Tim Corley, a wealth expert and author, has spent years interviewing hundreds of millionaires to learn their habits and how they think., despite having middle-class incomes. They accumulated wealth by practicing frugality and regularly saving and investing about 20% or more of their income.
Around 28% of millionaires rolled the dice to become wealthy. They engaged in high-risk, high-reward pursuits. These people choose to become professional athletes, musicians, entrepreneurs or actors. Most don’t make it, but those who do, hit it big. Their average net worth is $7.4 million. More than 30% of people became millionaires by following the conservative route, climbing the corporate ladder and making their way into the C-suite. These executives, on average, earn $3.
The growth of the millionaire population in the U.S. is a sign of the country's economic strength. It also suggests more opportunities for people to achieve financial success.When I was in college more than two decades ago, achieving a salary of $100,000 was the ideal goal to feel wealthy and comfortable. Now, according to data from the Bureau of Labor Statistics,to have the same purchasing power as a salary of $100k just a decade ago, due to inflation.
The benchmark salary of $100k, depending on where you reside, can either go a long way or not be sufficient enough to live. In Manhattan, with the average apartment rent costing, plus high living expenses and exorbitant tax rates, you will not have much money left over for discretionary spending. If you reside in a lower-cost state with lower taxes, $100k will stretch much further.
Other factors that will make $100k feel insufficient are if you are carrying a high burden of student loans, paying off credit card debt, living well above your means, inflation eating into your salary and savings and an unexpected healthcare emergency., according to a recent report from PYMNTS and LendingClub. The study also shows that consumers anticipate that their financial situation will further deteriorate in 2023.
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Source: CNBC - 🏆 12. / 72 Read more »