How Much Money Do Americans Need
Americans need a lot of money. We need cars, houses, electronics, and plenty of other items that are essential to our continued existence. Life isn't possible without these things. However, many people don't know exactly how much money they make or how much they can earn in their lifetime.
The average person knows how much an hour of their time is worth and therefore, has a good grasp on how much money they need to make to survive. A laborer that makes $10 per hour typically needs approximately $50,000 per year to stay alive in today's economy. The cost of living varies slightly from location to location but Americans have more than enough income in this area.
An average American may not know the total amount of money they will make in their lifetimes, however if they play by the rules and work hard then there's no reason for them not to become rich. It's all about knowing yourself and working with what you have so you can earn as much money as possible in your lifetime.
The US Census Bureau released data in 2014 that showed how much money the typical American earns over the course of their lifetime. The average American will earn $1,004,000 in their lifetime which isn't bad at all. We're going to break down this total into chunks and explain what you can expect to make when you enter each stage of life.
A newborn infant typically makes nothing during their first few years on planet Earth. The cost of raising a child is around $222,000 so parents should be able to recoup some of this money as the child gets older and starts working part-time jobs.
A toddler makes approximately $6,000 per year which is the typical amount of money a 3-year-old can expect to make. This amount starts to climb once a child enters their teenage years and gets a part-time job at age 15. The average child will earn approximately $592,000 in their lifetime as long as they follow the rules and avoid trouble.
This is where the money really starts adding up for Americans. Teenagers are able to work full-time hours unlike children so they make much more than the average American at this stage in life. Teens typically make $18,000 per year but with school and other responsibilities they aren't able to work as many hours as someone working an adult job. The average teenager will earn approximately $1,164,000 in their lifetime.
The 20s are a key part of life for young adults. People in this age group typically make between $40,000 and $70,000 per year which is the most money they will ever make. The typical American will earn over $2 million by age 30 but many people still don't know what they're doing with their lives which can hurt their earning potential.
A person's early 30s are usually the best time to start a family because they have more responsibilities than previous ages and therefore, more money is needed. The average family will make $77,000 per year which is more than enough to go out and buy a house, raise a child, and pay for other essentials. The typical American family will earn about $2.4 million over the next 20 years.
People in their 30s are typically settled into their careers at this stage in life so they don't need to work as many hours and therefore, make less money. The average person in their 30s makes around $60,000 per year which is almost 50% less than what they made at age 20. This can be frustrating for professionals that want nothing more than to keep climbing the corporate ladder but it's not always possible.
People in their 40s are usually flabbergasted by the fact that they make the same amount of money whether they work 50 hours or 10 hours per week. Most people at this age will make between $70,000 and $80,000 per year which isn't bad at all. The average family makes about $73,000 per year during their 40s ensuring them a comfortable life when they retire.
People in their 50s typically have to pick between working full-time or part-time because most companies don't want older employees who can't work as efficiently as a younger person. The average American in their 50s makes approximately $45,000 per year and can continue to work part-time after they reach the age of 60. They will only earn another $2 million before they retire but that's still more than enough.
Retirees typically make less than part-timers even though they actually spend a lot more time working versus someone working 40 hours per week. Retirees typically get paid a small amount each month for the rest of their lives which is why Social Security exists in the first place. The average person retires at age 65 and earns around $24,000 per year until they die.
Americans are lucky because they have an abundance of wealth in this country. The average American will earn approximately $1.3 million in their lifetime and the median Social Security income is around $15,000 per year during the person's lifetime. Many people complain about how much they make but they forget that they can earn a lot more if they work harder in the future as well.
Source: USA TODAY
By: Rocco Pendola
Summary: Americans need a lot of money. We need cars, houses, electronics, and plenty of other items that are essential to our continued existence. Life isn't possible without these things. Most people are of the opinion that anybody can get anything they want and that money doesn't matter. Both of these statements are completely wrong. No one is entitled to things and they do matter a lot. If you don't have money, then you aren't able to purchase anything that you need or want. This is why it's important to learn how to make money when you don't have it. Most people develop bad habits when coping with their financial troubles because they can't afford what they need or desire. Instead of going overboard with the expenses, we should look at ways in which we can save as much as possible in order to be able to purchase more things at a later date. If we save money, then we have more of it to invest in the stock market. The stock market is where all of the great profits are made. You can make a lot of money with some smart investing. There are many ways to make money when you don't have any. There are many people in the world who don't have a penny but they're still able to do anything they want and even buy expensive things like luxury cars or designer products. Our financial advisor at Top Money Hacks will teach you how to use coupons and get discounts on various items so that you can purchase more without spending more.
cONCLUSION: Making money is quite a lot easier than many people think. You don't have to be a millionaire to make the amount of money that you need or want to survive. We can make all of the money that is needed if we use our minds when making purchases. Just by learning how much certain items are, we can go buy something cheaper instead of buying it used or second hand. Those who aren't saving money for later in life are missing out on thousands of dollars that they could be getting every single year if they just invested it properly or started budgeting properly so they could save up for something that they wanted.