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I’m going to tell you something that you have trouble admitting to yourself — you’re going to be broke forever. Once you accept that, you can finally be on the road to happiness and understand that living paycheck to paycheck is what everyone’s doing. Yeah, it sucks, but resolving yourself to the fact that you’ll never strike gold is all a part of growing up.
Don’t believe me? Well, you better start because Charles Schwab did a study on how much you need to be taking down if you want to be considered financially stable and wealthy in five cities across the United States. Per Town & Country, the depressing statistics are as follows.
SEATTLE
Average net worth it takes to be financially comfortable: $857,000
Average net worth it takes to be wealthy: $3.036 million
CHICAGO
Average net worth it takes to be financially comfortable: $660,000
Average net worth it takes to be wealthy: $2.5 million
DALLAS-FORT WORTH
Average net worth it takes to be financially comfortable: $130,000
Average net worth it takes to be wealthy in Dallas: $670,000
WASHINGTON, D.C.
Average net worth it takes to be financially comfortable: $270,000
Average net worth it takes to be wealthy: $1.25 million
SAN FRANCISCO
Average net worth it takes to be financially comfortable: $1 million
Average net worth it takes to be wealthy: $6 million
Financially comfortable in San Francisco for a mere $1 million. You’re probably sitting at your desk trying to figure out if you’ve made that in your entire life (which you haven’t).
I know these truth bombs are a lot for a Monday, but your Monday sucks anyway so it’s best to get this all out of the way now instead of later in the week when you can feel the weekend coming. Keep your head up and don’t move to the money pit that is San Francisco. .
[via Town & Country]
Image via Shutterstock
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Will
Will (Twitter / Instagram) is the host of The Sunday Scaries Podcast.
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Accepting the fact that it’s never gonna happen. PGP.
So basically you need to have a 401k and a house to be wealthy in DFW. Brb moving to Texas
“Hey!” – Dallas $30k millionaires
Good move
Username/comment synergy.
Can we get the stats on what it takes to be considered “financially stable” or “wealthy” in a place like, say, Gary, Indiana so we can all feel better? Or Detroit – it has to be considered “stable” if you’re not bankrupt in Detroit.
Only takes 20 years of making 50k to reach a million…I’m depressed now.
Not sure what exactly they mean by “financially comfortable,” but you can definitely live normally in SF if you aren’t a millionaire (although you probably do need to make at least six digits to afford rent in the city…). Forget buying any normal property for under a million though.
Wow. I went through three different links and their Powerpoint of their study. Nowhere does it mention what they meant by “financially comfortable”. I get that it’s just a survey, but it’s kind of poor methodology.
This is exactly what I needed on a Monday.
Net worth is a deceiving metric. It includes all your assets like your car, investment/ savings accounts and home. It is a lot different than annual salary.
And your debts. Good salary, terrible NW, PGP.