Business Insider released a U.S. map with rough estimates of what income a household would need to earn (rounded to the nearest thousand) in order to be in the top 1% of the income distribution in each state. The results are surprising to read; when I think one percent-ers, I think of Daddy Warbucks. I think of the idle rich, private planes, beach houses, lunch in Paris and four day weekends.
According to Business Insider in Texas, a household would need to earn $391,000 to be the top 1%. Now, that's a tremendous amount of money, but if the income is earned from a paycheck, then the 1% still has to get up and go to work every day. It's a lot less exciting than I thought.
Another data point in the article that is important to note is that in Texas the 2012 median household income is $50,740, which means if your household earns $51,000, then you're in the top half of income earners in Texas.
I keep thinking we cannot afford children, but based on these facts there is a state full of people raising families on a lot less money then we earn each year. My husband's mother's bestie June told us two years ago: "you will never think you can afford kids, but once you have kids it'll all work out..." She then encouraged us to trash our financial model.
It's a leap of faith.