Are You Wealthy?
There is always the question about money, how much is enough. I’ve pulled a formula from “The Millionaire Next Door”, that should have give you an idea.
Your total savings right now should be equal to your total household income x your age / 10.
If you’re 50 and make $50,000 a year, your total savings should be right around $250,000. If you have an amount double that, you can consider yourself wealthy, irrespective of you income. If you’re someone who can save twice what the average person does, you’ll accumulate considerable wealth in your life, regardless of your income.
On the other hand you can look at Michael Jackson or Mike Tyson, who accumulated tens of millions of dollars during their careers and have run into serious money problems. Wealth ends up being more about how much you save, rather than how much you make.