What does it take to be wealthy?
I found this Modern Wealth Survey interesting, going from 2020 to 2021, about how people were savers at 64% and some were PLANNING to be savers. I do not have to tell you that a plan is not an action. You can plan all you want but you have to take action.
What is more interesting for me, is how the amounts of how much you need to be wealthy, financially happy or comfortable, have dropped since 2020. The amount shown for 2021 is still double what the average net worth is for a household ($950K).
Other interesting points:
54 percent of Americans who have a written financial plan feel “very confident” about reaching their financial goals, while only 18 percent of those without a plan feel the same level of certainty.
Only a third (33 percent) of Americans have a financial plan in writing.
Among those without one:
- 42 percent say it’s because they don’t think they have enough money to merit a formal plan
- 22 percent say it’s too complicated
- 19 percent say they don’t have enough time to develop one
Anyway, it was just an interesting survey they do yearly. It sounds about right to me, honestly.