What makes you assume someone is wealthy?
An outfit dripping with designer labels might be an indicator or perhaps you have an eye for someone stealthily displaying their wealth in muted but expensive clothes.
The things Americans say would make them feel wealthy, however, don’t necessarily come with a price tag.
The majority of folks agree. Enjoying experiences, not having to stress over money and having a healthy work-life balance are all more meaningful than owning nice things, having more money than their peers and maximizing their earnings when it comes to what makes them feel wealthy, according to Charles Schwab’s annual Modern Wealth Survey.
More money can make some of those things more attainable, but it goes to show that you can live a wealthy lifestyle without having a wealthy person’s net worth — that would be about $2.2 million, the survey found.
Here are three things that mean more to people when it comes to defining wealth.
1. Enjoying experiences over owning nice things
Would you rather explore a new city with your family or drive an expensive car? Wealth means enjoying experiences more than owning nice things according to 70% of Americans, Schwab found.
Having the time to try new things or do what you already love can help you feel fulfilled and content even if it’s not an activity rich people are doing like space tourism. It’s up to you to find the things you enjoy and if that’s something you can’t necessarily afford to do frequently, consider what it is about that thing that brings you joy.
“What makes me happy might be vacation, but what does that need to look like and why is it vacation?” Aja Evans, a licensed mental health counselor who specializes in financial therapy at Laurel Road, tells CNBC Make It. “It’s kind of like peeling one layer and then we’re peeling another and really getting deep down to what makes you happy.”
What is it about traveling that makes you happy? Is it the opportunity to learn about a new culture and try new food or is…
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