The Personal Finance Podcast - How much do you need to Actually Feel Wealthy? (This will Shock You!)

Episode Date: July 10, 2023

In this episode of the Personal Finance Podcast, how much do you actually need to feel wealthy? And the answer might shock you. How Andrew Can Help You:  Join The Master Money Newsletter where you will become smarter with your money in 5 minutes or less per week Here! Learn to invest by joining  Index Fund Pro! This is Andrew’s course teaching you how to invest!  Watch The Master Money Youtube Channel!  Ask Andrew a question on Instagram or TikTok.  Learn how to get out of Debt by joining our Free Course  Leave Feedback or Episode Requests here.  Thanks to Our Amazing Sponsors for supporting The Personal Finance Podcast. Chime: Start your credit journey with Chime. Sign-up takes only two minutes and doesn’t affect your credit score. Get started at chime.com/ Shopify: Shopify makes it so easy to sell. Sign up for a one-dollar-per-month trial period at  shopify.com/pfp Policygenius: This is where I got my term life insurance. Policygenius is made so easy.  +To get your term policy go to policygenius.com and make sure your loved ones are safe. Factor 75: Head to factormeals.com/pfp50 and use code pfp50 to get 50% off your first box. These are amazingly easy and nutritious meals.  Links Mentioned in This Episode:  Schwab Modern Wealth Survey, June 2023 Connect With Andrew on Social Media:  Instagram  TikTok Twitter  Master Money Website  Master Money Youtube Channel   Free Guides:   The Stairway to Wealth: The Order of Operations for your Money  How to Negotiate Your Salary  The 75 Day Money Challenge  Get out Of Debt Fast  Take the Money Personality Quiz Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, how much do you actually need to feel wealthy? And the answer might shock you. Buddy and welcome to the personal finance podcast. I'm your host, Andrew founder of mastermoney.com. And today on the Personal Finance Podcast, we're going to be talking about how much do you actually need to feel wealthy. If you guys have any questions, make sure you hit us up on Instagram or TikTok or Twitter at Master Money Co. and follow us on Spotify, Apple Podcasts, or whatever podcast player, you love listening to this podcast

on it. If you want to help out the show, leave a five-star rating and review on Apple Podcasts or Spotify. And if you want to watch this podcast, you can watch it on the Andrew Gin Kola YouTube channel. Just search Anderjcola or the personal finance podcast. And we should pop up via YouTube as well. And we show charts and different things that we're talking about as we go through this. Now, today, we are going to be going through how much do you actually need to feel wealthy? And there was a Charles Schwab study that just came out recently. And it is called the Modern Wealth Survey of 2023.

We will link that up down below in the show notes so that you can check this out and follow along if you want to. Or if you're watching on YouTube, you'll be able to see some of the things that we're talking about here today as well. And we're going to talk through some of the things of money psychology in terms of what does wealth actually mean to you and how much do you actually need to feel wealthy. And we're going to go through the study that they did with a bunch of different generations. and they talk through how much they actually need to feel wealthy and how much wealth they actually have. And then we're going to talk through some of the roadblocks that a lot of generations are having currently and how you can actually solve some of those problems and what people value when they think about wealth. You hear me talk about this all the time when I have guests on this podcast.

The last question I always ask them is what does wealth mean to you? And the reason why I do this is because this question fascinates me. And sure, we get a lot of the same answers with some folks where they'll say freedom, time, some of those different things. At the same time, know, we get some really unique answers, and those are the true ones that fascinate me, because so many people think about wealth in so many different ways. And so I want to kind of go through some of these studies. And I think these studies can be really helpful on your wealth journey as well, because you can actually change certain things that were ingrained in you. So today, we're going to go through this study. I am going to give you some of my thoughts on this

study. And in addition, I'm going to give you some actionable steps that you can take if you feel stuck in some of these situations. Without further ado, let's get it. into it. All right, so the first thing we are going to dive into is this study. And this study was conducted online from March 1st to March 13th. And they had a sample size of folks from age 21 all the way up to age 75. So they sampled people from Gen Z, Millennials, Gen X, and they also sampled boomers. Now, the interesting thing about this is, is they ask, what do you actually think that

