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51% of Americans say they need $100,000-$250,000 yearly to feel financially successful. Yet only 13.2% of US households actually earn that much. That’s a massive disconnect.<\/p>\n
We break down the numbers in this clip from The Accounting Podcast:<\/p>\n
About half of Americans believe six figures is the threshold for financial success.<\/p>\n<\/li>\n
26% think $75,000-$100,000 is enoug<\/p>\n<\/li>\n
Nearly 20% say you need $250,000-$500,000<\/p>\n<\/li>\n
6% believe you need over half a million annually!<\/p>\n<\/li>\n<\/ul>\n
But what does “financial success” even mean? There’s a big difference between feeling secure and feeling successful. I might feel financially secure now, but would definitely feel more successful with a million-dollar income. The survey didn’t seem to distinguish between these concepts.<\/p>\n
I actually think the majority view is reasonable \u2013 in lower-cost areas outside NYC or LA, $150,000-$250,000 can provide a very comfortable lifestyle. The problem? Only about 13% of American households actually reach this income bracket.<\/p>\n
This gap creates tension. As David pointed out, this is precisely where political discontent grows. When people feel they need a certain income to succeed but can’t attain it, they begin to feel the system works against them.<\/p>\n
Hear the full discussion in Episode 432 of The Accounting Podcast: https:\/\/accounting.show\/432<\/a> <\/p>\n<\/div>\n