Financial stability. Without it, living a 'balanced' life becomes nearly impossible. Having to juggle work and family life as well as having the personal time to help maintain one's sanity. Therefore, it isn't a surprise that many spend most of their lives striving for financial success. A key difference between those who are wealthy and those who are getting by is preserved wealth. Preserving wealth is key to having financial independence. While wealth classification is different in most parts of the world, the term wealth itself is very subjective. A person with a $250k net worth might think having a $500k net worth would make them wealthy, whereas the same can be true for someone with a $500k net worth thinking a net worth of $1 mil would be the bare minimum to be classified as wealthy. With that being said, having an annual income of just $32,000 would already put you in a superior position as opposed to the average labourer in Ghana, which would have to work 200 years to earn that same $32,000. This highlights the huge income (and cost of living) gap between countries.
Even with fast developing countries in South East Asia such as Malaysia, Indonesia and the Philippines, the average annual income is around $5,000, it would take the average person living in these countries 6 years to earn that same $32,000. These figures do not include cost of living and such and is solely based on earnings per year. A million dollars in liquid assets or an income of $250k is definitely a good start. But wealth is largely dependent on lifestyle choices, the cost of living, and which country or city you live in.
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