• Follow us

Social Media

How to Become the 1% (It's Easier Than You Think)

Never mind the naysayers. Earning a high income or achieving wealth is not out of reach.

June 14, 2019 6 min read

This story originally appeared on fee.org

This summer, thousands of moms and dads will load their children onto buses and hug them goodbye as they head off to camp to pursue their childhood dreams. Many of these kids will devote their time to practicing their curveballs and base stealing on the diamond. Undoubtedly, all of them will be dreaming of becoming the next Mike Trout or Christian Yelich.

But what are the odds that the kid sitting in the fourth row of that bus will actually make it to the big leagues? Slim, yet this kid in the fourth row is joyfully sent off to camp every year. Why is that? Because playing the game is fun, and there are lessons to be learned from goals that seem out of reach. Sure, you’ll need raw talent and relentless determination, but even so, parents continue to send their kids to camp because there is value in learning how to pursue goals, even the ones that seem nearly impossible to achieve.

A look at the top one percent

So, who are the one percent, and just how difficult is it to join their ranks?

First off, if you're in the US, you’re probably already in the top 1 percent in terms of worldwide income. This enviable status belongs to anyone earning around $32,000 per year. Administrative assistants, pest control technicians, and customer service representatives are all examples of professions that start at this income level.

Related: 8 Ways to Make Money Online Without Quitting Your Day Job

But let's look at what it takes to become a one-percenter in America. There’s a chance you personally know someone who falls into this category. The one percent is comprised of hardworking Americans who were willing to think innovatively about a particular industry and use that ingenuity to fuel a venture.

Take Do Won Chang, the founder of Forever 21, a popular clothing store among Gen Z and millennial females. Immediately after immigrating from Korea, Chang began looking for employment, finally securing a job at a Los Angeles coffee shop. To make ends meet, he also took on a job as a gas station attendant and launched his own office cleaning business. By this time, Chang was working 19 hour days. Three years after he and his family arrived in the United States, he launched his first store with only $11,000 in savings. Today, Forever 21 stores can be found across the world.

Related: 5 Ways to Start a Business with Cheap or Free Money

You’ll need to earn about $421,000 per year to be in the top one percent of earners in the United States. According to the most recent census, the average household income is about $61,372. This gap between the national average and the top 1 percent is significant. But if you want to bridge that gap, here’s what you need to know.

How to join the one percent

Learn from the success of others: Each of us can learn from the experiences of financially successful people like Do Won Chang. One of the most instructive things we can do is place ourselves in proximity to those who have mastered the necessary skills of success. Chang was determined to learn how to be successful in the fashion industry, so he took a job at a clothing store and treated his employer’s business as if it were his own. Who can you get proximate to, learning from their mastery of business?

Be entrepreneurial: Eventually, it became apparent to Chang that he would need to branch out on his own. Working on someone else’s payroll isn’t typically the path to becoming a one-percenter. There are, however, a few professions where one can expect to make more than $400,000 annually during peak earning years. But if you really want to join the 1 percent of income earners, consider starting a business. Not only is business ownership a potential source of high annual income, but it is also a source of wealth. According to Visual Capitalist, nearly half of the assets of the top one percent of America’s wealthiest households are in the form of business or real estate ownership.

Get started: You can start a business with a new idea or technological innovation... or launch a time-tested business that offers a product or service that consumers always need—like a plumber! If you don't have ready capital but you have talent and ideas, you may find others who are willing to deploy their capital to get you started. Most Americans don’t have family money to buy or finance their first business, but they may be able to finance a start-up through an SBA loan or angel investors.

Entrepreneurship isn’t easy

We should recognize entrepreneurs as the vitally important members of the American fabric they are. They take risks and defer gratification when many others don’t. They aren’t satisfied with the status quo. They are the visionaries who see further into the future than merely the next quarterly report or fiscal year. They create jobs that provide for many of our livelihoods.

