Happy 2023!

As we move into a new year we might consider this an opportunity to review our behavior from last year, identify where there is room for improvement and either adjust or set new goals for the coming year.

Be honest with yourself and total the dollars you spent dining out, on alcohol and cannabis. Don’t chalk it up to entertainment and move on. Look at the number, say it out loud and consider the opportunity cost. Carry on.

Something we can all do this year, if you haven’t already is purchase a fireproof safe and protect your important documents.

May 2023 be an improvement upon your best year!

Getting to the top…

Over the past two months we have taken a look at Liquid Net Worth and Net Worth and Income in the United States. A couple of key takeaways are that attaining at least a bachelors degree has positive indications for upward mobility and getting married is a good thing according to household income and wealth in America.

This month I’d like to take a global perspective and present data from the 2022 Credit Suisse Global Wealth Report:

With more than three times the second highest country, 39% of global millionaires reside in the U.S., though the top 1% holds more wealth than the bottom 50% combined.

Home ownership and business ownership are key milestones to achieving low probability financial success in our (Generation Y/Z) lifetimes. Those individuals who have the risk appetite and bandwidth to start a side hustle or fully commit to their entrepreneurial dreams should review the data available and consider the probability of success and how long it may really take…

Keep moving…

Income in the U.S.

The median income of some 131mm households in America is $70,784. The median for married couples sits at $106,921, the median for single male households is $70,525, while single female households is just $51,168.

Looking at the data by race, half of 102mm white HHs earn more than $74k, while that number for 17mm black HHs is just $48k. Earning potential appears to be heavily dependent on educational attainment as the median of some 49mm HHs who have earned a bachelors or higher is $115k.

It is worth noting as individuals approach the age segment of 25-34 earnings seem to accelerate then plateau somewhere in the $90k area.

Consider where you are in your journey and set new goals to increase your chances for upward mobility.