You might already have your first million and not even realize it.
Not a million dollars in savings. A million dollars in lifetime income.
Calculating your lifetime income might sound like a complicated accounting exercise, but it only takes a few minutes if you know where to look.
If you’ve worked in the United States, creating a My Social Security account is one of the easiest ways to find out. It keeps a record of your annual earnings dating back to your first job. Add up those numbers, and you’ll have a good estimate of your lifetime income.
The total won’t include investment income, unreported tips, inheritances, or gifts, but for most people it captures the vast majority of their lifetime earnings.
Setting up your account might take a few days if there is a verification step, but this is an important account to have even long before you reach retirement age!
Once you have an account, you can click "Review your full earnings record now" to see your lifetime earnings. Once you know your number, take a moment to think about it.
Does it surprise you?
Does it make you feel proud?
Or does it make you wonder where all that money went?
Does it make you feel proud?
Or does it make you wonder where all that money went?
For most people, money challenges aren’t simply about earning more, especially over the course of a lifetime. They’re about understanding where your money has gone and making intentional decisions about where it goes next.
That’s why I believe the first step to better money habits is tracking your spending. Looking back at how you’ve used your money helps you plan for the future and make adjustments along the way.
Your first million might already be behind you, but what will you do with your next million?