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Report says it takes $2.9m to be wealthy in Seattle, $1.2m to be financially comfortable

As a 23-year-old college student, this survey makes me LAUGH OUT LOUD.

Charles Schwab just released their 2019 Modern Wealth Survey and some of the tid bits are...interesting. Let's take a closer look:

  • More than a quarter of Seattle residents admit their spending habits have been influenced by what their friends share on social media, with the same number saying they spend more than they can afford to avoid missing out on fun (FOMO).
  • FOMO is particularly acute among millennials but impacts older Seattle residents as well with 26% of Gen X and 15% of Boomers feeling pressure to keep pace with friends when it comes to buying.
  • When asked what Seattleites would do with a sudden $1 million windfall, 56% of survey respondents say they would spend a portion of it—on real estate first, followed by a car—pay down debt (33%), invest (27%) and save (25%).
  • Seattle residents believe it takes an average personal net worth of $2.9 million to be considered “wealthy.” That’s more than 30 times the actual median net worth of U.S. households (per the Federal Reserve’s Survey of Consumer Finances).
  • When it comes to feeling wealthy, 72 % say it isn’t about a dollar amount at all, but rather the way they live their lives.
  • Nearly 67% of Seattle residents with a written financial plan feel financially stable, while only 36% of those without a plan feel the same level of comfort. But only 25% of Seattleites have a financial plan in writing.

All I can say is... INTERESTING! For the entire study (it's a big one) visit Charles Schwab's 2019 study.