How to Become Independently Wealthy

Become Independently Wealthy

Becoming wealthy is a goal many of us hope to achieve in our lifetime.  Some want to be wealthy to have unbelievable lifelong experiences or to validate success. However, the goal is often dreamed of but rarely achieved.  Ken Fisher, the author of The Ten Roads to Riches, discusses the many ways people can achieve wealth throughout their lifetime, ten to be exact.  All of these roads have proven to make someone independently wealthy in their lifetime.  Some are more common than others.  So, if the question of how to become independently wealthy has crossed your mind, I will discuss two of the ten roads Ken illustrates in his book.

What Does It Mean to Be Independently Wealthy?

To determine whether you are independently wealthy, you must ask yourself a few basic questions. First, do you rely on financial support from anyone? If not, then consider yourself financially independent. Second, do you depend on your employment income? If you answer no to the second question, you would be considered independently wealthy. When you have become independently wealthy, you have either saved enough or earn sufficient passive income to give up your day job.

How to Become Independently Wealthy: Save and Invest Wisely

I usually sign off my posts with a simple phrase: Budget Smart, Invest Wise.  Budgeting allows you to allocate your funds to various categories. Hopefully one of those categories is savings.  Whether your savings vehicle is an IRA, Roth IRA or other type of investment, saving money is critical to building wealth.  However, saving is only half of the battle to building wealth this way.

The other key ingredient is investing wisely.  Investing wisely means creating a smart investment plan. This may be with a financial advisor or through acquired knowledge that creates a return on your investment.  For example, I have found that investing on a monthly basis in a mutual fund is of most benefit to me because it covers the broad range of the U.S. Stock Market.  This investment, although it has risk involved, prevents me from being susceptible to the failure of one company or one sector of the market.  Saving and investing wisely is the road most traveled. But, it also provides the greatest chance of reward.

How to Become Independently Wealthy: Invent Income

Inventing income can cover a wide spectrum of earning additional money.  For example, if you are a songwriter or musician, you can create an ongoing stream of royalties from your lyrics or music.  If you purchase a rental property, you could turn it into a cash flow positive stream of income.  The possibilities are endless.  Maybe you have a specific skill that people are willing to pay you to teach them.  Perhaps your area of expertise at work can lead to consulting other companies on the side.  Do you have something you’re passionate about that you can create into a blog or website and charge for ad revenue?  Many of us have the tools, knowledge, and talent to create additional income. However, do you have the drive to reach your goal?

Becoming independently wealthy or successful all boils down to the level of commitment.  If you are committed to becoming independently wealthy, then  you can find a way.  Some individuals, like Bill Gates or Mark Zuckerberg, created an enormous amount of wealth.  Maybe you want billions like these company creators. On the other hand, maybe you will be satisfied with millions or even a million.  Only you can determine what being wealthy is to you.

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Which States Do Not Tax Retirement Income?

Choosing where to retire will be one of the most important decisions you make. One factor that impacts this decision is local taxation law. How much your retirement income is taxed may have you considering a move in your golden years. After a little research, you will soon learn that local taxation varies greatly from state to state. In fact, there are some states that don’t tax retirement income at all. Here are a few financial factors you should include when choosing where to put down roots in your retirement years.

States That Don’t Tax Personal Income

If you want to maximize you savings during retirement, there are currently nine states that don’t tax retirement or personal income. Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming do not have income taxes. However, New Hampshire and Tennessee do tax dividends and interest for the time being. But, both states have plans to phase out these taxes. Tennessee will see these changes in 2021 while New Hampshire will phase it out by 2025.

States That Don't Tax Income

 

Taxation of Retirement Income by State

The taxation laws and treatment of retirement income in the remaining states vary greatly. Therefore, you should familiarize yourself with the local laws before you make any decisions.  Some states will allow partial exemptions for pensions and social security income. However, others will tax the entire amount of your retirement income. If you are unsure how local tax laws in your state apply to Social Security benefits, you can read more here.

Pension Exemption

If you live in Illinois, Mississippi, or Pennsylvania, then there is some good news! These states exempt all your pension income from taxes. Although, this 0nly applies to qualified individuals.

Partial Exemptions and Credits

Another common structure for tax on retirement income is to allow a partial exemption or provide a credit for part of your pension income. If you settle in one of the following states, you will receive some relief since these states don’t tax your full retirement income: Alabama, Arkansas, Colorado, Delaware, Georgia, Hawaii, Iowa, Kentucky, Louisiana, Maine, Maryland, Michigan, Missouri, Montana, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Utah, Virginia and Wisconsin.

