$421,000

$421,000

You’ll need to earn about $421,000 per year to be in the top one percent of earners in the United States.

According to the most recent census, the average household income in the USA is about $61,372. The gap between the national average and the top 1 percent is significant.

To bridge that gap, Doug McCullough and Brooke Medina suggest you need to:

  1. Learn from the success of others: Place yourself in proximity to those who have mastered the necessary skills of success. Before Do Won Chang became financially successful in the fashion industry, he took a job at a clothing store and treated his employer’s business as if it were his own.
  2. Be entrepreneurial: if you really want to join the 1 percent of income earners, consider starting your own business, which will be not only a potential source of high annual income, but also a source of wealth. According to Visual Capitalist, nearly half of the assets of the top one percent of America’s wealthiest households are in the form of business or real estate ownership.
  3. Get started: Your new business can be based on technological innovation or it can be a simple product or service that people always need—like a landscape designer! Finance for a start-up can be raised through an SBA loan or angel investors.

Source: Entrepreneur

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Jessica Hirsch is an MIB guest writer. She holds a business degree from the University of Leeds and has a wide experience in the startup business. Jessica writes about entrepreneurship, startups, marketing and finance.