Latest news with #WookjaeHeo
Forbes
01-07-2025
- Business
- Forbes
How To Build A $100,000/Year Income With ChatGPT
Many Americans say they need to earn in excess of $100,000 to be financially comfortable How much do you think you could you afford to live on comfortably? Perhaps $80,000? Or $100,000? Maybe push it as high as $150,000? Think that last figure looks incredulous? Check again. A new Bankrate survey lifted the lid on the state of salaries in America, and showed just how 'wealthy' you are, even when making close to six figures. About three in four Americans say they don't feel financially secure, mainly due to inflation (despite it cooling recently). Bankrate's report explains: "For example, a $100,000 salary in January 2020 has the same buying power as $124,353 in April 2025, according to the U.S. Bureau of Labor Statistics (BLS). In other words, if you haven't received a raise since 2020, higher inflation feels like losing $24,000 of your salary." The report continued, 'More than one in four (26%) U.S. adults say they would need to make $150,000 or more per year to feel financially secure/comfortable. That's nearly twice the typical national salary: The average full-time, year-round worker made $81,515 in 2023, according to the latest estimates from the BLS.' Purdue University assistant professor Wookjae Heo noted when speaking to Bankrate for this report that 'most people's money is static," mainly because it is salaried. So here we have a dilemma: You want to raise the ceiling on your earnings, but you can't because your job restricts you and caps your income potential. Quite a scary place to be, right? Well you don't need to be worried, because there's a way to exit the static salaried lifestyle: work for yourself. Why Now Is The Perfect Time To Start A Freelance Business When you decide to take your skills, expertise, and knowledge and amplify them using AI, you're able to experience these benefits: The good news is, even as a beginner, you can make $100,000 and way more, using your skills and AI. How To Use ChatGPT To Start A Lucrative Business AI helps you multiply your output. You don't need years of industry experience. You can start right where you are, and this article will show you how. Even if you're a beginner, early in your career, or new to a particular industry, or new to using AI tools like ChatGPT beyond just for fun or superficial tasks, there are certain skills that you likely already have that you probably take for granted. For example: Some of these may be hobbies, and others are things that you routinely do when no one is watching, because you're skilled in those areas and enjoy them. They come naturally to you. These are the perfect skills to begin with when you're starting your own business, because they don't require you to learn anything new, at least when you're starting out. Of course you'll need to brush up on your knowledge, but you won't need to expend months and years in learning a new skill, because you're capitalising on something that's already accessible. You can even give ChatGPT this prompt: You're a career coach and your mission is to help me discover how to make money with my skills. Ask me a series of questions to help me uncover what my transferable skills are, pulling from my hobbies, interests, and any volunteer or prior work experience, even if initially they seem unrelated. Wherever there are any gaps in your learning or knowledge, use AI to help you accelerate skill building and development. Take a crash course using ChatGPT. For example, you can ask it to: You can also ask it to assign you a learning plan and then follow up with a prompt to get it to give you the content for each aspect of the learning plan, as well as recommendations for how you can develop your skills further so you can be at the top of your industry. This allows you to build skills and knowledge without needing to spend too much time or resources for now. Of course, as you start to earn, you can reinvest into your professional development and undertake professional certifications, training, and online courses. The next step is to launch a simple but high-impact offer that you know solves a pain point in your target client's lives. It could be that your target clients lack a strong LinkedIn presence, they may have low social media engagement, or they might be consistently receiving negative press, and then you could step in with your PR or digital/social media marketing skills. Whatever their pain is, use ChatGPT to: You can get ideas of what specific ChatGPT prompts to use, here in my recent Forbes article. The key to growth of any kind--financial, career, or business, is self-awareness and reflection. Critical thinking and analysis help you read in between the lines, identify patterns, and recognize what's working as well as areas for improvement. This helps you to stop wasting your time and energy on areas of your freelance business (or even ideas) that bring little to no financial results, boosting your efficiency and bringing you closer to your $100,000/year goal. Ask ChatGPT: Based on the photos attached [screenshot your dashboard, results page, feedback online, or other data] what are the key insights I can gather about my audience, my market, and what they need? What is working so far? What are the common themes here, and what should I stop doing, and start doing more of? The most successful freelance professionals and entrepreneurs are able to leverage AI tools such as ChatGPT, not for basic task like writing emails (although that can be helpful) but for strategy, uncovering deep insights, and enabling data-driven decision making. Build Your Income Using ChatGPT Your employer may have given you a payment ceiling; negotiating a pay rise might be challenging or unrealistic. But that doesn't need to limit your options. Start where you are, and combine: This is how you eventually achieve and exceed your $100,000/year goal. You can build a six-figure business as a beginner, leveraging skills you already have FAQs How long does it take to make $100,000 a year? It honestly depends on how much effort and time you put into growing your freelance business, especially at the early stages where you're researching, testing, and iterating. With consistency, using AI tools as assistants, and daily keeping your finger on the pulse of industry and market developments and what your target clientele actually need, it is possible for you to scale to $100,000 annually within a couple of years. What's the fastest way to make $100,000? There's no quick-fix solution. However, the quickest way to achieve this goal is to start by leveraging skills and knowledge you already have. This saves time and enables you to build traction early on.
