It's normal to rage against the top 1% nowadays. The pandemic created a widening wealth chasm between the top 1% income earners and everyone else. If you happen to be doing well, I highly suggest you keep things under wraps.
By definition, 99% of people do not make a top 1% income. Therefore, there can be a lot of envious people if you show off your wealth too much. However, once you make top one percent money, you can more easily accumulate top one percent wealth, which is what really matters.
As of 2025, a top 1% overall income is at least $700,000. Back in 2015, a top 1% overall income was only $380,000! Talk about inflation and economic growth.
Who Are The Top 1% Income Earners?
As a San Francisco landlord since 2005, I've been able to screen many tenants over the years. During this process, I've discovered many people make top 1%-level incomes ($400,000 between 2005 – 2010 and $700,000+ for 2025+).
For example, in my latest screening, I discovered the top 1% are a couple who met in law school at 25 and are now 28 year old 2nd year associates making over $450,000 combined.
The top 1% is also the 30-year-old Google software engineer from Caltech who brings in $500,000 a year plus $200,000 in RSUs, with over $300,000 in savings.
The top 1% is the 35-year-old cardiologist who is finally making over $650,000 a year after 11 years of post high school education and 3 years of residency work at $60,000 a year. By the time he's 45, he will probably make over $800,000 dollars.
Where else can we find the top 1% income earners? Oh yeah, MBA grads who join Wall Street firms such as JP Morgan and Goldman Sachs at the standard $150,000 base salary and $35,000 sign-on bonus at age 29-30.
The top 1% income earners are university professors who have the great blend of riches and status. People respect professors for their intellect and contributions to society. Professors can make much more money consulting, speaking, and writing books on the side.
If they can last through the treacherous ups and downs of the markets, the multiple rounds of layoffs every year, the intense pressure of 60-80 hour work weeks, not to mention all the internal political land mines, they too will make over $400,000 a year by the time they are 35 year old second year Vice Presidents.
Let's explore a little further who else makes top 1% money besides the usual suspects.
Top 1% Income Earners From All Occupations
The below highlights top 1% income earners from various occupations. Some are more obvious, such as medicine and banking.
However, you'll be surprised by how many other industries pay top 1% income. The key to being a top 1% income earner is really about performance and longevity. The top producers over the longest period of time tend to get paid the most.
Public School Administrators:
Public colleges regularly pay their employees hundreds of thousands of dollars a year. The best paid University of California employee is the football coach, with a salary of $5 million a year. Not bad for a job many would say they'd love to do for much less. Then there is Nick Saban, head coach of Alabama's football team that makes $10 million a year.
Practically every single Top 25 head coach in football and basketball makes multiple-six figures. The UC's last President earned $900,000 and UCSF's Chancellor, Susan Desmond-Hellman made over $450,000.
Heads of Private Grade Schools
Thinking about sending your kids to a private grade school? It'll cost you a pretty penny if you do! Many heads of private grade schools make a top one percent income.
Below is a list of the highest-paid heads of schools in San Francisco. You're seeing the compensation alone, which doesn't include benefits. Not bad! The salaries of private grade school heads are very similar across many of the largest cities in America.
Politicians:
In September 1999, President Clinton signed legislation that increased the presidential salary to $400,000, effective January 2001. This presidential pay raise was the first since 1969, when the president's salary was raised from $100,000 to $200,000. Adjusted for inflation, $200,000 in 1969 would be worth $930,232 today.
On top of the salary and expense accounts, both the U.S. president and vice president are given free housing with plenty of amenities. The White House has 132 rooms, 32 bathrooms, a movie theater, bowling alley, billiards room, tennis court, jogging track and putting greens. Pretty good perks!
Up and coming politicians such as AOC earn $174,000 in Congress. Although not a top 1% income, Alexandria Ocasio-Cortez will earn millions if she decides to write a book or move on from politics. It is an inevitability that by the time AOC turns 40, she will have a net worth over $1 million.
Publishers/Bloggers:
Bloggers making over $650,000 a year are everywhere, you probably just don't realize it. Here are some that make the list: Darren Rowe (Pro Blogger), Michael Arrington (Tech Crunch), Pete Cashmore (Mashable), John Chow (John Chow), J. Shoemoney (Shoemoney), Perez Hilton (Perez Hilton), Ben Huh (Cheezeburger Network), Peter Rojas (Gizmodo), Leo Babauta (Zen Habits), and many top personal finance bloggers.
There are hundreds more that we've never heard of. Who knows, maybe even yours truly makes over $400,000 a year from my various online media properties. Learn how to start your own profitable site online today. What used to cost thousands and require employees costs next to nothing and can be set up in under 20 minutes!
