Is your goal to be ridiculously rich? Are you looking to have a shopping spree on Rodeo Drive? Do you want to be able to buy a $50,000 diamond encrusted Bluetooth headset or a $20,000 toilet seat for your palatial estate if the need should arise? Or are you interested in creating enough wealth to have the finer things in life, and give your family a sense of security, without losing touch with your roots? Regardless of your financial dreams, this specific number has two points of significance in wealth creation. This one dollar amount might hold the key to both becoming a millionaire and keeping you focused as you attain more wealth.
Studies have shown a certain trend centered on this $75,000.00 mark. A prevailing number of millionaires have built themselves to millionaire status, not by earning an income of a million dollars or more. They reached an average annual income of about $75,000 to $150,000 per year. Well, how did they close the gap? They saved and invested their money, using some of the same tips found throughout this book, to build over a million net worth from an income stream of about 7 -12% of a million. I don’t know about you, but that made things a little more attainable for me. It was a thrilling breakthrough.
Now for the second trend surrounding this cardinal salary; you may want to sit down for this one. This could make a big difference in how you look at wealth and financial prosperity. Every major financial publication from, Huffington Post, Business Insider, Business Week, to even pop culture magazines like Cosmopolitan, have written on this paradoxical financial plateau. I will refer to the article I read in Success Magazine.
The L.A. Times broke the story on a study conducted by Princeton that people felt their lives improved steadily as their annual income increased. But the quality of their everyday experiences, their feelings, their excitement, and their contentment did not improve above an income of $75,000 a year. Wow!
This would mean that the millionaire and the multi-billionaire, though their private planes and yachts might look totally different, things like their happiness, contentment, and emotional peace don’t differ much after you have reached the $75k Threshold. The thought behind the findings is that, below this annual income, the individual is still vulnerable to most emergencies that we all face. Reaching this annual salary and above, shields a person from and their families from most life emergencies. They have the means to address any issues that would otherwise stress them out.
So, in your quest for financial freedom, let the $75,000 mark be your first stepping stone goal to your first million.
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