you need to have available to you to feel wealthy? And what Americans said was that they need $2.2 million. That's how much they needed to feel wealthy in 2003. And 48% of the people that they surveyed said that they actually feel wealthy. And the average net worth of those folks who actually feel wealthy is $560,000. So we're going to actually go into this. And this is an really interesting piece because the net worth of folks who feel wealthy was much lower than it actually said needs to be available to feel wealthy. Now, let's get into that $2.2 million piece first.

If you had $2.2 million, which I think is a great retirement goals for a lot of people, especially if you're in a median cost of living area, if you include home equity, if you had a $2.2 million net worth, that would put you in the 94th percentile of households in the United States, which would mean that only 6% of households would make the cut to actually be considered wealthy. Now, this is the interesting thing about if you listen to this podcast or you have watched a YouTube channel or anything else along those lines, we teach you that you can definitely get to this $2.2 million net worth and be in the top 6% of households just by doing this over time and putting together compound interest and time to get to that point. But here's the interesting thing, is that millennials were the

most likely to feel wealthy today. 48% of folks throughout all of the generations feel wealthy. So Gen Z, 46% said they feel wealthy. Millennials, 57% of them said they feel wealthy. millennials, 57% of them said they feel wealthy. Gen X, 41% said they feel wealthy. And boomers, 40% said they feel wealthy. Which is a very interesting thing to think through here. Because most of the time, when I talk to millennials, they usually say they don't feel wealthy.

So looking at this survey, it is very different from the folks I actually talk to day in and day out. Now, the average net worth of those who felt wealthy was much lower than that $2.2 million. It is $560,000. Whereas Gen Z, the average net worth was $414,000. millionals the average net worth was $531,000. Gen X, the average net worth was $410,000. And boomers, the average net worth was $692,000. So this is a very interesting piece of this, because if you look at how much net worth these folks actually have in comparison to what's going to make them feel wealthy, it almost seems like it's an arbitrage number. Now, one key to this that I want everybody to

think about is how do you actually find how much money you, need to feel wealthy. To me, what wealthy means is that you have enough money available to have your time freedom. You could do whatever you want at any point in time during the day. So how do you find that number? Let me show you how you find that number. You're going to utilize what is called the 4% rule. We've talked about the 4% rule a number of times on this podcast, but this is the key to finding how much money you need to be able to have that time freedom. So say, for example, you want to live on $80,000 per year. Well, if you want to live on that $80,000 per year, you need to take 80,000 and multiply it by the number 25. 80,000 by 25 is going to get you $2 million.

$2 million is going to allow you to spend $80,000 a year, which is why these folks in that $2.2 million range are very close in their mind to probably what you need to get to invested. This is the money you have invested. This is not the money that you have in equity in your house or anything outside of that. This is just your invested dollars. This is what's going to allow you to retire with that same amount. Now, if you have additional income, coming in, maybe you have a business that's generating income, maybe you have a pension, maybe you have some other things that generate income. This could be lower.

In addition, Social Security can also help you if you were at that retirement age. But if you're trying to retire early and get to the point where you want to be wealthy and have that freedom with your time, then that is exactly how you can do that. The next one is a little disappointing for me. And this is one that I want to help a lot of people change, which is why we originally created this podcast. So only about a third of Americans have a documented financial plan. and those who have one feel more in control of their finances.

So only one third of Americans have an actual documented financial plan. This is a major problem for most people. This is why we created the stairway to wealth. The reason why we created the stairway to wealth was so you can have a step-by-step guide on exactly what to do. This is your financial plan. It's your financial roadmap that you can do on your own. You don't have to hire someone who's going to take 2% of your assets.