Yahoo
23-06-2025
- Business
- Yahoo
Survey: More than 1 in 4 Americans feel they need to make $150,000 or more to live comfortably
Financial security shouldn't just be nice to have — ideally, it should be attainable for all Americans. But as high prices, tariffs and economic uncertainty reignite concerns of a recession, the majority of U.S. adults (77 percent) today say they aren't completely financially secure, according to Bankrate's new Financial Freedom Survey. What's worse, even as the inflation rate has eased since a 2022 high, the percentage of Americans who say they aren't financially secure has climbed over the past few years, from 72 percent in 2023 and 75 percent in 2024. Part of the reason why so many people feel financially insecure could be that rapid inflation over the past three years has eroded households' purchasing power, making it harder for Americans to afford their lifestyles on their current salaries. For example, a $100,000 salary in January 2020 has the same buying power as $124,353 in April 2025, according to the U.S. Bureau of Labor Statistics (BLS). In other words, if you haven't received a raise since 2020, higher inflation feels like losing $24,000 of your salary. 'Many people need to spend more and more every year,' because of inflation, says Wookjae Heo, an assistant professor of financial counseling and planning at the Purdue University College of Health and Human Sciences. 'However, their income has not increased a lot. Most people's salary is (static).' One of the easiest ways Americans could feel more financially secure is through a pay bump — but it would have to be a big one. More than 1 in 4 (26 percent) U.S. adults say they would need to make $150,000 or more per year to feel financially secure/comfortable. That's nearly twice the typical national salary: The average full-time, year-round worker made $81,515 in 2023, according to the latest estimates from the BLS. However, thanks to market uncertainty, companies are slowing or pausing hiring, which means many people may have difficulty switching jobs to something more lucrative. Amid a sluggish job market, especially for white-collar and federal workers, it won't be easy for many workers to easily earn a higher salary and get to that six figures they want. The share of Americans who don't feel financially secure is high — and getting higher 77% of U.S. adults say they are not completely financially secure, up from 75% in 2024 and 72% in 2023. Financial security has a six-figure price tag for many Americans 26% of U.S. adults feel they would need $150,000 or more to feel financially secure/comfortable. The 'American Dream' may remain a dream for many people Only 29% of U.S. adults believe their version of the 'American Dream' is likely for them in today's economy. Since 1976, Bankrate has been the go-to source for personal finance data, publishing average rates on the most popular financial products and tracking the experience of consumers nationwide. See more The majority (77 percent) of U.S. adults say they aren't completely financially secure: 45 percent say they are not completely financially secure but will be someday, and 32 percent say they are not completely financially secure and likely never will be. The percentage of Americans who believe they'll never achieve financial security has risen over the years, from 26 percent in 2023 and 30 percent in 2024. Only 23 percent of Americans say they are completely financially secure: Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 'Most of us know comfortability when we see it. It's a financial sweet spot that allows us to cover our bills, sock cash away for retirement or emergencies, conquer debt — or dodge it entirely — and still have enough wiggle room for the occasional indulgence,' Bankrate U.S. Economy Reporter Sarah Foster says. 'Times have shifted.' Generation-wise, Gen Xers (ages 45-60) are the likeliest to say they are not completely financially secure currently (84 percent), compared to 80 percent of Gen Zers (ages 18-28), 79 percent of millennials (ages 29-44) and 69 percent of baby boomers (ages 61-79). On the other hand, baby boomers are the likeliest generation to say they feel completely financially secure (31 percent), compared to 21 percent of millennials, 20 percent of Gen Zers and 16 percent of Gen Xers. More than 1 in 3 (35 percent) women say they aren't financially secure and never will be, compared to 29 percent of men. Also, women are less likely to feel completely financially secure than men — and the percentage is dropping quicker than it is for men: Americans who say they are financially secure, by year and gender 2023 2024 2025 Men 30% 27% 26% Women 26% 23% 20% Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 Financial security, by income level About 2 in 5 (42 percent) Americans making $100,000 or more per year say they are completely financially secure, compared to only 12 percent of Americans making under $50,000 a year. The percentage of people who make less than $50,000 a year and say they're completely financially secure has fallen over the years, from 17 percent in 2023 and 15 percent in 2024. Additionally, 25 percent of people making between $50,000 and $79,999 per year and 34 percent of people making between $80,000 and $99,999 say they're financially secure. Financial comfort means something different to everyone, but when asked, nearly half (45 percent) of Americans say they would need to make a six-figure income ($100,000 or more per year) to feel financially secure/comfortable. This includes 16 percent who say they would need to make $200,000 or more, and 8 percent say they would need to make $500,000 or more. Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 More than half of Americans (56 percent) say they need more than they're currently earning to feel financially secure/comfortable. Generationally, for the third year in a row, Gen Xers reported needing the most to feel financially secure/comfortable: 35 percent say they need to make $150,000 or more to feel financially secure/comfortable, compared to 24 percent of baby boomers, 26 percent of millennials and 20 percent of Gen Zers. While around half of men (48 percent) say they need to make $100,000 or more to feel financially secure/comfortable, 42 percent of women say the same. Men are likeliest (22 percent) to say they need to make between $100,000 and $149,999 to feel financially secure/comfortable, while women are likeliest to say they need to make between $50,000 and $79,999 (21 percent). There's a massive gap between what salaries would make people feel comfortable and what would make them feel rich. More than 1 in 4 Americans (26 percent) say they would need to make at least $1 million per year to feel rich or financially free. Meanwhile, 55 percent of Americans say they would need to make $200,000 or more to feel rich or financially free, and 39 percent say they would need to make $500,000 or more. Generationally, more than one-third (37 percent) of Gen Xers say they would need to make $1 million or more to feel rich or financially free, compared to 27 percent of baby boomers, 23 percent of millennials and 18 percent of Gen Zers. A similar percentage of men and women say they need to make $1 million or more to feel rich or financially free (27 percent and 25 percent, respectively). Tiffany Morrison, a 38-year-old in Ocala, Florida, puts it best herself: 'I'm one paycheck from losing it all.' Morrison, a single mom of a 15-year-old daughter and a title agent for a real estate company, is one of the 88 percent of people making under $50,000 per year who feel financially insecure. She makes $49,000 a year and, like many lower-income people, tries to save, but emergencies keep setting her back. She only has $500 in savings, thanks to a recent $1,000 car repair bill. It took her eight months to save that $1,500 in the first place. If Morrison has an unexpected emergency, such as car problem, that could cost more than her entire paycheck and set her back on her bills, she says. 'It becomes a trickle(-down) effect,' Morrison says. 'Once you miss one bill, you have to play catch-up, then (the companies) add late fees on. That's probably where the uncomfortable area comes in.' For many, saving more money isn't as simple as spending less on frivolous purchases. But Morrison has used several strategies to help her save more money — she's moved to a cheaper rental, canceled subscriptions, changed phone plans and used other strategies to save money. In addition, she opened up a high-yield savings account (HYSA), which provides a higher interest rate on her savings than a traditional savings account, and has given her savings a much-needed boost. Despite all of this, her budget is still uncomfortably tight. If she made $100,000 a year, she says, that would put her in a much more comfortable place financially. 'I think I would be able to save money (and) have a more reliable vehicle,' she says. As is the case for many low-income Americans, reaching Morrison's desired salary would be difficult. Her current role doesn't offer enough upward mobility to receive a major raise, she says. She would love to work in the nonprofit space, but nonprofits are notoriously low-paying. Alternatively, she'd like to turn her social media content creation side hustle into a full-time job. In the meantime, Morrison leans on self-taught personal finance advice to get her through payday after payday, even though it's taken some sacrifices. 'I don't give myself enough credit for the work that I've done. I've seen my own growth recently. I started on my emergency fund knowing that I still don't have a very reliable car,' she says. 'I've just changed my mindset now to: Everything always works out.' The 'American Dream' can look different from person to person — whether it involves immigrating to the U.S. for more opportunities, buying a home or retiring early. Whatever someone's vision of the American Dream is, only 29 percent of Americans believe their version is likely in today's economy. Source: Bankrate's Financial Freedom Survey, May 14-16, 2025 The youngest American adults are the likeliest to still have hope for the American Dream. Over a third of Gen Z (36 percent) say their version of the American dream is likely in today's economy, compared to 27 percent of millennials, 26 percent of Gen Xers and 27 percent of baby boomers. Income-wise, more than half (56 percent) of those making under $50,000 a year say it's unlikely that they'll achieve their version of the American Dream. 