Wealth. Even though it has taken on new meaning during the coronavirus pandemic, even the most wealthy Americans don’t feel rich, according to Bloomberg.
People with a net worth of $1 million or more found that only 13% considered themselves to be wealthy, according to a 2019 survey. In 2020, brokerage firm Charles Schwab conducted a similar survey on wealth. The respondents said that $2.6 million was needed to be wealthy, while $1.7 million was needed for financial happiness and $934,000 to be financially comfortable.
Are the vast majority of people financially uncomfortable or are their standards for comfort too high? In a world where some people do not make enough money to cover the basics of rent, food, transportation and health insurance why are those of us who do still unsatisfied?
The first problem is that we compare ourselves to others. We can look online or down the street and see people with cuter shoes, fancier kitchens and newer cars. Do they have better lives? Maybe, or maybe not. It can be hard to not make comparisons, but one step is to cut back on your social media consumption. The second is to spend less time with people who make you feel bad about your possessions.
Scarcity, the second challenge, runs deeper. We don’t know what the future will bring, so we get nervous. Our upbringings, personalities and experiences are tied up with money and security. For some of us, safety is dressed as a big bank account. Understanding your relationships with money can help you feel better now and in the future. Therapy to address issues surrounding money and financial security can be helpful for some people. Others benefit from taking steps to establish an emergency fund or pay off debt.
It’s a holiday weekend, a time to relax and take stock of the good things in life: independence, family, friends and s’mores. Don’t worry about whether your party is good enough for Pinterest or Instagram. Think about what’s important and work with that.
More From GOBankingRates