If you’re not rich by 45, then you probably never will be
“There is more to life than money” is what everybody says, but let’s not pretend we all want to be rich. The inner greed within us desires as much money as possible, but it turns out for some that it will be nothing more than a dream.
Constantly chasing after being wealthy over the things that REALLY matter (you know, family, friends, having a purpose in life etc) will just make you miserable. Having said that though, I’m sure if you just “happened” to become rich then you wouldn’t be complaining at all. There’s nothing to not like about having your bank account filled to the brim.
Back to reality though, we have to accept that to most of us, this isn’t going to happen. According to a 2015 US study by Federal Reserve researchers, if you don’t hit the jackpot by the age of 45 then you’re not really likely to ever do so. Obviously it’s still possible, but the study takes Social Security Administration data from 1978 onwards into account and looking at how men’s wages have evolved over time.
Apparently, the average male worker in the US gets most of their earning growth within the first decade of their working life, typically between 25 and 35-years-old. After that, depending on your field of work, wages will only rise ever so slightly and then at 45 they will likely sit still or even decline.
So the lesson learned here is to save your money while you have it. Unless you have a million pound idea, you’re not going to become as loaded as the likes of Mark Zuckerberg or Bill Gates. Don’t let this demotivate you, money isn’t everything. You can still have plenty of money without being considered “rich”. Just work for it!