| We can get a good idea from the seventh annual Modern Wealth Survey conducted last year by Charles Schwab. When asked how much money it takes to be considered "wealthy" in the U.S., 1,000 survey respondents across the country on average said $2.2 million. Yet some folks will have a hard time getting that far. Young people, in particular - who are highly influenced by social media - make a priority of living a lifestyle comparable to their friends. Sixty-one percent of Millennials and those in Gen Z said, "being able to afford a similar lifestyle to my friends makes me feel wealthy." Just half as many Baby Boomers felt that way. Approximately half of Millennials and Gen Zers also said, "I make purchases based on what I see my friends and other influencers share on social media." Only 10% of Baby Boomers agreed. These young people are heading down a treacherous path. The fear of missing out - or the desire to keep up - makes them feel pressured to spend money on things that don't have long-term value. The more they spend, the less they can save and invest. And that squanders the one big advantage they have over the rest of us: time. For example, a 25-year-old who saves $400 a month until age 65 - and earns nothing more or less than the 10% average annual return of the S&P 500 - will have $2.24 million. If that number sounds familiar, it's only slightly more than how much the average American in the Schwab survey thinks you need to be considered wealthy. However, if someone waits until age 35 to save $400 a month - and earns the same return - it turns into just $832,340 by age 65. Wait until 45 to get started and that $400 a month turns into only $289,811. These numbers reveal how young people are undoing themselves when they spend all their take home pay to keep up with the Joneses on Instagram. Social media has its advantages. But I have zero regrets about growing up without it. As a young man in my 20s, I knew that some of my contemporaries had more money (and stuff) than me, but I spent virtually no time thinking about it. My buddies and I had little discretionary income. But it didn't make any difference. A fun night was buying a couple of six packs and having some friends over to watch the ball game (on a small tube with grainy reception). And some girls don't care how much money you make if you can work small miracles on the grill. In many ways, those were some of the best years of my life. I learned that it really doesn't take a lot of money to have a lot of fun. Schwab's Wealth Survey seems to confirm that most of us realize what's truly important. When asked what wealth means, 70% chose enjoying experiences over owning nice things. Seventy percent also said not having to stress over money is more important than having more money than most people they know. (Good luck to the 30% that answered otherwise. They're going to need it.) Sixty-nine percent said having a healthy work life balance was more important than maximizing their earnings. Sixty-seven percent prioritized being generous with loved ones now vs. leaving an inheritance. And 62% said enjoying healthy relationships was more important than having a lot of money. In short, non-financial assets - like health and family - resonate more than large sums of money when defining true wealth. Most of us are wealthier than we realize. And it never hurts to take a moment to recognize it. Good investing, Alex | 
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