How much money Americans think is enough to be 'financially comfortable'

Here's how much money Americans think is enough to be 'financially comfortable.' (via @CNBCMakeIt)

8/2/2020 7:15:00 AM

Here's how much money Americans think is enough to be 'financially comfortable.' (via CNBCMakeIt)

Charles Schwab asked Americans what personal net worth it would take to feel 'financially comfortable' and 'wealthy' in January 2020 and June 2020. The responses differed drastically.

3:30 PM EDTUpdated Tue, Jul 28 202011:09 AM EDT@kathleen_elkGetty ImagesIf you asked Americans how much money it would take to be considered "financially comfortable" in January 2020, before the coronavirus pandemic hit the U.S., the responses would look a lot different than they do today.

Oprah's O Magazine puts up billboards all over Louisville demanding action in the Breonna Taylor case Basketball Player Michael Ojo Dead at 27 After Collapsing During Training - E! Online Jerry Falwell, Jr. takes leave of absence from Liberty University

In January, Americans said it would take a net worth of $934,000, on average, to be considered "financially comfortable." In June, that number dropped considerably, to $655,000.The numbers come fromCharles Schwab's 2020 Modern Wealth Survey, which asked 1,000 adults between 21 and 75 what personal net worth it would take to feel "financially comfortable" and "wealthy." The January wave of the survey was conducted from January 9 to January 16, 2020, while the June wave was conducted between June 25 and July 2, 2020.

The responses varied between age groups, with Gen Xers (which Schwab defines as those ages 40 to 55) needing the most to feel comfortable: $943,000 today and $1.5 million in January.Here's the breakdown of how much each age cohort needs to feel financially comfortable as of June 2020, according to Schwab. The numbers reported are averages.

Americans overallNet worth it takes to be financially comfortable:$655,000Net worth it takes to be wealthy:$2 millionMillennials (ages 24 to 39)Net worth it takes to be financially comfortable:$500,000Net worth it takes to be wealthy:$1.7 millionGen X (ages 40 to 55)

Net worth it takes to be financially comfortable:$943,000Net worth it takes to be wealthy:$2.1 millionBaby boomers (ages 56 to 74)Net worth it takes to be financially comfortable:$559,000Net worth it takes to be wealthy:$2.2 million($2.8 million in January)

The results come as most Americans (57%) said that they were financially impacted by Covid-19, with millennials most affected (69%). Millennials also feel the most financially stressed, according to the report. Read more: CNBC »

Nigerian startup helps local churches digitize operations

Henry Okolo has grown accustomed to using his phone to stay in touch with God during the coronavirus pandemic. He uses an app every Sunday morning to listen to a virtual service in Nigeria's commercial capital, Lagos.

MakeIt A dumb question for the endless greedy society. MakeIt With less stability and more uncertainty, why are the numbers lower?

Barack Obama's eulogy for John Lewis signals pivotal day in 2020 election: OPINIONThere are often pivotal days and moments in the midst of election campaigns. Yesterday definitely felt like one of those days, matthewjdowd writes. matthewjdowd matthewjdowd The president of the shadow government. Traitor!! matthewjdowd Not biased at all again, right? I mean who would guess the MSM would want to give their opinion instead of just reporting the news 🤦🏼‍♀️

Made-For-TV: NHL 'Bubble' Games Go Hollywood for 2020 Season RestartThe NHL is restarting its pandemic-era 2020 season with MichaelBuble singing the national anthem for the opening New York Rangers vs Carolina Hurricanes match-up on Saturday MichaelBuble Nice! Start the season in style! 👍🏽 NHL Hockey GoBolts 🇨🇦🇺🇸 WhatILearnedToday PutThatInYourPipe nba

State Democrats mount big comeback in 2020Democratic state party groups in traditional and emerging swing states are seeing a huge cash influx from donors looking to beat Trump. good, we must get that joke out of the white house. I new it biden is useing the money he and his son hunter got from china 1.5 bilion$

The best cash-back credit cards of July 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.

The 10 Best Albums By LGBTQ Artists In 2020 (So Far)Here are 10 of Billboard Pride&39;s favorite albums of 2020 (so far) by LGBTQ artists. BillboardPride Fadga OUT BillboardPride Yass BillboardPride Y’all don’t like Gaga?

20 Best Latin Summer Songs of 2020: Editors PicksFrom Bad Bunny&39;s &34;Yo Perreo Sola&34; to J Balvin&39;s &34;Agua,&34; here are the top Latin songs of summer 2020. sanbenito JBALVIN ok