Are You Rich? How the Wealthy Are DefinedAnchin in the News July 20, 2020
Wealth as a State of Mind
While people often look to quantify wealth as a dollar amount, it may be more useful to consider it in terms of the freedom it provides. "Wealth should make it easier to stop working if you want to or need to, and ensure that your standard of living can be matched or exceeded by your heirs," says Jared Feldman, CPA, partner and leader of Anchin Private Client, a financial firm that serves high net worth families in New York City.
The lifestyle you desire can have a direct impact on how much money you need in the bank to feel rich. Someone who wants a big house, expensive car and vacation home may need more money to feel wealthy compared to a person who is looking to pay off a modest home and drop to a part-time work schedule.
Not everyone sees wealth as being tied exclusively to finances though. When Welka asked her clients to define wealth, they mentioned things like being able to achieve personal goals and spend time with friends and family. And those are all things money alone can't buy.
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