What Does It Mean to Be "Rich"?

What does true wealth mean to you? [Shield] AN OXFORD CLUB PUBLICATION [Liberty Through Wealth]( [View in browser]( SPONSORED [Better Than Oil Stocks]( [Click Here to Play]( The best way to profit from energy is NOT a stock... Rather, it's [this little-known alternative investment](. [CLICK HERE TO FIND OUT MORE]( EDITOR'S NOTE [You've got to see this.]( Everyone wants it... It involves: [One simple strategy.]( (Perfect for identifying undervalued stocks, says Fidelity.) [More money.]( ("Notable stock outperformance," says Deutsche Bank.) [Shorter time frame.]( ("Good for ordinary investors... especially retirees," says The Wall Street Journal.) And even works incredibly well during market selloffs. [Alexander Green reveals everything in an exclusive Bill O'Reilly interview.]( - Nicole Labra, Senior Managing Editor THE SHORTEST WAY TO A RICH LIFE [What Does It Mean to Be "Rich"?]( [Alexander Green, Chief Investment Strategist, The Oxford Club]( [Alexander Green]( What does it mean to be "rich"? I took an informal poll of friends and associates last week, and most responses fell into one of three general categories. The first group said being rich means not having to stress about their bills. The second group said it means being able to spend avidly - or give generously - without feeling guilty. The third group said being rich means being able to live the life of their dreams. Three good answers that pretty much define the essential levels of financial freedom. But how much money does each level require? The answer will depend on the individual. Some folks have simple wants and needs that are not hard to accommodate. Others have a taste for finer things and exceptional experiences. Still others want to see, do, enjoy and have it all. So... again... how much money does that take, at least in people's minds? SPONSORED [See What One Ticker... One Trade... EVERY WEEK... Can Do for YOU]( [Calendar; January - June]( New research proves that trading one ticker every week has had the ability to produce extraordinary gains... Including a rare 2,614% in under 11 days. See this groundbreaking new discovery for yourself. [SHOW ME ONE TICKER PAYOUTS]( We can get a good idea from the seventh annual Modern Wealth Survey conducted last year by Charles Schwab. When asked how much money it takes to be considered "wealthy" in the U.S., 1,000 survey respondents across the country on average said $2.2 million. Yet some folks will have a hard time getting that far. Young people, in particular - who are highly influenced by social media - make a priority of living a lifestyle comparable to their friends. Sixty-one percent of Millennials and those in Gen Z said, "being able to afford a similar lifestyle to my friends makes me feel wealthy." Just half as many Baby Boomers felt that way. Approximately half of Millennials and Gen Zers also said, "I make purchases based on what I see my friends and other influencers share on social media." Only 10% of Baby Boomers agreed. These young people are heading down a treacherous path. The fear of missing out - or the desire to keep up - makes them feel pressured to spend money on things that don't have long-term value. The more they spend, the less they can save and invest. And that squanders the one big advantage they have over the rest of us: time. For example, a 25-year-old who saves $400 a month until age 65 - and earns nothing more or less than the 10% average annual return of the S&P 500 - will have $2.24 million. If that number sounds familiar, it's only slightly more than how much the average American in the Schwab survey thinks you need to be considered wealthy. However, if someone waits until age 35 to save $400 a month - and earns the same return - it turns into just $832,340 by age 65. Wait until 45 to get started and that $400 a month turns into only $289,811. These numbers reveal how young people are undoing themselves when they spend all their take home pay to keep up with the Joneses on Instagram. Social media has its advantages. But I have zero regrets about growing up without it. As a young man in my 20s, I knew that some of my contemporaries had more money (and stuff) than me, but I spent virtually no time thinking about it. My buddies and I had little discretionary income. But it didn't make any difference. A fun night was buying a couple of six packs and having some friends over to watch the ball game (on a small tube with grainy reception). And some girls don't care how much money you make if you can work small miracles on the grill. In many ways, those were some of the best years of my life. I learned that it really doesn't take a lot of money to have a lot of fun. Schwab's Wealth Survey seems to confirm that most of us realize what's truly important. When asked what wealth means, 70% chose enjoying experiences over owning nice things. Seventy percent also said not having to stress over money is more important than having more money than most people they know. (Good luck to the 30% that answered otherwise. They're going to need it.) Sixty-nine percent said having a healthy work life balance was more important than maximizing their earnings. Sixty-seven percent prioritized being generous with loved ones now vs. leaving an inheritance. And 62% said enjoying healthy relationships was more important than having a lot of money. In short, non-financial assets - like health and family - resonate more than large sums of money when defining true wealth. Most of us are wealthier than we realize. And it never hurts to take a moment to recognize it. Good investing, Alex [Leave a Comment]( [The Oxford Club's Wealth, Wine and Wander Tour of Spain - Barcelona, Granada, Seville and Madrid, June 6-16, 2024 (plus special extension through June 21)]( BUILD AND PROTECT YOUR WEALTH - [Little-Known AI Company Could Be the Next Stock Giant. Click here to see Shah's urgent briefing.]( - [How to Generate Income From ALL Your Investments]( - [This Company Just Solved Europe's Energy Crisis... 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