Quantcast
RELATED

According to a recent survey by Empower, a financial services company, many Americans say a yearly salary of $270,214 means you’ve made it. It’s the kind of earnings that reflect success. That sum, which is three times more than the median household income, accounts for just 10% of U.S. households that earned more than $234,900 last year, according to CNBC. When broken down by age, millennials (ages 28 to 43) set their “success” salary at $180,865, while Gen Z (ages 18 to 27) set their expectations even higher. They said it would take $587,797 to be successful, according to the Empower findings.


The research also found that 49% of Americans feel “less financially successful than others,” which is “part of the reason they say they’d need such a high salary to feel accomplished, " Rebecca Rickert, head of communications at Empower, told CNBC.

In terms of overall net worth that defines a “successful” life, Gen Z noted the average at more than $9.4 million, while millennials noted more than $5.6 million. The numbers reflect unreasonable, pie-in-the-sky notions about success, with 47% indicating that “they’ll never achieve the level of success they’re seeking” and 42% of women considering themselves financially successful right now.

Black Women and the Wealth Disparity

Black women professionals, in particular, face a major challenge to this perception of a successful salary in the form of the wealth gap, earning 66 cents for every dollar white males make and earning $96 for every dollar their Black full-time counterparts make.

Black women's weekly median earnings were $935 in the third quarter of 2024, according to the Bureau of Labor Statistics, which is more than $44,800 gross yearly. Elder millennial women (ages 35 and older), as a whole, earned median weekly earnings of $1,160, which is more than $55,600 yearly. Gen Zers ages 16 to 24 had the lowest median weekly earnings at $720 (or more than $34,500 per year).

And of course, the salary increases based on education and experience, but numbers still did not reach the “success” salaries of respondents in the Empower survey.

Alternate Pathways to Wealth

For Black women, the traditional path of just keeping a “good job” for 30 years doesn’t align with the “success” notions from the Empower findings, however, there are other paths to wealth building. Based on the success of high-net-worth Black women, the common themes are ownership, investing, and entrepreneurship. Women like Oprah Winfrey, Sheila Johnson, Rihanna, Serena Williams, Emma Grede, Fawn Weaver, Iman Abuzeid, and several others, all have those three things in common.

While there are still very real barriers to Black women reaching a multi-million-dollar net worth (and the aforementioned women are indeed outliers), investing in stocks, real estate, art, and other methods of making your money work for you are ways to increase one’s income as a full-time employee. And, according to the National Community Reinvestment Coalition, home equity has accounted for the largest share of Black wealth since the start of the 20th century.

Starting a lucrative side hustle, launching businesses, buying into a franchise, or owning a proprietary trademarked process or service can also be a great way to double or even triple your net worth.

Redefining Definitions of Success

While it is great to strive for wealth or riches, the way you define success is directly connected to your worldview and values. Not all of us link an abundance of money to success. The same respondents from the Empower research said their personal definition of success is “often at odds with what society prizes,” with 43% defining financial success as “having a certain amount of money or assets.”

Only 27% ranked “wealth” as the “highest measure of financial success,” with 59% stating that “happiness” is the most important benchmark (i.e., having the ability to spend money on the things and experiences that bring the most joy, doing what you love.) Thirty-five percent indicated success is defined by “the luxury of free time to pursue personal passions.”

If there's a yearly salary that denotes success, what happens if, when you finally achieve it, you can't really enjoy it? What do you think the salary of a "successful" person is? Is "success" truly defined by how much money you earn? The jury is out on that one.

Let’s make things inbox official! Sign up for the xoNecole newsletter for love, wellness, career, and exclusive content delivered straight to your inbox.

Featured image by Getty Images

 

RELATED

 
ALSO ON XONECOLE
2025-love-forecast-for-every-zodiac-sign

The most important lesson we are learning about love in 2025 is change. Many major Astrological transits are happening this year, and these will last for years to come. As we walk through this new year, we are being asked to let go of the things we can’t control, and give more grace to the things we can. This is a year of a new perspective on love, finding gratitude in the little things, and watching as the universe supports us and the dreams we build for ourselves here.

KEEP READINGShow less
9 Oral Sex Hacks To Make 2025 Your Most Satisfying Year Yet

Even though I work with mostly married couples, that doesn’t mean some of my clients aren’t engaged or single (which I personally classify as being not married or betrothed). And y’all, if there is one thing that I will advise single folks on — male and female alike — when it comes to intimacy, specifically, it’s please do not choose someone for the long run who is merely “good at sex;” instead, select an individual who enjoys it because there is a really big difference between the two.

It has been my professional observation (20 years in at this point) that people who are good at coitus can oftentimes find ways to weaponize, manipulate, and gaslight with it. People who enjoy it, though? Within them, there is a natural level of enthusiasm, joy and, even if they aren’t all that masterful, skill and technique-wise, at the acts(s), they are more than willing to learn (or customize).

KEEP READINGShow less
LATEST POSTS