An alternative structuring in other states is when pension income is tax included. This applies to residents of Arizona, California, Connecticut, District of Columbia, Idaho, Indiana, Kansas, Massachusetts, Minnesota, Nebraska, North Carolina, North Dakota, Vermont and West Virginia.

The Most Tax-Friendly States for Retirees

Tax Friendly States

In 2019, Kiplinger compiled a list comparing the tax burden for retirees state by state. To complete the analysis, they used the same hypothetical household as the constant variable.  The purpose is to compare how the burden of income, property and sales tax varied across the country.

The rankings are based on a family of four with a yearly income of $150,000 and $10,000 in dividends. Additionally, Kiplinger included $10,000 in mortgage interest on a home valued at $400,000. It then applied each state’s local income tax to these figures. Based on these metrics, here are the top 10 states that are the most tax-friendly towards retirees:

1. Wyoming
2. Nevada
3. Delaware
4. Alabama
5. South Carolina
6. Tennessee
7. Mississippi
8. Florida
9. Georgia
10. Arizona

Keep in mind that these rankings are based on a hypothetical model. Although, it may be different for your personal financial situation. If you are considering a move in your retirement years, be sure to do your homework. Lastly, don’t be afraid to seek out professional advice to help you plan for retirement. Choosing where to retire is a huge decision. Moreover, it is not one that should be made lightly. Moving to one of the states that don’t tax retirement income could help stretch your retirement savings through your golden years.

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Blue Apron Free Trial Review

Blue Apron Free Trial Review

Let’s be honest, many of us lack the time or the money to cook unique, cost-efficient meals today.  Whether you are a couple or a family, it is sometimes easiest to just eat out.  Eating out on a regular basis can get very expensive.  So, it’s easy to see how meal delivery services have become so popular, especially with their attractive introductory offers. I recently received a Blue Apron free trial.  I was eager to try and cook my way through a new and adventurous meal, something I wouldn’t normally eat.

As this was a Blue Apron free trial, I had nothing to lose.  I had three meals delivered right to my door.  All of the packaging was recyclable, and it came with a couple of nice reusable freezer packs.  Here is my experience:

Blue Apron Meal: Chipotle-Glazed Meatloaf

Blue Apron Free Trial: Chipotle-Glazed Meatloaf

What I expected:

Blue Apron said the prep time for this meal was just 10 minutes with the cooking time of the meal being between 35-45 minutes.  The card (included in the picture) came with a quick description of the meal along with all of the ingredients for the meal.  Each ingredient listed even came with a picture in case you weren’t sure.  The flip side of the card also came with step by step instructions on how to prepare the meal. Additionally, there were some pictures to assist you along the way.  I laid out all of the ingredients on top of my counter along with the card and began.

The Good: 

You have all of the ingredients you need to create a unique dish.  If you tried to go to the grocery store and buy all of the necessary items to create something similar, you would spend way more than $10/meal.  Also, all of the items looked fresh and appeared top notch.  Everything from the beef, to the potatoes, to the garlic looked like it had been prepared just mere days before.  Finally, Blue Apron also pairs each of the dishes with a wine.

The Bad: 

While the meal card said the prep time was just 10 minutes, this was not the case.  It took me about double that time to prepare the meal.  The only way someone could have done the prep in 10 minutes is if they were highly experienced in the kitchen or if they had prepared this meal before.  The meal also lacked a side of vegetables.  While this might seem quite minor in the details, some healthy vegetables to go along with this meal would have made it complete.  I ended up cooking some green beans to go along with the meat and potatoes.  You also needed some cooking experience to help guide you through.  I don’t believe these meals are for the complete rookie.  For instance, you had to mince garlic, slice potatoes, and needed a few kitchen accessories to complete the meal.

Chipotle-Glazed Meatloaf Dish

Final Opinion of Blue Apron’s Free Trial

Ultimately my Blue Apron free trial was a success.  I was able to create a delicious, unique meal all by myself.  At just around $10/meal, it is also a great value because the same ingredients would cost much more if you purchased them at the store.  Downsides would be that it requires some basic kitchen knowledge and elementary kitchen items.  This meal service is great for a couple who enjoys cooking together and wants to spend some time create different dishes and bonding over the experience.