TV Journalism:
Anchorwomen and men make well over $650,000 at all the major stations in all the major cities. Katie Couric sealed an eye-popping $75 million, 5 year contract for CBS.
Political comedian, Jon Stewart from the Daily Show made around $15 million a year and has a net worth north of US$50 million. Jon makes his money making fun of politicians and rich people.
Documentary-maker, Michael Moore, has made millions from railing against the car, food, and finance industries. Oprah is the queen of them all with mega-billions.
Chris Cuomo, the fired TV host from CNN, was making $6 million a year. He was caught trying to help his brother, ex-governor Andrew Cuomo dig up dirt on one of Andrew's accusers.
Public Company Executives:
All the CEOs of the Fortune 500 companies who on average make a somewhat outrageous $10 million a year. If you include the CFOs, COOs, and all other C-level execs, we're talking about thousands who make in the multi-millions. These aren't the top 1%. These are the top 0.1%!
Many Directors and VP of Fortune 500 companies all make well over $650,000. You don't have to be a C-level executive to get there.
Internet Start-Up Founders:
And then there are the founders of all the great internet/tech companies you see today: Apple, Uber, Lyft, AirBnB, Pinterest, Twitter, Google, Youtube, Instagram, Snapchat, Zoom and so forth. They are the creators of the tools you use everyday to communicate and entertain yourself with.
Some accept only a $1 salary, but when you calculate their stock option packages, they are making in the mega millions every year. The Twitter CFO, Anthony Noto, got stock compensation worth roughly $70 million in 2017! Now he's gone ahead and become the CEO of SoFi with likely a similar impressive compensation package.
Professional Sports:
Every starting NFL player makes well over $650,000. So do all the members of every NBA team and European soccer league. Men and women who hit fuzzy green balls and whack dimply white balls earn over $650,000. It's hard for a Nascar and Indy driver not to make over $480,000.
Baseball players have incredible multi-year guaranteed contracts that make all other sports envious! Well, then there's Patrick Mahomes from the Kansas City Chiefs, who signed a 10-year contract worth $477 million starting in 2020!
Entertainment Media:
When you come home from a long days work and switch on the tube, the stars of your favorite TV sitcoms are well into the top 1%. When you take your significant other to the movies on a Saturday night to watch the highly anticipated Big Momma's House III, the actors are all in the top 1%. They entertain you and make you laugh, and you go out and support them as a result.
Top 1% Income Earners Are Everywhere
Making over $650,000 a year to be a top 1% income earner is no easy feat. However, even during a global pandemic, there are plenty of top 1% income earners who are cleaning up.
They have worked hard to get to where they are. Many of them employ thousands of the rest of us 99%. Many of them entertain us with their movies, or their witty morning banter. Some of us even fix our broken bones or mend our melancholy hearts.
Even more top 1% income earners donate a significant amount to charity. We should probably say “thank you” to the top 1% instead of eviscerating.
Do you want to be in the top 1%? It will take a lot of hard work and creativity that's for sure. One good step is to try and make a top 1% income by age. This way, you'll have good income goals to shoot for along the way to $650,000+.
Top 1% Income To Top 1% Net Worth
The top 1% are no different from you and me. They are the kid raising her hand in the front of the class. The top 1% is the scrawny 8th grader who plays JV baseball, but never varsity.
The top 1% join you in causes and vote along side of you. They still have to wait in line at the security check-in and sit in middle seats. The top 1% die from cancer and eat more than they should. The top 1% have loved ones.
Some may have caught a lucky break, while others just inherited it all. Those who didn't earn their way to the top 1% are a minority. We can't all get to the top 1%, but we can all certainly try.
Once you achieve a top 1% income, it's time to get to a top 1% net worth of $13,000,000 or more. Once you have both, then you're really balling out!
Recommendations To Build Wealth
1) Track your finances like a hawk.
Sign up for Empower, the web's #1 free wealth management tool to get a better handle on your finances. You can use Empower to help monitor illegal use of your credit cards and other accounts with their tracking software.
In addition to better money oversight, run your investments through their award-winning Investment Checkup tool to see exactly how much you are paying in fees. I was paying $1,700 a year in fees I had no idea I was paying.
After you link all your accounts, use their Retirement Planning calculator that pulls your real data to give you as pure an estimation of your financial future as possible using Monte Carlo simulation algorithms.
I've been using Empower since 2012 and have seen my net worth skyrocket during this time thanks to better money management.
2) Invest in real estate.
Every top 1% income earner with a top one percent net worth I know has a healthy real estate portfolio. Real estate is a great way to build recurring passive income and build great wealth as asset values inflate over time. Real estate alone has made me millions since I started investing in 2003.
