The World's Upper Richest 1%
There exists a great division between the world's richest and the poorest. People try to improve their socio-economic status through education and work. However, through by chance or hardwork, there are some who are indeed bestowed with earnings way enough for themselves and their significant others. These are individuals belonging to the upper 1% richest in the world. This will be the focus of this blogpost. In the end, a discussion of the 35/35 rule is also elaborated.
Based on current statistics, the world's average annual gross income is approximately 10,000 USD or 7,000 British pounds. If one has this salary, this would not be enough for everything one needs and wants. Comparatively, the minimum annual salary of those belonging to the upper 1% richest in the world is approximately 35,000 USD or 25,000 British pounds. For the majority, that amount of money is simply unachievable and impossible to earn even for a lifetime. However, to inspire all of us what are the implications when one has earned this high salary.
Regardless whether the person is an employee or an entrepreneur, those who earn more than 35,000 USD annually can afford to travel in at least in three unique places or cities a year. This means that the travel will not create unnecessary stress to the individual's financial status. They technically can spend at least about 600 USD or 400 British pounds per travel without emptying their savings. There are some who are more passionate with travel, such that they can increase the number of places and make adjustments in their expenses, but somehow there will no stress in meeting one's needs just to accomodate travel expenses.
Ironically, the world's richest elite save more than the rest. This has been supported by researches, and even considered as an impediment aggravating the socio-economic schism between the richest and the poorest. The richest can save about 10% to 35% of their income, depending on the person's lifestyle and needs. This means that a successful rich person should also be good in saving for the future. This is where many varies from time to time. However, those who save less needs to make adjustments in their expenses.
The world's richest could afford to have more time to themselves, unless it is their decision to be busy all day even there is no great need for it. They can afford gym memberships, pay health insurance, ensure pension funds, make little investments, and refurbish to an extent their place of residence. Not all could do this simultaneously because 35,000 USD is still not really sufficient to support all of these. Perhaps, earning double of this minimum would definitely yield a luxurious life, where one could afford not just one of each of these needs, but could be two or more.
Lastly, it is not really about the income one earns. Rather, the focus should be the quality of life. The general rule might be one must earn 35,000 USD annually while working approximately 35 hours a week. This is the 35/35 rule. If it requires more time to earn such amount, the salary is worthless, because one has no time to enjoy the fruits of his or her labor. One must have time for hobbies and even learning further, aside from the time alloted for one's family. However, if one does not earn as much as this, better keep expenses low by traveling less, saving more and be more efficient in spending for personal expenses. What matters most is living happy, rather than earning more.