Continuing Beyond the Free Trial

If you decide to continue purchasing Blue Apron meals after the trial, you have a variety of meal options. The website is very user friendly and lets you browse through their selections easily. Furthermore, they cater to specific dietary needs as well. Pricing varies based on the serving size and the plan you choose. However, you receive a discount for your first week and free shipping. If you aren’t quite ready to commit to the program, the Blue Apron free trial is perfect for you. There’s no risk and you’ll have the chance to sample new dishes for free!

Are you interested in Blue Apron? Get $30 off your first week using this link.

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The Biggest Lies About Growing Wealth

The Biggest Lies About Growing Wealth

From an early age, there are several myths and lies about growing wealth that are drilled into our memory. However, some of these misconceptions are based on outdated ideas and limited perspectives. Here is a look at some of the most common lies still being circulated.

5 Common Lies About Growing Wealth

1. Businesses Break Even in the First Year.

There is a common misconception among new business owners that you will be an instant success. However, in reality plans get delayed, unexpected expenses arise, and it takes time to create a market presence.  According to Forbes, the timeline to achieve profitability is closer to 18-24 months. Furthermore, 25% of new business ventures fail in their first year.

The truth is that instant success is very rare. While entrepreneurs are waiting for their breakthrough moment, you must be willing to wait it out, lose money or even walk away from a failed venture. Many successful businessman will tell you that had several failures before they finally prospered.

2. All You Need Is a Good Idea.

This mantra lies at the heart of the American Dream that anyone can get rich with the right idea. This is one of those lies about growing wealth that perpetuates itself because there is some truth in it. Unfortunately, not every great idea meets a market need or consumer demand. Not only must the idea be feasible and practical, but it most importantly it must be profitable.

The execution and timing of your business’s launch are also crucial. When you are first finding your legs, expect to invest a ton of man hours to get it off the ground. You should also make sure you have enough savings to cover your bills and give yourself a cushion. This will allow you to breathe a little as you wait to gain a foothold and break even.

3. You Need High Returns and Savings to Grow Money.

Another myth about growing wealth is that you need high returns and savings to grow your wealth. However, most financial planners will tell you that making steady contributions is a more efficient strategy. Consistent savings is more important than stumbling upon a good investment opportunity. But, don’t ignore a good opportunity when it comes around.

This is also a great lesson to pass on to the next generation. Remember, it is never too early to begin saving and investing. Time is a valuable asset; the sooner you begin the more money you earn from compounding interest. Even if you start small, you can let your money begin working for you.

4. You Need a Loan to Start a Business.

One of the greatest pitfalls for potential business ideas is this idea that you need a loan to start a business. While some entrepreneurs have a significant amount of startup capital, most just start where they are at and build from there. Instead of quitting your job and focusing solely on the new business, perhaps it is wiser to keep your day job. This will provide a safety net while you establish yourself. Once your business can sustain itself, then it may be time to consider making it your sole source of income.

5. You Can’t Get Rich Off Your Salary.

Another lie about growing wealth is that you will never get rich just off your salary. Although it may be difficult to build enough savings for retirement on your salary alone, you can begin using it for steady investments from an early age. If you invest small portions of salary, over time it will grow exponentially. The key is to make consistent contributions at regular intervals to ensure steady, continued growth. Diversification will also protect your nest egg and mitigate long-term risks.

Final Thought About Growing Wealth

When you are making important decisions about your finances, consider your sources. Advice is freely offered with the best of intentions. However, you should take time to do your research and learn to decipher fact from fiction. And remember, when in doubt you can always seek out professional advice to find the best ways to grow your personal wealth.

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Retirement Planning for Expats Abroad

Retirement Planning for Expats Abroad

One option many Americans overlook is the possibility of spending their retirement years abroad. Moving to a new country is the beginning of a new adventure for some retirees. It is also an affordable alternative for those wanting to stretch their savings. However, there are some serious questions you must ask yourself about retirement planning for expats abroad. Which country best suits your needs? How do you ensure access to your retirement funds and draw your social security benefits? What financial policies and tax laws apply to U.S. citizens abroad?

If you already have a destination in mind, relocation guides such as this one can give you all the information you will need. If not, here is some basic information for any expat planning to retire abroad.

Social Security Benefits

Social security benefits provide financial support to the retired, disabled, and dependents or beneficiaries of a deceased worker. They should not be the sole source of income when retirement planning for expats. Instead, your monthly benefits replace a portion of your wages based on your pre-retirement income.

