Study Shows How Much Annual Income You Need to Be the Top 1% in Indiana
Are you a member of the 1% club, or are you part of the other 99%?
More Money, More Problems?
They say money won't fix all your problems. And while "they" may be right, and I assume "they" are people with money, with many Indiana residents living paycheck-to-paycheck and doing everything they can just to get by, it would be nice to find out first-hand just once, wouldn't it? While I hate to say we're obsessed with money, it's completely understandable if we wonder/fantasize about what our lives would be like if we had the kind of money where we didn't have to worry about whether or not we had enough to pay all our bills and put food on the table.
I'll assume that when you hear the term, "top 1%," your first thought is someone who is pulling in millions of dollars on a yearly basis. While those people without a doubt fall into the "top 1%" category, it doesn't take a million dollars a year to be considered in the top 1% in Indiana. As a matter of fact, it doesn't even take half of that.
Income Needed to Be in the Top 1% in Indiana
A study released back in July by consumer-focused financial information and advice website, SmartAsset, ranked all 50 states by the amount of annual income needed to be considered in the top 1% of each state from lowest to highest based on information it gathered from the IRS for individual tax filers.
After the numbers were crunched, Connecticut, Massachusettes, California, New Jersey, and Washington came in at numbers one through five, respectively with necessary incomes ranging from just over $950,000 to just over $800,000.
For those of us who call the Hoosier State home, it doesn't take quite that much to be considered in the top 1% here. Actually, our annual necessary income to be considered a member of the 1% club is among the lowest in the country at $473,685, but is still a sizeable chunk of change by most people's standards.
Does this mean that's how much you need to make in order to live comfortably? Not at all. A study by GoBankingRates back in April calculated the average "living wage" for each state and listed Indiana's as $56,411 thanks to our cost of living being below the national average.
You can learn more about SmartAsset's study on its website.
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Gallery Credit: Meagan Drillinger