A million bucks ain’t what it used to be …According to an annual survey sponsored by financial company Charles Schwab, being a millionaire doesn’t mean you’re rich. Instead, those who responded to the survey say it takes about $2.3 million in net worth to truly be considered wealthy. The survey also found that the average amount of money people think they need in the bank to be “financially comfortable” is $1.1 million. Which is a little more reasonable. Isn’t it? (WCCO-TV)
Speaking of money …Millennials are still getting a lot of financial help from their parents. A survey by The Ascent from The Motley Fool found that only 37% of Millennials are financially independent from their parents. 63% of Millennials are at least somewhat dependent on their parents, with those getting financial assistance from their parents using the bank of mom and dad to pay for 33% of their expenses.
72% of respondents said they would like to be financially independent from their parents as soon as possible, while 28% are in no rush to be on their own.
Here are the Top 10 things parents fully pay for:
- Phone bill: 13%
- Car insurance: 10%
- Health insurance: 8%
- Rent/mortgage: 7%
- Video/streaming services: 7%
- Electricity: 5%
- Groceries: 5%
- Out-of-pocket medical costs: 4%
- Toiletries: 4%
- Car payments: 3%
Here are the Top 10 things parents partially pay for:
- Groceries: 12%
- Rent/mortgage: 8%
- Student loan payments: 6%
- Car insurance: 6%
- Out-of-pocket medical costs: 5%
- Phone bill: 5%
- Toiletries: 5%
- Health insurance: 5%
- Video streaming service: 4%
- Gas: 3%