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That was very interesting (and humbling!)
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Jan 26, 2015 19:45
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Foma posted:Yeh, I thought I would be on the upper end of the pay scale. I should go get a higher paying job (or get more money). I personally didn't put any of my retirement assets in because I honestly only monitor that I'm contributing enough. If I stared at the balance too much I might do something dumb and cash it out to buy another investment property or two.
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Jan 27, 2015 01:41
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Cool, thanks! Could be doing better, could be doing a WHOLE LOT WORSE.
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Jan 27, 2015 02:23
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Foma posted:Also I really doubt all those people with no CC debt and shouldn't our portfolios be larger?
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Jan 27, 2015 19:49
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Foma posted:Also I really doubt all those people with no CC debt and shouldn't our portfolios be larger?
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Jan 27, 2015 20:02
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That's what's going on in mine, definitely. My income has more than tripled since 2011, and I'm using the extra after maxing out my 401(k) to pay down my wife's ungodly student loan debt. Given her 8.8% interest rate, it's the better option right now.
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Jan 27, 2015 21:07
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I just don't make enough money to stay out of debt, support 2 kids and significantly grow our investments. All you jerks with your maxing of (any) retirement accounts make me jealous.
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Jan 27, 2015 21:56
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GoGoGadgetChris posted:Our DINK lifestyle is stymied by the incredible cat budget though. Yeah this is me. Kitty lymphoma sucks but I have the dough. Someone needs to enter SloMo into the sheet. Put "baller" in the comments so we know.
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Jan 28, 2015 06:30
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I wish I could stay a DINK forever. 
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Jan 28, 2015 14:46
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Sephiroth_IRA posted:I wish I could stay a DINK forever. You sorta can you know.
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Jan 28, 2015 20:01
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I wish I could become a DINK. Being single is so financially inefficient.
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Jan 29, 2015 06:31
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Sundae posted:That's what's going on in mine, definitely. My income has more than tripled since 2011, and I'm using the extra after maxing out my 401(k) to pay down my wife's ungodly student loan debt. Given her 8.8% interest rate, it's the better option right now. Almost the same here. My income has almost doubled since 2012. Between 2008 and 2011 I was only contributing the minimum to my 401(k) to get the match from my employer, all while paying off my car and student loans. Since 2012 I've upped my 401(k) contributions to 10% and maxed out a Roth IRA every year, and fully funded my HSA as well. Do I have super impressive portfolio? No, especially since its all pretty much index funds (Roth) and target retirement account (401k). But am I WAY ahead of where I was even 3-4 years ago? Hell yes.
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Feb 1, 2015 16:05
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Man, looking at the savings rate of people here, I feel late to the party when earning an income. Hopefully finding tenure track job and my wife( well, getting married in March anyway) coming out of med school will turn it around for us.
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Feb 3, 2015 11:28
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OP - are you ever going to fix the Net Worth column of the spreadsheet - that's kind of the point of the thread, no?
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Feb 3, 2015 16:26
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I'd like to see some kind of graph/chart for income so I can beat myself up about not earning more.
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Feb 4, 2015 04:07
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I feel more like a failure based on the education stats than the income stats. loving 28 year olds with PhDs up in here. One of my profs, who's a relatively famous academic, got his PhD when he was 25. Hell, my thesis advisor was old but he had three PhDs. Just couldn't settle on MIT engineering or Harvard philosophy but international development was the way to go I guess. He once built a helicopter in his back yard but when he turned it on "the whole thing just shook itself apart." 26 and rolling into the second bachelors! 
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Feb 6, 2015 02:52
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tuyop posted:I feel more like a failure based on the education stats than the income stats. loving 28 year olds with PhDs up in here. One of my profs, who's a relatively famous academic, got his PhD when he was 25. There was a grad student in my university who was going for her fifth masters related to science during my graduation. Her parents were rich so she could follow her dream of learning as much of her interests as she wanted and she just never wanted to get a PhD. She kept paying the school international student rates as she lived abroad, and came to the US to go to the same school  , and they were happy to take her money. She was in her early thirties and never decided to plan her life out a bit more. Not even to take part in bigger research projects or join a company where her skills could be useful.I wish I could do the same but I would be happy to end up with a masters at least one day.
