Welcome to Rich Money Million! My name is Rich, and I'm as qualified to write about money matters as any chimpanzee is.
I post 'plain-language' articles about making money, through consistent and strategic saving and investing, and about keeping money, through wise lifestyle and value choices. I hope that you find the articles interesting, and that you are inspired to make more money.
It's supposed to be rude to ask someone how much money they make. And most people don't typically share this information. I've heard that people are more comfortable talking about their sex life, past drug use, criminal history, and medical issues than about how much money they make. I think that it has something to do with self-esteem and competition, and the idea that your salary can be perceived by others (and maybe yourself) as a representation of what you're worth. Obviously people don't want to feel less important than anyone else. Or maybe people refuse to acknowlege what they earn to avoid judgement of others who may think that they live beyond their means (especially if the actually do). In direct opposition to this tradition of secrecy, I'd like to share the following information: According to Forbes, in terms of actual job salaries, anesthesiologists made the most with an average of $184,340 per year while fast-food workers make the least with an average of $15,230. According to the U.S. Census Bureau (August 2007), the average household (not individual, per capita) income in the United States was $48,201. According to the Bureau of Labor Statistics National Compensation Survey, white-collar earnings averaged $21.85 per hour, blue-collar earnings averaged $15.03 per hour, and service occupations averaged $10.40 per hour. Racially, Blacks households had the lowest median income ($31,969) while Asian households had the highest ($64,238). Gender-wise, on median men ($42,261) earn more than women ($32,515). In terms of immigrant status, households maintained by foreign-born non-citizen individuals had the lowest median income ($39,497) while those maintained by foreign-born US-citizen individuals had the highest ($51,440). Households maintained by native-born US-citizens fell in between ($49,074). Geographically, median household income inside of metropolitan areas was $50,616 while those outside was $38,293. Also, households in the Northeast ($52,057) and the West ($52,249) had the highest incomes while those in the South had the lowest ($43,884).
Disclaimer: I am not a financial professional, economist, or related to Alan Greenspan. Any advice, insight, information, or misinformation on this blog should not be followed based solely on me saying so. Assume that I have no clue what I'm talking about. Do your own research and come to your own conclusions before doing anything with your money. I assume no responsibility for your financial failure or success. However, if you do have success, send a little my way. -Rich.
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