Many people define rich according to a certain level of income. While 22% of Americans say they need to earn an annual income of $1 million or more to feel rich, 42% say they need to earn less than $200,000, according to the recent CNBC Make It: Your Money survey, conducted in partnership with Momentive.
The amount it takes to be rich also differs by income level. More than 80% of those earning at least $100,000 say they need to earn $200,000 or more to feel rich, while only 57% of those earning between $50,000 and $99,999 say the same.
The way most of us feel about money is highly psychological, said Sethi, with either positive or negative associations that can be untethered to actual wealth.
"I've spoken to people who have $10 million in net worth, and they still worry if they're going to have enough," said Sethi. In his experience, feeling rich is "uncorrelated to how much we have in the bank."
"I see money as a source of growth. It has made me more adventurous, spontaneous, generous," said Sethi. "When we have money, we can choose what type of characteristics we want to emphasize."
Check out more insights from Sethi and other experts from the CNBC Make It: Your Money virtual event.
Register now for the free CNBC Small Business Playbook virtual summit on Dec. 14, where we'll provide actionable advice to assist entrepreneurs with strategic planning to navigate 2023, and uncover hidden opportunities to help businesses not just survive, but thrive in 2023.
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