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Feb 6, 2015 04:29
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Can we get the official spreadsheet updated with some pivot tables now? 
Evil Robot fucked around with this message at 05:34 on Feb 6, 2015 |
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Feb 6, 2015 04:57
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tuyop posted:I feel more like a failure based on the education stats than the income stats. loving 28 year olds with PhDs up in here. One of my profs, who's a relatively famous academic, got his PhD when he was 25. It's all relative. I'm a college dropout and make 96% of the household income while my wife who brings in the rest has two bachelors and a masters.
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Feb 6, 2015 05:41
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Velochis, would you mind if I posted some quick graphs I made of the data? I think it might be interesting to see some of this visualized.
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Feb 7, 2015 03:03
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tuyop posted:I feel more like a failure based on the education stats than the income stats. loving 28 year olds with PhDs up in here. One of my profs, who's a relatively famous academic, got his PhD when he was 25. I got mine at 26, that's starting college at 17+9 years of undergrad/grad school (and 4 years of undergrad + 5 years to Ph.D is not that uncommon in a lot of fields). People in countries like the UK with short Ph.Ds can finish even earlier without exceptional circumstances. Now 22 or 23 from a top program, that's pretty crazy.
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Feb 7, 2015 05:39
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blah_blah posted:I got mine at 26, that's starting college at 17+9 years of undergrad/grad school (and 4 years of undergrad + 5 years to Ph.D is not that uncommon in a lot of fields). People in countries like the UK with short Ph.Ds can finish even earlier without exceptional circumstances. Holy poo poo, what's your field? I mean, most Philosophy PhDs I hear about are like seven years long, and masters tend to run long as well. Education takes people a bit less time but over five years isn't unheard of if your research is very involved.
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Feb 7, 2015 06:37
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Math, but I know some people in similar fields (physics, biology, etc), that have finished in similar amounts of time or less -- a friend of mine got her Ph.D from Stanford in biology at 25 (4 year undergrad + 3.5 year Ph.D). That is definitely exceptional.
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Feb 7, 2015 10:03
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Higgy posted:Velochis, would you mind if I posted some quick graphs I made of the data? I think it might be interesting to see some of this visualized. Please do! I'm going to make my own graphs now. Also re: the net worth column being f'd up. It's a google spreadsheetism. I dragged the formula down to row 10,000, but it doesn't appear to take unless I drag it on existing data. Every couple days I go in and and update the net worth column. I couldn't figure out pivot tables on the spreadsheet. If anyone has experience in this area I'll give you ownership of the spreadsheet and you can help us out. Send me an email at velochis (at) gmail (dot) com
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Feb 8, 2015 15:13
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Velochis posted:Please do! Cool! Didn't want to steal your show or anything like that. Here a few quick/dirty shots of BFC Net Worth by a few different groupings: Average Net Worth by Age:  I can potentially make this easier to ready by doing age groupings - 20-30, 30-40, 40-50, etc if anyone wants to see it that way. Average Net Worth by Education Level:  Average Net Worth by Career Track:  Full disclosure, I took some liberties on this one since it was an optional field. I did my best to group the disparate job titles. If anyone has any requests for a cut of the data they want to see, let me know and I can (probably) make it happen. Higgy fucked around with this message at 19:06 on Feb 8, 2015 |
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Feb 8, 2015 19:03
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edit ^^^ cool graphs. It's fortunate that we decided to show different assets of the data. I'm using R, what program are you running? Alright folks, graphs are done (also reposted in the OP). Let me know if you can think of any other cool ideas to display the data.      Velochis fucked around with this message at 19:41 on Feb 8, 2015 |
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Feb 8, 2015 19:37
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Higgy posted:Average Net Worth by Career Track: Aw those poor scientists  I thought I was doing OK but the other 33 year olds are totally outclassing me.
