How to know that you're poor - America Edition (Revisited)
The goalposts of wealth are always shifting due to inflation and other factors.
For example, someone with a net worth of $1 million several decades ago would have been considered very wealthy.
According to recent survey results, however, $1 million is only enough to feel “financially comfortable” today.
This shows the power of inflation, where it eats your money's purchasing power over time.
Even bank interest will not help you much to combat this, if you put money in the bank.
Investing is key in keeping your purchasing power higher than inflation.
In this infographic, we’ve visualized several money milestones to give you a better idea of what it really takes to be wealthy in America.
What it takes to be in California’s top 1%, $6.8M
What it takes to be in America’s top 1%, $4.4M
What it takes to be in New York’s top 1%, $4.2M
What it takes to be wealthy in America, $2.2M
What it takes to be in the UK’s top 1%, $1.8M
What it takes to be financially comfortable in America, $774,000
What it takes to be in Mississippi’s top 1%, $766,000
The average American’s net worth (median), $122,000
What about your country?
What is your salary?
Is it above or below your country's median income?
How far is your net worth to your country's comfortable level of living? Remember that in America, this level is at $774,000!
Asking these questions are a good gauge of where you are finanically.
And also a good start to think whether you should pursue a higher paying jobs, or other money making activities.
Investing / trading is one of the money making activities.
P.S.
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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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