Here’s how much Americans think they need to earn to stop worrying about money | CBS News
Money on the Mind: A surprising number of Americans feel the need to make a serious bank to stop worrying about everyday expenses. According to a fresh report from Edelman Financial Engines, nearly 6 in 10 people say they’d need to earn at least $100,000 annually to feel like they’ve got their finances under control. And here’s the kicker—about half of that group say $200,000 or more is the magic number! So much for that “six figures equals success” dream; these days, living without financial anxiety is the bare minimum.
Edelman’s “Everyday Wealth in America” report also spills some serious tea on how people feel about their financial situation. Whether it’s skyrocketing credit card debt or fears over how the upcoming election might shake things up, many Americans are worried. And even though retirement is on the horizon for most people, a good chunk doesn’t think they’ll ever be able to quit working altogether. For some, kicking back at age 67 or 68 seems more like a fantasy than a reality.
Inflation’s Grip: So, what’s making everyone so jittery? Inflation has been a huge game-changer. The pandemic jacked up the cost of living, forcing many people to rethink how much cash they need to feel secure. It’s not just the price of everyday items that’s increased—homeownership has become more expensive thanks to surging real estate prices and mortgage rates. Buying a house now comes with a much steeper price tag compared to what older generations faced.
What used to be the dream—hitting that $100,000 salary—is now viewed as a must for basic financial stability, not a sign that you’ve “made it.” Talk about a shift in perspective! Isabel Barrow from Edelman puts it perfectly: “Even people doing well don’t feel confident about their money.” It’s a whole new financial world out there.
The Elusive Feeling of Wealth: What’s even wilder? Only 12% of Americans consider themselves wealthy, and even those with assets over $2 million don’t always feel rich. That matches other studies, showing that many millionaires don’t feel like rolling in dough. With inflation, debt, and political uncertainty taking a toll, it’s no surprise that financial anxiety is rising. Even the stock market’s post-pandemic boom hasn’t calmed everyone’s nerves.
Despite all this stress, Barrow warns that making financial decisions based on political fears isn’t the smartest move. Changing your investments based on elections or other political events usually leads to missed opportunities. Over the long run, markets have a history of trending upward, no matter who’s in charge. Her advice? Don’t let your political anxieties mess with your financial game plan……….
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Rising Dough
Suppose more people need $200,000 a year to feel financially stable. How might this shift impact businesses when it comes to marketing products to consumers who increasingly feel their income is stretched thin?
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