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Feb 8, 2015 20:27
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10 minutes after entering my stuff, I realize I forgot to put my 401k into my portfolio value. Go me.  I was feeling good about how where my student loans were at, but leave it to BFC to put me in the middle of the pack.
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Feb 8, 2015 21:15
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Velochis posted:edit ^^^ cool graphs. It's fortunate that we decided to show different assets of the data. I'm using R, what program are you running? Just dumb old excel. Doesn't go nearly in depth as yours though, just some quick pivot tables and averaging. edit: I have a few more. Same grouping and formats as before but now focused on total average debt. I wobbled a bit on whether or not to include Mortgage debt with the rest. I can post another series with it taken out if anyone wants me to:    Again, these are pretty simplistic. Feel free to request anything you'd like to see. OP seems to have the handle on real statistical analysis but I can make some pretty and simple pictures for people. Higgy fucked around with this message at 22:59 on Feb 8, 2015 |
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Feb 8, 2015 21:20
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Higgy posted:OP seems to have the handle on real statistical analysis but I can make some pretty and simple pictures for people. Hey thanks, I'm a statistician by education, but all too rarely get to put my craft to work in my day job. Some comments: average total debt if kind of meaningless if you are using to to imply it is a bad thing. Is a doctor with 250k student loans really in the same amount of "debt" as an engineer with zero but a 250k mortgage (secured by a house). Also some people have seriously skewed income/debt. I find median is a much better descriptor of average than mean. One more graph. CDF for income and net worth. Read these charts by starting at the x axis, and reading up the line. Measure to the Y axis to find the % of BFC with less income/net worth than you! Example: in the top left graph. Read the y axis value associated with the line above the x value of 100,000 to determine that about 73% of single BFC posters make less than $100,000. 
Velochis fucked around with this message at 23:40 on Feb 8, 2015 |
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Feb 8, 2015 23:34
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CDFs are the best and we should teach them in kindergarten.
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Feb 8, 2015 23:53
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Velochis posted:Hey thanks, I'm a statistician by education, but all too rarely get to put my craft to work in my day job. Agreed and not implying it's a bad thing. When juxtaposed with net worth it becomes clear that it's not bad, it was just an easy cut to make.
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Feb 8, 2015 23:54
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I added some average and medians pivot tables / graphs in the original response spreadsheet if anyone clicks the other tabs. Turns out the mean BFCer is worth $200k with an income of $110k but the median BFCer only has $100k on an income of $90k.
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Feb 9, 2015 00:16
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Log link GLM with covariates of age, kids (y/n), and anything else that looks interesting? Possibly with fixed offset for log debt to get DTI regression analysis?
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Feb 9, 2015 01:03
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linear regression I found nothing significant. I thought about log link, but a lot of people have negative net worth. I'll take another look later.
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Feb 9, 2015 09:39
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I took the liberty of including my estimated bonus in my income, most of it is guaranteed this year and the next but I guess I gotta keep up the hustle to keep the survey accurate. This is fascinating, great idea. Lets have a BFC goonmeet at the Harvard club or something.
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Feb 10, 2015 16:01
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This is neat. OP, what software did you use to make the box graphs and CDF's? STATA? edit: Answered above, using R for the curious Also I've wasted my youth and made terrible decisions. I will be poor now and forever. I disgust myself.
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Feb 11, 2015 20:00
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Can someone pull up similar stats for the population in general. Thread needs some loving hugs.
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Feb 12, 2015 03:08
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tuyop posted:Can someone pull up similar stats for the population in general. Thread needs some loving hugs. The Bad with Money thread just discussed that a couple days ago. Check out this post and the subsequent conversation: Devian666 posted:Here's the net worth percentile rank calculator. You can enter your age in both boxes and your net worth to discover that you are bad with money. I don't live in the US and recent devaluation of the local currency versus the US has diminished my rank but at least I'm well past 50%.
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Feb 12, 2015 04:01
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Despite not knowing anything about statistic, this is really cool. Apparently I'm in the ~30th percentile for income but ~60th percentile for net worth. That's encouraging, anyway.
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Feb 12, 2015 14:19
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