Teenagers today think that they are going to make quite a bit of money.
The average teenager believes that they will be earning an salary of
$145,000 a year. Boys believe that they will be earning a salary of
$173,000 per year while girls believe they will be earning $114,000 per
year. This despite the fact that the average annual salary for a worker
in the US is about $40,000 today. Full Link
I remember when I was growing up I thought I would be making $60,000-70,000 right out of college and $100,000 by the time I was 25-30. Boy was I mistaken.
I think my first job paid something like $16,000 a year!
In fact it’s been about 8 years since I graduated high school and I’m just getting into the range I though I would be in way back then.
And I’m lucky. If not for my business and my full time job added together I would still be under of that $60k-70k mark.
I also used to think though that $60k a year would only provide an average life style. In real life that is a little different. Here in the Mid-West $60k a year will give you a pretty decent lifestyle. You won’t be eating caviar and riding in limos to work, but you wont be living on the streets either.
It’s also funny how the amount of money it takes to make you happy is always a moving target. This magical number is usually about 20% more than what you are currently making for the majority of adults.
“If I only made another X amount of dollars a month, things would really turn around…”
At this rate how is anyone ever happy? The secret to achieving financial happiness is spending less than what you earn. If you spend less than what you currently earn it gives you the mentality that you make more than you do.
I only discovered this secret in the last year or so. Up until then I did a lot of buying on credit. If I wanted the lasted gadget or gizmo, out came the credit card. My mentality was that I would be able to afford it once I got my next raise/job/etc.
The truth of the matter is that if you are always buying little things on credit you never get ahead. You never catch up. You are always stuck in a cycle of paying for junk you’ve already used/broke/worn out.
Now I pay cash for the things I buy. Granted cars and campers need a little help from the bank, but otherwise I save before I spend. It is so much more fun to enjoy something that is completely paid for than have the guilt surrounding it because of what you still owe on it.