How Much Money Does It Take to Feel Wealthy? Most Americans Say This Is the Magic Number

Do you feel the same?

When you picture the wealthiest person you know, what does their lifestyle look like? Do they live in a large house? Do they drive a fancy sports car? Or do they simply seem financially content -- meaning, they have plenty of money in savings and don't stress out every time they're hit with an unplanned bill?

The reality is the word "wealthy" is tough to define. It's easy to argue that someone who earns $500,000 a year is wealthy. But if that same person spends all of their salary, does that count?

And then let's think about living costs. Someone earning $500,000 a year might live in a part of the country where a tiny apartment costs $3,500 a month in rent, and where the average two-bedroom starter home costs $1.2 million.

All told, there's really no easy way to put a number on what it means to be wealthy. But new data reveals what Americans have to say about that.

What does wealth mean to you?

In a recent survey by Edelman Financial Engines, 57% of respondents said they'd feel wealthy if they had $1 million in the bank. But for many people, that's not enough.

Among those with $500,000 and $3 million in assets, 53% said it would take over $3 million in the bank for them to feel wealthy, and 33% said it would take over $5 million. Given that these are amounts some people will never even come close to amassing in their lifetimes, it may be hard to wrap your head around these answers.

But that actually leads to a really important point about wealth. As inclined as we may be to try to put a specific number on wealth, the reality is that it's probably more so a mindset than anything else.

You might have $300,000 in assets and feel more than content with your life, while someone with $1.3 million in assets isn't happy with their home or lifestyle. Plus, sometimes, the more money people have, the more financial stress they open themselves up to.

People with a lot of money tend to buy more expensive things, like homes and cars. Those things can then be very costly to maintain. So often, people who start out with wealth end up losing wealth because they don't force themselves to spend judiciously.

Focus on your personal goals

You may have the goal of one day being wealthy. But rather than force yourself to buy into the idea that it will take $1 million to get there, figure out a number that works for you -- one that might buy you the lifestyle you want and the peace of mind you deserve.

If you save $300,000, that may be enough to put a down payment on a nice home, have enough money to do the activities you enjoy, and have ample savings so you don't have to worry about your incoming bills. For someone else, $300,000 may not be enough. But that's okay.

Americans on a whole might feel that it takes $1 million to be wealthy. But if you land on a different number, whether it's higher or lower, go with it, and make that the number you work toward.