I went after the 7-figures net-worth
5 min read · Aug 9, 2023
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CNBC quotes a study which found that a single American with no kids can comfortably live in the United States with a $68,499 annual, post-tax salary. (The average “middle class” annual income is at $60,000).
Meanwhile, the MIT Living Wage calculator posted recent data that a family of four (two adults, two children) need at least $104,077.70 pre-tax annual salary to afford all basic necessities.
That means people earning way less than $70K may not be that financially comfortable.
- They’re likely having difficulties paying back their loans, if they have any
- They can’t take long vacations even if they want them bad
- And if a major emergency happens, like storms, accidents, or illnesses, they likely don’t have enough cash on hand to cover for everything
If you’re experiencing any of the above, it can be tempting to focus on looking for much higher paying jobs. It all depends on the urgency of your needs.
I’ve talked about what I would do if my net worth suddenly drops to zero. And among the first steps I’d take is to secure a good-paying job where I can build up my emergency fund. Since having that fund gives me…
