Alright, let’s check out this next video. If you’re a guy in your 20s and you don’t have a Lamborghini, you should actually sit down and have like a serious discussion with yourself as to why you don’t have a Lambo. Because I realize now that it’s so incredibly easy, and there’s so much money out there. Two hundred grand, relative to what is out there in circulation and what you can grab, especially now with AI tools that you can leverage like never before, $200,000 is chump change. $200,000 is chump change if you, so…
Here’s the myth that we want to talk about: If you’re not rich yet, you’re doing it wrong because it’s too easy. There’s too much money out there. There are AI tools, duh, that you should be able to use. How on Earth are you not rich yet? If you’re not, you’re doing it wrong. I hate this type of content because it basically rips the guts out of anybody starting from zero. We’re coming from two people who started at zero. I think a little context and perspective could help because this is just not tied to reality.
But what are actually CU, he talked about young people in their 20s. What’s the actual median income for somebody in their 20s? According to the US Bureau of Labor Statistics, the median income right now for Americans from age 20 to 24 is $38,000 a year. It will not buy a Lamborghini. The median income for those that are even 25 to 34 is $54,000 a year. So, this idea that if you’re 25 and you’re not making hundreds of thousands of dollars and if your income is not just balling out, you’re doing something wrong is just flawed. That’s a fallacy. That’s not true.
Here’s how I know these guys are effective, and it’s seeped into our society because we’ve covered this before, but I think it’s worth showing again. If you ask the average American how many people make $500,000, which is a huge income, the public thinks a quarter of people, 25% of people, are making half a million dollars. Guys, that is not connected to reality. That is false. Too many people have watched these crypto Bros and others out there who are saying, “Hey, just go get you $200,000, put it in a Lambo.” False. Because the reality is it’s only one in 100.
Very different than one in four. If you think that’s bad, if we just said 25% of the public thinks that one out of four make half a million dollars, how about this fact: one out of five or 20% make a million dollars a year? That’s disconnected from reality. The average American thinks that one out of every five people they see makes an income over $1 million a year. Look, this has to be social media causing this CU. It’s a distortion. It really is. What’s the reality when you actually look at this?
The total number of Americans that are actually making over $1 million a year of income is one in 1,000. One in 1,000 is very, very different than one in five. And yet, social media, the finance Bros, the gurus out there would say, “Oh, if you’re not absolutely killing it, absolutely crushing it, you’re doing wrong.” Let’s show them the numbers of what someone who is actually killing it, actually crushing it.
If you want to know what you need to earn to be in the top 10% of US households by age, you may be surprised. If you are 25 to 29 and you make over $143,000 of household income, you’re in the top 10%. Not $500,000, not a million. $143,000. You’re in the top 10%. Early 30s, it’s $188,000. Late 30s, it’s $230,000. Bo, when you get in your 40s, what does it take? $271,000 of household income will put you in the top 10%. And then from 45 to 49, if you want to be in the top 10% of earning households, you need to earn over $31,000.
So, none of those crossed into the $500,000 of income. None of them even got close to a million dollars of income. So, the perception that we have of how much money everyone around us is making is totally flawed and is totally off. And I think it’s a product of videos just like the one we just watched. Comparison is the thief of joy. Look, I don’t mind you seeing what the top 10% is because I want you to have goals, but you do not, and the sooner you recognize someone’s always going to make more, someone’s always going to have more, you’re going to be more comfortable.
And how about this, let me give you the real context that I want successful people to understand is that the typical age of a millionaire, when do you cross into seven-figure status? Forty-nine years of age. Not 39, not 29, 49 years of age, and typically after 28 years of saving and investing. This myth of overnight success, the only reason there’s a reason that when we see this actually happen, the exception happen, it’s because somebody invented something, they wrote some code, they created something, or they’re lying.
Yeah, or you’re an athlete or some other. Those are the exceptions. That’s not reality. Figure out how you can actually tie into what creates success and start your journey. Alright, so myth number three: If you are not rich yet, you’re doing it wrong. False, busted. You may just not have been doing it long enough yet. For more information, check out our free resources.
