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According to a recent poll, the yearly wage barrier is $270,000 in addition to net worth. The annual cost of success? Approximately $270,000.
According to a poll conducted by financial services firm Empower on Friday, that is the yearly wage required to be regarded as financially successful. Respondents said that $5.3 million is the threshold for net worth.
The majority of Americans cannot afford such figures. According to the Social Security Administration, the average wage in the United States in 2023 was around $67,000.
As of the second quarter of this year, the average 401(k) balance at Fidelity Investments was $127,100.
Even though owning a house might increase one’s wealth, affordability is still a big problem for Americans without real estate.
More men (42%) than women (33%), and less than four out of ten respondents, say they consider themselves financially successful. Nearly 50% of those surveyed don’t think they’ll achieve.
The success they want. Among the biggest challenges mentioned were “irregular or insufficient income streams” (30%), the economy, and a lack of savings (35% of respondents).
Despite all the statistics, 43% of respondents said that they did not associate success with a specific amount. Happiness is the most essential metric, according to over 60% of respondents.
(The study said that “having the ability to spend money on the things and experiences that bring the most joy” is the definition of happiness.).
Over one-third of those surveyed said that leisure time and physical health were significant indicators of success.
In September, 2,203 Americans participated in Morning Consult’s nationally representative online poll.