You can go out and get that financial plan. Now, if you do not feel comfortable enough to go through the stairway to wealth, which is a very simple system, it's step by step, what to do in most situations, you can still hire a CFP, a certified financial planner, and they will charge you by the hour instead of taking a percentage of management. What you don't want them to do is take a percentage of your money. What you do want them to do is create a financial plan for you based on your specific scenario. I am all for that. What I am not all for is them taking a percentage of your investments because that will be taking hundreds of thousands, if not millions of dollars out of your. wallet depending on how much you're investing. So this is very, very important to understand. But having a financial plan is one of the most imperative things that you do. That is what we are here to do at the personal finance podcast and master money is to teach you how to master your financial plan. That is the entire goal. So 65% have no financial plan. 40% have thought a bit about financial goals, but still need to document them in a formal plan. And 26% don't have a financial plan of any kind. Now, not having money and complication are the

the two reasons why people say they do not have a financial plan. Now, let me say this to you right now. If you're a person who has no wealth yet, you have no money. And we have a lot of folks listening to this podcast who are just getting started out. If you are just getting started out and you have no money, you need to have a financial plan. And this is the most powerful thing that you can learn very early on. I'm so excited that you're hearing it right now because if you put this financial plan together, this is going to be your roadmap. This is going to be your why on giving you the best life that you've ever had. Now, a financial plan is not restrictive whatsoever.

What it is, it is going to map out the exact steps that you need to take so that you can do exactly what you want in your life and do exactly what you value in life. This is powerful stuff. And if you start to follow your financial plan, it'll absolutely change your life. It'll change your family's life. And you can build that generational wealth that you can pass down for generations and generations to come. I don't care how much money you make.

What's going to happen here is if you follow your plan, you will build wealth. Mark my words on that. The stairway to wealth is a great place to start. Mastermoney.com slash the stairway to wealth is going to help you give that step-by-step roadmap. But if you need even more help, no issues hiring a CFP on an hourly rate. They're going to cost you, you know, two, three, four thousand dollars to put together a financial plan, but they can also help you as well.

So these barriers, 44% said they don't have enough money to need a plan. This is not true. Everybody needs a financial plan in place, even if you don't make enough money. Now, if you are someone who is living paycheck to paycheck and you are really struggling, I get it. You're just trying to figure out how to eat food the next day. But putting together something simple in just a goal of, hey, I want to make sure that my money can last me an entire week instead of an entire day is the first start to this. I know the last thing you want to think about sometimes is money. But this is truly going to help you as you get through this.

The second reason is that seems too complicated to create a plan. The third one is you don't have enough time to develop one. Now, this is one, there is no excuses for not having enough time. You can put together your financial plan within an hour a month, and you can do it way less once you have it set up. So once that plan is set up, you can completely automate your finances, and you don't really have to do anything past that. Now, we get a lot of questions on automating your finances.

We're going to put together a course on exactly how to do this so that you can put your money on autopilot and you don't have to think about it. I'll show you step by step on exactly how I do it, and that way your finances are set up automatically, and you don't have to think twice about it. If you haven't had a major life event that met requiring a plan is the next one, and the last one is probably too expensive to get help getting a plan. Listen, there are so many people out there who can help you put together a financial plan,

so you definitely need to do one. Now, here's why financial plans are important. A, they help you set and achieve your goals. So putting together your goals is one of the most important factors when it comes to financial planning. They help you with budget management, meaning that once you put your budget together, your budget is not restrictive. Your budget is allocating your dollars towards the things that you value and cutting back on the things that you do not value.

That is the exact goal of a budget. That is exactly what it does. It also helps you plan for emergencies. Putting together your emergency fund is part of putting together a financial plan. So it gives you preparedness so that you never lose pace when it comes to building wealth. The last thing you want to do is interrupt compound interest unnecessarily. And your financial plan helps you do that. Number four is it helps you with wealth creation.