Think we’re romanticizing entrepreneurship? Hardly. It’s a tough road that demands grit, sleepless nights, determination, tolerance for failure, and sometimes ridicule. It can demand 19-hour days and juggling three jobs at a time -- and the reality is that small businesses regularly fail.

Related: 10 Things Wealthy People Do to Keep Getting Richer

Ownership is emancipating

The reality is that entrepreneurship is not for everyone. But entrepreneurship can enable you to do things on your own terms and spend your earnings on the things and causes that matter to you. If you earn $1,000,000, you can save for retirement, buy a new home, build an orphanage in Guatemala, or pay for the legal defense of the indigent.

Never mind the naysayers. Earning a high income or achieving wealth is not out of reach. Remember the kid headed to baseball camp. He may only have a .0296 percent chance of making it to the bigs. (That’s quite a bit less than one percent!) However, if you pursue entrepreneurship with the joy of a young kid on the baseball diamond, putting in the effort and training of a budding ballplayer, you have a realistic shot at financial success.

Read More



Leave A Comment

More News

TechCrunch » Social

Twitter rolls out its redesigned desktop website with 2019-07-15 13:00:42Twitter’s website is getting a major overhaul. The company has been testing a new version of its desktop website since the beginning of the year

‘The Operators’: Understanding your user – The art 2019-07-15 12:28:10The Operators highlights the experts building the products and companies that drive the tech industry. Speaking from experience at companies like AirB

Facebook’s testimony to congress: Libra will be regulated 2019-07-15 12:12:12The head of Facebook’s blockchain subsidiary Calibra David Marcus has released his prepared testimony before congress for tomorrow and Wednesday

Facebook reportedly gets a $5 billion slap on 2019-07-12 17:10:16The U.S. Federal Trade Commission has reportedly agreed to end its latest probe into Facebook‘s privacy problems with a $5 billion payout. Accor

Daily Crunch: Twitter will let you hide replies 2019-07-12 12:21:15The Daily Crunch is TechCrunch’s roundup of our biggest and most important stories. If you’d like to get this delivered to your inbox ever

Verified Expert Brand Designer: Studio Rodrigo 2019-07-12 12:02:18Ritik Dholakia worked as a startup product manager before he co-founded Studio Rodrigo, a branding and product design agency based in NYC. Unlike trad

Twitter will start testing its ‘hide replies’ feature 2019-07-11 17:36:42Twitter users are getting more control over which comments are visible in the conversations they start. The company has been testing and talking about

Twitter returns after an hour-long outage 2019-07-11 15:05:14After an hour of sweet freedom, the world has been returned to the grasp of Twitter . At about 2:50 pm ET, the desktop and mobile site were down, disp

New Google Area 120 project Shoelace aims to 2019-07-11 14:13:23A new project from Google’s in-house incubator, Area 120, aims to help people find things to do and others who share your same interests. Throug

Facebook tries to make ad targeting explanations more 2019-07-11 12:13:47Facebook has been adding new tools to provide more transparency about why users are seeing certain ads and content (and what they can do about it), bu

SEC approves 1st consumer RegA+ token Props for 2019-07-11 12:04:03After cracking down on ICOs, the SEC just okayed the first two RegA+ tokens that offer an alternative way for anyone to gain a financial stake in a co

Snapchat announces new shows from Serena Williams, Arnold 2019-07-10 10:49:13Snapchat just announced that it’s making shows with big names like Serena Williams, Arnold Schwarzenegger and Kevin Hart, as well as online star

Mashable

Snow cannons can stabilize melting Antarctic ice shelves, New! 2019-07-17 14:03:00West Antarctica is an ominous place.  In this exceptionally remote region, ice is breaking off into the sea faster than it's naturally replenish

Hey Upper East Siders, 'Gossip Girl' is coming New! 2019-07-17 14:02:21Pull on your primary colored stockings, grab your Fendi bag, and slap your headbands on, Upper East Siders — Gossip Girl is coming back to telev

Mystery box shows up in random places to New! 2019-07-17 13:48:13The blue boxes bear only a graphic of a white anchor. If you found one on the street, it might look like packaging from a store with a nautical theme.

