The Income It Takes to Be Among Florida’s Richest Residents
It takes a lot to get to the top 1% of earners in Florida or any state, really. Getting into that top 1% is a hurdle that only a few can get past. If you’ve ever wondered if you’re among the top 1% of income earners in the state, a new study explains exactly how much income it takes to get past that threshold. This number could be a bit jarring, but remember that it’s really the top percentage of income earners, so it’s not like getting into just the upper-middle class.
The Wealthiest Florida
The experts at SmartAsset have put together a tally of the top 1% of income earners across America in each state. They complied the information into a handy map, where you can look at your state and see what those top earners make per year. It really varies per state, as they point out that “what it takes to be considered a top 1% income earner can differ by over $500,000 from state to state.”
As for methodology, SmartAsset looked at 2021 IRS data for individual tax filers and adjusted those numbers to June 2024 dollars using the Bureau of Labor Statistics’ Consumer Price Index for All Urban Consumers (CPI-U) U.S. city average series for all items, not seasonally adjusted.
One of the key findings in this study is that, according to SmartAsset, “It takes over $1 million per year in income to be in the top 1% in three states.” Those states are Connecticut, which has the highest mark to reach the top 1% of earners at $1.15 million, as well as Massachusetts at $1.11 million and California at $1.04 million or more. The lowest threshold for being in the top 1% in a state is $420k in West Virginia. Mississippi comes in as the second lowest threshold at $440,744, and New Mexico is third at $476,196.
So, what do you have to make to be among the top 1% of income-earners in Florida? That number is $852,206 and puts the state at No. 8 on the tally, compared to other states. The number of top 1% tax returns in the state is 101,940, and the income floor on the top 5% of earners is $276,217, so it’s a lot easier to hit the top 5% than it is the top 1%. Sure, those numbers may seem high, but perhaps you can make it a New Year’s resolution to hit one of these marks. What do you think of these numbers? Contact me and let me know, and here’s to a profitable and fruitful new year for you.
Secret Tips to Save Money on Your Next Vacation
1. Try to Negotiate Your Lodging
Did you know that hotel fees can be negotiable? Fidelity.com points out that, “You may be able to negotiate the online price by calling a hotel directly, or asking if they have any discounts for students, government employees, or members of certain groups, such as AAA.” So, don’t settle for that price you see on your laptop. Try to do better. It’s a secret tip that can pay off bigtime.
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2. Get Smart with Your Lodging
Did you know some hotels that are virtually the same, including the same brand, can be cheaper just a few miles apart? As a general rule, hotels that are near the airport are more expensive. So, you can look at the hotels you want to stay at and their multiple locations in the area for the best rate. “Some hotels that are under construction may rent rooms at a discount, which is a great option if you can deal with the noise,” Fidelity.com points out.
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3. Snack Your Way to a Cheaper Trip
Going out to eat on vacation can be one of the most exciting things about the trip. But, if you want to save on cash, skip a few meals out and opt for healthy, hearty snacks. Pack (or buy at a local store) some protein-rich snacks, like protein bars and meal bars, and limit your dining out. You can still enjoy some of the best food the area has to offer, just not as much of it. This is a way to stay fit on your trip, too. A lot of people don’t think of this tip, so it’s a bit of a secret.
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4. Timing is Everything
You’ve heard it so many times in life: Timing is everything. That’s true for travel, too. Research to find the least-busy times to visit your destination. If you travel during those downtimes, you’ll save big. While this is a common tip, something people forget is that every vacation destination has its own peak time. So, be specific for your travel spot.
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5. Travel with a Friend
If you’re thinking of traveling solo to a place you’ve always wanted to visit, go cheaper by traveling with a friend. You two can share lodging fees. Also, sometimes there are more deals and discounts for those traveling with multiple people. I always do this when going to a big music festival, if it’s far away. I’ll usually meet my friend there, and we share lodging costs. It also makes the trip more fun.
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6. Find Free Spots to Travel
Look for some free attractions in your travel area. Chances are, they won’t be as packed as the big-named places, too. You can still visit some of the popular landmarks. But, if you add a trip to a national park or free museum to your itinerary, it will save you some cash.
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7. Max Out Your Memberships
Are you a member of any random groups? You might have travel deals just waiting for you. Check everything, from your college alumni membership to your credit cards, for travel discounts. You may be surprised what you find.
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8. Don't Get Picky
Say you just want to get out on a fantastic trip, but you don’t really have a place in mind. That’s actually a good thing. Take an hour to look at flight specials happening right now. If you aren’t picky on where to travel, chances are you’ll find a great rate on airfare and lodging somewhere. Once you find the most reasonable place to travel, then you can start looking at what to do when you’re there.
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9. Go Popular
This is a bit ironic, but often times, the most popular tourist destinations are also the cheapest. That’s because there is a lot of competition for all those travelers. So, big-named destinations like Orlando, Florida, or Las Vegas, Nevada, tend to have really good travel deals. Go popular, or go home.
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