To Become An Elite of The Population
Is Easier Than You Might Think
Who do we mean when we talk about the top 1% of the population and how difficult it is to really integrate into this group of people? We have to note at the outset that if you live in the US, you are probably already among the top 1% in terms of global income. This enviable status belongs to anyone who earns at least about $ 32,000 a year. Administrative assistants, pest control technicians, and customer service staff are just a few examples of professions whose incomes start at this level.
But let's look at what exactly is needed to be one of the real 1% richest individuals in America. There is a chance that you personally know someone who falls into this category. The legendary 1% is made up of hard-working Americans who were willing to think innovatively within a particular industry and use their ingenuity to support a successful business.
An ideal example is Do Won Chang, the founder of the popular clothing store Forever 21, who is especially popular with ladies from the millennium and the Z generation. In order to make a living, he also started working at a nearby gas station and started his own business, in which he devoted himself to cleaning office space. Chang worked 19 hours a day at the time. Three years after coming to the United States with his family, he opened his first store with savings of only $ 11,000. Forever 21 stores are now available worldwide.
If you plan to be among the top 1% earners in the United States, you will need to have an annual income of at least $ 421,000. Recent statistics show that the average household income in the United States is approximately $ 61,372. At first sight, it is therefore clear that the difference between the national average and the top 1% is extremely significant. However, if you are really determined to bridge this gap, take a look at some tips to help you achieve this goal.
How to rank among the 1% best earning people.
Learn from the success of others
Each of us can learn from the experiences of financially successful people like Do Won Chang. One of the most beneficial things for our own development is to move close to people who have acquired the necessary skills to succeed. Determined to learn how to succeed in the fashion industry, Chang was employed in a clothing store and treated his employer's company as if it were his own. Think of people around you from whom you can learn key skills to achieve your own goals.
Start your own business
Chang eventually realized he would have to start a business on his own. Working to secure an income for someone else is usually not the right way to go among the richest 1%. Nevertheless, there are a number of occupations in which you can be expected to earn more than $ 400,000 a year during successful periods. However, if you really want to join the 1% best earners, consider starting your own business. Entrepreneurship is not only a potential source of high annual income but also an ideal way to build remarkable wealth. Visual Capitalist reports that nearly half of the assets of one percent of America's richest households are related to business or real estate ownership.
Get started as soon as possible
Naturally, it can be very lucrative to start a business with a new idea or technological innovation. However, the business has the same potential in a time-tested area, where you will offer a product or service that consumers will simply always need - an example is a plumber. If you do not have the necessary capital at hand, but you have the talent and ideas, you can look for other market participants who are willing to invest capital in starting your business. Although many Americans do not have the family money to buy or finance their first business, they still have the option of financing their start-up company through appropriately selected small business loans or with the help of so-called angel investors.
Doing business is not easy
It must be acknowledged that entrepreneurs are vital members of American society. They take a lot of risks and temporarily deny themselves the fruits of their work, even in cases where other people prefer a simpler and more comfortable way. In addition, they are usually dissatisfied with the situation they are in. They are visionaries who look further into the future and do not focus only on the next quarterly profit statement or the end of the fiscal year. They create jobs that provide a livelihood for many of us.
Do you think we are too romanticized for business? That's hard. It is a truly challenging journey that requires stamina, sleepless nights, determination, tolerance for failure, and sometimes the ability to endure ridicule. It is not uncommon for a promising entrepreneur to work 19 hours a day at the beginning of his career and manage three jobs at once. The reality also remains that small businesses regularly fail.