Here's The Amount Of Money People Consider "Life Changing!"
While a lot of people dream of winning the lottery, it turns out for most folks, it wouldn’t take millions of dollars to change their lives. A new survey finds that for the majority of Millennials, the sum of money they would consider to be life changing is just $19,800. What’s more, 22% of that generation say $5,000 or less would make a huge impact on their lives.
And it’s good to hear that should folks get this life-changing money, they wouldn’t use it on frivolous things. In fact, 51% would put it right into savings, while 31% would use it to pay off their credit card debt, 30% would use it to start a business, and 27% would put it towards retirement.
As for why it would take so little to change their lives, it could be because a third of respondents say they aren’t comfortable with their financial situation, with more than half saying they currently live paycheck-to-paycheck.
And it seems most people are optimistic they will indeed see such life-changing money. Overall, 51% of Americans, and 64% of Millennials, expect to be financially comfortable within five years, while 67% say they’ll get that life-changing money within five years either through investments, raises, or consistent savings.