
It comes down to a matter of perception: the definition of rich depends on many factors, including your current income. The more money you earn, the more money you believe it takes to be “rich.”
According to a recent survey, people think it would take anywhere from $10,000 to $4 million a year to feel rich. Nearly 75% of the 1,000 survey participants responded that it was unlikely they would ever be rich, while 20% believed it was at least somewhat likely.
Researchers also looked at how demographic factors affected people’s willingness to believe they could be wealthy. Political independents, women and those without college degrees were less optimistic than partisans, men and college-educated respondents. 28% of those who lived in urban areas believed there was some possibility of becoming rich, compared to 18% of suburbanites and just 5% of people in rural places.
Relationship status also came into play: Single individuals were more hopeful than people in relationships (though that difference depended more on participants’ age) and divorced respondents were consistently less confident, regardless of age, gender, or current income.
Among households in the lowest income quartile (making under $25,000 annually), people believed $293,000 per year would make them rich. Households earning between $30,000 and $60,000 a year set the bar at $394,000, and those making between $60,001 and $120,000 put the number at $426,000. For the top 15%, or those earning over $120,000 annually, the number was $501,000.
Read more: http://www.learnvest.com/2014/06/how-mu ... z35Ti75XVx
Americans Would Need
To Feel 'Rich'
Katie Simon
BusinessInsider.com
About a quarter of Americans believe they could be wealthy one day. Are their dreams realistic?
It comes down to a matter of perception: the definition of rich depends on many factors, including your current income. The more money you earn, the more money you believe it takes to be “rich.”
According to a recent survey, people think it would take anywhere from $10,000 to $4 million a year to feel rich. Nearly 75% of the 1,000 survey participants responded that it was unlikely they would ever be rich, while 20% believed it was at least somewhat likely.
Researchers also looked at how demographic factors affected people’s willingness to believe they could be wealthy. Political independents, women and those without college degrees were less optimistic than partisans, men and college-educated respondents. 28% of those who lived in urban areas believed there was some possibility of becoming rich, compared to 18% of suburbanites and just 5% of people in rural places.
Relationship status also came into play: Single individuals were more hopeful than people in relationships (though that difference depended more on participants’ age) and divorced respondents were consistently less confident, regardless of age, gender, or current income.
Among households in the lowest income quartile (making under $25,000 annually), people believed $293,000 per year would make them rich. Households earning between $30,000 and $60,000 a year set the bar at $394,000, and those making between $60,001 and $120,000 put the number at $426,000. For the top 15%, or those earning over $120,000 annually, the number was $501,000.
Read more: http://www.learnvest.com/2014/06/how-mu ... z35Ti75XVx
