This Is How Long It Takes To Become A Millionaire In Louisiana
By using three criteria, it was figured how long it would take to become a millionaire in each state. In Louisiana, you might be working for awhile.
According to GOBankingRates, the criteria they used to come up with the time it takes to become a millionaire in each state are:
- examining household income
- taking cost of living into account
- taking cost of living and investments into account.
There are some assumptions that are made in this particular study. One being that you make the state’s median income, the next being that you spend the average per capita for personal consumption, and lastly that you invest what’s left over.
That being said, it would take Americans on average, 61 years to join the "three comma club". It would take on average 65 if you don't invest.
Now, what about Louisiana? Well...
Louisiana: 89 Years
The amount of time it takes to be a millionaire in Louisiana is the fifth longest of all the states. That’s because the state has the fourth-lowest median household income in the U.S. at $45,146.
Here is a map made by the Daily Mail that puts it all into perspective. [Click to make map bigger]