Elon Musk hopes to have brain-reading ‘threads’ available New! 2019-07-17 13:14:36These threads are covered in electrodes and inserted into the brain next to neurons and synapses. The results could allow humans to "merge" with art

A pickup truck emoji may be on its New! 2019-07-17 13:14:02The emoji, displayed and created by Ford, was proposed for the 2020 additions to the emoji keyboard.Read more here. Read more...More about Tech, Iphon

Bitcoin drops below $10,000 as Libra enters the New! 2019-07-17 13:13:11The cryptocurrency reached a low of $9,214. With Libra, a Facebook-owned cryptocurrency, entering the ring, many are pointing to the criticism Faceboo

Controversial search engine Dragonfly has been ‘terminated,’ Google New! 2019-07-17 13:12:45This was a step away from another exec’s December 2018 statements that Google didn’t have plans to launch a search product in China &ldquo

How is everyone feeling about the all-crust pizza New! 2019-07-17 12:45:01Jadakiss is a man ahead of the times, and his go-to pizza order proves it. For those who aren't up-to-date with the latest pizza news, it was recentl

Vizio D-Series TVs are on sale for up New! 2019-07-17 11:48:30TL;DR: Walmart has slashed the prices of several Vizio D-Series TVs by as much as $250 as part of its ongoing Big Save sale. Get the one you see above

Ridiculous 'Super Mario Maker 2' level sparks memes New! 2019-07-17 11:45:04Life is a lot like Super Mario Maker 2 — a host of people creating endlessly frustrating situations for  you to navigate through, often tim

Get a Dell Inspiron 2-in-1 for less than New! 2019-07-17 11:33:05TL;DR: The portable Dell Inspiron 11 3000 2-in-1 is on sale for $293.99, saving you $106 — plus, you can add a Fire TV Stick to your order for f

Shark Ion robot vacuum cleaning bundle is $200 New! 2019-07-17 11:29:03TL;DR: The lightweight-yet-mighty Shark Ion robot vacuum system comes bundled with a helpful hand vacuum — and the whole thing is only $249 at W

The Next Web

This short movie gives an inside look into New! 2019-07-17 10:54:13Since 1912, Ilford Photo has been making film rolls for photography enthusiasts from across the globe, giving recreational and professional photograph

Find out how long until John McAfee must New! 2019-07-17 10:32:21Two years have passed since cybersecurity wild-man John McAfee first told the world he would eat his own dick if his Bitcoin price prediction didn&rsq

This AI magically removes moving objects from videos New! 2019-07-17 09:44:16We’ve previously seen developers harness the power of artificial intelligence (AI) to turn pitch black pics into bright colorful photos, flat im

Elvie’s sleek tech for new mothers is breaking New! 2019-07-17 09:41:00Five years ago, global funding for the femtech sector had barely reached $100 million total. But now the femtech industry is set to see a huge in

Here are the Senate’s sickest burns dished out New! 2019-07-17 09:16:53Facebook‘s digital currency, Libra, has been causing a bit of a ruckus lately. Since its plans became public a few weeks ago, headlines have lar

How OnePlus uses robotic hands, mannequin heads, and New! 2019-07-17 09:13:15As tech writers, we get to play with a lot of phones. But, it’s not often that we get to peek behind the curtain to see how engineers are workin

Join the world’s highly paid cybersecurity elite with New! 2019-07-17 09:00:00Everybody needs them, so help fill the world’s lack of tech talent with the training in The Complete Information Security Certification Bundle.