The amount you receive is determined from your indexed monthly earnings over the 35 years. If you worked more than 35 years, they will use the years when you earned the highest income. This can become more problematic for expats, such as myself. Since I have lived and worked outside the U.S. since my early 20s, it is going to be more difficult to accrue 35 qualifying years. In order to receive any benefits, you must have ten years of employment (40 credits) to be eligible.

The federal government uses different formulas and factors to calculate your social security benefits. This means monthly amounts will vary from person to person. The good news is that you are able claim your Social Security benefits from anywhere in the world. As long as you have access to your domestic accounts that receive your checks, you should have no trouble getting your money. Many international banks also accept direct deposit into foreign accounts as well.

IRA Contributions

Traditional and ROTH IRAs are a key component of any investment portfolio. Unfortunately, there are tight restrictions on any contributions you make if you claim the Foreign Earned Income Exclusion. The FEIE is an exclusion credit which reduces your taxable income. Any amount over the yearly adjusted threshold is subject to double taxation.

For my particular case, all my foreign income is excluded. I fall below the qualified amount of $107,600 for 2020. Therefore, none of my foreign income is eligible for IRA contributions. However, the IRS taxes any foreign income above this threshold so it is eligible. Unfortunately, all my contributions must be generated domestically and filed accordingly.

Due to financial policies for foreign banking institutions, there are severe penalties for any violations. Not only must I be careful how I fund my IRA, but I cannot legally make any portfolio changes while I am outside the U.S. This carries heavy fines and legal repercussions no one would want to face.

Online Banking

Probably the most important tool at your disposal is online banking. Before moving abroad, make sure you put all your accounts online and notify your bank. It is also a good idea to switch to digital correspondence. This is especially important if you have monthly bills to pay or Social Security checks to collect.

Moving abroad and retirement planning for expats can seem overwhelming at first. If you are uncertain whether it is the right decision, read through this checklist to see what it would require. You may be closer than you think.

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Hiring a Financial Advisor vs Managing Your Own Money

Hiring a Financial Advisor vs Managing Your Own Money

Many people ask themselves if they need someone to help them manage their finances. This is a very personal decision with no universally correct answer. However, there are some advantages to hiring a financial advisor vs managing your own money. Conversely, there are also benefits for those handling their own portfolios. If you are uncertain which route is best for you, consider seeking some professional expertise.

What Do Financial Advisors Do?

Financial advisors play a key role in helping you plan and attain your future financial goals. They will help you determine how much to save for retirement and choose the best accounts for you. Furthermore, a good financial advisor will ensure you have appropriate insurance coverage and coach you through estate and tax planning.

The reason for hiring a financial advisor is to provide a wealth of information no matter what financial quandary you find yourself in. Part of their job is to educate you in areas where you are unfamiliar. Your financial advisor can help you understand complex issues and lead you to the best solution.

Before they take you on as a client, financial advisors first assess your risk tolerance and goals. Next, you will create a financial plan and a timeline to enact it. Once your portfolio is established they will also make and manage your investments. The greatest benefit of hiring a financial advisor is regular monitoring and updates. This means you will not need to be actively involved unless you want to be.

What are the Benefits of Managing Your Own Money vs Hiring a Financial Advisor?

However, if you prefer to take a more hands approach, there are several benefits to managing your own money. It’s true that not everyone needs an advisor. According to Vanguard about 25% of private investors are considered ‘self-directed.’

Managing your own money helps you take a long-term view of your finances. Since there are no advisors needing to justify your portfolio’s short-term performance, you can ignore the short-term fluctuations. Second, it allows you greater control. Self-directed investors can create specialized plans and make quicker decisions. You will also save a significant amount of money in fees if you don’t have to pay a middleman. When you don’t see the returns you expect, it may be difficult to justify the expense.

Should You Hire a Financial Advisor or Manage Your Own Money?

As mentioned above, hiring a financial advisor vs managing your own money is a very personal decision. Although, it never hurts to do some research or reach out to a professional when you are confused, overwhelmed or afraid of making a serious financial mistake. It’s also not a bad idea to approach advisors when you are stable to make sure you are on course. Perhaps they could suggest new strategies or ways to fine tune your plan.

However, if you are a competent investor and feel you could produce better results, managing your own money may be the better option. You can always reach out with specific questions as well when you need expertise or advice. This is a decision only you can make. Weigh your options carefully and do your research with all your important financial decisions.

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Why Are More Young Americans Living with Their Parents?

More Young Americans Are Living with Their Parents

A recent study conducted by the Pew Research Institute reported that more young Americans are living with their parents than ever before. While there are a myriad of reason why children move home, the Covid-19 pandemic and rising unemployment rates have been important contributing factors. With no clear end in sight and our financially stability in question, many young adults are looking to save money any way possible.

