How Much Money Do You Need to Be Rich?

Plus, how to choose between TIPS and I-bonds. Created for {EMAIL} | [Web Version]( July 18, 2024 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Instagram ]( [Youtube]( [SIGN UP]( ⋅ [WEBSITE]( [] INTRODUCTION [] [Stepping Into Feeling Rich]( Feeling rich is just that — a feeling that changes with our circumstances. To me, the sense of financial security that comes with a certain income level is what being rich feels like. A yearly study that delves into how much annual income most Americans think makes you rich shows that the magic number seems more out of reach than ever. That’s not surprising as that number is more than twice the average income of a full-time employee. Kiplinger’s Ben Demers tells you [how much compensation Americans think you need to be comfortable or rich, and how many of us are reaching that goal](. - Donna LeValley, personal finance writer [7 Secrets About Hiring a Financial Advisor]( Working with a financial advisor can be a crucial part of any healthy retirement plan. But choosing the wrong one could wreak havoc. Check out these 7 secrets comfortable retirees know about hiring an advisor, so you can work to potentially save years of stress. [See the list]( ADVERTISEMENT [] SAFE INVESTMENTS [] [How to Choose Between TIPS and I-Bonds]( [How to Choose Between TIPS and I-Bonds]( (Getty Images) Choosing between two safe investments is harder than you think. While it’s a relief to not worry about losing your principal investment — you still have to project into the future and decide based on estimated expenses and income. I can recommend TIPS and I-bonds without reservation to investors; [here are the pros and cons of these two investments to help you decide which investment is best for you now](. [] AUTOMOBILE PRICES [] [Car Prices Are Finally Coming Down]( [Car Prices Are Finally Coming Down]( (Getty Images) Car prices started to inflate when the pandemic disrupted the supply chain and caused a shortage. Higher prices and increasing interest rates to finance car purchases were a big blow to car owners. The costs became so high [Americans kept driving older cars at record numbers]( for two years in a row. There is finally good news for folks who need or want to buy a new or used car. Keep reading to [find out how much prices have fallen and where you will find the best bargains](. [How to Build a Retirement Income Plan]( Many people have a target number in mind when saving for retirement. Perhaps it's $1 million by age 55, or maybe it's $4 million by their mid-60s. Having a target number is a good start, but it does not tell the whole story. [Learn More]( ADVERTISEMENT [] CLASS ACTION SETTLEMENT [] [How to Join the TaxAct Class Action Settlement]( [How to Join the TaxAct Class Action Settlement]( (Getty Images) TaxAct has agreed to a multimillion-dollar settlement over alleged privacy violations. The settlement figure is shockingly low if the alleged misuse of tax filer’s data is true. Read on to [find out if you meet the eligibility criteria to make a claim and how to submit a form to collect your share](. [Start investing in minutes]( With automated tools like portfolio rebalancing and dividend reinvestment, Betterment helps make investing easy for you, and a total grind for your money. [Learn More]( ADVERTISEMENT [] OTHER KIPLINGER ARTICLES WE THINK YOU'LL ENJOY [] [Unrealized gains should not be taxed]( This author makes the case that instead of taxing unrealized gains, the government ought to rein in its spending. [The best gold ETFs with low costs]( These gold ETFs provide numerous ways to play the metal, from direct exposure to stock-related angles, on the cheap. [4 things investors should know about perpetual-life non-traded REITs]( Companies with good track records oversee the largest perpetual-life non-traded REITs, but there are some structural concerns about the funds to be aware of. [Build a Better Portfolio — Sign Up for Kiplinger's Free Investing E-Newsletters]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. 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