Have you ever wonder how long it would take for the “Average Joe” in Britain to earn a million pounds?
Well, wonder no more.
According to a Prudential Research report, it takes the average person 29 years to earn £1m gross. And that is assuming they’re progressing along in their career. (Promotion = Higher Salary and more responsibilities)
Below is a table showing the average salary at each stage of that person career (pay attention to the age, where the salary gets a nice uplift).
The (£1,050,719) isn’t tax-free money to pay off the mortgage (I’m assuming) or the other expenses and gifts. To calculate net salary, deduct £138,500 in tax and £99,680 in national insurance giving a total of £238,180 in taxes.
So, the real take home pay is £812,539.
The time it takes to reach £1m in gross earnings varies from region to region. In London, you could reach this landmark before reaching the ripe old age 40 years. But the rent and costs of living are high. In Wales, you could be 50, before surpassing that million-pound mark.
How do we compare with the richest in the UK?
P.S. Some of the richest people wasn’t born in the UK or has business in the UK. They are included because of British residency/passport.
Below is the 10 richest people in the UK (including some other famous business people, along with the average joe):
(N.B.: If two or more people contributed to this wealth, the best solution is to combine their age together.)
You would have noticed that the wealthiest among us would earn more in a month than the average person in their lifetime. A year of earnings means they can afford to buy multiple properties.
Also, they earn ten times more in a minute, then the average worker in an hour or two.
How do I become rich?
If you want to get rich or have inspiration, there are ways to achieving your aims.
According to Investopedia, these are few of the ways: –
- Invent; – Like James Dyson, you could create new products or services that consumers have a need for it.
- Innovate; – if you think you can provide a better service or design and create a better product than what is in the market. Take a calculated risk.
- Invest; – or, you could follow the footsteps of Warren Buffett and become a long-term investor in various companies. Learn how to earn multiple incomes and see it grow and compound each and every year. You got to have patience.
- Be an Entrepreneur; – there are many routes on how to be a successful business person.
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Do you inspire to be wealthy?
Are being wealthy means too much work and risk?
Or, is money no guarantee of happiness?