"You earn income if you work for someone who pays you, or you run a business or farm. Income alone doesn’t make you wealthy. You could make $1 million a year, yet spend $2 million and be in debt up to your eyeballs. Along the same lines, you could earn around $50,000, the average annual salary in America, and retire a millionaire if you plan and save throughout your entire career. A quick calculation shows that a debt-free person who earns $50,000 and invests 15% of their income for 30 years could have almost $1.4 million saved for retirement.
On the other hand, a person making twice that income who never invests even a small portion of it will likely come up short in retirement. A new financial buzzword describes this fresh demographic of high-income earners who have little net worth as “Henrys,” or “high-income earners not rich yet.”
https://www.daveramsey.com/blog/income-vs-networth
On the other hand, a person making twice that income who never invests even a small portion of it will likely come up short in retirement. A new financial buzzword describes this fresh demographic of high-income earners who have little net worth as “Henrys,” or “high-income earners not rich yet.”
https://www.daveramsey.com/blog/income-vs-networth