Today, we discuss the successful management of wealth. Wealth is not what you make but what you own: stocks, bonds, cash, real estate, precious metals and other financial assets.
Market research company Spectrem Group counted 13.6 million millionaire households in the U.S in 2020.
That’s 1 in 9. Considering the rising real estate and stock markets of this year, the 2021 number will be much larger. But according to a report from Ameriprise Financial, only 13% of millionaire respondents considered themselves wealthy.
No matter what some people have, they will consider it inadequate when they learn what others have.
How much you need is subjective and very much linked to where you live, the size of your family, your monthly overhead, and how much you desire to travel or enjoy the finer things in life.
So, when do you consider yourself wealthy?
Only your own definition matters. I believe, you are wealthy if you have the resources to live the way you want to live. Money saved or invested is power. It gives you the freedom to make choices, help others and enjoy what is most important to you.
Sven Franssen