Why A Six-Figure Salary No Longer Means You’re Rich
21st August 2014
With the median household income stuck at around $53,093 in 2014, an annual salary of nearly twice that still seems like more than enough money to succeed and thrive in any economy, no matter the circumstances. However, a convergence of factors have fundamentally changed what it means to rake in a “six-figure salary” in America, and many families who look rich on paper are merely struggling to get ahead along with everyone else.
Sad but true. I like the fact that they cite inflation as the first reason why six figures no longer means much.
August 22nd, 2014 at 09:37
In the 80’s it was popular to say that you were “successful” if your annual income was 1,000 times your age.
I don’t even want to think about what the target multiplier has become.
In an Obama economy, you make less $$ AND the $$ is worth less. Brings to mind Charlie Sheen’s infamous quote: “WINNING!”
August 24th, 2014 at 06:09
At EDS we called that “Yuppie Factor One” or “Yup One”. Yup Two was $2,000 per year of age, etc.