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 having a choice whether or not you work, with passive income — rents, dividends, capital gains, licenses, royalties, interest, mineral leases, etc. — paying for your lifestyle?
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 wealth. 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 $1,603,000.1Notice, 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. You can discover the right kind of work by self analysis and noticing what types of talents come naturally to you. From such income, you can discover the right habits to keep more of your income, build a savings, and learn to invest. You can find the right investment vehicle for you.
There are ways to build multiple income streams. You can acquire property, and then move beyond that initial investment. You can learn to understand the stock market, so you can profit from the national, and the international economy. You can develop an income stream through intellectual property. You are reading one right now. A job can be taken away from you at any time. But passive income can be forever, and without a boss.
Happiness and personal progress are for everyone, including you. The path is straight forward, and simple, but requires a firm determination and the willingness to succeed.
Below and at the top right is the Jump Bar for the Twelve Fundamental Steps to Wealth, which describe the wealth 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 around 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 First Great Step of Wealth: Your daily industry is what will make your wealthy. You must have an occupation where you earn a steady income. Benjamin Franklin, “The Way to Wealth”, (1758). Recommended Reading Benjamin Franklin, “The Way to Wealth”, (1758). You may rightfully say, "Wait, this is no ...
Everyone has somewhat of an idea where their strengths and talents lie, but the trick is finding the type of work that can utilize those assets. Here are a few ideas to help you find your way. Recommended Reading Scott Adams, “How to Fail at Almost Everything and Still Win ...
It is not enough to have a good income coming in from your daily industry -- your job or your business. You have to be cash ready in life. You have to avoid the doubling of troubles by, having an emergency, not having the cash to deal with it, and ...
Make It Very Hard to Access! Believe it or not, money is purely a head game. The most important thing is how you think about yourself, how much you are willing to take care of yourself, and how much you are willing to strategize to have a better life for ...
In order to become financially successful, you must become knowledgeable about your spending habits. In order to do that, you need to be organized. There is no way around it: you have to track exactly how much money you have coming in and exactly how much you are spending. Recommended ...
Thus far, we have been talking about how to track expenses. So, you now have created a complete calculation of your total expenses for the month. The shock of how much money you have been blowing out the door will subside. And wait! You have income, too! Recommended Reading Robert ...
Every day we make choices about how we live. If you are committed to becoming wealthy, then you have to be willing to change your habits. And that means two things: analyzing your spending habits and analyzing your time habits. Recommended Reading Kevin Kruse, "15 Secrets Successful People Know About ...
Life is not about working all the time just so that you can pay bills. Life is about doing what you want to do with your time. But you have to pay for your overhead. What exactly is overhead? Your expenses - what it costs you to live every day ...
If you ever looked at the pay stub from your paycheck, where all of the taxes are taken out of your check, you know how expensive taxes are. In fact, taxes are usually the biggest category of expense. Your taxes will be higher than your rent, your food, your car ...
Thus far, under Money Fundamentals, we have been talking about the expenses that you cannot really get around -- housing, food, transportation, utilities, taxes -- these are things, for which you cannot really avoid paying. In order to become wealthy, you need to keep your cost of living as low ...
So far we have been taking about overhead; what it costs to live. Shelter, utilities, food, transportation, taxes, and insurance are the six categories that you cannot eliminate. But for most choices, if you want to become really wealthy, meaning that you don’t have to work at all, then you ...
In this final essay of Money Fundamentals, we will discuss the need to eliminate the debt caused by consumer credit. Consumer credit is credit extended to individuals (rather than businesses) for personal or household use. This includes all forms of installment payments, other than for real estate. Credit cards, auto ...
Ms. Katherine O'Brien Field is a finance journalist and attorney, dedicated to helping people find financial freedom. Through analysis of career choices, real estate, the stock market, intellectual property, legal concepts, and travel, the reader may discover their personal path to wealth.
