How much money would you need to consider yourself wealthy? For Charlotteans, the figure is $1.8 million, according to the results of a new study.
Brokerage Charles Schwab released that finding this week among other results of online surveys conducted in April of 500 residents in the Charlotte metropolitan area.
The figure of $1.8 million, the average of all responses, equates to more than 20 times the median net worth of U.S. households based on U.S. Census Bureau data, according to the report. Here’s a look at some other responses from Charlotteans:
▪ Twenty-nine percent defined “wealth” as “having a lot of money.” That compared with the second-most popular choice, “enjoying life’s experiences,” at 24 percent. “Having loving relationships with family and friends” ranked fifth at 13 percent.
▪ But when given two definitions of wealth – being with friends or making lots of money – 57 percent chose being with friends.
▪ Forty-three percent said they are already millionaires or believe they can reach that level.
▪ Fifty-seven percent said they don’t have any hope of becoming a millionaire.
▪ Twenty-four percent have a written financial plan.
▪ Twenty-one percent said they stick to a monthly savings goal, compared with 24 percent of Americans nationwide.
Americans in other parts of the country were also polled in the surveys, which were conducted April 12-20 and collected responses of people ages 21 to 75. For more findings from the Charlotte surveys, click here.