While most people would love to be rich one day, it seems a lot of Millennials think it will definitely happen.
A new survey finds that while 51% of Americans believe they will be wealthy one day, Millennials are even more confident, with 66% believing they will become wealthy. As for what Millennials plan to do to build their wealth, investing in real estate and investing in the stock market are their two most popular strategies.
So, what does it actually mean to be wealthy? Well, across all generations 55% of people define wealthy as the ability to live comfortably without having to worry about finances.Other definitions of wealthy include:
- Feeling financially secure (43%)
- Net worth of over $1 mil (18%)
- Annual household income of $500K+ (16%)
- Six figure salary (15%)
- Investments in the stock market (7%)
- Diving a luxury car (6%)
When it comes to just putting a monetary value on wealthy, 20% of Millennials believe it’s having $550K or more, while only 8% of Baby Boomers agree. Interestingly, 18% of both generations believe it’s having a net worth of over $1 million.
Source: Magnify Money