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Saving money should be a top priority for Americans, regardless of age or financial status. Stock market fluctuations, inflation, and other money suckers in everyday life are just a few of the reasons why you should maintain a variety of savings accounts. The forefront of your heart.
Although income is a direct factor in determining how much an individual can contribute financially to their future, different states across the country have a higher ability to save than others.
According to GoBankingRates.com, states with the highest housing costs at the end of 2023 include Hawaii, Massachusetts, California, New York, Alaska, Maryland, Vermont, Oregon, Washington, and New Jersey.
Personal Finance: How to Save $100 This Week
Only 18% of Americans living in the United States earn more than $100,000 a year. | Getty Images
To comfortably buy a home or live in one of these 10 states, an individual or household must maintain a salary of more than $100,000 per year.
However, the average annual salary in the United States in the fourth quarter of 2023 was $59,384, according to the U.S. Department of Labor.
According to early 2023 data from the Zippia site, “18% of American individuals earn more than $100,000 annually.”
“34.4% of U.S. households earn more than $100,000 annually.”
Therefore, it is unlikely that the average American will be able to live comfortably and save money in any of the above states. However, while the most touristy and populous state in the US is expensive, other parts of the country are easily livable.
According to GoBankingRate.com, in Magnolia, Mississippi, Americans need to earn $45,906 to earn a living wage.
Jobs and salaries in high demand
The average salary for a physician in the United States is $188,990 per year. (license/image)
Oklahoma, Alabama, Arkansas, and Kansas are all great states to live in for people making less than $47,700 a year. From there, Kentucky, West Virginia, Missouri, Iowa, and Georgia also require a decent amount to earn a living wage.
States that require a household income of at least $59,384 to earn a living wage include Mississippi, Oklahoma, Alabama, Arkansas, Kentucky, Kansas, West Virginia, Missouri, Iowa, Tennessee, Includes Nebraska, Georgia, Illinois, Wyoming, Indiana, Michigan and Louisiana. , Ohio, Texas, New Mexico, Minnesota, South Dakota, South Carolina, North Dakota, Wisconsin, North Carolina, Pennsylvania, Utah, Delaware, Montana, Florida, Virginia, Nevada States, Idaho, Colorado.
A wide variety of jobs in countless industries include incomes of $60,000 or less per year. Jobs that require a college degree include special education, elementary, middle school, and high school teachers, social workers, therapists, public relations specialists, and registered nurses.
Professional jobs that do not require a college education and pay at least $60,000 per year include web developer, electrical foreman, insurance agent, makeup artist, sales representative, physical therapist assistant, dental hygienist, and radiation therapist. , real estate agents, etc.
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Each of the above positions supports a comfortable lifestyle in a state with a low cost of living.
However, if your goal is to live in a state with a high cost of living, you may want to look for professions with more economic opportunities, such as being a doctor, lawyer, dentist, marketing manager, anesthesiologist, or sales executive. , nurses, financial consultants, medical sales representatives, pilots, architects, etc.
According to Indeed, the average salary for a physician in the United States is $188,990 per year. Physicians living at or below their means in Mississippi likely have a lot of money in their pockets. Doctors with the same salary in Hawaii have a higher quality of life, but they don’t have the ability to accumulate savings quickly.
