Personal finance columnist Scott Burns takes a stab at defining wealth, with his eight stages of financial well-being. Where do you fall?
“You’re wealthy when more money won’t change what you eat, what you wear, what you drive, where you live or who you sleep with.”Most efforts in measuring wealth focus on the obvious – money. The IRS estimates “top wealth holders” among the living by examining the net worth of the recently dead. They also do it by analyzing the distribution of income on federal tax returns.
Sociologists tend to measure income and net worth in distribution deciles, also assuming it’s mostly about the money. Banks like to set a dollar minimum for their wealth accounts, letting you know that if your net worth isn’t , well, you’re not eligible to be a “private client.” This is their way of telling you that no one at the bank will walk your dog while you’re skiing in Gstaad.Until now.The Charles Schwab Modern Wealth Survey for 2023, released in June, breaks rank with habit by discovering something quite amazing. While those surveyed felt you need $2.
I hope readers who would like to add to, comment on or modify these stages of wealth to write to me at
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