It helps you build generation of wealth. and create wealth so that you can utilize that wealth for time freedom, which is what we all want. It helps you with retirement planning so that you can retire as fast as you possibly can if you don't like your job or if you love your job. It helps you put together that retirement plan that is going to be on the right pace for you. It helps you with inflation protection. It helps you protect yourself against inflation so that your buying power is preserved over time. It helps you manage risk out there. The last thing you want to do is start investing with no financial plan because you're going to buy a bunch of crypto and you're going to listen to

what the news says and what the latest hot stock is of the day, and your rate of return is going to be so incredibly low that you're going to get extremely frustrated and just say, hey, this stuff is not for me. Financial planning, once you have the plan in place, you can have a complete peace of mind when it comes to building wealth. It also helps you save money on taxes and helps you build your legacy. So all of these different pieces, these 10 different pieces, are what one single financial plan can help you do. And that's why it's so incredibly important to have that in place. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be. That's where

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If you are an individual who is just starting to build wealth and you are beating yourself up about this. You are really working hard to try to build wealth, but you just don't make enough money to really accelerate your path to wealth. But you're a healthy individual. You are still on your path to building wealth because as you improve your well-being over time, most people would rather have well-being than they would rather have money. If you had to ask a billionaire who is 80 years old, if they'd rather be 20 years old and

healthy, most of the time, they would say yes. And so you have a amazing gift right now that you need to be enjoying as you start to build up your wealth and your assets. Number two was money. So 32% said money was the most important piece of wealth. The third set said 26% said assets and 25% said just covering necessities. So this is another interesting piece that a lot of people have. Now, another interesting one is 11% said luxury and 9% said giving. Now, as they continue the survey, Americans generally choose non-financial assets when asked to choose which better describes wealth. So they went through a bunch of different things and said, which of these matter more when it comes to building wealth? So having a fulfilling personal life versus working on my career.

72% said having a fulfilling personal life instead of working on their career. Not having stress over money, 70%. And then having more money than most people I know was 30%. So here's an interesting one here. not having to stress about money, most people want to not have to stress about money and say they don't really care as much about having more money than everybody else. This is a problem that you can absolutely solve yourself. If you want to have less stress with money, this is a powerful thing that you can do with your wealth.

We have an episode coming out very soon on how to reduce your stress around money. We've already done one in the past, but we are going through actionable steps on this new one on how you can reduce that stress around money. This is a very powerful thing that you can do with your money. money and one of the best things that you can do with your money because if you can reduce that stress and anxiety, that means you can make way better decisions when it comes to building wealth and your money. 70% said they would rather enjoy experiences than owning many nice things. So the question is, would you rather have experience with people you love or would you rather

own that Rolex and that fancy car? 70% said they'd rather enjoy experiences. Work life balance. What about work life balance? Well, 69% said they'd rather have a healthy work life balance and 31% said they'd rather maximize their earnings, even if it impacts their worth life balance. I think a lot of times when it comes to this, it depends on where you start. Because if you're starting from nowhere, then you are willing to do whatever it takes to earn more money so that you can have a better life for you and your family. But if you're starting from a place where maybe you even started with privilege and what you want is to have a work life balance, then that may make sense.

But a lot of this depends on where you start. And as we go through some of these, I want you to think through. how would you feel about some of these? Because I want you to build out your own wealth statement. What does wealth actually mean to you? Because what you can do is once you build out this wealth statement, then you can actually tailor your finances to what actually matters to you. Because what we're trying to teach you here as I go through this study is how to build out your values.

Most people still don't know what their values are when it comes to building wealth. But once you have those values in place, it becomes so much easier to allocate your dollars. towards the things that you value. The next one, being generous with loved ones now, 67% said they'd rather be generous with loved ones now, and 33% said they'd rather leave an inheritance after they pass away, which is interesting. So they want to be generous with loved ones when they're alive

instead of passing over the inheritance when they pass away, which is a very, very cool thing to do because you can see the fruits of your labor and some of the things that you've done, and you can enjoy some of these experiences with people that you love. What about experiences? Paying for experiences to spend time now

with my family now or leaving a larger inheritance for my family. So would you rather spend more time with your family now or leave a larger inheritance? And then 63% said they'd rather be in good health, and 37% said they'd rather be successful. There is a key here and something that is really happening where most people care more about things outside of actually building that wealth, but they actually want what wealth can provide. And these are the things that wealth can provide are the non-monetary things, which is why we do what we do. This is why we do. This is why we all want to build this generation of wealth so that we can spend more time with our family, so that we can do things that we have less stress over our money. We can enjoy these experiences.

