If you’ve ever wondered what percentage you’re in, financially, there’s now a simple way to calculate that.
You hear talk of “the top one percent,” but what does that really mean and where do you fall on the spectrum? This nifty tool designed by the Wall Street Journal will take into account how much money you made in 2014 in order to help you compare your earnings with others.
After inputting your income, you’ll be able to see how you stack up in comparison to others in categories such as gender, ethnicity, generation and level of education completed.
For example, let’s say you earned $60,000 in 2014. You’re a male Gen Xer of multiple ethnicities with a bachelor’s degree. Consider this your financial online dating profile!
As you can see, you’re in the 54th percentile, because 46 percent of other men with your ethnicity, education level and generation label earned less than you. Very interesting stuff, huh?
Once you’ve learned this information about yourself, you may be curious to know exactly how much money you’d have to make to land in the top one percent. Well, that differs from state to state, but if you’re curious, a breakdown of that information that can also be found online, courtesy of the Economic Policy Institute. For instance, garnering $425,000 a year will put you at the top in Texas, but it only takes $288,000 to hit the top one percent in South Carolina.
How close are you to landing in the top percentile? This could be very enlightening information. From there, you may want to learn more about how best to budget, what it is most Americans are wasting their money on and more, all so you can get your finances in order and get closer to reaching your ideal percentage group.
Study up! It’s time to get your finances in order.