Not everyone defines being "well off" the same way. A struggling recent graduate may be comfortable with a few bucks in his wallet and food in the fridge while a working single mom may not be comfortable without a six-month emergency fund in the bank.
"At different stages in life, various sums of money can go from being perceived as quite a lot of cash to hardly enough to get by on," according to Comet, which commissioned a study of how over 1,000 people define being well off. "By that same token, financial gurus recommend increasing your target savings amount as you get older. The money you might need to cover an emergency in your 20s isn't nearly as much as you'll need for retirement in your 50s and 60s."
Daniel B. Kline | The Motley Fool