Dreaming about the future can look a little different as an adult compared to when you were a child. For instance, you might picture yourself among the wealthiest individuals in the United States. In a recent YouTube video, money expert George Kamel looked at what it takes to be in the top 10% of Americans financially.
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Here’s a look at four money categories where you can see how you stack up.
Let’s be honest, income is typically the way many Americans judge how well someone is doing when it comes to their finances. After all, the amount of money that’s coming in can greatly affect many other areas of one’s financial life.
So, how much money is needed to be in the top 10% when it comes to income? You need to have a household income of at least $234,769, according to the experts at DQYDJ.
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You might not need as much money as you think in emergency savings to be among the top 10%. According to Kamel, you need $20,000 or more in emergency savings to meet this mark.
If you’re wondering why the number isn’t much higher, just look at recent news stories about how little money many Americans have when it comes to emergency funds. According to U.S. News & World Report, 42% of Americans have no emergency funds.
In this case, retirement savings is the money people have in their 401(k)s, IRAs and any other retirement accounts. According to DQYDJ, to be in the top 10%, you need to have $460,000 in retirement savings. If you’re not quite there, remember it takes time for compound growth to get you where you want to go.
Kamel said this is the best way to measure a person’s wealth. It looks at the entire financial picture. Net worth is what a person owns minus what they owe — in other words, it’s assets minus liabilities. To be in the top 10%, your net worth needs to be at least $1.92 million.
Again, you may not be near that number at this moment, but Kamel said there are a few general guidelines to follow to keep your financial health in check: avoid debt, live below your means and invest consistently.
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This article originally appeared on GOBankingRates.com: How Much Money You Need To Be In the Top 10% Based on 4 Money Categories