Check out Fundrise and their private real estate funds. Private real estate funds give investors a way to diversify their real estate exposure with lower volatility compared to stocks. Income is completely passive and there is much less concentration risk.
For most people, diversifying into a fund is a great way to go. Fundrise predominantly invests in residential and industrial real estate in the Sunbelt region, where valuations are lower and yields tend to be higher.
If you are bullish on the demographic shift towards lower-cost and less densely populated areas of the country, check out CrowdStreet. CrowdStreet focuses on individual commercial real estate opportunities in 18-hour cities.
18-hour cities have lower valuations, higher cap rates, and generally faster growth rates. If you have more capital behind, you can build your own select real estate portfolio with CrowdStreet.
Both platforms are Financial Samurai sponsors and Financial Samurai is a six-figure investor in Fundrise funds, as our views are most aligned. I've personally invested $954,000 in real estate crowdfunding across 18 deals to diversify my expensive San Francisco real estate holdings.
3) Invest In Private Growth Companies
Finally, consider investing in private growth companies through an open venture capital fund. Companies are staying private for longer, as a result, more gains are accruing to private company investors. Finding the next Google or Apple before going public can be a life-changing investment.
Check out Fundrise Venture, which invests in the following five sectors:
- Artificial Intelligence & Machine Learning
- Modern Data Infrastructure
- Development Operations (DevOps)
- Financial Technology (FinTech)
- Real Estate & Property Technology (PropTech)
Roughly 65% of Fundrise Venture is invested in artificial intelligence, which I'm extremely bullish about. In 20 years, I don't want my kids wondering why I didn't invest in AI or work in AI!
The investment minimum is also only $10. Most venture capital funds have a $250,000+ minimum. You can see what the Innovation Fund is holding before deciding to invest and how much. Traditional venture capital funds require capital commitment first and then hope the general partners will find great investments.
The Top 1% Income Earners save aggressively and invest their savings wisely. With inflation elevated, the top 1% income will easily be above $500,000 soon. If you want to make a top one percent income, subscribe to my free weekly newsletter. 60,000+ people have since 2009.
I make alot of money, i give away alot of money and i make more money and give away even more money. Cant tell you why this works but its pretty amazing!! I think ill keep it up!!
“For what is MY experience, those who become rich often do so by stealing from others!”
Now I don’t know how it works in America, but Italy is the home of scams.
We have 70% taxes, 4 times your politicians who are often under investigation and sentenced. And we have a population that’s 1/5 of yours.
Even in the “world of financial education”, we have that charlatan of “Alfio Bardolla”, who translates and sells for € 3,000 information that can be found for free by Robert Kiyosaki on the Internet.
And like him there are so many others of charlatan trainers. Who sells Dan Kennedy’s pirate courses (and who pass that information on as their own). Because in Italy we do not know English.
And then the company of Alfio Bardolla (Arnold Coffea) which is a copy of Starbucks, is bankrupt.
“Eh, but Alfio Bardolla teaches you how to get rich” ahahahha.
I could talk for hours, hours, hours of the fact that honestly no one has ever been enriched. There are VERY few cases!
I read most of the comments here and I have seen so much pro-captialist pro-1% propaganda plastered around here, I cannot understand why any well educated person would continue reading this blog’s comments. Someone claiming to be part of the 1%, how is it possible when their English writing skills are so poor, so inferior, basic and child-like grammar. How pathetic. Why didn’t their greedy parents not bother to send the best private tutors they could buy and bring them to their door step to teach their whiny spoiled brat kids how to properly write in grammatically correct English? I guess wealth doesn’t always mean you’re the brightest crayon in the box, doesn’t it. Most wealth is not earned, at least it isn’t possible in a single life time. What consists of the 1% is not clearly defined in this blog. The truth most wealth is inherited, period. If you truly want to be part of the 1%, you either have to inherit it or marry into it. Both scenarios are nearly impossible for 99% of the world’s population.
Most wealth is actually earned believe it or not. But you’re right in that most of us were just lucky. What we do with our luck that counts the most.
