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According to Schwab ‘s 2019 Modern Wealth Survey, New York City residents believe it takes an average $3.2 million in personal net worth to be considered “wealthy” in their area. Last year, the magic wealth number was $3.5 million.
But what is wealth and what is influencing the year over year decrease in the amount of money needed to be considered wealthy in the largest city in the United States?
“The old definition of wealth is focused on dollar amounts that feel unachievable for most people,” said Abel Oonnoonny, Financial Consultant at the Charles Schwab branch in New York City. “The modern approach to wealth is more about pursuing passions and experiences. Those are more important financial goals for clients rather than a number.”
The survey notes that 69 percent of individuals define wealth by the way they live their lives.
The 2019 Modern Wealth Survey includes 500 New York City Residents aged 21 to 75. This year, respondents shared how seeing friends on vacation having fun has influenced their spending decisions.
More than half of residents are interested in how their friends spend compared to how they save, while 64 percent wonder how friends can afford expensive experiences posted on social media.
Oonnoonny shares how the desire to ‘keep up with the Joneses’ has increased due to the pressures of social media. “Spending is not the enemy, but it’s important to balance saving and spending so we can both enjoy life’s experiences along the way and achieve long-term financial security”.
The survey also found that:
- More than 55% live paycheck to paycheck
- More than 40% carry a credit card balance
- More than 52% don’t have an emergency fund
So, what’s the best way to live your best life now and achieve your wealth goals? Create a plan and find someone who will help you to achieve your goals!
Find a wealth coach or financial advisor who can hold you accountable to achieving your goals and help you make it to the finish line faster.
Take the Schwab Modern Wealth Quiz here and find out what type of wealth builder you are!
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