We can have a healthy, work-life balance. We can be generous with our loved ones now. These are all things that money provide. And if you follow the steps in things like the stairway to wealth, if you don't know what the stairway to wealth is, it's the step-by-step guide on what to do with your money. You can download it for free in the show notes right now if you want to. Go check that out, mastermoney.com slash stairway to wealth. If you follow these steps, it's going to allow you you to get to the point where money will provide you these things. Money is a tool. That's all it is. That's all it's there for. And so you can actually have these things if you go through that process. Now, how do you have more flexibility with your time? Because most people want that time back.

And that's one of the keys that you definitely want to be looking into to feel wealthy. Well, the first thing you could do is you can look for more flexible jobs. And having more flexible jobs can really give you a lot of time freedom. Say, for example, you go into work every single day. drive for an hour, you're grinding through that commute, then you get to work and you finally start your day, you're working for your eight, nine, ten hours, however many hours you're working at the office every single day, then you drive another hour to come back. That gives you zero work life balance over time. If you can work from home, maybe have that flexibility. First of all, if you're working from home, you get two hours back. But then maybe you're avoiding all the

extra small talk that happens in the office that keeps you there for that extra hour, hour and a half. And maybe you're avoiding in-person meetings that really could just have been an email. And there's so many different things that you can do with that work-life flexibility. So look for a flexible job that either allows you to go into the office. If you're an extrovert and you like one in the office, then look for one that's flexible enough to give you both or look for one that's going to allow you to stay home and have some of that work-life balance. Another way is entrepreneurship. If there's a business that you want to start, you can set your own hours with entrepreneurship. That is one of the biggest pros when it comes to owning your own business. The third one is coming

up with something like barista fire or a part-time work. If you started to build up some assets already, and you know that all you have to do is make up a certain amount. You can retire early by making up a certain amount. So let me give an example this. Say, for example, you know you need a million bucks to retire. That's probably a low number for most people. But let's say you need a million dollars to retire. And you've already saved up $750,000.

Well, at $750,000, you can live on roughly about $30,000 per year at $750,000. But let's say you need $45,000 to cover all of your expenses. Well, can you make up that other $15,000 with a side, job or a part-time job that may be something that you enjoy. So if you love yoga, for example, maybe you can go be a yoga instructor and make an additional $15,000 a year. If you love fishing, maybe you can go be a fishing captain and make an additional $15,000, $25,000 a year. Whatever you need, can you make up the difference around something you enjoy? This gives you flexibility with your time, your energy, and when you're working, you're doing something that you love. Are there other things

that you can do? Maybe starting an online business. Can you do consulting with folks. Can you do teaching or tutoring with folks? There's so many different other flexible ideas out there, especially in the age that we are in today. How can you give yourself a better work, life balance? And or if you develop that side hustle, maybe all that income from that side hustle goes towards your investments and it accelerates your path and your timeline to financial independence. Most people want flexibility. This study shows that. And so those are some ideas to give you in order to kind of find time for that flexibility. Because the next. The next. next part is Americans feel that having time is way more important than having money.

These are some ways that you can gain back that time so that you can have it available for whatever you want. 58% of Gen Z says time is more important. 56% of millennials. 59% of Gen X and 67% of boomers said that time is way more important than having money. So I want you to think about this. Is time more important to you than having money if it is act accordingly and do some things to make those shifts so that you can get some of your time back. There is nothing.

