What does the word “wealthy” mean to you? Likely, what first comes to mind is money. But is this really what wealth means? Ultimately, it's up for everyone's own interpretation. But what does the population say? What do members of society think the word “wealthy” means? According to a Barron’s survey, 48% of their respondents said they considered themselves wealthy. But, when respondents were asked more generally how much money it takes to be wealthy in America, their responses averaged out to $2.2 million. This is nearly four times what the self-described wealthy reported about their own net worth. Why is this? Well, some describe it as the “wealth paradox”. At first glance, you may be skeptical of what this means or the term may come off as negative, but this may actually be good news.
This survey shows that people are considering more factors besides just money when defining the word “wealthy”, implementing factors of their well-being into their personal definition. Jonathan Craig states that “Americans today aren’t as worried about keeping up with the Joneses, and more importantly, they understand that they can be happier with fulfilling experiences and relationships, even if they have less money”.
Schwab conducted a separate survey to help find answers to this paradox. Below is a list consisting of the top responses from Americans when asked to respond to the prompt “What wealth means to me”:
Not having to stress about money
Enjoying experiences
Being in good health
Enjoying healthy relationships with family & loved ones
In fact, “Having a lot of money” was actually the tenth and last response on the list. Most importantly, what has been discovered is that wealth is more about not having to stress over money, as opposed to having more of it. The saying is true, Money can’t buy happiness. Wealth is more than just dollars. Having a lot of money clearly isn’t a bad thing, but if having a lot of money is the only thing you have, it is less likely you are living a very fulfilling life. When it comes down to it, well-being and having a balanced lifestyle is what's most important.
Well-being takes planning, direction, and routine. Being your own coach and motivator is beneficial, but reaching out to a trained professional may help set you up for the best success. Individuals taking accountability for their personal financial wellness can utilize Financially Fit Me’s features to get in contact with one of our qualified coaches for guidance on best skills and practices that make it easier to adopt effective routines, while Financially Fit Employees can help companies improve their employees financial literacy through services that develop attainable financial wellness habits for work and home life. Offering such services to your team can increase their confidence and productivity, while establishing a stronger sense of loyalty when they believe you have their best interest in mind.
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