For most of us, the idea of making six figures doesn't sound too shabby. But here's a depressing factoid from Business Insider: Making $100,000 doesn't put you in the top 1 percent, no matter what age you're at. Basically, $100,000 really doesn't make you wealthy anymore. Business Insider analyzed data from the U.S. Census Bureau and the university of Minnesota to calculate what you need to earn to be in the top 1 percent at every age. They put together a nifty chart, which you can view by visiting their website. Here's a sampling of their findings:
- By the time you reach 40, you have to be making at least $400,000 to be in the top 1 percent for your age
- The highest salary you need to earn to be in the top 1 percent for your age is $479,000 at the age of 63
- Your best bet for being in the top 1 percent for your age is when you're 25. And even then you have to make $116,000
I don't know too many 25-year-olds making $116,000. But hey, maybe I should be hanging out with different people. If this type of stuff intrigues you, consider checking out this cool calculator the Wall Street Journal made. You can plug in your income and see what percent you are. You can also see how your income stacks up in your state. This colorful map shows you how much you need to earn to be in the top 1 percent of every state.
This story originally appeared on Don't Waste Your Money. Checkout Don't Waste Your Money for other great tips and ideas to make the most out of life.
