How much money do you need to be successful? - This is what most Americans think!
Money may or may not be able to buy happiness, but Americans often associate wealth with success. In fact, most people living in the United States think you need to earn $270,000 a year to be considered financially successful, Bloomberg reported. In terms of net worth, survey respondents put that figure at $5.3 million, according to a new survey from financial services company Empower.
However, these figures may be a dream for many. Only 37 percent of respondents said they were financially successful now, with 42 percent of men and just 33 percent of women saying so, Bloomberg noted. Less than half said they do not believe they will ever achieve the level of financial success they would like.
The economy and lack of savings were chosen by 35 percent of people as the reason why; 30 percent said it was due to "irregular or insufficient revenue streams."
Of course, some people don't connect their financial well-being with their overall success. In fact, 43 percent of those surveyed said their idea of success was not tied to a specific number. Nearly 6 in 10 said success was best measured by happiness, although the survey defined happiness as being able to spend money on things that bring you joy. Another third of respondents said that success was more related to physical well-being and free time.
While being rich doesn't exactly equate to being successful, and vice versa, people in the US have many opinions about both. Last year, another poll found that Americans believe you need $2.2 million to be considered wealthy. But even then, 48 percent said they felt wealthy with an average net worth of just $560,000.
However, if one were to join the ranks of wealthy individuals, one would need at least $5.8 million to be part of the top 1 percent in the U.S., not that much more than the $5.3 million that respondents successfully lined up in the survey. of Empower.
However, this kind of wealth is not the norm in America: Bloomberg noted that the median salary in 2023 was about $67,000. Those who make something closer to that amount can still feel quite successful, however, depending on how they choose to define the word.
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