I haven’t read all the comments but probably they are mostly pro-market and pro-capitalist. And why not? a Free market economy is what has made this country prosperous. It is the system that lifted Europe, East Asia and most recently China out of poverty. What alternative is there to a free market economy that will help entire nations? NONE. Secondly, for the record, English is my 3rd language, meaning I came to the US without knowing how to speak English as a teen. So maybe some of the bad writing you see is due to the fact some of us are not even born or raised here. Third, the top 1% is defined as $400K annual household income OR about $6 million in net assets. That level of wealth is attainable by everyone in this country given the right set of skills and arguably some luck. I made my first million during the early years of the internet boom because I quit my sales job and decided to go into business on my own. Later, I made even more on my second and current e-commerce business which I started with a grand total of $200 but armed with the knowledge of how the internet works. While some people use the web for facebook, troll, argue, etc. I used it as a tool to make money. So yes, the American dream is alive and well and you shouldn’t doubt it nor fall for that far left propaganda. And for the record, I came to the US with nothing, finished my degree at a no-name University as an International Student and worked hard and smart all my life. So if I can do it, any person who is born here (and has the luxury of educational grants, financial aid, welfare, etc) can definitely do it.
“The truth most wealth is inherited, period. If you truly want to be part of the 1%, you either have to inherit it or marry into it. ”
This is incorrect. Most millionaires (96+% or so are self-made). Please refer to ‘The Millionaire Next Door’ and ‘Everyday Millionaires’.
Writing well is not an indicator of success or smarts.
So we all come here and lie. 60% inherited wealth is accurate. No body is self made. Everyone I’ve ever know or read about gets help. The self made are thief’s and liars. Certainly many at the bottom give up. But once you know the odds are forever against you why struggle just to be cheated in the end?
Love the pessimism! Check out this post:
https://www.financialsamurai.com/your-wealth-is-mostly-due-to-luck-be-thankful/
You should enjoy it.
Spoken like a true total loser in life. My grammar skills suck, I have a fowl mouth, i have to ask people how to spell words if I dont have my phone and still…… I made just short of $500,000 last year with an expectation of making around $100,000 more this year,( no matter the economy) and i could teach anyone how to do it. All it takes is hard work and giving up everything short of your soul.
Does it*
This is a great article! I am chrrently working in an entry level engineering tech position (government) and am in the process of assesing all the options available to me. Entrepreneurism definately has the highest cieling plus the reality that you control your destiny. I know it will not be easy. It will be a culmination of a life long dream of achieving my dreams. Much respect to yourself financial samurai for what you do and all of the 1% ers who have earned their income or have managed to take their inheritence and increase it. I realize self determination and creativity will be extremely important in this journey ( these have been some of my weak points previousy ). Wish me luck! I have just stumbled across your site and I am very impressed by your content, will stay tuned!
Thank you and welcome to my site!
First, you need to learn to write. More important, you need to lesrn to spell. You may have an important degree from an expensive school, but language skills are irreplaceable.
As you spell “learn” wrong.
What a clown I have createdm next he will be teaching us how to spell with the letter s – Joohn is one o
I’ve been in the top 1% more or less since I left my corporate sales job in 2002 at 30 and started selling stuff online. Nowadays I work about 20 hours per week and bring in about 400K per year not including my rent/dividend income. The internet is the best thing ever!
Make that 600K this year.
Great post! My wife and I make just of 500k per year.. We make money from the internet and have multiple revenue streams. Think “consulting”. :) It took us about 5 years to go from negative revenue to where we are now. We work from home and have a lot of flexibility. It still can be pretty stressful though..
Still trying to figure out the best way to invest the money. ~6% per year seems painfully slow. Any ideas to move things along a bit faster?
I left my name anonymous so people wouldnt track me or my company……. but i make $400,000 a year & i knock door to door. I am a high school drop out. Earning a high income has nothing to do with your credentials honestly…. how many jobs can you think of that start out at $400k a year? I couldn’t tell you one, But i can tell you that people like myself, earning a high income in this regard all have a common mindset of growing and multiplying themselves with recruiting and training others to follow… or they are amazing at retaining clients… such as my brother whom is a plastic surgeon funny enough :) 80% of all millionaires in the US are entrepreneurs, and this is for a reason. Think outside of the box… if you are working how people tell you to work… they will earn more than you always, think about it.
Love it! You will appreciate this post:
https://www.financialsamurai.com/income-profiles-of-financially-free-people/
[…] Francisco, I would call attention to the parallels of fascist Nazi Germany to its war on its “one percent,” namely its Jews, to the progressive war on the American one percent, namely the […]
To become a cardiologist, it’s 14 (not 11) years of post high school training. Then, 1 or 2 additional years for interventional or electrophysiology.
[…] can’t be a President Obama speech without discussing taxes and the top one percent! It’s true that the top one percent earn a tremendous amount of money through long-term […]
Money is the root of evil. It is the sum total of your desires quantified by central banks on your slave planet. if you want to be in the top 1% you better give away ALL of your money or you will inherit an eternity of pain. HAHAHAHA! Yes struggle to gleefully live in the 1% ignore me, inherit hell for eternity. Yes, very wise indeed.
