"I can't think of anything in life I want that I don't have"
-Warren Buffet
Same here Warren!
I like this chart because not only it lists the average household income in America, but it also lists the net worth and debts as well.
So if you make $49K a year it does not necessary mean that you are above average. You can still be broke. Because we all know it's not what you make, it's what you save!
Considering where you stay, like Cali, DC or NY you may want to tack on an extra $12K of income.
Overall, it's something to use as a benchmark.
But if you agree with the above quote from Warren Buffet you are automatically wealthy !!!!
[chart credit: www.powerwealth.com]
3 cool comments:
Interesting quote. I can't wait to reach that point.
Moneymonk,
To clarify, the benchmarks listed are not averages, they are medians. This means (generally speaking)50% of American households are below the number and the other 50% are above the number.
I would expect the average numbers to be higher than the median numbers because the American households earning many hundreds of thousands and millions of dollars each year would likely raise the average (sum of all household incomes divided by the number of households) above the median (the 50/50 midpoint).
Median is generally what the U.S. Census Bureau reports, so that's what I used in my analysis and chart.
Thanks,
Logan @ PowerWealth.com
Single Ma,
"I can't wait to reach that point."
You can reach that point TODAY simply by changing your mind about what all that you want. Want less stuff, and you are, as Moneymonk points out, "automatically wealthy!!!!"
Logan @ PowerWealth.com
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