How Much is Needed to Feel Financially Comfortable in the U.S.? These Survey Responses Might Surprise You
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July 10, 2023I know things have gotten pricey with inflation, but the results of a recent Bankrate survey have me raising my eyebrows.
“Americans feel they’d need to earn approximately $233,000 a year on average to be secure or comfortable with their finances, a new Bankrate survey finds. To be rich and achieve financial freedom, Americans say they’d need to make about two times more: roughly $483,000 on average, according to the poll. Both numbers are significantly larger than the average earnings full-time, year-round workers made in 2021 ($75,203), according to Census Bureau data,” Bankrate reported.
The survey participants. ^^
Eggs have gotten expensive and all, but do you really need to earn roughly $112 an hour to feel secure? And $483,000 a year to feel rich?
Don’t get me wrong, $233,000 a year is a great goal. However, it seems to be that if your finances are managed even moderately well, most people could get by with significantly less and still live a comfortable life. Sure, you’re not going to be going to Tahiti every few months, but beach vacations aren’t needed for security the last time I checked.
I also have to remind myself that Dave Ramsey has talked to 29-year-olds with one million in debt, so maybe my expectations for how people manage their money is a wee too high.
What are your thoughts? Is $233,000 annually the minimum for feeling secure in modern America?
4 Comments
Financial management to a young person today is applying for a fourth credit card when you are making minimum payments on the three you have tapped out so you can go to Cancun.
Did they get the decimal wrong? Nearly a quarter of a million a year? What the Hell.
I believe the problem is it was a survey on a financial advice website. At best it’s a clickbait title that tricked us into going to said site since there is no way that data set is going to be representative of average Americans but more so the subset of people who are trying to make a lot of money.
Where the hell are they getting these responses?
Good grief I’d be happy with around 50,000 annually as that’s nearly double my general expenses.