Of course you say that, God.
This website is for grown folks fool. Take your meds. Obviously is past your bedtime.
. “The love of money is the root of all sorts of evil.” Is the words in the Christian Bible. What kind of God are you?
Giving freely is the secret sauce of abundance. Below is Andrew Carnegie’s view on what being wealthy is all about. I have lived by this for 34 years and it has not failed me. May you soak it in and apply it to your own lives.
Andrew Carnegie’s Spirit Speaks:
This then is held to be the duty of the man of wealth. First: to set an example of modest, unostentatious living, shunning display; to provide moderately for the legitimate wants of those dependent upon him, and after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is strictly bound as a matter of duty, to administer in the manner which in his judgment is best calculated to produce the most beneficial results for the community.
The man of wealth must become a trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer. Those who would administer wisely must indeed be wise. For one of the serious obstacles to the improvement of our race is indiscriminate charity. It were better for mankind that the millions of the rich were thrown into the sea than so spent as to encourage the slothful, the drunken, the unworthy.
In bestowing charity, the main consideration should be to help those who help themselves. It provides part of the means by which those who desire to improve may do so; to give to those who desire to rise the aids by which they may rise; to assist but rarely or never to do all.
He is the only true reformer who is careful and as anxious not to lead the unworthy as he is to lead the worthy, and perhaps even more so, for in alms giving, more injury may be done by promoting vice than by relieving virtue. Thus, is the problem of the rich and poor to be solved.
The laws of accumulation should be left free; the laws of distribution free. Individualism will continue. But the millionaire will be but a trustee for the poor; entrusted for a season with a part of the increased wealth of the community, but administering it for the community far better than it did, or would have done, of itself. The best in minds will thus have reached a stage in the development of the race in which it is clearly seen that there is no mode of disposing of surplus wealth creditable to thoughtful and earnest men into whose hands it flows save by using it year-by-year for the general good. This day already dawns.
Men may die without incurring the pity of their fellows, sharers in great business enterprises from which their capital cannot be, or has not been withdrawn, upon which is left entirely a trust for public uses.
Yet the day is not far distant when the man who dies, leaving behind him millions of available wealth, which was free for him to administer during life, will pass away “unwept, unhonored, and unsung,” no matter to what use he leaves the dross which he cannot take with him. Of such as these, the public verdict will then be: the man who dies thus rich, dies disgraced. Such in my opinion is the true gospel concerning wealth, obedience to which is destined someday to solve the problems of the rich and the poor, to hasten the coming brotherhood of man, and at last to make our earth a heaven.
How much you earn isn’t as important to getting wealthy as is HOW MUCH YOU KEEP and turn into income producing assets.
ANYONE, 1% or not, can improve their financial life by following the basics:
>>Set Long-term Financial Goals
>>>>Using the SMARTER system
>>Set Short-Term Goals (Milestones)
>>Track (and Audit) Expenses
>>Develop and Follow a Spending Plan (aka budget)
>>Automate Finances
>>>>Both Savings and Spending
>>Review and Revise Progress and Plans
My 2 cents… Leah, the MoneyDiva.com
Sam- the following is music to my ears: “Why are we trying to hunt them down? They have worked hard to get to where they are and many of them employ thousands of the rest of us 99%. Many of them entertain us with their movies, or their witty morning banter. Some of us even fix our broken bones. Even more donate a significant amount to charity. Shouldn’t we say “thank you” to the top 1% instead of eviscerating them?”
Your article perfectly illustrates the diverse population that makes up the 1%. Too many people are too misinformed and quick to judge- or envy- a population that does a lot of good.
Add to your list white collar middle management couples in every major PROSPEROUS North American city.
Add to your list commercial or residential real estate sales couples in every major PROSPEROUS North American city.
Add to your list most any ass kicking tech or online advertising salesperson in every major PROSPEROUS North American city.
I’m 24 years old. I’m a 1% income earner. Last month I earned $77,577.50 in income (after all expenses and paying partners, before taxes), averaging over 40k a month for the year, so this is the first year I’ll be officially in the 1%. Last year I made 134k in income from my business. 2 years ago I made 78k. 3 years ago I was barely getting by in college. I own an internet business, and started it 3 years ago while still in school. I used student loan money that was to pay for my apartment in college to start this business. I worked when friends were partying, and I challenged everything that I was told about making money and being financially secure. Although I’m not a millionaire yet (only 24, and I’m not including the value of my share of the business in my net worth, which could make me a millionaire on paper), I am definitely on the path of becoming a .5%, or even .01% earner soon. I come from a very poor family and paid for everything since I was 16 years old – first car, college, phone, health insurance etc. I’ll pay six figures this year in taxes, but I’d much prefer giving it back to my family than the government. I don’t waste time complaining, it’s not productive. I’d rather work harder to make more money or enjoy life.
