This Is How Much Money You Need to Make to be in Top 5% in Montana
Money is on a lot of people's minds these days.
- Just today, the Montana Millionaire sold out in record time.
- The labor market is holding steady after an update from the Labor Department, according to U.S. News.
- SAG-AFTRA is still on strike, with talks resuming today.
- UAW just struck a deal with GM.
- Yet, CNBC is reporting 62% of adults live paycheck to paycheck according to LendingClub.
While it's more affordable to live in Montana compared to a lot of places in the country, Montanans still feel the pinch, like many adults do. It's common to wonder, "Could I be making more money in Montana" and that leads to questions like, "What does it mean to be rich in Montana?"
Being Rich in Montana
Being rich is not the same as making a lot of money. You could own land or other assets but still not be bringing as much money as others.
And "being rich" might feel skewed when there are four billionaires in Montana and only just over 1 million people. The cost of housing in Montana's major cities and celebrity sightings also may make it feel like there's a lot of money in Montana, but that might not be the case.
Making Money in Montana
Montana is actually ranked 40th according to a GoBankingRates in comparison to other states in terms of how much money you need to be in the top 5%. In the #1 ranked state, New Jersey, you need $562,886 to be in the top 5% in the state.
In Montana, you need to make a little over $100,000 to be in the top 20%. But to be in the top 5%, you need to make $370,234.
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