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Yahoo
15 hours ago
- Yahoo
Do you need $1 million to be financially 'comfortable'? Answers here.
You don't need a million dollars to be financially comfortable. A little over $800,000 will do. That's the takeaway from the new Modern Wealth Survey by Charles Schwab. It may be mostly a matter of semantics, but American consumers see a big difference between the financial goals of comfort and wealth: A nearly $1.5 million difference, to be exact. Whatever else 'wealthy' might mean in 2025, numerous surveys attest, it definitely means having a net worth over $1 million. In the latest annual Schwab survey, released in July, consumers set the wealth bar at $2.3 million. But how much money does it take to be merely 'comfortable'? In four past surveys, consumers equated financial comfort to a net worth between $624,000 and $1 million. (The $1 million figure came in 2023, a year of rampant inflation.) This year's number: $839,000. What's the difference between 'comfort' and 'wealth'? What, then, is the difference between comfort and wealth? The Schwab survey didn't define the terms. Respondents were left to decide on their own. To Rob Williams, managing director of financial planning at Schwab, the distinction boils down to needs, wants and wishes. To many American consumers, Williams said, financial comfort means having enough net worth to meet their needs and wants. 'I can pay my mortgage. I have a home. I can pay my medical bills. I don't have to go paycheck to paycheck. I have enough to retire,' Williams said. 'That's what financial comfort means to me.' To be wealthy, he said, means you have enough money to satisfy your needs and wants, and also your wishes. 'Wishes are those things that are aspirational,' he said: Having enough money to retire when you want, or to vacation where and when you please. 'I think of wealth as, 'I have a lot more choices in how I use my time,'' Williams said. Here's how Americans define 'wealthy' Schwab asked survey respondents to define what wealthy means to them. Here, in descending order, are the most-cited factors: Happiness (45% cited it) 'Amount of money I have' (44%) Physical health (37%) Mental health (32%) 'Quality of my relationships' (24%) Life experiences (24%) Accomplishments (20%) Amount of free time (18%) Material possessions (17%) Is financial 'comfort' more dream than reality? Only 11% of consumers said they believe they are wealthy now: evidence, perhaps, that wealth is largely aspirational. Another 24% said they think they are on track to be wealthy. Gen Z and millennials were especially optimistic about wealth. More than two-fifths of both groups reported being either wealthy or on track to become so. Financial comfort, too, seems to be more of a dream than a reality. In the Schwab survey, only 20% of respondents reported feeling comfortable now. Another 28% said they're on track to achieve that status. Here, again, Gen Z and millennial Americans voiced more optimism, with more than half of each group saying they are financially comfortable, or getting there. The Schwab survey, conducted in April and May, reached a representative sample of 2,200 adults. Most American households are not particularly wealthy A net worth of $839,000, the cutoff for financial comfort in the Schwab survey, actually falls below the average net worth for American families in 2022, which was roughly $1.1 million, according to the federal Survey of Consumer Finances. But the super-wealthy skew that average. The median household net worth – think of it as the middle figure in a long list of numbers – is only $192,700. Lili Vasileff, a certified financial planner in Greenwich, Connecticut, defines financial comfort as essentially never having to worry about money. 'Comfortable, to me, means that I can meet my bills every day of the week, that I don't live paycheck to paycheck, that I have savings set aside as an emergency fund, and that I have made good progress toward achieving my financial goals,' she said. Being wealthy, she said, is about financial freedom and loftier goals. 'Wealthy, to me, means that I have savings that I don't need to dip into, and I can create a legacy for my children, that I have the ability to have a little more ego in terms of the quality of things that I want,' she said. 'You may feel like you're really comfortable at $800,000,' Vasileff said. But a lot depends on how much of the money is liquid, how much is investable, and how much is earmarked for spending, among other factors. The role of financial wellness Robert Brokamp, a senior adviser at The Motley Fool, defines financial comfort in much the same way the federal Consumer Financial Protection Bureau defines financial well-being. It's a four-part definition: Having control over day-to-day, month-to-month finances; Having the capacity to absorb a financial shock; Being on track to meet your financial goals; Having the financial freedom to make the choices that allow you to enjoy life. 'I think anyone who meets those criteria, they're comfortable,' Brokamp said. Brokamp also has a theory to explain the $2.3 million figure that Schwab survey-takers defined as 'wealthy' in 2025. It has to do with the faded luster of the American millionaire. 'If you're a millionaire, you're more than comfortable,' Brokamp said. 'But there's still this idea that being a millionaire ain't what it used to be.' Brokamp thinks that impulse may explain why the annual Schwab surveys consistently define 'wealthy' as a figure closer to $2 million: $2.2 million in 2022 and 2023, and $2.5 million in 2024. 'If you've got $2 million, you're a multimillionaire,' he said. 'And if you're a multimillionaire, you've got to be wealthy.' This article originally appeared on USA TODAY: How much money do you need to be financially 'comfortable'? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Chicago Tribune
a day ago
- Chicago Tribune
