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What does it take to feel wealthy in the largest city in the United States?
According to New York metropolitan area residents who participated in the Charles Schwab 2018 Modern Wealth Index, it takes $3.5 million to be considered wealthy.
This survey of approximately 500 Tri-State residents also found that:
- 51% feel financially stable
- 49% live paycheck to paycheck
- 49% have an emergency fund
More than half of New Yorkers (51 percent) believe saving and investing is the way to achieve wealth over time. But in the short term, the top thing that makes New Yorkers feel wealthy in their day-to-day lives is having personal time. On the contrary, a top measure of personal wealth beyond money in Chicago is spending time with family.
Also, one out of three (31 percent) New Yorkers view shopping at specialty grocery stores as a way to feel wealthy in their daily lives.
This data provides valuable insights into the daily lives of people in the largest city within the United States. With over 8 million residents living in New York City, you can use this data to make investment decisions that could be representative of the larger population of Americans.
What is your definition of wealth? What would it take for you to feel wealthy? Comment below!
Best Time in History for Women to Invest
This is the best in history for women to learn how to invest. The markets are volatile, mergers and acquisitions are frequent, and political friction is increasing uncertainty. It’s the best time for women to dive in and explore the markets because we’re not looking at a straight investment path. You have to think more strategically in this environment. And when you can learn how to navigate a period of turbulence, you unlock another level of possibilities that you can tap into as an investor. You also develop the financial acumen needed to become the next woman CEO!
If you are just starting your investment journey, join The Wealthy Woman Investor to gain the foundational skills and market insights you need to build your first investment portfolio.
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