Radical Personal Finance 1039-Financial Goals You Should Set (4): Build a Career Plan to Get Into the Top 20%
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Jul 18, 2024 Learn about setting financial goals to reach the top 20% income earners, the importance of skill development and strategic planning, and how saving and budgeting can lead to long-term financial independence and wealth building.
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Wealth Follows The 80/20 Pattern
- The Pareto principle often means ~20% of people hold ~80% of wealth or results.
- Wealth concentration repeats at multiple levels, creating top 1% dominance.
Use Median Wage As A Benchmarker
- Compare your annual wages to the median ($60,000) to know if you are above or below the midpoint.
- Set the concrete goal to move from the bottom half to the top half of earners.
Target A $30/Hour Career Path
- Aim for a job with potential to pay about $30/hour as a stepping stone to the top half.
- Assess whether people in your workplace progressed from your level to that wage.