The Lost Generation

Let me begin by stating that I am a Millennial, born between 1981 and 1996. Let me then preface this first statement by debunking the stereotypes associated with my generation. Many call us lazy and self-righteous, soft and coddled children. We are not ungrateful or demanding. On the contrary, many of us are just trying to survive.

Some have dubbed us “the lost generation.” We grew up in the age before cell phones, witnessed the birth of the internet, and lived through a terrorist attack on home soil all before we graduated high school. Then, we were forced to take expensive loans in order to get a college education only to graduate in the midst of the mortgage crisis. We are now facing a second economic downturn just as we are reaching our prime earning years.

The promises we had been fed about working hard and getting a good education have fallen short. However, living through such adversity has taught us to adapt and be resilient. The majority of us are simply getting by. Like most Americans, we live paycheck to paycheck, and pray not to get sick or lose our jobs right now.

How Covid-19 Has Affected Employment

Although we are better educated than previous generations, we are the first generation to be worse off than our parents. Most young adults have little savings and fewer investments. Few of us can afford our own homes because we have outstanding debts to pay off first. The only thing that keeps this precarious boat afloat is a steady income. Unfortunately, recent closures and quarantine measures have left thousands of people out of work.

During the Covid-19 pandemic, American unemployment rates have skyrocketed. Millennials have been hit especially hard since many hold jobs in the service industry. The reported job losses in the wake of the economic downturn are the highest ever since the Great Depression. These conditions have forced many young adults to move back in with their parents. According to the Pew Research Center, 52% of Americans ages 18-30 live with one or both of their parents. While unemployment is not the only reason for children moving home, it is a significant factor. Furthermore, no one is certain how long conditions will continue or an economic recovery will take.

Financial Stability of Young Americans

Another intangible mark this has left on our generation is an attitude of pessimism and lack of trust in financial institutions. Paying monthly bills has become a challenge with reduced hours and widespread layoffs. The first stimulus check issued by the government offered some temporary relief, but when rent comes due many tenants will be unable to pay. It’s no wonder why many young Americans are living with their parents. Cutting out a monthly rent payment offers a huge financial relief.

The uncertainty of just how long conditions will persist only exacerbates these negative feelings. Conservative predictions estimate that it will take the better part of a decade for the economy to fully recover. This further complicates any plans to pay off debt, purchase homes, invest and retire. I can only speak for myself, but I think it’s safe to say that most young adults do not want to live with their parents. Unfortunately, with little savings and job opportunities it is becoming more of a necessity until we can better understand the full and lasting economic impacts of the coronavirus.

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How Are Social Security Benefits Calculated?

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Social Security benefits are a crucial element of retirement planning. For those without investments or pension plans, it may be their sole source of income. The government website has made it easy to access your personal retirement benefits online. Once you create an account, you are able to see how much you qualify for. You can also adjust the calculations in different age scenarios. However, you may still be asking yourself, “How are Social Security benefits calculated?” Several factors discussed below affect the formula for your personal benefits.

The Social Security Formula to Calculate Benefits                                                 

Your lifetime earnings determine your personal Social Security benefits. First, the formula indexes your actual earnings. This is to account for any fluctuations in average wages from your first year of receiving wages. Then, they find your average monthly earnings for the 35 years with the highest earnings. Your average indexed monthly earnings, or AIME, only counts income within the maximum table earnings. For 2020, this amount is $137,700.

The Social Security benefits formula applies to this figure. The new total gives you a “primary insurance amount” or PIA. Your PIA is the basic benefit you will receive once you reach full retirement age. The sliding scale helps low earners who depend more upon these benefits. The current year’s breakdown separates wages into three categories:

  • 90% of intial $960 of AIME
  • 32% of any amount between $960 – $5,785
  • 15% for any amount above $5,785

Lastly, you enter your age when you begin claiming benefits. If this seems complicated, you can also use their Retirement Calculator to estimate your individual benefits.

Factors that Affect Social Security Benefits

If you want to check the math yourself, there are a few factors that could change the final total. First and foremost, you will receive less if you claim Social Security benefits before full retirement age.  You can claim them beginning at the age of 62. Although, you will lose a significant amount of money if you do.

Secondly, your benefits get recalculated every year. This is to adjust payments based on inflation. It also includes any income from the previous year. You can qualify for an annual cost of living increase until you reach 70. Should you delay your retirement, you will also receive incremental monthly increases.

