Why Some Affluent Earners Consider Themselves Poor
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 4 November 2024
⏱️ 5 minutes
🧾️ Download transcript
Summary
Discover why some affluent earners consider themselves poor.
Are you investing well for financial freedom...or not?
Financial freedom is a combination of money, compounding and time (my McT Formula). How well you invest, makes a huge difference to your financial future and lifestyle.
If you only knew where to invest for the long-term, what a difference it would make, because the difference between investing $100k and earning 5 percent or 10 percent on your money over 30 years, is the difference between it growing to $432,194 or $1,744,940, an increase of over $1.3 million dollars.
Your compounding rate, and how well you invest, matters!
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Transcript
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| 0:00.0 | Be Wealthy and Smart, episode 1424. |
| 0:03.8 | I'm going to live the rich life, full than best life, yes life. |
| 0:11.0 | So if y'all know what I mean, put your hands up and declare with me, yeah, I'm full of bread. |
| 0:17.0 | I'm going to live a good life. |
| 0:21.6 | Beautiful and glorious life. |
| 0:24.6 | Step into a world of wealth and financial freedom without budgets, boredom or bosses on Be Wealthy and Smart. |
| 0:33.6 | And now, here's your host, Linda P. Jones. Welcome to Be Wealthy and Smart. I'm Linda P. Jones, |
| 0:41.3 | America's wealth mentor, empowering women and men worldwide to financial freedom. On today's show, |
| 0:46.6 | we're going to talk about why some affluent earners think of themselves as poor. This is an article |
| 0:52.2 | from Ben Zinga, which basically did a survey of people earning |
| 0:57.1 | more than $175,000 a year, which puts them in the top 10% of U.S. earners, but why some of those |
| 1:04.4 | people feel poor. A quarter of those surveys said they felt very poor, poor, or just getting by, despite being |
| 1:11.9 | in a financial position, many would envy. |
| 1:14.6 | More than half of those surveyed expressed concerns about their financial future, with 25% |
| 1:19.5 | doubting they would ever surpass their parents' financial standing. |
| 1:23.3 | So why would people that have a high income feel this way? |
| 1:26.9 | Well, apparently one major factor is that |
| 1:28.8 | while their incomes are high, so are their expenses. Things like housing costs, education, |
| 1:33.8 | and basic living expenses have skyrocketed, leaving many feeling financially stressed. According to |
| 1:39.5 | the latest consumer expenditure survey from the U.S. Bureau of Labor Statistics, the average monthly expenses |
| 1:45.2 | for American households amount to $6,440. Over the course of a year, this total is approximately |
| 1:51.9 | $77,280 in household spending. Now keep in mind that the median household income was just around |
... |
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