When is a Retiree Considered Wealthy ? Surprising Results

how much does it take to be considered wealthy there is an answer and it might surprise you it actually surprised me because when Schwab did this survey where they asked people how much they thought they needed to be wealthy in the U.S what happened was that their answers led to something called The Wealth Paradox effect so in this video I'll share some of the top findings from this study so that you can improve your financial life and then find out how to achieve that feeling of wealth that you might be looking for if I haven't met you yet I'm Dave zoller and I run streamline Financial it's a retirement planning firm that's been around for over 24 years and we started this channel to share some of the things that we're seeing that works for those who have achieved financial success and we want to share those tips with you so let's get into the survey out of all the people when they asked at what level of net worth would you say a person is considered wealthy the average answer that they gave was 2.2 million dollars but there is the surprising part they also asked those same people do you feel wealthy and almost half of the respondents said yes 48 percent said yes and the average net worth of those people that said yes had 560 K much less than the 2.2 million in the previous answer but there's a few important parts of the survey that you should know especially if you're retired or you're thinking about retirement and then I'll share a few thoughts you probably have not heard before coming from a financial advisor and a cfp professional the first one is something that I've talked about quite a bit on this channel because I hear it from clients who are retired I hear it so frequently and that is time is more important than money and you can see here in this first section and I'm actually going to turn this sideways so that you can see this a little bit better and you can see Americans feel that having time is more important than money especially for people who are 57 and above our clients often spend more money in retirement on things that save them time because they're at the point where their money is making more money but it's not able to make more time and as you get older we're reminded how much time we actually have left it becomes more real and time becomes more and more our scarcissist asset more and more than our savings in the bank or our investments the next thing I liked here was specifically again for those 57 and above they cared the least about how they compared to others which is great because we know that comparison is the thief of joy and feeling wealthy is up to you it's not a number that somebody else tells you you you should be now the next thing that surprised me is that only a third had a financial plan about a third had a financial plan but of the people that did 92 percent of them they felt confident that they're going to reach their financial goals and that feeling of confidence is just so so important for overall well-being and not feeling stressed about money right which really brings to this next point in this study that says over 70 percent of people said not stressing about money is more important than having more money than others and what we find helping hundreds of people achieve their retirement is that that feeling of peace of mind and contentment becomes more and more important especially as we get into our retirement because it can be scary you know for for some people to switch from saving for 30 years working and saving for 30 years to all of a sudden having to spend those savings now you might think that that sounds crazy but it's a common feeling for many people it's it's a normal feeling and those who have a level 10 out of 10 confidence about their spending and their plan they've just got a much better overall retirement now the next thing that stood out was the importance of fulfillment and purpose in your personal life over working on my career and the secret here is to finding a career that can really provide purpose and fulfillment where it actually doesn't feel like work but that's not easy for everyone to do I talk a lot about the uh the these four things and uh it's finding something that you are good at that you love doing and that the world needs and then also has uh pays you to do it right that's that's really the ideal career but then when you get to this point of financial Independence you don't need the money anymore right so this really goes away and this middle area here can really change to something different than it was while you were actually had to care about the money you might find something new here in retirement you know the the three C's is something we talk about a lot on this channel and with our clients and it's that idea of if you can achieve these three things it's a fulfilling retirement a fulfilling life and it's creativity or curiosity being curious and then also the next C is for connection it's connection with others and with God and then the the last C is contribution it's continuing to contribute to others even once you're officially retired still helping others in some way that's the secret to a fulfilling life and I share a bunch of ideas on how to do that on this channel so if you're thinking about retirement or in retirement be sure to subscribe and then hit the Bell icon because people don't always get uh these videos shown to them even if they're subscribed but anyways the next thing that I like in this study is seeing that wealthy means different things to different people and more people referenced well-being over money when it comes to describing wealth and let me see if I could find this so when describing wealth in your own words Americans referenced being well-being over money and assets which was really interesting and this reminds me of the four types of wealth that I talked about in a video that I'll show you pretty soon on the screen and that is financial wealth it's important but then there's also relationship wealth health wealth and spiritual wealth and the video that pops up now is going to give you the habits that wealthy people in each one of these areas practice to achieve that wealth so I'll see you in that video but before you go if you like this video please click the like button so that YouTube recommends it to other people and hopefully it can help them too and take care [Music]

Channel: Streamline Financial

Views: 10,807

Keywords: retirement calculator, retirement planning, retirement income, retirement investing in your 50s, financial planning, how to retire, 4% rule, retirement, roth ira, investing, 3 buckets strategy, how to withdraw money in retirement, how much to save for retirement, financial advice, social security retirement, how much do i need to retire, retirement withdrawal strategy, retirement planning at 60, retirement planning at 50, Chicago financial planner, naperville financial planner

Id: E_IjhMmz2Pc

Length: 6min 38sec (398 seconds)

Published: Mon Jul 24 2023