Being rich in American is a stoic title. Being among the wealthiest within one of the wealthiest countries in the world is a common financial goal. But what is rich? Who gets to define it? And should we all being pursing that same definition?
Most Americans say that to be considered wealthy in America, you need 1.9 million in Net Worth. But that range changes depending on who you are talking too and what generation they fall into. The specific way of defining being rich also changes a lot depending on the person you are speaking with and what generation they fall into.
In this episode, Derek breaks down his two definitions of rich, how much you need to have to be considered rich by your peers, and why we should all be changing the way we evaluate wealth in America.
Enjoy the show!
**In this episode, Derek uses data from a CNBC article that was published in 2021. Here is a link to that article.