God forgive us, we made cocktails using Soylent New! 2019-07-17 07:55:37The idea behind Soylent is simple: why waste time cooking when you can replace meals with a powdered drink? “Don’t be lame,” the con

Xiaomi’s Redmi K20 Pro will have 3 rear New! 2019-07-17 07:13:53After last year’s Poco F1, Xiaomi is once again gunning for the top spot in the affordable premium smartphone ($400-$700) segment in India &ndas

Why empathy won’t get automated anytime soon New! 2019-07-17 07:00:00Depending on who you ask, AI is either going to put us all out of a job or create more jobs than ever before. Either way, tech education is touted as

Counteracting the Sea of Sameness in Marketing 2019-07-16 12:45:58Follow the leader is not only a children’s game but a concept ingrained in the social psychology that drives us to emulate what’s popular.

There’s a secret hidden inside the binary code 2019-07-16 10:17:44On July 15, the Bank of England revealed Alan Turing, a pioneer of computer science and artificial intelligence, will be the face of the new &pou

Entrepreneur

The Top Money Mistakes People Make in Their New! 2019-07-17 13:30:00Are you guilty of these short-sighted financial mistakes?

4 Mindfulness Tips to Start Reducing Stress In New! 2019-07-17 12:31:00Use these techniques to ensure better daily mental and physical health.

5 Tips to Help Marketers Win in What's New! 2019-07-17 12:30:00Over half of consumers, one study revealed, have used voice search to find local business information within the last year. Doesn't that tell you whe

Want to Accomplish Your Own Moonshot? Look to New! 2019-07-17 12:00:00These 3 strategies used by NASA and its astronauts can help modern-day entrepreneurs make giant leaps of their own.

3 Proven Ways Your Business Can Disrupt That New! 2019-07-17 11:30:00You're far more likely to succeed if your business disrupts an existing industry rather than starts a new industry from scratch.

Want to Be Healthier and Happier? Just Change New! 2019-07-17 11:12:21Kevin Curry, author and founder of the 2 million+ member community Fit Men Cook, talks about his unexpected pivot in lifestyle and business.

How to Use Video in Your Email Marketing New! 2019-07-17 11:00:00People love videos, and videos boost engagement rates. So try embedding a video into your next email.

Even Experts Need Mentorship to Reach Their Full New! 2019-07-17 10:54:17If it's your job is to be the smartest person in the room, find someone even smarter to guide you.

How 3 Words Helped Change This Man's Career New! 2019-07-17 10:30:00The founder of this biotech company explains how he was able to change careers and pinpoint his passion.

iPhone 11 Is All About That Square Camera New! 2019-07-17 10:20:14Dummy models of all three iPhone 11 handsets suggest nothing much is changing apart from the new camera bump, which is certain to divide opinion.

Entrepreneur Insider Video of the Week: How Storytelling New! 2019-07-17 10:00:00Watch this free Entrepreneur Insider session with digital marketing expert Terry Rice, who explains how to tell stories that will drive sales.

Elon Musk's Neuralink Hopes to Put Sensors in New! 2019-07-17 09:54:56A 'sewing machine-like' robot implants threads directly into the brain.

E-Commerce Times

Workers' Prime Day Strike Could Pose a Problem 2019-07-09 13:18:12Amazon workers at a Minnesota, fulfillment center plan to strike for six hours on July 15, the first day of Amazon's Prime Day sales event. The strik

How to Run a Profitable Business on Amazon 2019-07-06 08:00:00Selling on Amazon can be an extremely profitable business all on its own. Third-party sellers like small business owners and authors on Amazon's mark

The Threat of a Deepfake Fiasco 2019-07-05 08:00:00An AI technology called "deepfake" may be the next big threat we face as a society. Consider a recent video clip of Facebook CEO Marc Zuckerberg say

5 Effective Ways to Reduce E-Commerce Churn 2019-07-02 08:00:00The subscription model forms the backbone of the revenue streams of many SaaS companies. In fact, more than 90 percent of software providers expected

The Growing Menace of Weaponized Deepfakes 2019-06-27 13:19:14The U.S. House Intelligence Committee recently heard expert testimony on the growing threat posed by "deepfakes" -- altered videos and other AI-gene

