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Can you guess how much it takes to be considered wealthy in Seattle?

As a recent college graduate who - at one time - considered donating plasma to pay rent (no joke), it's safe to assume I am pretty clueless when it comes to the lives of the wealthy.

According to new research from Charles Schwab, Seattle residents believe that it takes $3.2 million to be considered wealthy, which is up a whopping $800,000 from last year's total ($2.4 million). Schwabs's 2018 Modern Wealth Index assessed participants across four factors on how they managed their money and investments. The study's results found a correlation between people who have a financial plan (planners) and being wealthy. Take a peek at some of the findings:

Average Modern Wealthy Index Score:
Planners: 70
Non-Planners: 45

Pay Bills & Still Save Each Month:
Planners: 74 percent
Non-Planners: 37 percent

Feel Financially Stable:
Planners: 65 percent
Non-Planners: 34 percent

Live Life Paycheck to Paycheck:
Planners: 35 percent
Non-Planners: 66 percent

However, Seattleites believe there is more to being wealthy than just having a large bank account. In fact, there are several other things that make Seattle residents feel wealthy including:

  • Spending time with family (56 percent)
  • Having time by themselves (56 percent)
  • Having a Meal Delivered (42 percent)

You can take the Modern Wealth Index survey and see where you stack up at www.schwab.com/MyModernWealth. I took it for myself and I think I need to reevaluate my financial decisions. Apparently prioritizing your Rosé budget over groceries is financially irresponsible...who knew.

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