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How much does the average American need to make per year to feel rich? $150,000.
In a new Gallup poll Thursday, people were asked an open-ended question about how much annual income they would need to earn to consider themselves rich and $150,000 was the median answer.
People ages 18 to 49 years said $160,000 was their threshold for feeling rich, while those 50 years and older said $100,000 in annual income would be enough.
There was also a notable discrepancy in what college graduates and nongraduates considered the threshold for being rich: people with college degrees said they would need to make $200,000 annually, while those who didn’t graduate from college said $100,000 was enough.
Meanwhile, 26 percent of people said they would need to have a net worth greater than $1 million to consider themselves rich, while 13 percent said having less than $100,000 in savings would be enough to feel wealthy.
How much does the average American need to make per year to feel rich? $150,000.
In a new Gallup poll Thursday, people were asked an open-ended question about how much annual income they would need to earn to consider themselves rich and $150,000 was the median answer.
People ages 18 to 49 years said $160,000 was their threshold for feeling rich, while those 50 years and older said $100,000 in annual income would be enough.
There was also a notable discrepancy in what college graduates and nongraduates considered the threshold for being rich: people with college degrees said they would need to make $200,000 annually, while those who didn’t graduate from college said $100,000 was enough.
Meanwhile, 26 percent of people said they would need to have a net worth greater than $1 million to consider themselves rich, while 13 percent said having less than $100,000 in savings would be enough to feel wealthy.
Making a high 5 or low 6 figure salary is great but if a person's debit is high then making a decent salary wouldn't make a difference. Whatever is earned is only going to pay the bills. What's left at the end of the month in savings? If I'm earning $100k a year and my only expenses are rent/mortgage/household expenses and I don't owe a ton in credit card bills then I would feel "comfortable" but not rich. IMO, what's in savings or net worth is what would make me feel rich and I would probably say it would have to be upwards of $500k.
There was also a notable discrepancy in what college graduates and nongraduates considered the threshold for being rich: people with college degrees said they would need to make $200,000 annually, while those who didn’t graduate from college said $100,000 was enough.
Maybe because the ones with degrees have $150k in student loan debt???
My husband and are very comfortable now on our six figures but definitely don't feel rich. But it's all relative to spending as well. We want to buy a place and that makes us feel poor. But in terms of paying rent, eating out often, and traveling, we are comfortable.
Rich is a relative term.. It all depends on so many things.
Today even having a million bucks in the bank is no big deal.
Think about it, your neighbor next door who retired with a 40k pension and not a dime to his name is no better off in retirement than you and your million bucks. Your incomes are very close , in fact your neighbor may be ahead with cost of living increases ..
At one point not too long ago, between two salaries, my wife and I were bringing in just under $200,000 with no debt other than an affordable mortgage and cars. I have to admit, I definitely felt rich back then. Thankfully we got to enjoy that time period before having our children
The thing is, once you have reached whatever coveted income bracket, you're likely to feel compelled to earn more to fund the expensive lifestyle you learn to believe is expected or necessary. I've seen people fall into this trap.
Yeah, the key is definitely to live within your means. Even when we were "flush", we basically lived the same as we always had, and SAVED SAVED SAVED. Because of that, my wife can stay home to raise our kids for a few years before going back to work, which is something we both wanted very much.
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But in terms of paying rent, eating out often, and traveling, we are comfortable.
