Chart: How Much Income Do You Need To Be Rich?

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Mar 05, 2015
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Behavioral Finance, Question of the Day, Research, Current Events, Chart of the Week

From Slate:

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Good demonstration of how one’s perception of wealth is largely determined by their current income situation.  So, for a majority (54%) earning under $30,000, they believe one can be wealthy with an income under $100,000 while only 2% of people earning $100,000 believe that.

This would be an interesting question to ask students, some of whom may not know the specifics of their family’s income situation.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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