Do you ever wonder how much money your neighbor makes? Your boss? Your best friend? Yeah, don’t we all? While we can’t provide the detailed income numbers of each person in the U.S., we can tell you, on average, how much money people in your state make.
Out of the entire U.S. population, the median earnings per household is $56,516. The medium green states above (like Texas, Wisconsin, and Michigan) are pretty much right on the income average. States with a lighter shade pay less on average and states that are darker pay out more per household.
And what are the top ranked states for median income? Check it out below!
So what’s the point? To move to a higher paying area? No, probably not, since most of the high-paying states are the exact same areas where it’s crazy expensive to live. Thus netting out to a zero or negative gain.
The point of this exercise is simple. Here’s what you need to ask yourself:
- Is my household earning more or less than the median household for our state?
- If not, what more can I do to earn more? What’s holding me back?
- If I can’t quickly improve my income, where can I cut back to make up some of the difference?
Put frankly, if you’re not earning the average, then the world will start to pass you by. It is incredibly difficult to be a financial success if your income is peanuts.
So what can you do to earn more? Could you earn a degree that would bump up your pay? Could you start a side business that would add to your income? Maybe your job just isn’t paying you enough and it’s time for a raise. If you have a reasonable way to earn more without breaking the law, I say go for it.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.