Oracle Advances Its Two-Pronged Cloud Strategy 2019-06-26 14:40:27Oracle has announced plans to combine its more than 18 related analytics products under a single banner, Oracle Analytics, making it easier for custom

LinkedIn Tweaks Its Algorithms to Skew Feeds to 2019-06-26 06:07:16LinkedIn has disclosed algorithm changes designed to favor conversations catering to niche professional interests. The criteria for posts showing up i

Technology Tools and Customer Engagement: It's Complicated 2019-06-25 14:38:16The most successful brands today are those that have created engaged audiences and an exceptional customer experience. They have managed to humanize t

The Greening of E-Commerce 2019-06-24 16:02:16E-commerce by its nature involves a lot of packaging and shipping, and e-commerce companies can't always control how their products get sent. There a

Oracle Does OK - Surprised? 2019-06-22 08:00:00To all the geniuses who advised selling Oracle shares ahead of this week's earnings call: You might want to recheck your calculations. On your slide

What Shifting Data Use Means for Pay-TV and 2019-06-21 13:16:12For many, Netflix was the first wake-up call that a new-generation of online or technology companies could have a significant impact on pay-TV busines

Plot Thickens With Dish's Interest in Sprint, T-Mobile 2019-06-20 11:58:01The merger between T-Mobile and Sprint has been dragging on for quite a long time, but it finally may be in the home stretch. To get the deal approved

Social News Daily

Man Reportedly Used Scissors To Cut Off Pecker New! 2019-07-17 12:58:23A man from Florida is in custody for purportedly using a pair of scissors to snip off the willy of a man he accused of sleeping with his wife. Alex Bo

What Data Do Map Apps Collect On You? New! 2019-07-17 08:00:21“In 500 feet, turn right.” We all know that familiar navigation voice guiding us to our next destination, but what if we also heard things

A Man Was Shot Dead After Attempting To 2019-07-16 18:45:34A man was gunned down after attempting to enter Area 51, the top-secret military base in the US, a document from the NNSS divulges. The news is coming

You’d Be Surprised What Rappers Are Doing Now 2019-07-16 08:00:07In today’s music industry, having talent is not enough. Anyone with dope lyrics and sick beats can create a hip-hop track in a couple of hours.

A Woman Was Residing With Her Deceased Mother 2019-07-15 18:27:53A 47-year-old woman has been arrested after police found out she and her daughter had been residing in a house with her mom’s corpse, cops said.

Colorado Veterinarians Claim Pot-Laced Human Turds Getting Dogs 2019-07-12 18:36:46Roaring Fork Valley dogs have discovered an interesting way to get their buzz on: They are consuming human poop blemished with marijuana. Dr. Scott Do

Lady Joins Tinder To Get A Date And 2019-07-12 10:09:36Emily – better known as Gianna Dior – dumped her former life and is now working as a porn star full time, earning roughly $941 per hour an

‘Fortnite’ Makes Its Case as the New Social 2019-07-11 06:29:08When talking about the best social media platform, it wouldn’t be surprising to hear people say Facebook, Twitter, Instagram, Snapchat, and YouT

Church Considering A Ban On Blessing Weapons Of 2019-07-10 19:21:46A Russian Orthodox Church commission on ecclesiastical law propose that clergy focus on blessing soldiers, as opposed to weapons. “One can talk

6 Proven Techniques for Strengthening Your Brand’s Social 2019-07-10 00:19:08Businesses cannot compete effectively without a social media presence. But strengthening your brand’s presence requires more than just creating

Cops Hunting For iPhone Thief Who Posted Selfie 2019-07-09 18:17:48A so-called thief who heisted an iPhone is now being sought by law enforcement after he shared a selfie to his dupe’s Instagram account. Kearny

Managing Security Threats for Your Online Business in 2019-07-08 22:39:48Social media is a tried and tested strategy for business growth. They spread the word fast, much more than the standard website can do, and they allow


Disclaimer and Notice:WorldProNews.com is not responsible of these news or any information published on this website.