Rush now offers a blood test to help detect more than 50 types of cancer, as other health systems remain wary
Jack Welter didn't feel sick when he agreed to take a new blood test that looks for multiple types of cancer. But, approaching 60, he thought it couldn't hurt. To his surprise, the test came back positive. Welter then underwent multiple rounds of follow-up tests, and ultimately, doctors found cancer in his throat. The now 61-year-old Elkhart, Indiana, resident endured radiation and chemotherapy in 2023 and is now cancer-free. 'Without that test, I still would have had (cancer), obviously, but it might not have appeared for another year or more,' said Welter, who is expecting his first grandchild. 'Early detection is the key to success.' In recent years, the blood test, called Galleri, and others like it, have been gaining momentum among doctors who use them to help detect cancers that otherwise might go unnoticed until patients become ill. Now, at least one local health system, Rush University System for Health, has decided to start offering Galleri to patients widely in hopes of finding cancer early, when it's easier to treat. The test has not yet been approved by the U.S. Food and Drug Administration and is not covered by most health insurance plans. At Rush, it will cost most people $749 out-of-pocket. Providers at other local health systems have expressed wariness about offering the test broadly at this point, given those concerns and others. But Rush leaders felt it was important to move forward with the test, given its potential life-changing benefits for patients and because of its performance in clinical trials, said Dr. Lisa Stempel, director of the high-risk cancer screening program at Rush. 'The goal of all screening is to find cancer early when we can treat it,' said Stempel, who noted that 1 in 3 people will get cancer in their lifetimes. 'It's such a simple test in the fact that it can find so many cancers and the fact that it can find it in early stages is what's extremely exciting to me.' The test works by identifying DNA in the bloodstream that's shed by cancer cells. It can detect a cancer signal shared by more than 50 types of cancer, and it can also reveal roughly where in the body the cancer might be. A positive result is not the same as a diagnosis. If a patient gets a positive result, the patient must undergo additional testing, such as CT scans or PET scans, to help assess if they really have cancer. There's a 43% chance that a positive test result will be cancer, according to a study from Grail, the company that makes the Galleri test. The test has a false positive rate of 0.5% among patients who don't have cancer, meaning about 1 out of every 200 people who take the test and don't have cancer might still get a positive result. The test is only available by prescription, and it's recommended annually by Grail for people at higher risk of cancer, such as those ages 50 and older. Rush is also offering it to younger adults with risk factors such as a family history of cancer, smoking, diabetes or obesity. If a patient gets a positive result but doctors can't find any cancer, Grail offers a second test to the patient free of charge. That's what happened to Welter, the Indiana patient who had throat cancer. The first time he took the test, it came back positive for cancer somewhere between his chest and head, he said. But more traditional follow-up tests didn't turn up any cancer. He then took a second, free Galleri test about six months later and, again, it was positive. He underwent more testing, and the second time around, doctors found the cancer. 'At that point in time it was so small they really couldn't pinpoint it,' Welter said of doctors' efforts to find the cancer after his first Galleri test. Welter has been speaking to doctors at Rush about his experience in recent months as part of their training to offer the tests to patients widely. Welter said he hasn't been paid by Grail nor Rush. 'To me it's amazing the test could actually find something like that,' Welter said. Not everyone, however, is as gung-ho about the test. Though health systems in other parts of the U.S. are also offering Galleri, some Chicago-area health systems and providers say they don't believe the test is ready for prime time. Northwestern Medicine is not systematically offering the Galleri test at this point, with a spokesperson saying, 'The technology isn't sufficiently sensitive and specific enough for us to use this as a screening tool at this time.' Feighanne Hathaway, a genetic counselor at UChicago Medicine, said she also has a number of concerns. For one, she worries that the out-of-pocket cost creates more disparities in health care. She also worries that the test may be less adept at picking up signals for early-stage cancers than later stage ones, raising questions about its usefulness and value. A Grail study found that 48% of confirmed cancers detected by Galleri were stages 1 or 2, and that adding Galleri to standard-of-care screening about doubled the number of cancers detected. Hathaway also fears that if a patient gets a negative test result, they may think they can forgo screenings such as mammograms and colonoscopies. Rush and Grail caution that the test is not meant to replace routine screenings. Largely, though, she's concerned that the test is not yet approved by the FDA. Hathaway said she likes the idea of the test, but, 'I just don't think we're there yet.' 'I think more research needs to be done before we start offering it,' Hathaway said. So far, more than 380,000 people are or already have participated in studies of Galleri, according to Rush. That includes a recently completed trial with 140,000 participants in the United Kingdom. The company is also sponsoring a clinical trial that's now seeking to enroll an additional 50,000 Medicare beneficiaries to test whether Galleri can help find cancer early and decrease the number of late-stage cancer diagnoses. Though Galleri is not approved by the FDA, Grail said it has been granted breakthrough device designation by the agency, which is meant to speed up development and review of devices that can more effectively treat or diagnose life-threatening and debilitating conditions. The company expects to finish submitting information to the FDA next year for premarket approval. 