There is no better feeling than having control over your time, especially when you're someone who has been grinding for a long time. I know how it is. I know how that feels where you're grinding for years and years and years and it feels like it's never going to end. But once you get control over that time, it is one of the most powerful things that can happen to you in your life. All right. So the last thing they surveyed was that Americans value their relationships with family and friends, but how they compare to family and friends impacts how wealthy they feel. Now, here's a key thing here. And I want you to kind of think through this as you go through this process. But comparison to other people and their wealth-building journey is the thief of joy.

And this is something that I definitely do not want you to do because every person's journey is drastically different. You may have learned about personal finance in your 30s where some of your other friends learned about it maybe in their 20s. And so what I want you to do is I want you to kind of think through some of these things that I'm going to talk about here because they say 47% of the people said being able to afford a similar lifestyle as my friends and family makes me feel wealthy. But it's drastically difference for the younger generations than it is for the older generation. So 61% say that for Gen Z, 61% from millennials, 39% for Gen X, and 31% for boomers. And then 37% said I compare my lifestyle to my friends and family on social media.

Sure, it's normal to do stuff like this. It is normal to try to keep up with the Joneses and look at their neighbor next door, all these different things. But building wealth is partially your own journey. So understand that everyone's financial journey is different. Everybody is at a different stage when it comes to their financial journey, but it's never too late. That's the number one thing I want you to understand.

It is never too late to start building wealth. Number two is you need to focus on your own goals when it comes to this stuff. Your goals are what truly matters. Your family's goals are what truly matters. And don't look at anything else around. You want to have tunnel vision when it comes to. building wealth. It's very difficult, I know, when you see people going these fancy vacations or they buy these fancy cars. But guess what? A lot of times, if you look at the numbers of how

wealth is built in this country, most people are in debt when they go and buy those different things. So you've got to focus on your own goals, your own net worth, and sure, and your financial plan is truly going to help you do that. So creating that financial plan is going to be one of the most important things. Now, if this stuff really bothers you, if this really gives you stress and anxiety with the comparison to other people, then you probably need to limit your social media consumption because this is where a lot of people get trapped in some of this stuff. And your financial education, the more you know about money, the more you learn about money if you continue to listen to this podcast, if you continue to watch the YouTube channel or other podcasts and YouTube channels

out there, or you start to read more books or take courses or coaching or any of those different things. Once you start to learn how to do some of this stuff, your financial education is actually going to reduce that stress and anxiety because you're going to understand how people spend their money and you're going to understand how this all actually works. And the interesting part of this is Americans use social media to see how others around them are doing, but also use it for financial advice. So 43% said they follow influencers who share financial advice on social media, and they feel that their views of wealth are influenced by people who post on social media.

That's 38%. So it's much lower for the older generations, but for the younger generations, that's how they consume their knowledge when it comes to wealth. So as we go through this, there's a couple of things that I really want you to do when it comes to learning how to build wealth. Is putting together your financial plan is the most important thing. Learning how to invest your dollar so that you can actually retire because you cannot retire if you do not invest your dollars. And learning about your money psychology, which is actually 90% of how building wealth is. And how you master your money psychology is learning more about money and learning how money works and learning how all this stuff actually comes together.

So listen, the purpose of this episode was for you to learn, A, you need to put together your financial plan if you have not. B, you need to understand how money psychology works and how people actually think about money and how to spend money. And C, you need to learn what true wealth is and what your true wealth is and figure out what your values are. If you can do those three things, you will become incredibly successful with money. And I'm so excited to share all of these different things with you. I'm really excited for you to kind of go through this process with us if you're new to this podcast. And if you've been with us for you, a very long time, you know that what our goal here to do is teach as many people as possible

how to build well. Thank you so much for listening to this episode. I truly appreciate each and every single one of you and we will see you on the next episode. Rosen lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo. The online casino with all the latest slot and live casino games. What you win is yours to keep with no wagering requirements, instant payouts and no minimum with draws. Hey, I just won. Woohoo! Feel the fun!

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