Financial security isn’t a number or a threshold. It has to do with what you spend, and save, relative to your income.
Nothing proves that quite like research on millionaires by wealth management firm UBS. Sixty percent of those with more than $5 million defined themselves as wealthy, compared with 28 percent of those worth $1 million to $5 million. Yet what millionaires mean by “wealthy” is not necessarily financial independence: Only 10 percent defined wealthy as not having to work. It’s not even a number; only 16 percent said surpassing a certain asset threshold automatically made you rich.
In my latest for the Associated Press, eight steps you can take to ensure your financial security.
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