Here's how much money Americans say you need to be 'rich.' (via CNBCMakeIt)
. The average net worth is significantly higher: $692,100, according to the Federal Reserve.
The responses did vary slightly by generation. Baby boomers and Gen X , unsurprisingly, named a higher net worth required to be rich, while millennials gave a slightly lower figure.: It takes $2.6 million to be considered richThe poll's results tracked with a similar survey, the, which was released earlier this year. About 1,000 adults between the ages of 21 and 75 told Schwab that you needed a net worth of $2.27 million to be considered wealthy.
Regardless of what you think it takes to be rich, don't wait to start building up your wealth. You may not be rich today, but by saving up throughout your life, you can likely achieve real wealth and financial security. "Building your net worth is a life's journey — it's not something that can happen overnight," says Farnoosh Torabi, personal finance author and host of theFor some, there may be a limit to how much you can do with your money, especially if you have student loans, credit card debt and other monthly expenses. But "getting into the habit of saving" can be really simple and can produce long-term benefits, Torabi explains.
Make saving easy by setting up a regular, automatic transfer from your checking account to a savings account. This doesn't have to be a lot, maybe $5 a day or even $5 a week. "The key is to have it leave your hands before you get a chance to spend it," Torabi says. "Over the course of six months, a year or even just a little bit of saving at a time... [it] will accumulate and it will motivate you to do more.
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