Wanna Feel Rich in Boston? What is your net worth? What Bostonians need to be worth to feel wealthy is a rather large number which I’m sure you would expect. It’s actually astronomical. But considering the cost of living in Boston, it makes much sense. According to the annual modern wealth survery from Charles Schwab, Boston ranks 8th out of 13 major United States cities as far as the amount of money you need to feel rich. Just having money in the bank is not enough. It’s your net worth that needs to be taken into account here. Net worth is considered a measure of the value of the assets a person or corporation owns, minus the liabilities they owe.
What’s interesting to note here too is perception. What most Americans perceive as rich, is definitely NOT. In the survey of 1000 respondents, the average amount of money one must be worth to be considered wealthy is $2.2 million. However, of the 48% of people surveyed who say they consider themselves rich, the average net worth is $560,000 which is only a percentage of the actual number. Not necessarily a bad thing. After all, feeling rich is a state of mind isn’t it?
Another interesting side note here. When asked, 70 percent of the people surveyed say feeling or being rich is more about “not stressing over money” than one’s net worth. Also, 66 percent of people surveyed say feeling rich is also about having time and spending time with loved ones is more important than actually having money. The actual survey was conducted in March of this year and took samples of between 500 and 750 residents of each city between the ages of 21 and 75.
Would you consider moving to another city just so you can feel wealthy? If that’s the case, you most definitely do NOT want to live in one of these 13 cities mentioned below. You will also find out exactly how much you MUST be worth in order to feel wealthy in Boston. The figure may shock you. But then again, it might not.
