How much money do you need to be considered “wealthy” in South Florida?
Locals say it’s an average of $2.1 million, or more than 25 times the actual median net worth of U.S. households according to the U.S. Census Bureau.
That’s according to new research from Charles Schwab, which also found that 55 percent of those surveyed said they will never reach that threshold.
The researchers also surveyed residents about what it means to be wealthy. “Having lots of money” was the top answer, cited by 26 percent, followed by “enjoying life’s experience (19 percent) and “being able to afford anything they want” or “living stress free” at 18 and 17 percent respectively.
“Wealth is often thought of an inaccessible amount of money, but that’s an outdated definition,” said David Rosenfeld, branch manager at Charles Schwab’s West Palm Beach branch. “We believe people should think about wealth as the money they have now, whether that’s a lot or a little, and what matters is that you pay attention to it. Being engaged, even when you’re just getting started, is the only way to build wealth over time to reach your personal goals.”
True, but getting there will be a battle. Only 37 percent of South Floridians say they have a household budget, compared to 43 percent of Americans nationwide, and only 28 percent say they stick to that budget, compared to 33 percent of Americans across the country, according to Schwab’s research.
Only 29 percent of South Florida residents say they don’t have any credit card debt, compared to 37 percent of Americans nationwide.