'Though many Americans hold onto the idea of returning to a 1950s-era 'Golden' America age, the days when a single, non-college educated breadwinner could sustain an entire family seem like they may be confined forever to the past,' Foster says. There's no one-size-fits-all approach to achieving financial comfort — what financial comfort means will look different for everyone. For one person, it might be paying all their bills on time, every time, while for another, it may be buying a large house and going on vacations whenever they can. These steps can help you figure out what financial comfort means to you and how you can get there. To avoid creating a goal that you can't meet, financial goals should be realistically attainable and set within a certain timeframe. For instance, if you make a relatively low salary today, setting a goal of tripling your salary in six months is likely unrealistic. On the other hand, setting a goal of asking for a raise in the next year is a much more attainable goal for most people. Some examples of financial goals are: Go back to school for a master's degree within the next two years to increase your earning potential. Pay off $3,000 of credit card debt in six months. Save three months of expenses (or $15,000) in one year for an emergency savings fund. Save for a down payment (or $20,000) on a house in five years. Max out your 401(k) contributions this year. If you need help understanding what financial goals would be best for you, consider seeking the services of a financial advisor, who could look at your entire financial picture and give you personalized advice based on your situation. Be sure to prioritize hiring a fee-only advisor, who only receives compensation based on a flat fee, and typically acts in their clients' best interests. Once you know your financial goals, you can start crafting your plan to meet them. For example: If your goal is to pay off debt, you can… Set a goal to pay off your debt within a certain timeframe and stick to it. For example, if your goal is to pay off $3,000 of debt in six months, and you're paid bimonthly, you should set an automatic payment of $250 every time you're paid to go towards your debt. If you have several sources of debt (for example, student loan debt and credit card debt), you can consider the snowball or avalanche debt repayment methods. The snowball method prioritizes your debts from the smallest balance to the largest balance. The avalanche method prioritizes your debts from the largest annual percentage rate (APR) to the smallest APR. If your goal is to save more money, you can… Switch to a HYSA, which will provide a higher interest rate on your rainy day fund than a traditional savings account. Pay yourself first: Set up a recurring transfer from your checking account to your savings account each month and don't touch it. Alternatively, you can split up your direct deposit to put some of the funds in your savings account directly. If your goal is to make more money, you can… Explore side hustles, such as selling unwanted items online, tutoring or freelancing. Consider passive income opportunities, like investing in a high-yield CD or savings account or rental income. If your goal is to invest more for retirement, you can… Max out your 401(k) for the year. (The cap for 2025 is $23,500.) Open a Roth IRA, which allows you to deposit after-tax income and take it out at retirement tax-free. Not all lifestyle creep is bad — for example, as your income rises, you may want to replace your old beater car with a nicer vehicle or buy more fresh and organic foods for your family. But if your spending continues to rise as you earn more money throughout your career, you may not ever get to a point where you feel financially secure. 'As our income rises, so does our vision of comfort. With each pay bump, the lure of a grander lifestyle can be irresistible — especially after periods of restraining ourselves,' Foster says. 'Not to mention, we all deserve to reward ourselves with our hard-earned money. But this 'lifestyle inflation' can sometimes pose as many risks to our finances as actual inflation.' To avoid lifestyle creep, instead of spending more when you receive a yearly raise or bonus, try funneling that money toward investments or savings instead. You can break the funds up: For example, if you receive a $10,000 yearly bonus, you could put $5,000 towards savings, $3,000 to meet your yearly Roth IRA cap and spend the rest. Similarly, if you receive a raise that increases your paycheck by $200 a pay period, you could put that money toward savings and keep your spending habits the same. Methodology Bankrate commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,260 adults. Fieldwork was undertaken between 14th – 16th May 2025. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
