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Study Finds The Net Worth That Makes you Wealthy (And the Major Factor it’s Missing)

In pursuing financial security and happiness in retirement, many rely on benchmarks and studies. However, recent findings reveal that assessing wealth solely through net worth may be incomplete. A Charles Schwab study offered insights into how people perceive wealth and success, challenging the notion that $2.2 million is needed to feel wealthy. Surprisingly, 48 percent of respondents felt wealthy with an average net worth of $565,000, prompting a critical examination of true wealth. Approaching these findings with discernment is essential, considering survey limitations. For example, baby boomers felt affluent with a higher average net worth of $692,000, highlighting the impact of life stages on wealth perception. More importantly, respondents emphasized fulfillment, experiences, and generosity over financial metrics, indicating a shift in retirement planning towards holistic well-being. While the study links financial planning with confidence in achieving life goals, it overlooks the importance of cash flow and the fallacy of equating net worth with happiness. True prosperity extends beyond finances, embracing broader aspirations and values. As retirees navigate financial planning, combining prudence with holistic well-being can unlock the true essence of wealth in retirement: a life rich in purpose, experiences, and connection. ======================= Learn the tips & strategies to get the most out of life with your money. Get started today → https://www.rootfinancialpartners.com/ Get access to the retirement software I use in this video and more → https://retirement-planning-academy.m... 🔔 Make sure to subscribe here to be notified for future videos!    / @rootfp   _ _ 👥 Make sure to connect with us on all socials below → https://beacons.ai/rootfinancialpartners ⏱Timestamps:⏱ 0:00 - The Charles Schwab study 1:22 - What it takes to feel wealthy 3:18 - A written financial plan 4:20 - The importance of cash flow 5:58 - Net worth should fund fulfillment Other videos we think you'll like: About Root:    • Financial advisors with heart.   Worried about retirement? Start here:    • Worried About Retirement..Start With ...