Many Americans believe they need to earn a certain dollar amount to feel rich.

But even if they hit that goal or surpass it, they may be disappointed to find out they still don't feel satisfied with their finances, says Charles Chaffin, co-founder of the Financial Psychology Institute and a professor at Iowa State University.

"The misconception is that there's an actual number and when people hit that number, they'll suddenly feel wealthy," he tells CNBC Make It. "Wealth is a subjective experience and is more than just how much money you have."

In fact, even millionaires don't always feel well off financially, according to recent data from Northwestern Mutual's 2024 Planning & Progress study. The study found that just 32% of American millionaires consider themselves wealthy.

While the elevated prices of everyday goods and other economic factors may be at play, elements such as your internal beliefs about money can also influence whether or not you feel wealthy no matter how much money you have in the bank, Chaffin says.

Here's one reason why that happens and what to focus on instead to feel more satisfied with your money, according to Chaffin.

Be wary of obsessing over your spending

People who become millionaires tend to be "money vigilant," Chaffin says.

Money vigilance is one of the four money scripts coined by financial psychologists Brad and Ted Klontz. People who are money vigilant tend to consistently analyze how much money is coming into and going out of their accounts.

"They're very much monitoring their spending and it's been one of their great successes," Chaffin says. "But the problem is they feel as if they're not really secure yet."

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Millionaire or not, it's necessary to keep an eye on your spending in order to avoid living above your means. But being "hyper-focused" on your spending can skew your perception of your financial state and may lead you to think you aren't as well off as you actually are if you're not careful, he says.

"It's no different than somebody who is obsessive about working out and they feel like they're never, ever really in shape," Chaffin says.

Whether you're aiming to save more cash or boost your overall earnings, it's important to ask yourself what you hope to achieve by obtaining more money, Chaffin says. Otherwise, if you don't change your internal money beliefs, you may still feel anxious about money even if you hit millionaire status.

"If somebody says to me, 'When I hit 2.7 million, I'm going to be wealthy,' my next question is, 'Now what?'" he says. "What's going to happen? What's going to happen the next day? How's that going to make your life better? Let's be specific."

Goal setting can help you achieve financial satisfaction

If you're able to cover your necessities daily and have a fully funded emergency fund, chances are you're financially secure. But if you still don't feel satisfied with your financial picture, it may be time to reassess what wealth looks like to you, Chaffin says.

"You've got to have enough money to be secure but, at the same time, beyond that you should ask yourself what this money is for and what's the purpose of it," he says.

Setting specific goals for what you hope to accomplish with your money can help you avoid feeling like "enough is never enough," he says.

Instead of simply aiming to be a millionaire, you may set a goal to earn enough money to help your family or so that you can leave your job to travel the world, Chaffin says. Feeling wealthy isn't always tied a specific dollar amount.

"Some of the wealthiest people I know have very little money in their bank accounts, but they have a circle around them if anything ever goes wrong," he says. "That's also wealth."

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