Wealth Defined: Experiences, Peace of Mind, and Work-Life Balance
What signifies wealth to Americans goes beyond material possessions. In a recent survey by Charles Schwab, the majority of respondents highlighted three non-monetary factors as key indicators of wealth.
- Experiences over Ownership: For 70% of Americans, true wealth lies in enjoying experiences rather than possessing luxurious items. Exploring a new city with family or indulging in a passion brings more fulfillment than owning expensive cars or designer labels. The essence of happiness often lies in the experiences themselves, be it learning about a new culture or simply unwinding. And the good news is, many enjoyable experiences can be affordable or even free.
- Peace of Mind over Competing with Peers: While extravagant displays of wealth might trigger envy, 70% of respondents prioritize having enough to alleviate financial stress over outearning their peers. Money can indeed provide stability and resources, but it’s how these resources are managed that truly matters. Seeking financial therapy or addressing underlying financial issues may be essential for peace of mind.
- Work-Life Balance over Maximized Earnings: A majority (69%) of Americans value a healthy work-life balance more than striving for higher earnings. It’s not always about earning more; it could mean finding a job that aligns with personal preferences and contributes to a richer life. Whether it involves earning more or taking a pay cut for a flexible schedule, the focus is on what genuinely matters.
In essence, wealth is redefined as experiences, peace of mind, and work-life balance by Americans, emphasizing that true prosperity extends far beyond the size of one’s bank account.
Re-reported from the article originally published in The CNBC
