1st Quarter 2019

Do you consider yourself rich? If you own a couple of mansions, a fleet of luxury cars, and financial accounts reaching high into the millions, it may be easy to answer that question. But other well-to-do people might struggle with the issue of whether they are “rich” or not.

To get a better grasp of perceptions, Yahoo Finance recently posed a series of questions about personal wealth, to which more than 25,000 people responded. The survey concluded that people call themselves rich if they have a median income of $425,000 and a net worth of $5 million.

But this exercise also turned up other interesting results. For instance, the median amounts respondents required to consider other people rich were an income of $500,000 and a net worth of $10 million. In other words, more people called themselves rich than were actually rich by their own standards. On the other hand, it’s noteworthy that people earning $300,000 a year with a couple of millions of dollars of assets didn’t think themselves rich-far from it.

But even if you’re not rich in your own mind, you may get there by sticking to a financial plan designed to increase personal wealth. Whether your focus is building wealth or protecting the wealth you have (or both!), we are here to help you develop a plan that fits your individual needs.

Kim Scott, CFP®
Senior Financial Advisor
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About Author

Kim D

For over three decades, Financial Services Advisory has helped clients manage their money through good times and bad. We customize an individualized approach for every client looking to invest while focusing on protecting what you have worked so hard to create. When working with FSA, you will find our goal in managing investments to help you protect your wealth while growing it wisely.

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