Myelle Lansat/Business Insider
- We asked 17 people in New York City what they think it means to be rich.
- Some people said being rich is about having good health and feeling fulfilled, while others said it's about being able to pay your bills without worrying.
- What it comes to how much money you'd need in the bank to be considered rich, the answer was nearly unanimous: millions.
Being "rich" means something different depending on who you ask.
In today's society, richness could mean financial abundance, good health, being surrounded by love, or doing something you love.
After asking people on the streets of New York City how they define being rich, we discovered that the answer can also change based on location and living situation — someone living in NYC will say something different than a Texan. But when it comes to how much money you'd need in the bank to be considered rich, the answer was nearly unanimous: millions.
And that's not just the view of people in New York. The second annual 2018 Modern Wealth Index from Charles Schwab surveyed 1,000 Americans about wealth. Respondents said it takes $1.4 million in the bank to be financially comfortable; but to be considered wealthy, one would need $2.4 million.
Between Trump's trade war, rising FED interest rates, and talk of another economic depression, being rich and having money in the bank mean two different things to Americans, for the most part.
We spoke to 17 people around New York City to find out how they define being rich and how much they think a person needs in the bank to be considered rich.
Colleen Cain, 26
Myelle Lansat/Business Insider
What do you think it means to be rich?
I think that it means to just have a lot of good people by your side and a lot of loving your life. Honestly that's the best way to be rich, money is just an material thing, you know?
How much money do you think you need in the bank to be considered rich?
To be considered rich? Maybe a couple million.
Sherina Seale, 51
Myelle Lansat/Business Insider
What do you think it means to be rich?
Money can only buy material things. To be rich is more like your wealth, you're healthy, that's what I mean. You're healthy, you're happy within yourself and you're just living life and making you happy, your family is well and you're not sick, you know what I'm saying? Your health is great, that's what being rich is about — rich in life, not the money.
How much money do you think you need in the bank to be considered rich?
Money wise, to be rich, I would say ... a good few thousand dollars, it doesn't really have to go up in the millions because as long as you're having enough in the bank to keep you happy, to pay your mortgage, and to pay your bills monthly, then you're good. So it doesn't have to be millions, it just has to be enough for you.
Adrian Amistad, 36
Myelle Lansat/Business Insider
What do you think it means to be rich?
For me being rich is like, you need to work hard and make the most of it all so that you can achieve all your dreams and you can help your family, help the people who need your help, that's it.
How much money do you think you need in the bank to be considered rich?
I think millions to consider you are rich, like you have at least $10 million or more.
See the rest of the story at Business Insider
See Also:
- Here's how wealthy the average family is in 35 countries around the world
- Here's how much it costs to get married at 9 of the most glamorous wedding venues in New York City
- Florida is one of the best places to retire in America — here's exactly how much it costs for a dream retirement in the Sunshine State
SEE ALSO: How much you need to earn to live in the most expensive zip code in every state
DON'T MISS: Here's how wealthy the average family is in 35 countries around the world
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