I hear a lot of complaining and pointing fingers waiting for the world to change. Don’t be mad if you were lied to that your education should secure you a good job. That’s not how the world works and that’s not how to make more money. It pretty much boils down to this:
1. Need – It still amazes me about college graduates complaining that they spent so much money on a degree and don’t make enough money. Follow your “passion” to make money is a myth. No one is going to pay you because you enjoy it. They pay you because you fill a need. Period. Little demand for your service = little pay for your service.
2. Entry – If the barriers to entry for your position are low, then the pay will also be low. If someone can be taught how to do your job in a matter of a few days, then you can’t reasonably expect to have much bargaining power over how much you make. If you start a business that anyone can start, then you are opening yourself up to a ton of competition and this will likely cause your profits to drop trying to compete.
3. Control – Want to get the most secure job in the world? Own a business. There you control the variables, don’t have to worry about getting fired and can influence how much you make because you have control over the bottom line. Too scared to do this? Then don’t complain when you get fired because you don’t have control. I have contracts with clients lasting several years or more. That’s security.
4. Time – If you are paid based on your time, then you only make more money by doing 1 of 2 things – increasing time worked (# of hours if you are paid per hour, # of years if you have a salary) or how much you make per unit of time ($/hour, $/year). How reasonable is it to ask your boss for a 100% increase in pay next year? How reasonable is it to work 24 hours/day for a year? How reasonable is it to work for 100 straight years? Not very. So you are very limited in how much you can influence those 2 factors. But with a business, you separate time from how much you make by influencing 2 units that don’t depend on time: # of products (or services) sold x $profit per product. Much easier to influence these variables. Every successful business follows this type of formula. By the way, if you start a business that depends on your time, then it’s still a job. If you can take a month off and your business will still continue to do well, then you own a REAL business. I took 2 weeks vacation last month and made the most that I’ve ever made in a month. That’s because it’s separate from my time…as a business owner you should create processes and systems that allow your business to run itself. That opens up scale and creates freedom. All of my work is put into growing my business, not maintaining it.
Want to know why doctors are paid a lot? They satisfy need and entry. Want to know why some businesses fail and some succeed? The ones that fail lack a principle (or principles) from above. The ones that succeed satisfy all of them.
There you have it. That’s how you make money. No more excuses. Peace.
$77k in one month just several years out of college is impressive! Make sure you save as much of it as you can. Congrats!
I agree with everything you say but this one thing:
“If you start a business that anyone can start, then you are opening yourself up to a ton of competition and this will likely cause your profits to drop trying to compete.”
I’m 24 this year, actually, and I’ve just finished acquiring my 3rd business. Each of these businesses could be started by anyone tomorrow and could be done with very little training. That’s actually why I bought them, because they’re pretty much turnkey from day one. However, at this point in time, I’m only operating in industries where the work required is something that very very few people would ever consider as a real career path. Think DIRTY work. And…the people that would….don’t have the capital available to start anything. I could be the exception, but this has worked well for several years so far and there’s no real hint of any competition now or coming down the pipeline.
Any hints on industries you have worked in?
You must be a Dan Kennedy fan. He and others have been a roadmap to my success.
I think you’re on point here. My uncle is a self-made millionaire who came from very humble beginnings and put himself through college, built his business and will retire comfortably. I admire him in that way. While the field I graduated in doesn’t pay as much…graphic design/digital art…I know people who make $8/hr with college degree to $75k/yr…I know there are ways to burst through that canopy, if one is willing. While I was still in school, I sought out opportunities to get experience in my field and bc of that I was hired directly out of college…I was a late bloomer at 33. I moved and left my husband and two kids behind while he finished his degree. He later joined me. After 3 years, I was laid off from my job last February due to departmental changes. I didn’t get unemployment bc my boss didn’t pay into the program. However I had already been looking into starting my own business in fine and custom art (a dream I often thought was impossible but wanted so badly). So in the last few months I have at least managed to replace half my employed income whilst being able to work from home and have more time with my kids. I’m getting better at managing my business and advertising and now have an impressive body of work and beautiful site. I’ve put in many hours over and beyond what I did in my employed position, but I don’t mind it bc its mine, I run the show, and I will determine the success. I create the brand and set the prices, policies, and choose my clients. It’s scary but also exciting! My goal this year is to completely replace my employed income and then set new goals. I’m 37 and no where near the 1% right now…but I don’t mind. And I don’t mind those who are…I think as long as any person feels they are serving their purpose then it’s great! Do what you do. And if you want more then work more…and take a risk, but use wisdom.:-)
Congrats. Hard work and the right business definitely pays off. Thank you for sharing. I think the hardest thing for some who do work hard and dream of having their own successful business is finding the right business. I wish there was more people like you who could mentor those that have a hard work ethic but just need some great mentoring along the way.
well its not all dandy and happy in a lot of cases. Here are some of the top earners who go broke. Now this is just one category, focusing on some of the top paid pro athletes. Many names you will recognize.
