It takes a net worth of millions to be comfortable in Silicon Valley

Financial experts told Mercury News that some families need up to a $10 million net worth to be financially comfortable living in Silicon Valley. Bay Area residents themselves say it takes a $4.2 million net worth, on average, to feel wealthy and $1.1 million to be “financially comfortable,” according to a 2017 Charles Schwab survey. Helen Dietz, a certified financial planner and the director of wealth management for Aspiriant, told Mercury News that a family may need an annual income of up to $1 million — so, a much larger net worth — if their financial priorities include sending their kids to a top school, living in a larger home, buying a new car, and saving for retirement.

Source: www.businessinsider.com