The Mind-Blowing Facts About Income Levels That May Change Your Life Forever

Income determines our lifestyle and well-being, affecting our ability to meet basic needs and pursue personal goals. This reading explores income categories and their differences, from poverty to affluence, to help guide financial decisions.

Level 0: $0 - No Income

• Absence of income, often experienced by young individuals who rely on financial assistance from parents or state benefits
• Not yet faced the responsibility of paying bills or taxes
• Encouraged to focus on education and acquiring knowledge and skills for the future

Level 1: $1,000/m - 15k/yr

• Monthly income around $1,000, an annual income of $10,000 to $15,000
• First time earning a steady income, but not sufficient for the long term
• Indulgence in small luxuries and contributions to household expenses
• Confidence and motivation to work towards a better financial future

Level 2: $3k/m up to $50k/yr

• Monthly income around $3,000, a sustainable long-term income
• Able to indulge in small luxuries and save residual income
• Majority of the middle class, achievable with determination
• Going from level 2 to level 3 is the most challenging income jump

Level 3: $10k/m to $150k/yr

• Monthly income around $10,000, an annual income of $100,000 to $150,000
• Responsibility and realization of limited time
• Money no longer brings the same level of happiness
• Can afford some luxuries, but cost of living is increasing
• Consideration of having children and supporting the lifestyle they want for their family

Level 4: $30k to $50k/m

• Monthly income of $30,000 to $50,000, an annual income of $300,000 to half a million dollars
• Feeling genuinely rich and confident in ability to generate income
• Able to purchase an incredible home and invest for passive income
• Discipline with finances and enough savings to support household for over six months

Level 5: $100k to $250k/m

• Monthly income of $100,000 to $250,000, an annual income of $1 million to $3 million
• Top 1% of earners, likely a business partner or owner with multiple employees
• Able to afford any holiday but struggle with time constraints
• Worry about children being spoiled but proud of the comfort they can offer them
• Personal stress from feeling inadequate compared to the ultra-rich

Level 6: $10 million to 15 million per year

• Monthly income of $1 million, an annual income of $10 million to $15 million
• Ultimate level of wealth, money no longer contributes to overall happiness
• Can afford to live anywhere in the world and build a successful business
• Manage managers and business operates independently
• Riches exceed expenditure and investments generate over $1 million annually

Level 7: $50 million to $100 million per year

• Annual income of $50 million to $100 million earned by those who own or run incredibly successful multinational companies
• Able to afford private jets and yachts, contribute significantly to charities, and - acquire new businesses
• Question if achievements will have a lasting effect on humanity, money may not impress anymore
• Starting a company today has a one in 20,000 chance of reaching $100 million in revenue

Level 8: A couple of hundred million dollars

• Income of a couple of hundred million dollars but not yet reaching the billion-dollar mark
• Hedge fund managers and business tycoons are the most common individuals who earn this level of income
• Buying businesses becomes the norm and working with the government becomes a necessity

Level 9: One billion dollars or more per year

• Yearly income of $1 billion or more, with the emphasis shifting to augmenting net worth rather than income alone.
• The world's wealthiest individuals, such as Jeff Bezos and Elon Musk, have amplified their net worth by over $400 billion in a year
• Hedge fund managers rank among the top earners, with salaries exceeding $1 billion annually, such as Jim Simons of Renaissance Technologies.
• At this stage, societal impact and legacy assume paramount importance.

For more detail: https://medium.com/@universTh32x21/the-mind-blowing-facts-about-income-levels-that-may-change-your-life-forever-df46c567ad1b