This goes to show you, it does not matter how much you make, its about how much you can save and invest wisely! Sure you could millions every year, but bad financial decisions can have you broke by the time you want to retire if you don’t play your cards right.
This is 100% right wing propaganda not based in facts.
Try this instead:
Brian,
What about Socialism As A Means To A Brighter Future?
This article abou the top 1% income earners isn’t right wing propaganda. It’s the truth that there are so many high income jobs out there, from police officers to bankers to dockworkers. If you want to make more, you can. If you don’t want to, don’t complain why you aren’t.
Sam
I love how strong you defend the 1% as if the 99% are crying because we want everything you have but don’t want to work for it. The issue is that we the workers working for businesses you make are YOUR business! We serve your customers and make your products and do the hard physical labor! We aren’t demanding to magically become part of the 1%! We work hard to and the pay isn’t enough to live on. You talk about how hard you worked how much you missed and that life isn’t for everyone. Not everyone is interested in being extremely wealthy. Many people are content working hard @40 hours a week and spending their time embracing life and spending time with their children so they don’t miss out on their childhoods. Yes hard work consuming your life can make you money and some people that is living! For the rest of us we simply want to work hard but rather consume our lives with love and family. Why should we get paid crap when we work hard! Who is supposed to raise kids? Daycare? This fight isn’t picking on people earning 300,000 paying taxes and employing workers, this fight is to the very top eating up small businesses and hoarding ridiculous amounts of money instead of putting back into our economy so the rest of us can work hard, enjoy our family and lives, and not kill ourselves with stress because the pay is so low that utilities, rent, and food are more than our paychecks! Plus the idea that everyone can get an education or start a business or even work 40hrs leaves out a huge group of people that have mental and physical disabilities. These people know that their limitations will limit opportunity for wealth but should it mean that they have to live with nothing? Give those people food and care and stop blaming them for having problems. If one of you suddenly had brain damage and couldn’t work and a bigger shark takes your business you would be here with us.
I think the media has thoroughly commented on “the 99%.” We all understand that it is HARD to get ahead for many people. The median net worth has gone nowhere in decades, for example.
To be good citizens, I think it’s always good to see the other side of the story. Do we need another post bashing the top 1%? Do people realize they are really talking about the top 0.1% instead?
See these posts:
Getting By Off $200,000 A Year
Spoiled Or Clueless? Try Working Minimum Wage Jobs
Thank you for pointing out that it is actually the .001%, NOT the .1% that is literally stealing their wealth through money manipulation not hard work. Lol big difference. And yes that 99% work their asses off and give up the majority of their lives for someone else’s interests so they should at least make enough that they can put clothes on their backs food on the table and a roof over their head and not to mention enough money to pay for the vehicle and gas to get them to work and back plus the insurance that if they don’t buy they will get fined and lose their license. #Riggedsystem
You use $380K as the threshhold for top 1% income. I would note that household income ranking tool on the Wall Street Journal blog marks $380K as top 2%. According to the blog,
“An annual salary above $506,000 puts you in the top 1%”
There is a difference between household and individual.
I am a 25 yo making 19k/month, and I’ll tell you this, it ain’t easy :)
Most people value security. To make 30k/mth, you can’t get there working a day job.
Most people value relationships. To make 30k/mth, being a good boyfriend, or even having a consistent relationship isnt easy.
Society isnt setup for people to make 30k/month. Maybe 2k, 4k, or even 8-10k per month is possible if you follow the rules and work hard. You have to LIBERATE YOURSELF FROM THE RULES to take things to the next step. Perez Hilton didnt start a blog because somebody said this is what you do. He went off on his own. It takes balls to give up your security blanket. It takes confidence. Stop for a moment and think how awesome our country is, we’re a bunch of rule-breakers.
Nice work! What is your line of business?
