Landing in the top 10% is a fairly attainable goal for upwardly mobile Americans. A study by the Economic Policy Institute (EPI) found that the average earnings of those in the top 10% were roughly $173,000 in 2020.
In fact, according to a LinkedIn survey, higher earners do experience higher job-related stress. 1 You may be so focused on earning enough money that you may not be enjoying the other parts of your life. But less stressful careers often mean lower pay.
So if you're on $100k or more, congratulations, you're in the top 20% of Aussie income earners. If not, don't worry, you're in the good company of 80% of Aussies.
Someone earning $200,000 a year would be among the top 3.5 per cent of Australians who fall into the top tax bracket which cuts in at $180,000 a year. Mr Derbas suggested in the video that singles living in the Harbour City would do incredibly well on the same salary.
$100,000/year is above an average salary and if you're frugal enough, on $100,000/year, you should be able to live a good life and save some money too. Usually if you consider living in desirable locations of cities like Melbourne and Sydney, most of your income will be consumed in the house rents.
Almost 2.75 million Australians will receive a pay rise of 5.75% from 1 July after the Fair Work Commission announced its decision for those on minimum and award wages. The annual wage review decision, released on Friday, indicates the minimum wages will increase to $882.80 per week or $23.23 per hour.
Just how much money do we need to earn to be happy nowadays? The answer is a bit more than the often cited $75,000 per year. According to a new paper published by the Proceedings of the National Academy of Sciences (PNAS) journal, earnings up to $500,000 can boost and buy overall happiness.