'Now, for the first time we've got breakthrough technology that can find cancer in adults who have no idea they have cancer, they have no symptoms, there's no suspicion of cancer, and we can look for more than those five cancers,' said Dr. Joshua Ofman, president of Grail, referring to the cancers that now have recommended screening tools, such as mammograms for breast cancer and colonoscopies for colorectal cancer. 'We can look for all the other cancers that are taking people's lives, because when you can find cancer early that is your best chance to cure it,' Ofman. Many patients feel the same way. Peter Crowell, 65 of Bucktown, was among the first group of Rush patients to sign up this month to be tested. After his primary care doctor mentioned it, Crowell made an appointment to get his blood drawn. 'He asked me if I was interested, given my history, so I said, 'Yeah,'' Crowell said, noting he has a family history of cancer. 'It's just something I think I'd rather be proactive about.' Of course, Crowell wishes insurance would pay for it, but he's willing to shell out the $749 for the test. He said he'll likely pay for it using a flexible spending account. 'If I can find out if I have any of those markers, then it will be worth it,' Crowell said. Maggie Hornung, a nurse practitioner at Rush, recently had her blood drawn for the test. It takes about three to four weeks to get results. 'I obviously was excited as a provider to start offering this and working on this but as a patient I absolutely wanted to proceed,' said Hornung, 58. She wanted to take the test because she's had family members with cancer, and because of what she's seen in her work with patients in the high-risk breast cancer clinic at Rush. 'To me, $749 is a small cost compared to what things could be,' Hornung said.
Yahoo
2 days ago
- Yahoo
Becle SAB de CV (BCCLF) Q2 2025 Earnings Call Highlights: Navigating Growth Amidst Competitive ...
Release Date: July 24, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points Becle SAB de CV (BCCLF) reported a 2.8% increase in consolidated net sales, reaching 11.5 billion pesos, driven by favorable foreign exchange effects and premiumization strategy. The company achieved a 16.7% growth in EBITDA, with a margin expansion of 270 basis points to 23.4%. Tequila remains a key growth driver, with the total tequila business growing by 0.6% and outperforming the total industry. Mexico posted solid second-quarter results with a 4.8% increase in net sales value, driven by an increase in volume. The company generated 1.7 billion pesos in net cash from operating activities, reflecting strong profits and progress in inventory right-sizing. Negative Points Net sales value in the US and Canada declined by 9.9% due to a 7.1% decrease in shipments, reflecting softness in the RTD category and increased pricing pressures. Depletions decreased by 9.3% in the US and Canada, aligning with shipments as the company optimized inventory levels. The company faced a complex and competitive environment in the US and Canada, characterized by soft consumer demand and heightened pricing pressures. Gross margin expansion was partially offset by unfavorable regional mix, with Mexico outperforming the US and the rest of the world. The company experienced heightened promotional activity in the US, resulting in lower price per case and affecting gross margin. Q & A Highlights Warning! GuruFocus has detected 5 Warning Signs with BCCLF. Q: Can you break down the factors contributing to the gross margin expansion and discuss expectations for the second half of the year? A: The gross margin expansion was driven by lower agave input costs, favorable product mix due to premiumization, and foreign exchange benefits. However, these were partially offset by unfavorable geographic mix and heightened promotional activity. We expect continued solid margin expansion in the second half, similar to Q2, despite some uncertainties. (Respondent: Unidentified_6) Q: How is Becle positioning its brands in the competitive US market, particularly for tequila? A: We are taking strategic promotional actions to remain competitive without repositioning our brand pricing. Our focus is on protecting brand equity for the long term while navigating aggressive pricing in the market. (Respondent: Unidentified_3) Q: Could you provide insights into the regional evolution of gross margins and expectations for the second half? A: Gross margins have improved across regions, with higher NSB per case in the US and the rest of the world compared to Mexico. We expect a return to normal geographic mix and continued FX benefits. Long-term, we anticipate gross and EBITDA margin expansion driven by premiumization and operational efficiencies. (Respondent: Unidentified_6) Q: What impact did the disruption in Canada have on volumes, and how long will the benefits from US distribution agreements last? A: The removal of US-made spirits from Canadian shelves impacted approximately 100,000 cases, mainly in RTDs. Benefits from US distribution agreements, including RNDC's exit from California, are expected to continue for the next couple of quarters. (Respondents: Unidentified_3 and Unidentified_6) Q: How is Becle addressing the challenges in the RTD and NAB categories, and what is the outlook for these segments? A: The RTD market remains competitive and fragmented. We are exploring new formats, sizes, and flavors to align with evolving consumer needs. Despite challenges, RTDs are a fast-growing category and serve as a recruitment tool for our tequila brands. (Respondents: Unidentified_3 and Unidentified_9) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
