Wealth can be either an objective metric or a subjective one, depending on how you look at it.
Money isn’t equally valuable everywhere, and an income of $30,000 can make you richer than someone who has an income of $50,000, depending on your location. Then there is the other side of wealth, the side that you don’t measure, but feel. Some people who would be considered middle-class consider themselves wealthy, while many who would be considered wealthy given the size of their income do not identify as being wealthy. So, are you wealthy?
A large part of feeling wealthy has to do with your own financial habits. A millionaire who is always in debt will not feel as rich as a poor person who has what they need, is satisfied, and not in debt. This is why it is important to analyze your situation in a manner that doesn’t totally rely on your net worth.
First of all, are you in debt? If so, according to Business Insider, you are not in a good place. Robert Kiyosaki Mentioned in his hit book that he realized that most people don’t get that it’s not the money that you make that matters, its the money you keep. If you can afford to retire at the normal retirement age, you should consider yourself wealthy, as 43% of Americans retire broke. Also, if you’re living paycheck-to-paycheck, you are not wealthy, no matter what your income is. Being able to save and achieve greater financial freedom is ultimately what separates the wealthy from the others.