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How Much You Must Earn To Be in the 1% in Your State

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Senior Contributor

How Much You Must Earn To Be in the 1% in Your State

I knew, of course, that the top 1% made a zillion dollars more than I did, but what I didn't realize was what the "minimum a top 1% earned."

https://www.msn.com/en-us/money/personalfinance/how-much-you-must-earn-to-be-in-the-1-percent-in-eac...

 

This article breaks it down as follows:

  • Top 1% earn at least Smiley Surprised
  • Average income of top 1%
  • Median income
    • $24K - $29K Smiley Embarassed
    • No median income between $30K - $42K Smiley Frustrated
    • 6 states $43K - $43.9K
      • CT
      • MA
      • MD
      • NH
      • ND
      • WA
    • Nothing $44+
GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

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Message 1 of 6
5 REPLIES 5
Moderator Emeritus

Re: How Much You Must Earn To Be in the 1% in Your State

Oh nice, I was actually looking for a state by state breakdown last week and couldn’t easily find it off Google.

One of the other oddities was how comparatively few people had a B.S./B.A., I seriously thought it was much much higher these days. Admittedly it is probably higher in LA and the Bay Area more than most of Cali.

And much to my amusement I did make the 1% for one month out of my entire life haha, course I apparently needed 2.5 weeks of downtime where I wasn’t worth a **bleep** after that which sort of crimps long term attempts at 3 gigs at once. Sometimes more money is not worth it.

Appreciate the post!



        
Message 2 of 6
Community Leader
Senior Contributor

Re: How Much You Must Earn To Be in the 1% in Your State


@Revelate wrote:
Oh nice, I was actually looking for a state by state breakdown last week and couldn’t easily find it off Google.

One of the other oddities was how comparatively few people had a B.S./B.A., I seriously thought it was much much higher these days. Admittedly it is probably higher in LA and the Bay Area more than most of Cali.

And much to my amusement I did make the 1% for one month out of my entire life haha, course I apparently needed 2.5 weeks of downtime where I wasn’t worth a **bleep** after that which sort of crimps long term attempts at 3 gigs at once. Sometimes more money is not worth it.

Appreciate the post!

Thanks.

I actually thought the same thing and then when you consider how many thousands (sometimes hundreds of thousands) of dollars people are in debt to obtain that that BA/BS.

 

And kudos to you reaching that 1% even if it did almost kill ya. Smiley LOL If I live to be a hundred, I'll never reach the 1% Smiley Very Happy Hell, I'm happy to be way above the median although sometimes I don't feel like it. Smiley Very Happy

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 3 of 6
Frequent Contributor

Re: How Much You Must Earn To Be in the 1% in Your State

Really don’t care how much the 1% make. I make enough that i can cover my bills, have a good savings, and still have some money to enjoy myself as long as I don’t go overboard/

Message 4 of 6
Moderator Emeritus

Re: How Much You Must Earn To Be in the 1% in Your State


@Andypanda wrote:

Really don’t care how much the 1% make. I make enough that i can cover my bills, have a good savings, and still have some money to enjoy myself as long as I don’t go overboard/


Money past a certain point doesn't really improve one's quality of life.

 

Working 120 hours per week in my case, well one can do the math is only 6.8 hours of sleep a night, assuming none of that time is lost eating or anything else.  Sure there were some optimizations like sleeping 4 hours one night and ~9 the next, but it wasn't sustainable.

 

The thing is though having done that, and while I like the additional cash it dropped to my bottom line (in the form of hammering at the auto loan) it hasn't changed my lifestyle at all.  Sure, getting out of debt sooner is a quality goal, don't get me wrong, but even if I had 10's of millions in the bank I don't think I'd be making different choices really other than I wouldn't be working as hard, or at least not at my current career.  Back to school and then go tilting at windmills (cure for cancer or a new antibiotic etc.), but chase a bunch of frivolous consumerist things? 

 

Nah, just wouldn't be me.




        
Message 5 of 6
Established Contributor

Re: How Much You Must Earn To Be in the 1% in Your State


@Andypanda wrote:

Really don’t care how much the 1% make. I make enough that i can cover my bills, have a good savings, and still have some money to enjoy myself as long as I don’t go overboard/


In some way, you should.  Many policies are influenced by the powerful, which is often synonymous with the wealthy. And they’re not going to constantly advocate against their best interests, no matter how bleeding heart some of the wealthy are..so a lot of policies end up benefiting them (corporations included).  Some of these come at the expense of the average guy. 

 

I’m frankly stunned at how low the median income is.  And you can see that the average 1% income is skewed by a very very few really really high income earners. 

Message 6 of 6
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