the lazy way to define success sees to be t point at a financial marker of say a million dollar net worth . but the average age the typical person is when they hit that marker is 58 for woman and 59 for men . the typical way people accrue that net worth . is saving about 25 percent of their income every year . and buying and holding prices of real estate for 20 or more year outside their primary residence . so 30 plus years of saving 25 percent of their income starting in their 20's pr right about the age of 30 .
but a majority of people with the million dollar net worth cannot stop working if they wanted to . that million is not enough to live on for long and can disappear quick with one health crisis. and in high cost of livving areas you may have a few pieces of rental properties but that million dollar home might only be able to be rented out for 3-4 thousand a month .with all the costs that go with it so you might not be clearing a lot of income from those .
now my definition of success on the financial realm life is having assets that generate adequate income or tax write off to support your preferred standard of living . i came to that definition about 2 years ago when that book capital in the 21st century was in the news .. and the main line of all the people who hate everyone richer than them was . well the 1 percent get most of their income from their wealth which is taxed at far lower rates than work income .
but another thing i have learned in the last few years is why so many people don't or can't build wealth . low value skills,incarceration, parole, probation, drug addiction , alcoholism, divorce, child support . crippling back injuries. etc
even people with high value skills run into trouble finding work if they have a felony and jail time .and d.u.i's are cash cows for state and local governments .
What is success . this is my definition and i will not put any hard numerical point . outside percentages .even though 57 percent of the population or more can.t figure out percentages without charts .
finacially you live comfortably on 20 to 30 percent of your gross income and save /invest everything that doesn't go to taxes . and you earn you money in a way that you don't depend on prescribed medication, illegal drugs .or large amounts of alcohol to get through the day or out of bed in the morning . and you can maintain this for 10 ,20 ,or 30 years .
the people i have seen who made it work the best invested in assests that had to do with the way they earned their main income .