By Stephanie O’MalleyCNNMoney staffCNNMoney -0.6% New Yorkers are looking for a way to earn their living, whether they are making clothes for a client, stocking up on groceries or working in a store.
The question that many New Yorkers ask themselves is, “How do I become a millionaire?”
A new study from a consulting firm shows that many of them need a little help, as the U.S. economy is struggling and the national unemployment rate has risen to 10%.
The findings from the report, titled How to Become a Millionaire in the U, are being released Monday, and it provides a glimpse into the challenges and opportunities of a struggling job market.
The report, which was compiled by Deloitte, found that a person’s net worth, which includes assets, such as houses and cars, could be as high as $1.8 million.
That figure could increase to $2 million in a city such as New York or $3 million in Boston, which has a population of more than 5 million.
The new study found that if a person is an investor, who makes money by investing in stocks and other financial assets, they are likely to have net worths of between $1 million and $2.2 million.
That is more than enough to be able to purchase an average home in the city.
If a person earns a decent income from retail, restaurants or other jobs, they might have an estimated net worth of $3.8 to $4.2, Deloisees report found.
For a person with a full-time job, the estimated value of their net worth could be even higher, the report found, as they could expect to make as much as $6 million.
If they make less than $20,000 a year, they will likely be financially in the red, as their networth could be between $2 and $4 million.
However, people with a low income are also likely to struggle.
A person earning $20 or less per year, for example, will likely have an assumed net worth between $5 million and the $10 million mark, according to the report.
The study also found that people who are unemployed are most likely to be in debt, with an estimated $6.5 billion in debt.
That’s equivalent to about a $20 monthly mortgage payment for a typical household.
That’s a large chunk of a person, and the majority of them will be facing a large amount of debt in the future, which is a common cause of financial distress for people, the study said.
The financial distress can include job loss, illness or other financial problems.
People also may be in the midst of a divorce, separation or divorce settlement, the research found.
If a person does manage to accumulate a large net worth and can afford to purchase a home, they could have an annual income of $10 to $12 million.
If they are in their 30s, they may be looking at a $10.8-million income.
But the report also found some people will not have a financial cushion to get through a hard time, and could find themselves in poverty or near poverty.
The survey found that most people are likely not in financial distress, but they could be living in extreme financial hardship, such a as having a large credit card debt.
A person’s income could also be affected by the nature of their job.
While most people do not work in retail, restaurant or other food service jobs, some have full- or part-time positions.
A higher number of people work in the retail industry than in other industries, according the report.(Related: How much do you earn in the real estate industry?)
People with a high school education are more likely to live in poverty, the survey found, although many do have some income, including a $1,500 salary.
The number of jobs for people with that degree has been rising, however, and a recent study from the Federal Reserve Bank of New York said more than one in four college graduates is earning more than $100,000 annually.
About one in three workers have a college degree, according a survey by the Census Bureau.
The Federal Reserve report also shows that the average income of a household in New York City is $50,845.
The median household income is $53,082.
The average rent in New Jersey is $3,800 a month, while the average price of a home in Brooklyn is $1 billion.
The average net worth for a household is $2,838,000.