The amount Americans believe they need to earn to feel wealthy at any age is less than $1 million.

According to Bankrate's 2024 Financial Freedom survey, many Americans believe they don't need to earn $1 million annually to consider themselves financially comfortable.

According to a survey by Bankrate, on average, Americans believe they need to earn approximately $520,000 yearly to consider themselves wealthy. The poll involved 2,407 adults in the U.S. who were surveyed online from May 16 to May 20.

According to Bankrate, the amount each generation needs to earn to feel rich varies slightly.

• Gen Z (ages 18 to 27): $461,000
• Millennials (ages 28 to 43): $480,000
• Gen X (ages 44 to 59): $574,000
• Baby boomers (ages 60 to 78): $556,000

The typical American worker is far from earning the median household income in the U.S., which is $74,580, according to the latest available data from the U.S. Census Bureau.

It seems that the younger generation is the most hopeful about attaining their financial objectives in the near future.

While not entirely financially secure, a majority of Gen Zers and millennials believe they will be someday, compared to 48% of Gen Xers and 26% of baby boomers, according to Bankrate's survey.

You don't have to be rich to feel financially successful

Financial success for many Americans isn't solely defined by income or bank balance.

According to Bankrate's 2024 Financial Success survey, nearly 60% of people define financial success as being able to live comfortably, which means being able to cover daily expenses and have money left over for savings.

Having a comfortable financial future with adequate savings and no debt is a popular definition of financial security.

According to Sarah Foster, Bankrate's principal U.S. economy analyst, Americans believe that financial success is being comfortable or financially prepared for the future, which implies that they think financial success occurs before reaching that point and that one can be financially successful long before becoming rich, as stated in a CNBC Make It article.

How to reach your financial goals

According to Foster, managing money is more crucial to financial success than earning a high income.

""Some people with modest incomes lead fulfilling, financially stable lives by carefully managing their budgets, sticking to their means, and saving for their goals, while others with higher incomes may struggle financially due to debt or overspending," she explains."

Examining your income versus expenses is the best way to start defining your personal financial success, according to Foster.

By comprehending your finances, you can identify areas where you can cut back on spending to allocate that money towards your financial objectives, such as increasing your emergency fund or reducing credit card debt.

""Prioritizing preparing for the future rather than just living in the present is the key to financial success," she argues."

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