Americans Now Need to Earn $186,000 a Year to Be Financially Secure

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According to a shocking survey just released, a yearly income of a minimum of $186,000 per year is necessary to be financially secure in the U.S. today. Unfortunately, a mere 6% of adults in the U.S. earn that type of money. Therefore, we now have a huge problem on our hands.

Today’s cost of living has increasingly become very painful, and millions of people in America are stressed because their finances are in shambles.

Over the last couple of years we’ve seen economic shifts of epic proportions. The super-wealthy have gotten much wealthier, the ranks of poor individuals have exploded, and the middle class is now completely eviscerated.

Within this present economic environment, only a minute part of the population is comfortably living.

According to CBS News…

People in America have a certain yearly income in mind for what it’d take to be financially secure, according to a survey from Bankrate. So what’s that magic figure? $186,000 a year.

Right now, as aforementioned, only 6 percent of adults in the U.S. earn that quantity or more, according to Bankrate.The average family income is between $51,500 to $86,000, according to the most recent federal information.Accomplishing financial security means having the ability to pay your bills while also having enough funds left over to make a few discretionary purchases and place income away for future times, the personal finance website stated.

I thought anyone who made over $100,000 per year was wealthy, when I was growing up.

However, now it takes an annual income around five times that amount to be considered “wealthy”…

People in the U.S. have an even greater yardstick for feeling wealthy. The survey discovered that they think they’d have to make $520,000 per year to be eligible to be wealthy — a rise from their $483,000 reply during that exact same survey the previous year.

Most of the population is attempting to do it as hard as possible; however, they’ll never earn the sort of money that they’d like to earn.

In the meantime, our cost of living keeps climbing.

In turn, the percentage of people in the U.S. who admit that they’re suffering financial woes just continuously rises…

A lot of inflation-weary consumers continuously experience financial woes, with a new survey from the Federal Reserve Bank of Philadelphia finding that 35 percent of people in America are concerned with making ends meet, an increase of 29 percent from the previous year.

The gap between what the usual American makes and what they have goals of earning means ‘People in America have their eyes set on this higher income, and they believe they must earn more even if they know that it’s not realistic but they will never earn that amount,’ according to Bankrate analyst, Sarah Foster.

At this time, even many considered to be in “top-income groups” feel as if they need to take on a second job just to make their monthly financial goal…

People in the U.S. in upper-income demographics are worried about their capability of paying bills, with over 15% of this group taking up extra jobs over the last year, according to a new Federal Reserve Bank of Philadelphia survey.

As of April of this year, 32.5% of those surveyed earn more than $150,000 per year were concerned with making ends meet over the following 6 months, up from 21.7% in April of 2023, the survey revealed.

That percentage is greater than for the ones in the income demographics of $100,000 — $149,999, $70,000 — $99,999, and $40,000 — $69,999. Only people who made under $40,000, the lowest income demographic, were more concerned than the $150,000+ demographic.

I’ve never witnessed numbers like those before.

Individuals are feeling a lot of anxiety regarding their finances, and this helps to explain why economic problems are playing such an important role in the current election cycle.

Some people in the U.S. are attempting to make ends meet by slashing whatever and wherever they can.

For instance, according to an NPR article, Americans are cutting back on giving to charity…

A cabinetmaker in Cincinnati, Robert Lang, once felt great about giving money to those who are less-fortunate. However, today, he must be less generous.

Lang says he’s no great humanitarian, but feels good if he’s able to give a homeless person $20. And he cannot do this anymore.

So what’s the reason for that? Rising costs, which have forced Robert to dial back his charitable giving as he attempts to make ends meet with his Social Security benefits and part-time job he has with a furniture-making journal.

When times are rough, people are less generous.

I wish it weren’t true; however, that’s the way it is right now.

Therefore, what’s going to happen once economic conditions grow severely harsh?

Peter Berezin, BCA Research chief global strategist warns that an additional recession is on its way and stock prices will soon dip by 30%…

According to BCA Research, there might be problems on the horizon for the United States stock market.

In a memo to clients, Berezin warned that the economy is set to fall into a recession either in 2024 or early 2025.

If that happens, the S&P 500 would fall to 3,750, marking a 30 percent dip from present levels.

Will Berezin be right?

I do not know for sure.

However, I know that it feels as if a recession is here already to most Americans.

Each day, we receive even more bad news about the economy. For example, Fox Business recently published about how drug store chains are now shutting down locations from one coast to another…

This week, Walgreens stated that it’d shut down a “substantial” number of underperforming locations around America because of declining margins and continuous challenges with profitability.

Earlier in the month, Rite Aid stated that 27 stores in Ohio and Michigan were added to the increasing number of locations it is prepared to shut down while it’s in the process of restructuring under Chapter 11 bankruptcy.

Within large cities nationwide, thousands of commercial properties are currently empty.

And this is just the beginning.

As the world is rocked by crisis after crisis, things will be getting a lot worse.

Right now, a “perfect storm” is upon us, and the majority of folks have no clue how difficult conditions around us are soon going to become.