A stunning new survey has revealed just how disconnected Gen Z’s financial expectations have become from economic reality. While an entire generation dreams of earning nearly $600,000 annually for “financial success,” college dropouts who understand the real game are quietly building sustainable wealth through strategies that actually work in the real world.

The $587K Delusion: How Social Media Broke Gen Z’s Money Compass

According to a comprehensive study by financial firm Empower, Gen Z respondents believe an annual salary of $587,797 and a net worth of $9.47 million are necessary to achieve “financial success.” To put this in perspective, earning over half a million dollars annually would place someone in the top 1% of earners in 32 out of 50 states.

The gap between expectation and reality is staggering. The current median household income in the United States is $80,610—meaning Gen Z’s salary benchmark is more than seven times higher than what most American families actually earn.

This disconnect becomes even more pronounced when compared to other generations. Millennials set a comparatively modest target of approximately $180,000 as their marker of success, while Gen Z’s expectations are more than three times higher.

Despite these unrealistic benchmarks, 71% of Gen Z respondents expressed optimism about achieving their financial goals during their lifetimes—the highest confidence level among all generations. This dangerous combination of sky-high expectations and unwavering confidence suggests an entire generation is setting itself up for massive disappointment.

“Social media is filled with curated images and videos showcasing luxurious lifestyles, extravagant purchases and seemingly effortless achievements,” explains one analysis of the findings. “This selective portrayal creates an illusion that wealth is easily attainable and that success is defined by material possessions and lavish experiences.”

The Empower study reveals that only 27% of people consider wealth to be the primary indicator of financial success. Ironically, 59% believe happiness is the most significant measure, yet Gen Z continues chasing salary figures that would likely create more stress than satisfaction.

Reality Check: What College Dropouts Actually Need to Know About Income

Here’s the truth that financial influencers won’t tell you: building real wealth has far more to do with what you keep and grow than what you initially earn. College dropouts who understand this principle often outperform their degree-holding peers in long-term financial success.

Consider the actual income progression for most Americans:

• Ages 20-24: Median weekly earnings of $778 (approximately $40,456 annually)
• Ages 25-34: Median weekly earnings of $1,107 (approximately $57,564 annually)
• Ages 35-44: Median weekly earnings of $1,301 (approximately $67,652 annually)
• Ages 45-54: Peak earning years at $1,339 weekly (approximately $69,628 annually)

Notice something important? Even at peak earning years, most Americans make about $70,000—nowhere close to Gen Z’s $587K fantasy. Yet many of these people achieve genuine financial security through smart money management and strategic career growth.

For college dropouts, this reality check is actually liberating. Instead of chasing impossible salary benchmarks, you can focus on building sustainable income growth and wealth accumulation that compounds over time.

The 5-Step Income Progression Plan That Actually Works

While Gen Z dreams of instant wealth, successful dropouts follow a proven progression that builds real financial security:

Step 1: Assess Your Starting Point Honestly

Before you can reach six figures, you need to know where you stand today. Calculate your current:

• Annual income from all sources
• Monthly essential expenses
• Existing skills and certifications
• Network and professional contacts
• Available time for skill development

Most successful dropouts start this journey earning $25,000-$40,000 annually. That’s not just okay—it’s your launching pad.

Step 2: Build Your Skill Development Ladder

Instead of expecting massive salary jumps, plan realistic skill-based progression:

• Year 1: Master one high-value skill completely (Excel, specific software, customer service excellence)
• Year 2: Add a complementary skill and seek leadership opportunities
• Year 3: Develop specialized expertise that makes you indispensable
• Year 4-5: Begin training others and expanding into management or entrepreneurship

Each skill level should increase your earning potential by 10-20%, creating sustainable growth rather than lottery-ticket hoping.

Step 3: Set Realistic Income Milestones

Target achievable income increases over time:

• Year 1: $30,000-$35,000 (baseline establishment)
• Year 2: $40,000-$45,000 (first skill premium)
• Year 3: $50,000-$60,000 (specialization pay-off)
• Year 4: $65,000-$75,000 (leadership responsibilities)
• Year 5: $80,000-$100,000 (expertise and management combination)

This progression assumes consistent skill development and strategic job moves—aggressive but achievable for motivated dropouts.

Step 4: Develop Multiple Income Streams

Unlike college graduates who often rely solely on salary, successful dropouts diversify early:

• Primary job: Your main income source and skill-building platform
• Side consulting: Freelance work in your area of expertise
• Passive income: Investments, royalties, or business equity
• Emergency skills: Backup income sources you can activate quickly

Even small additional income streams compound dramatically over time.

Step 5: Practice Wealth Building Basics from Day One

This is where dropouts often beat degree-holders: you start building wealth habits immediately rather than waiting for the “perfect” salary:

• Save first, spend second: Even $50/month invested consistently grows substantially
• Avoid lifestyle inflation: Keep living expenses low as income grows
• Invest in appreciating assets: Real estate, stocks, business equity over consumer goods
• Build networks, not just nest eggs: Relationships create opportunities that money can’t buy

The Dropout Advantage in a Delusional World

While Gen Z wastes time dreaming of $600K salaries that may never materialize, college dropouts who follow proven income progression strategies often achieve genuine financial freedom by their 30s. The secret isn’t earning the most money—it’s being the most strategic with the money you do earn.

Remember: the survey showed that Americans believe the “Factor of Four” drives success: hard work (84%), talent (65%), connections (55%), and luck (51%). Notice what’s not on the list? College degrees.

As Gen Z continues chasing social media fantasies, you can quietly build real wealth through consistent execution of proven strategies. By the time they realize their expectations were unrealistic, you’ll already be financially free using income levels they would have considered “settling.”

Ready to build wealth systematically? Start with our guide on investing $100 a month for massive long-term gains and learn frugal living strategies that actually work.

Sources: Forbes, Empower Survey 2024, Bureau of Labor Statistics, Financial Planning Association