Finally, certain people will use a different formula. This is usually the case for government workers, or people who receive retirement/disability pensions from a job that didn’t pay Social Security taxes. The website provides a second calculator if the Windfall Elimination Provision (WEP) will affect your Social Security benefits.

Future Funding for Social Security

The future of Social Security has become a hot topic of debate. In particular, many people are questioning the sustainability of retirement benefits. Will the current generation of workers receive the same benefits? Should we count on receiving Social Security benefits after retirement? The answer is unclear. We must remember the future is unpredictable and these ideas are not well understood.

The Social Security Board of Trustees predicts that program costs will rise by 2035. At this point, taxes will only cover 75% of scheduled benefits. The reduced benefits are a result of an aging population and a lower birth rate. Experts believe there will be greater public debt since more people will be claiming their trust fund assets and redeeming Treasury debt securities. Although it appears there will be funding available, it is always best to diversify your retirement plan. Most importantly, be certain how your Social Security benefits are calculated.

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3 Reasons Why Weddings Are So Expensive

Beach Wedding Ceremony during Daytime
Why are Weddings so Expensive?

Summer is in full swing. While weddings occur all throughout the year, summer seems to be a popular time for two people to tie the knot. Many of us attend a wedding with the assumption that we are celebrating friends or family. But do we really know the costs behind it all? Weddings have been getting more and more expensive each year. Today, the average American wedding costs approximately $33,900. You may be asking yourself “How is this possible?” I can tell you 3 reasons why weddings are so expensive.

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Space Force Star Steve Carell’s Net Worth

Space Force Star Steve Carell’s Net Worth

Steve Carell has been flexing his acting muscles in recent years. He has demonstrated his versatility and raw talent, even earning the title “America’s Funniest Man” by Life Magazine in 2010. All this fame and success has brought Carell larger salaries as well. He is now playing General Steve Naird in the Netflix series “Space Force.” Steve Carell’s net worth is currently estimated at $80 million. Here are some of the more famous roles that helped Carell earn his fortune.

Early Career and Roles

Steve Carell was working with a Chicago comedy troupe called “The Second City,” he landed his first movie role. His film debut was in the family comedy, “Curly Sue” in 1991. However, many credit his role on the Dana Carvey Show in 1996 for launching his career. Carell was a cast member when he voiced a character in the sketch “The Ambiguously Gay Duo.” Even though the show only lasted 7 episodes, the cartoon was picked up by Saturday Night Live. This helped establish Carell among the comic legends and led to several major movie and television roles.

Steve Carell’s Breaking Roles

Although Carell had many movies in his filmography, his first major film role was with Will Ferrell in “Anchorman: The Legend of Ron Burgundy” in 2004. With all this national recognition, NBC approached him in 2005 to remake the British series “The Office.” His role as Michael Scott propelled him into the limelight despite disappointing first season. Producers banked on the release of “The 40 Year Old Virgin” to boost the show’s popularity. This was a gamble that paid off for both Steve Carell and the network.

He ended up winning both a Golden Globe Award and the Television Critics Association Award in 2006. Carell was also nominated for six Primetime Emmy Awards from 2006 to 2011. During this time he also made several movies including “Dan in Real Life,” “Get Smart,” “Date Night,” and “Despicable Me.”

Steve Carell's Net Worth

Films that Added to His Net Worth

Carell made the decision to leave “The Office” to focus on his film roles. However, he returned for the series finale in 2013. Steve Carell has proven he is a dynamic and accomplished actor. Several of his projects have received high accolades from fans and critics alike. He was nominated for a Golden Globe and an Academy Award for role of Best Actor in “Foxcatcher” in 2014. Carell also received another Golden Globe nomination for Best Actor in “The Big Short.” He now owns his own company called Carousel productions.

Steve Carell’s Net Worth

Steve Carell received his first large paycheck for “The 40 Year Old Virgin” for $500,000. Furthermore, he earned $175,000 per episode when “The Office” first aired. This number reached $300,000 per episode at the peak of the show’s popularity. Steve Carell also earned additional money for producing, writing, and directing the show. He still receives money for syndication deals as well.

Steve Carell’s current net worth is $80 million. Nowadays, he makes approximately $15-20 million per film. He also has another sequel from the Despicable Me universe. “Minions: The Rise of Gru” is set to release in 2021. With the number of slated projects and his current success there is no doubt Steve Carell will continue to add to his net worth.

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