We see life as a spring race, and wish to catch up to Usain bolt. However it is more like a marathon and those who rush out of the gates quickly and not pace themselves are likely to fall.
Australian Median Wage – May 2020
| Median weekly total cash earnings | All employees | 1,110 | 57,700 |
| Avg weeky total cash earnings (private) | Male | 1,700 | 88,400 |
| Avg weekly total cash earnings (Public) | Male | 1,900 | 93,600 |
If we follow the Pareto principle 20% of the people own 80% of the wealth or earn the most. We see that it is skewed to the upper (because those that do not earn money or not counted). Therefore if you earn median wage you are likely to be in the top 15% of people.
Australian Median Wage – May 2020
| Bracket | No. | Lower Bound | Upper Bound | % of income earners | People above |
| Top Income bracket | 596,531 | 156 | ++ | 3.8% | 0% |
| Second Income bracket | All | 104 | 155 | 6.2% | 3.8% |
| Third income bracet | All | 91 | 103 | 4.1% | 10% |
| Fourth income bracket (Average) | All | 78 | 91 | 5.9% | 14.1% |
Takeaways
We should expect that the percentages of peope higher than this is likely to be higher – this is due to tax concessions and the rich persons owning business. There are also those not working who have high asset prices. This is why likely you observe many peeople who seem to be richer than you.
Also take into account you are not in a global comparison. Those that you associate with are likely to be similar, therefore your comparisons are relative. The doctor compares himself to richer doctor friends, etc and feels like he life has been wasted.
To propel into the upperbound it takes $50,000 per year, and this could be done with a business. And that profit doesn’t seem so high.
5 Percent a day 