Common Millionaire Household

One million dollars is a lot of money, and for most people, it can seem so far out of reach it might as well be impossible. However, a lot of households have at least that in financial assets, which doesn’t count the value of non-financial assets like a house or car.

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Fields of Study and the Jobs of Young People with Higher Incomes

Income tends to increase with age, because more work experience and education tends to lead to higher paying jobs. However, young people can also earn higher incomes. Using data from the most recent 2022 American Community Survey, let’s see what those people studied and what they do for a living.

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How much more income people need to be happy

For the Wall Street Journal, Joe Pinsker reports on income and happiness, or more specifically, on the raises people said they needed to be happy. The more people have the more they need.

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Jobs with Higher Income and Fewer Hours

About 15% of working Americans make at least $100,000 of income per year as of the 2021 American Community Survey. As you’d expect, many who fall in that 15% spent more years in school and spend more hours at work.

But you can also earn a six-figure income without working all the time. What about those people? What do they do?

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Most Common Jobs, By Income Group

What jobs typically pay over $200,000 in annual salary? What about jobs that pay at least six-figure incomes? These are income ranges for the ten most common jobs at different income levels.

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Rising to Top Net Worth, by Age

The Survey of Consumer Finances from the Federal Reserve asks people about their assets and debt, which are used to estimate net worth. With the most recent release for 2022 (the survey runs every three years), see how your household’s net worth compares against others’.

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Data on net worth, income, and savings

Data for the 2022 Survey of Consumer Finances, from the Federal Reserve Board, was made available recently. It comes out every three years, so you can see how income and savings have changed over time, broken down by demographics.

For example, the above shows that net worth increased, across age groups, since the last release in 2019. The chart is from the SCF’s “chartbook,” which isn’t the most elegant thing in the world, but it works.

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See if you are middle class

What counts as middle class depends on who and where you’re asking. Even if two households, say a single-person household in Montana and a five-person in California, earn the same income, the latter probably has more expenses than the former. The Washington Post broke it down with various comparisons. Enter a ZIP Code to see where you are.

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How little we save for retirement

Saving for retirement is a slow process with an end goal that can seem far away, especially if you’re young. So we put it off until later. Then time sneaks up on us, for many it seems, and we’re stuck having to work longer and rely heavily on Social Security. Over at USAFacts, we looked at how much Americans save and show how your savings compare.

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Income Sources

Most people have a job and receive wages in return, but that starts to change when you get into the higher income groups.

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