How Much Is Enough Income?

Will it all fit?

Stats And Facts

The median household income in 2020 for all the households in the USA was $69,560.  The Census Bureau has more definitive data.

Keep in mind, this is with all income earners in a household.  So, assuming two wage earners in the household, take the median amount and divide by two to get just under $35,000 per year, per wage earner at the median level.  At 2080 hours (52 weeks X 40 hours) for full time work, that means an average of about $16.80 per hour.

The median is the statistical middle.  Is that where you want to be?

Speak For Yourself

How do you want to live?

Be careful how you answer that question.  If you declare an amount that will allow you to live in a large house, with all the maintenance included, you may be tempted to put yourself in a stressful situation, which leaves you living on the edge of bankruptcy, just to look successful!

The element of time coupled with setting goals will help you accomplish a much better lifestyle than what you are presently experiencing, eventually.

When Is Eventually?

“Eventually” depends a lot on your own effort, both at work and away from your job.

Allowing for getting a basic college degree, most people would start their working career at about age 22.  For those who can draw their Social Security at age 67, they would be working about 45 years.  Those who do not go to college, depending on other types of training, might work longer.  That gives you a lot of time to reach your “eventually”.

How Will You Plan For “Eventually”?

The good news is that you have many options to construct your own “eventually”.  Income is not the only element.  There are other factors worth noting.

First, while making an income should be your primary focus, if your dreams are big, then, you will need to visualize how you can live with various levels of income and note those as a staircase to your goal.  How long you will remain on each step, which mark your progress, will depend on you.

There is that dreaded “you”.  I cannot do it for you.  It will be your effort that gets you to your goals!  There may be some who have friends in high places who might be able to come to your aid.  If so, you should be very grateful because few have that privilege.

Second, when increases in income are not available, unless you work a second job, then, controlling expenses become very important.

Take care of the important needs and cut the unnecessary wants when funds are scarce.

Third, take the time to learn what you need to know in order to prepare for better paying opportunities. 

Fourth, learn to manage your time better.  You can become more efficient. 

In the 1980s, many managers were doubtful about a concept called “continuous improvement”, which came out of post-war reconstruction in Japan, being introduced at many major USA manufacturers.  It required a joint effort by staff and production workers to brainstorm for ways to do things more efficiently and at some cost reduction.  Most of those programs proved successful.

You should consider utilizing that mantra in your thinking process, as well.  You will not know if you do not try.

Fifth, learn to maintain and improve your health and strength.  A healthy body conveys a readiness to act, to accomplish!

Most of us lose our luster later in life.  We justify eating for enjoyment.  That is, we do until we cannot.  Heart problems and diabetes are problems that arise when we abuse our bodies and do not control our eating habits.

Your body is not only the temple of your soul, but, it is the means by which you work to build a financial future.  Do NOT seek out financial security at the expense of your health.

Sixth, you cannot know when enough is enough when money changes in value. 

As I write, inflation is on the rise at a rate we have not seen in fifty years.  Add in the volatility of the stock market, where a lot of retirement funds are invested, and you are perplexed to answer the question of money value with any certainty.

Hey, It Is Only Money

“Hey, it is only money!” has been my catch phrase for the many money blunders in my life.  I would sit in a corner and cry if that was all I thought about.

Money, along with its value will come and go over your lifetime.  You need to develop a good attitude and mindset about what to do with it and where it needs to fit into your life.

Get A Life!

This is your life.  You have the capacity to make it a good one!

Look around you.  You see big houses and think, how did they afford that?  I will attempt to help you learn just that.

Education is not an end in itself.  You can see that in the thousands of college graduates not working in their chosen fields.  Why is that?

Was it because they did the degree instead of learning what they needed to prepare for opportunities?

If you make the effort, learn what you need to learn, and venture out of your shell, you can grow into your future opportunities!

This is your life.  Go get it!

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