Reported 8 months ago
Determining what income level qualifies as 'rich' in America can vary based on factors like location, job type, saving or investing habits, and spending habits. According to the IRS, earning $500,000 or more annually puts you in the top 1% category. The Economic Policy Institute sets the top 1% threshold at $819,324 yearly for 2021. To be in the top 20%, an average income of $130,545 per year is required. Becoming 'rich' or 'wealthy' involves strategies like increasing income, budgeting, debt reduction, investing, and seeking professional financial advice.
Source: YAHOO