The $380,00 is adjusted gross income. FYI- It makes a big difference
Why hate on the 1% not only do they pay a huge amount in taxes they also hire people and pay payroll taxes on all of their employees. So when it comes to business owners don’t just look the the % they pay on their personal income. Look at personal income plus business taxes, taxes associated with employees, equipment taxes and the list goes on. If the IRS raises taxes on this group of people aka small business what you will see is investment in people and equipment drop sharply. As a small business owner I am the last person to receive payment from the company, we are very successful but there are still times that we go months without a paycheck due to payroll, payroll taxes, social security, unemployment tax, material from our vendors, utilities, fuel, capital equipment and after all that is paid then our bill from the IRS arrives. As a business sometimes the profit you make takes six months for it to be realized after everything. It is disturbing to see people hate on people that take on so much risk and others feel that they should pay more than they already do in taxes.
“The government is not the solution, the government is the problem”
– Ronald Reagan
I don’t believe our country has a revenue problem I believe we have a spending problem.
Nope. Huge taxes? There are loopholes. Warren Buffett pays less taxes than his secretary and his secretary doesn’t even make six figures. Our president now, Trump, isn’t required to pay taxes as he lost money during a business. I do agree we do have a spending problem, but, if you are frugal enough, you can have a happy retirement, and if that’s not successful, then what is?
The wealthy pay almost all the taxes. There are very few Warren Buffett’s out there and the only reason he pays little in taxes is he doesn’t pay himself a salary since he doesn’t need the money. His company pays huge amounts in taxes.
The bigger problem is that middle class pays so little in income taxes, much lower than the 1980’s
Very few people understand the financial requirements to use the so called “loop holes” . Only the Uber wealthy …multi millionaires can even consider these tax advantages . The infamous “off shore accounts ” require Large sums of spendable cash . The vast majority of those in the “villainous ” 2 or 1 percent are just hard working Americans that shoulder the bulk of the tax bill in this Country .
Yes! Jennifer you are so right and this is never in the dialogue. The 1% of earners who are W2’d pay a total of 40-50% in state and federal income taxes. Their write-off’s are all minimized via AMT and Pease limitations. They experience excessive marriage penalties that often drive one spouse (typically highly educated women) to opt out of the workforce.
Only med-low income earners or those uber-rich who’s earnings are most “passive” income pay low rates.
There is no such thing as loopholes when talking about taxes. People who think there are “loopholes” when talking about taxes are very simpleminded individuals.
The tax law is hundreds of pages long. Our elected officials have created that mess, then want to claim “loophole”.
Here’s a thought… Simplify the tax code so I don’t need to pay my CPA $5,000 a year just to give money to the government, then I’ll give you your “loophole”.
Look, I have to laugh at all of the people on this forum who loath the one percenters. It isn’t as if we don’t know how the market works! It isn’t as if education, regardless of field, will always pau off. I.e. who would pay.one hundred grand a year for someone with no credentials other than a masters degree in Art history from a state college? When they could get a decent computer programmer for 80,000 a year or two accountants for 100,000? I find no quirks with being an employee (good stability, if your half decent in a desired field) and don’t get me wrong everyone can excell in some desired field, the trouble is identifying it before its too late! For example, if you like talking to people become a psychologist, if you enjoy science become a doctor,surgron, or engineer. If you like math, become an actuarian. If you like Englis, history and polotics become a lawyer, etc. even if your passion is something COMPLETELY useless~ become a proffessor! But make NO mistake! All fields require working harder than you can imsgine, competing with a dozen other people, and skill and experiences beyond the other candidates. The thing is though, that in order to stay ncially stable you will always have to live within a budget regardless of how much or how little it is. To get rich is a completely different, and risky, story though. There are many ways to get wealthy~ but ALL require hard work and a different type of thinking than the rest of society. Firstly, invest wisely. There are people who are now millionares because they bought stock in apple when it was down.I, even, know people who became millionares without a highschool education! They did NOT get rich with working as an employee though! Start a company, ride the recession back up by investing in realestate (im talking appartment complexes in the middle of cities, hotels in attractive areas, or bars in areas that will lilely start devoloping onve it recovers. One thing is for sure though, the routes of getting rich are also the ways to loosing everything~ if it were easy than everyone would do it.Oh, and another thing! Get your finger out of your @$$ and stop feeling entitled!!!!
Somehow you determined or researched the salary number $380,000 and above as the 1% group, and you said these people are all around us–everywhere. I think not. By definition, every one person in a hundred is in this group, so if a thousand people are with me in stadium section B, then ten people are in this high salary group. They must be grouped together because none are around me.
Would you please give me your reference source so I may know how many average Joes are around me and so I may know what is salary range of average Joes. My perception (in a non-union region) is 80% are making up to $100,000 and about half of them are below $50,000. I would like to have perception changed into reality.
Excellent posting.