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I was skeptical, then I checked [1] and apparently even if you separate by state you only need a household income of $512k to be in the top 1%. High, but certai
by hailwren 7y ago
I was skeptical, then I checked [1] and apparently even if you separate by state you only need a household income of $512k to be in the top 1%. High, but certainly not unfathomably so to HN readers.
1 - https://www.cnbc.com/2018/07/27/how-much-you-have-to-earn-to-be-in-the-top-1percent-in-every-us-state.html https://www.cnbc.com/2018/07/27/how-much-you-have-to-earn-to...
- appleiigs 7y agoImportant to note it's household income. If a family has 2 software devs at a FAANG (not the OP specifically), quite likely to get to 1% with work experience. If they are doing a european vacation, bathroom and a car one 1 year, definitely top 5%.
- bretpiatt 7y agoMany people end up in the 1% for a single year via sale of business, stock, etc. There's a huge difference between that type of 1% for a year and age 30-40 dual (or very high single) annual income earners. The former may retire with a $1-5M net worth, the latter is either spending heavily or retiring with a $10M+ (and likely $20M+ with reasonableiinvestment returns) nest egg.
- Gibbon1 7y agoThere is also a difference between a $150k/y family with two wage earners and one with a single wage earner. The former is likely paying for day care, etc and have higher family expenses. And a lower quality of life in general. Gets worse as you go down in income. Try two wage earners at $60k/year.