The wealth inequality in the United States has reached a height not seen since the Great Depression.
The cries of unequal pay are falling on the deaf ears of politicians.
Therefore, it is up to you to start figuring out what you can do to change this in your life.
For starters, let’s define what someone has to do to join the ten percent club of wealth.
Let’s keep it simple and define families in the top ten percent as those with a net worth of $1,000,000.
That means that if you fall into the top ten with a net worth of $1,000,000 in 2017, you have more wealth than 90% of the population. And you are a member of the top ten percent. This is no small feat.
How do you get to $1,000,000? In keeping with simplicity, you could have a paid off home or home equity with a value of $250,000.
The other $750,000, which is needed to reach the upper echelons of wealth in the ten percent club, would be in savings and investments.
To accumulate $750,000 in savings, you need to save $6,600 a year for 30 years and earn a rate of return of 8%.
Basically, you could amass a cool $1,000,000 net worth by paying off a $250,000 home and saving $6,600 over 30 years to join the top ten percent. All this done simultaneously over a 30 year career, would equate you to having accumulated a net worth of $1,000,000.
Being a ten percenter is not so bad. It’s actually pretty great. Simple math and living will get you there.