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Do you wonder if how much money you're making is enough to "live comfortably"?
Charles Schwab's Modern Wealth Survey, which looks at how Americans think about saving, spending, investing and wealth, was published this month and it details just how much money you need to live comfortably. In Texas, the survey looked at Phoenix. Here's what the survey found:
In Phoenix, residents considered what it takes to be "wealthy" and "financially comfortable" in 2022. The average net worth to be "wealthy" is $2.7 million, while it takes about $747,000 to live comfortably.
Nationally, the average net worth needed to be "wealthy" is $2.2 million, while it takes about $774,000 to live comfortably, according to the survey.
About two-thirds of Phoenix residents say their personal values drive their financial decisions more today than they did two years ago. Over 80% of residents also agree their personal values play an important role in how they manage their finances.
To read the full report, click here.