What's It Take to "Make It"?

Here's a very interesting post and infographic on what people think it takes to "make it" in America. 

2,000 people were asked what “making it” means to them. Their answers provide some interesting results.

Here are a few of the money-related ones and my thoughts on them:

Average annual income: Now: $57,426; Made it: $147,104

So while the average person in the survey makes $57k, they feel they would have "made it" is they earned $147k.

Wow, that's a big gap.

And one that is not achievable by most people.

According to WalletHacks, the top 5% of earners earn $130k or more.

So in other words, the vast majority will never "make it" to their desired income.

That said, if they want to, they need to get started asap at growing their careers as well as begin a side hustle.

Average home value: Now: $248k; Made it: $461k

First of all, these people are either living in high cost-of-living areas or they want HUGE houses! Yikes!

They should be careful since houses costing over $300k can actually lower your net worth.

Second, I think I have "made it" and I've never owned a home I purchased for over $400k (my current home might be worth that now, but I bought it for under $400k -- and we don't live in the high rent district).

That said, I do own $600k of rental property, so don't know if they're counting that (I assume not).

Average car value: Now: $15,789; Made it: $41,986

Uh, no.

Really? Really, America?

Maybe it's because they associate "making it" with an expensive, luxury car. Otherwise, I don't get it.

Two other pieces of information worth sharing:

• My state, Colorado, was listed as the #3 "made it" state. Oh yes...
• They asked people what it took to be "above average" in status. Women were more likely to say "income" while men were more likely to say "freedom". Interesting. That said, freedom and income are interrelated.

Check out the piece for a ton more interesting facts presented in a very nice infographic.

Comments

[freebird]

Maybe it's not a surprise but it seems the concept of financial independence hasn't yet worked its way into the American dream. Or maybe it has but this isn't reflected in these results because of the way the survey was worded. There's not much a respondent can do when the survey questions confuse income and wealth. I think you paraphrased it correctly at the bottom, so if that's what they meant, then net worth is really off their radar.

My own take has been to focus solely on my FIRE number, the rest doesn't matter-- or perhaps it all falls into individual tastes once you hit your target.