Where are you in the different levels of wealth? Struggling to pay bills? Doing well in your job, but married to the job? Self-employed, liking your work, and paying bills by your labor? Or loving your work so much that you cannot wait to begin your tasks every day? Or, choosing to not work at all, living off of income that comes in because you made smart investments? Or both?
Your wealth level is up to you.
According to the U.S. Census Bureau, November 2024 publication “Wealth of Households,” for the period ending 2022, the lowest 10th percentile of wealth, rounds down to zero. The 25th percentile has a total wealth value of $18,280. The 50th percentile has a total wealth value of $176,500. The 75th percentile has a total wealth value of $614,700. The 90th percentile of wealth value crests at $1,603,000.1 Notice, however, that the census calculates only up to the 90th percentile of wealth. The top ten percent wealth category is undefined — and reaches toward infinity.
Where in this scale would you like to be? MoneyStepbyStep.com is about finding your path to a bright wealth future in a methodical fashion, starting with career choices. Noticing your innate talents is the first step to gaining income from work that makes you happy. (If you already found your correct path, lucky you! You can skip this step!) From such income, you can discover the right habits to keep more of your income, build a savings, and learn to invest.
There are many kinds of investments. There are, however, categories that are more right for you than others. Building multiple income streams can be done in various ways; real property, the stock market, intellectual property are just a few. Real property is usually most understandable because you need a house in which to live. Then you buy more properties, by borrowing against that original asset. Learning the stock market is not as hard as you may think, and it helps you understand the domestic and international economy. You can develop an income stream through intellectual property. You are reading one right now. Another prime example is creating music, which throws off a multitude of income streams.
A job can be taken away from you at any time. But passive income from smart investments can be forever, and without a boss. Rents, natural resource rights, dividends, capital gains, interest, sales, licenses, royalties; these are just a few of the ways that money can become a steady of means of support, without your labor.
Happiness and personal progress are for everyone, including you. The path is straight forward, and simple, but requires a firm determination to deepen your brain grooves, learn things, and be willing to do what it takes to succeed.
Below and at the top right is the Jump Bar for the Twelve Fundamental Steps to Wealth, which describe the truths and habits that lead to wealth, and a wonderful life. The essays can be read in the order presented. The Jump Bar, however, will allow you to jump to any topic, any time.
MoneyStepbyStep.com is your wealth buddy. We want to be a part of your journey, because wealth never stops. There is a life ahead for you, rich in opportunity and success. Chart a course for your future. Begin today – and read on to the next post.
- The 2023 U.S. Census Bureau, Survey of Income and Program Participation and public use data, includes income, asset ownership, and debt. ↩︎
