What Income Makes You "Rich"? Statistics for the Top 10%, 5%, & 1% (US & Worldwide)

I hope this video was informative, let me know your thoughts - leave a comment below, I try to write back to everyone who comments in the first 30 minutes - 1 hour of the video release! So turn on your noti bell ;)

I started buying some more stocks at the beginning of the year, but nothing big. Why am I treating this so harshly? I still want to be the first person in my polygamous family to make a million dollars despite the fact that others in my field make six figures per person. I am well aware of the costs associated with working more to get more money.

Hi, Humphrey. I retired in November of 2021 at age 60 in midwest, northern Illinois. I didn't break the $100k point 'til 2017. The most I ever made from earned income was $128k. But the final 11 months that I worked I made $108k of earned income from my job at a major utility & $400k gross from real estate investments. I accumulated $1.8 million in assets in 401(k), Roth i.r.a.s, rental properties & a very small farm. I sold 1 property that made it possible for me to retire that same year. Another large electric utility kinda told me to sell to them or they could take it from me by emminent domain. I bought it in 1996 & had paid it off long ago. So, I said, "Ok...". I only have a high school diploma & knew I would never afford college. So, I went to work for a natural gas utility & stayed with them for 37 years. I just knew that I had to make it past $1million in investments & not rely on a huge income because I didn't attend college. I managed to pass that mark by a bit more.

Being in Texas with a 140k salary I personally feel to be touching the rich feeling. It is almost guaranteed for us to save at least $2k a month at a minimum even though we do not hold back too hard on what we do during the month. I do believe that you don't always need to obtain a high level degree. I only have a bachelors and work as a Controls Engineer. To me the key if you do not get a graduate degree is to keep expanding your skills. I primarily work with PLCs but still have learned how to use Python, C#, and various scripting languages because companies value having someone that can build tools that improve the efficiency of our every day tasks. I run a small eBay business selling battery packs. I do all of my own investing. Never stop learning.

Another important aspect is unrealized gains in investment portfolios. These won’t show up in income figures, but are a huge factor in building wealth. Surprised at how high some of these annual figures are relative to net worth benchmarks.

Plato once said " The most important thing in life is not to have the most but need the least." If I can make 70k with my current work load which is 18-23 hours a week then I'm golden.

I just need about tree fiddy to be rich!

Acknowledgement and gratefulness for what we have, well said!

🎯 Key Takeaways for quick navigation: 00:28 🏦 Be honest and transparent about your financial situation to build trust and a strong foundation. 02:20 🤝 Establish shared financial goals to align your efforts and contributions. 03:57 💼 Consider a hybrid approach to managing finances – maintain individual accounts while contributing to shared goals. 08:13 🤖 Use regular reviews (monthly, quarterly, annually) to track progress, adjust goals, and maintain financial alignment. 14:41👫 Understand that marriages require effort, and children introduce added complexity to financial management. Made with HA

Wanna be in the 1%, you're usually gonna have to be a little bit of a salesperson in some way. Running a business, working on commission, representing a person or entity negotiating contracts. Whatever it is, the most valuable skill comes down to convincing a few wealthy people to give you a lot of money or many people to give you a little money.

I find the household vs individual definitions across these reporting agencies confusing for folks. They aren’t necessarily the same. A household can include two earners, no? It might be good to make that distinction clear.

Great videos man, I look forward to these every week! You have really inspired me to think more about my finances and how to optimize my savings

Hey Humphrey, I found you on TikTok back in 2020 or 2021 and I've been a fan since. Keep up the good work! Love from Portugal 🇵🇹

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

Me living like I'm poor in OKC 😬 we all gotta start somewhere.. Thank you for taking the time and effort to make these videos!

For me, big city trappings can get old quick and it can be super expensive. Instead, if possible, live in a lower cost of living area and visit the larger cities when you want those attractions. Additionally, those features will feel more special since you can't access them everyday and you'll be less tempted to spend away what little disposable income you might have by living in a high rent area.

Hey Humphrey, can you discuss inflation and interest rates and when you see things going down? I'm still confused by all the terminology.

I'm on the PhD track. I have a master's in engineering, seeking a PhD in chemistry, aiming for a tenured position in academia, which is usually pretty secure as well as lucrative in my target field. But it really isn't so much about the money for me, as it is that my actual job is going to be trying to answer my most pressing questions and maybe discover something new. Oh, and the fact that I never have to retire.

I lived my working life by the Navajo saying “ a man can not get rich without taking proper care of his family”. Then when work ended and money was no longer a focus, my richness increased, because of the law of attraction. Amazing what a feeling can do.

Great video! Would have loved if net worths were included it 😃