People Earning at Least $100,000 Claim It's Not Enough for Financial Comfort — Here's the Magic Number They Say Would Make Them Feel 'Well-Off' Many Americans find that six-figure salaries don't afford the same lifestyles they once did.

By Amanda Breen Edited by Jessica Thomas

Key Takeaways

  • More than half of Americans say living comfortably would translate to financial success, per Bankrate.
  • A new survey from Clarify Capital reveals common money struggles and the new number for feeling "well-off."

Nowadays, many Americans no longer equate financial success with luxury purchases or vacations: In fact, 56% of them say that living comfortably would be enough to feel like they'd made it, according to a recent Bankrate survey.

Of course, people have different ideas about what living comfortably looks like — and how much money it takes to get there.

Recent research from loan agency Clarify Capital explores how increasing costs impact financial comfort, stress and spending behavior, and what amount of money actually has people feeling "well-off."

Related: Young People Earning More Than $200,000 a Year Are Fleeing 1 U.S. State — and Flocking to 2 Others

Clarify Capital's study, which surveyed over 750 people making at least $100,000, found that more than half (58%) of six-figure earners no longer feel financially successful.

More than seven in 10 respondents reported shopping at discount grocery stores, and 74% revealed they don't dine out as often. Additionally, 62% said they're not embarrassed to admit they're cutting back.

However, some six-figure earners report a desire to keep up with the Joneses: One in three said the pressure to maintain a particular lifestyle costs them real wealth and peace of mind, per the survey.

Related: Report: Nearly Half of Young Adults Live with Their Parents to Save Money — But They're Spending Big on Luxury Goods

To "look successful," respondents admitted to making sacrifices including working longer hours (31%), carrying credit card debt (27%) and not contributing to savings (13%).

So, what's the magic number for financial success these days? According to the research, 24% of people say that earning $500,000 or more would be enough to "feel truly comfortable" and "well-off."

Another recent report from writing platform EduBirdie found that young professionals today are "undeniably ambitious" when it comes to increasing their incomes.

Related: Young U.S. Workers Expect $200,000 Salaries By Age 30. Here's What They Actually Earn — How Do Your Stats Compare?

"Our report shows they're not counting on a golden parachute like marrying into wealth or inheritance," Avery Morgan, chief human resources officer at EduBirdie, said. "Instead, 17% believe they'll earn $200,000 by age 30 — a bold goal that demands strategic career moves, continuous learning and a bit of luck."

Amanda Breen

Entrepreneur Staff

Senior Features Writer

Amanda Breen is a senior features writer at Entrepreneur.com. She is a graduate of Barnard College and received an MFA in writing at Columbia University, where she was a news fellow for the School of the Arts.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Growing a Business

How to Get Your Business Recommended by AI Tools Like ChatGPT — and Win More Clients

AI tools like ChatGPT are now recommending businesses — here's how to make sure yours gets picked.

Business News

'You Will Have a Difficult Time Aligning Your Priorities With the Company': AT&T CEO Tells Employees to Comply With 5-Day Office Rule or Leave

In a memo to employees, AT&T CEO John Stankey made it clear that the company's future will not include remote-first flexibility — and those resisting the change may need to move on.

Growing a Business

6 Unconventional Habits That Actually Help Entrepreneurs Find Work-Life Sanity

Tired of traditional work-life balance advice? Here are six unconventional strategies that help entrepreneurs prevent burnout, reclaim energy and align work with life in a way that actually works.

Growing a Business

The Biggest Mistake Entrepreneurs Make When Talking About Their Product

Communication is not a message — it's a transfer of reasoning.

Business News

What Is 'Gray Work?' It's Killing Productivity — and Jobs in These 2 Industries Are Most at Risk, New Research Reveals.

New research indicates that the rise in workplace tools isn't always for the best.

Business News

Tesla Awards Elon Musk a Massive $29 Billion Pay Package to 'Retain and Incentivize' the CEO: 'More Important Than Ever Before'

The Tesla board announced it unanimously approved the pay package for Musk, as his 2018 pay package remains tied up in legal limbo.