Hey there, Financial Besties! Ready to dive into some mind-boggling money facts?
You know that comfy feeling of being all wrapped up in your softest blanket, binging on your favorite series, with your besties cheering on your favorite characters? That’s exactly how you should feel about your financial situation: warm, secure, and surrounded by support. But what does it take to get there? How much dough do you need in the bank to achieve that ‘financially comfortable’ status? Hint: It’s not one-size-fits-all, especially if you’re living in a major U.S. city.
Did you know? By creating goals and sharing them in public with your friends and family, you’ll increase your chances of success! You can download the Wellthi app here, if you act by July 3, you could win $10,000 for just posting your financial goal in the app!
Thanks to a recent survey from Charles Schwab, we have the deets on the ‘financial comfort’ price tag for 13 key U.S. cities in 2023. Hold onto your latte, ladies, because these figures might just give you a caffeine jolt! Here’s a sneak peek of some numbers:
- $1.7 million: The magic number for feeling financially cozy in San Francisco.
- New York City: That iconic skyline isn’t cheap, you’ll need $1.2 million to sleep easy.
- Dallas: Everything is bigger in Texas, including the $820,000 net worth you need to breathe easy.
But why these huge numbers, you ask? Well, the cost of living is a key player. Picture paying a 50% premium on everything from your avocado toast to your spin classes. Yikes! Most of these cities demand a lifestyle cost that’s way higher than the U.S. average, as Kiplinger’s report tells us.
One word: Housing. It’s not about settling for less, it’s about skyrocketing real estate prices. The median home price in the U.S is $436,800, but in cities like San Francisco, New York, or Los Angeles, it’s closer to a whopping $1 million, per Redfin’s data.
Now, are most folks hitting these numbers? Not quite. The average U.S. household’s net worth stands at a much humbler $121,700, says the Federal Reserve’s latest data.
And here’s the tea: These figures don’t make you ‘rich’, just comfy. Ask anyone from the survey how much it takes to feel ‘wealthy’, and you’ll hear figures stretching from $2.5 million in Denver to a staggering $4.7 million in San Francisco.
So, ladies, whether we’re riding the subways of NYC or soaking up the sun in SoCal, let’s remember: our financial comfort is a journey we’re all on together, one smart saving step at a time. With Wellthi, you and your friends can turn these dream figures into achievable goals!
Stay tuned for more eye-opening money conversations, and remember, financial comfort is just a few smart choices away. You’ve got this, and Wellthi has got you.