Most people dream of “being”rich.” The absence of financial worries seems an unattainable reality for most Americans. It may be harder than ever to get rich today due to the rising costs of housing, food, and other daily expenses.

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Consider this: 5 Ingenious Genius Things All Rich People Do With Their Money

But wealth is more than just the numbers in your bank account.

Most American Millionaires Don’t Feel Rich

Accordingly Northwest Mutual’s Planning and Progress Study 2024Only 32% of American millionaires consider themselves “rich,” and 48% believe their financial plans need improvement. In general, people with $1 million or more in investable assets can consider themselves wealthy.

So if you’re the average American, you probably don’t feel rich at all. But the way you think about wealth makes a big difference.

Learn more: How Did Elon Musk Make His Money?

Wealth Is Subjective, It’s Not Just About How Much Money You Have

One of the most common misconceptions about wealth is that it’s all about how much money you have. Is it real? Wealth itself is subjective.

“There’s a misconception that there’s a real number and people will suddenly feel rich when they hit that number,” said Charles Chaffin, co-founder of the Financial Psychology Institute and professor at Iowa State University. Explained in CNBC Make It article. “Wealth is a subjective experience and is about more than how much money you have.”

You may receive a raise at work or encounter an unexpected financial gain. You can then save and invest more money. But after you reach your money goals, you find yourself wondering, “So what now?” You can find it saying: Being rich may be less about the numbers in your bank account and more about how you perceive your financial situation.

two ways feeling rich You need to avoid obsessing about your spending and also set financial goals so you can stay on track. With persistence and hard work, you can reach your financial goals early.

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This article was first published on: GOBankingRates.com: Money Expert Explains Why ‘Wealth’ Is Subjective and the No. 1 Factor That Exceeds Dollar Amount