The recent article “What Income Level Is Considered Rich?” by journalist Erin Gobler, featured in The Wall Street Journal / Buy Side, explores how wealth and financial success are often more nuanced than a single salary number. While national income statistics and IRS data can provide benchmarks for how households compare financially, the article emphasizes that feeling “rich” is highly personal and shaped by factors such as lifestyle, location, debt, family responsibilities, and long-term financial goals.
The piece examines how cost of living can dramatically affect perceptions of wealth, why high incomes do not always translate into financial security, and how lifestyle inflation and social comparison can impact people across all income levels. It also highlights the distinction between income and net worth, noting that long-term financial independence is often driven more by what individuals keep and accumulate over time than simply what they earn.
Our Chief Investment Officer and CEO, Steven Rogé, contributed perspective around the relationship between income and long-term wealth accumulation. Steven explained that while higher income can create greater opportunities to build wealth, income alone does not determine financial success. Spending habits, debt levels, and consistent saving behavior often play a much larger role in whether someone ultimately achieves financial security.
Steven also emphasized the importance of focusing on net worth and long-term financial positioning rather than comparing salaries or lifestyles to others. His insights reinforced the idea that true financial confidence is less about appearing wealthy and more about creating sustainable financial flexibility, security, and independence over time.
Click here to view the full article.
For tailored guidance on managing your wealth or questions about investment strategies, please contact our team of CERTIFIED FINANCIAL PLANNERTM (CFP®) professionals for a complimentary discovery call at 631.218.0077, or click here. We would be happy to show you how our financial planning process can help you stay on track and achieve your financial goals. You can also send us a message directly.
R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, and Beverly, Massachusetts office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We have helped clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, as well as our process, explore our detailed overview of services and approach.
