Money Milestones

Money is probably the most important thing in life.

Money buys you food, a roof over your head, clothing, transportation, entertainment, it buys you an education, it provides for your family, it buys you health for when you are sick, it has the power to end life and the power to give it. We give up a vast majority of the time in our day – 8 hours or more, in pursuit of money. Who would spend their entire day trying to get something if it were not the most important thing in the world to them? Quite clearly, money is the terra and the firma of all earthly existence.

You go to college because you want a career with a good starting salary. You have more respect for a person with a good career than one who does not. We spend more time working than with our own families. We are willing to indenture ourselves to a lifetime of servitude in exchange for basic necessities.

How can anyone say that money is less important than love? Quite clearly, when our survival depends on it, and when all of our time is given away in pursuit of it, it is more important than all else.

How can anyone say that they are fine living on beans from paycheck to paycheck? Accidents and illnesses will happen, to both you and to your family. Money needs to be there for that. Your children will need day care, they will need a college education, and your parents will need nursing homes. You are expected to be a provider, and a good one.

We live in a world that runs on money. 95 percent of what you do in life depends on money. Avoid those who think money is not important. Ask you to do things without giving you adequate money. Have a lackadaisical approach towards money. Money may not buy happiness but it can buy respect, confidence, security, stability,peace of mind, dignity. The more money you have they less BS you have to deal with from society.

Survival in this world means you need to have some attribute skill or qualification or resource that will convince people that you deserve money. Here are the milestones.

$ 4,436-Account balance of Average American

$5,000 – Average Account Balance you should want if you want to live with some dignity. If you serious about finances you should never let your bank balance slip below this amount.

$6,000- Minimum amount needed to move to another city.

$8,000 – Average yearly savings of an American

$9,000 – Average salary of poorest Town in America, also 10% tax bracket

$10,000 – Average amount of at least one years rent in America.

$10,800- Average amount of wealth of Black worker in America

52 percent of U.S. workers had said they had less than $10,000 in total savings and investments, such as a 401(k) or IRA, that could be used for retirement.

$11,700 -Annual Individual Poverty Threshold

$14,000 – Minimum of you can survive without working for a year

$15,000 – Minimum of money you should have in your emergency fund

$15,300 – Average Amount of Wealth Latino has in America

$15,080- Minimum wage average annual salary

$18,000 – Minimum amount to have in a 401k

$20,000- Major Milestone for beginner savers

$22,000 – Average Cost of wedding in America

$25,000- The amount savings Rudir Ruparalia had before he started his own conglomerate.

$28,000 – Minimum of two years without working

$29,000 – Average salary for Hispanic lowest paid group in America

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401k-balance-MoneyUnder30

$30,000 – Amount of money saved before you get married (a kid is 72k for 18 years or 4k per year)

$32,000 – Amount of Tuition for private colleges

$33,000- Amount of money annual amount of money required to be considered Middle Class. Average salary of Black American

37,000 – Limit of 10% tax rate and beginning of $25% tax rate

$43,000- Average salary of White American

$50,000 – Average salary for American Also average amount someone should have saved before they have a baby

$52,000 – Asian American average Salary

$53,000 – Average salary of Someone with a Bachelor’s Degree

$54,000 – Salary starting point of someone considered to be a high earner in the UK’

$54,192 – Average Salary of Asian American male highest earning race in America.

$60,000 – Amount of Annual amount of money to be considered Upper middle class and to be considered to be prime dating material

$61,000 – Average income of America’s richest ethnic group Indian Americans

$70,000 – Minimum Salary of someone working in UN.

$72,000 – Minimum Salary of someone who is considered upper income or upper class

$75,000 – Average salary of someone with a Master’s Degree

$82,000 – Average amount of Wealth of White worker in America

$84,000 – Average salary of someone with a PHD

$85,000 – Average White Family’s home worth

$89,000 – Limit of 28% tax rate

$100,000 -Beginning of six figure income  (5%)

$110,000- Average Wealth of White Family

Amount you need to

$150,000 – Salary considered to be Rich

$186,000 – Starting at 33% Tax

$190,000 – Average cost of a house in America

$240,000 – Average household income of richest town in America

$250,000 – Average income to be considered wealthy. Average amount people would say they would need to retire.

$310,000 – Income to be considered 1%

$405,000 – End of 33% Tax

407,000 – Beginning of 40% tax rate

$ 1,000,000 – Millionaire  (3% of Americans and 1% of Black Americans)

$1,500,000 – Total sum that the average American would have worked for in lifetime

Saving goals

$10,000 – Alright, could probably survive 5-6 months without working (Only 15% of Americans have more than more than this amount in savings)  Saving score D

$20,000- Better, Could survive a year without working. Having this amount makes you a real independent adult

30,000 – Could survive two years without working could also get married, and could also immigrate to another country. (One year living with parents on regular salary job) Saving Score C

$50,000 – Could have children  (Two years living with parents on regular salary Job plus a part time job)  Saving Score B

$100,000 – Could say you are wealthy  ( Three years living with parents on regular salary job)   Saving Score A

Goals people have

  1. Own their house  $190,000
  2. Have enough money to get married  $30,000
  3. Get a car

How to be rich

  1. Stick to your goal, focus
  2. You can change but never give up
  3. Do things quickly
  4. Love what you do
  5. Understand the next right move
  6. You only have control over yourself
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