Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Pay Chart: Are You Underpaid?
Old 06-23-2014, 08:25 AM   #1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
Pay Chart: Are You Underpaid?

Quote:
If you ever wondered why your parents really wanted you to be a doctor, this chart serves as a good explanation.

Redditor Dan Lin took data from the Bureau of Labor to create a color coded, (very) long chart that breaks down how much different industries pay.

The chart also provides interesting information on whether you’re being underpaid in your field–you know, just in case you needed some fodder for leaning in to your boss this week. Click to enlarge for a closer look:
This Chart Shows If You’re Being Underpaid - TIME
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-23-2014, 02:57 PM   #2
Recycles dryer sheets
 
Join Date: Apr 2008
Posts: 223
The writer doesn't understand opportunity cost, both economic and non-economic, hours worked, and several other things. When you control for these, the chart doesn't explain as much as the writer thinks it does.
inquisitive is offline   Reply With Quote
Old 06-23-2014, 03:08 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,000
Quote:
Originally Posted by inquisitive View Post
The writer doesn't understand opportunity cost, both economic and non-economic, hours worked, and several other things. When you control for these, the chart doesn't explain as much as the writer thinks it does.
Yeahbut...if he took the time to include all those factors he'd probably move over closer to that 25th percentile triangle for Financial Journalists.
__________________
Numbers is hard
REWahoo is offline   Reply With Quote
Old 06-23-2014, 03:13 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
The author only compiles the statistics from the Bureau of Labor. How do you blame him for these data points?
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 06-23-2014, 03:15 PM   #5
Recycles dryer sheets
 
Join Date: Apr 2008
Posts: 223
lol at ReWahoo's point

I didn't criticize the data points, I criticitzed his interpretation of the data points.
inquisitive is offline   Reply With Quote
Old 06-23-2014, 03:41 PM   #6
Thinks s/he gets paid by the post
 
Join Date: Nov 2013
Location: Bay Area
Posts: 2,745
Oops, I am overpaid for what I am doing. I am in "executive" job for lack of better matching job category.

Well, it's better being overpaid than underpaid ...
robnplunder is offline   Reply With Quote
Old 06-23-2014, 03:51 PM   #7
Thinks s/he gets paid by the post
RockyMtn's Avatar
 
Join Date: Jul 2009
Location: North Scottsdale
Posts: 1,545
I was overpaid for a long time. Which is exactly why I don't work anymore. But hey...I didn't set the pay rate, the market set the pay rate and I happened to be a beneficiary of it.
__________________
FIRE'D in July 2009 at 51...Never look back!
RockyMtn is offline   Reply With Quote
Old 06-23-2014, 03:59 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 35,712
Quote:
Originally Posted by robnplunder View Post
Oops, I am overpaid for what I am doing. I am in "executive" job for lack of better matching job category.

Well, it's better being overpaid than underpaid ...
Then, you must not be LBYM if you have not retired.

LBYM allowed me to ER even after working part-time for the last 10 years of my working life, with wife retired early and children in college. I could claim "executive" salary if I worked full-time, but I didn't. It would interfere with our travel schedule.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)

"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
NW-Bound is offline   Reply With Quote
Old 06-23-2014, 07:10 PM   #9
Thinks s/he gets paid by the post
 
Join Date: Jun 2014
Posts: 1,069
I look at that and think, wow, did I do well for a guy with no degree. (or associated debt)
dallas27 is offline   Reply With Quote
Old 06-23-2014, 09:12 PM   #10
Thinks s/he gets paid by the post
 
Join Date: Sep 2013
Location: Ventura County
Posts: 1,431
Thanks OP for making my day. Depending on which job title I use I range from substantially to ridiculously overpaid. Time to RE quick before I throw off the curve.

Seriously though, based on the compensation level and NW I've seen folks describe on this forum I think many here are way off to the high side of those charts. So either this forum samples a tiny ultrawealthy non-representative sample or, more likely, the methodology used to generate the chart fails to capture true compensation levels.
stepford is offline   Reply With Quote
Old 06-23-2014, 09:14 PM   #11
Thinks s/he gets paid by the post
photoguy's Avatar
 
Join Date: Jun 2010
Posts: 2,301
I think the journalist is overpaid for putting up a huge unsearchable image.

And what the heck is a "mathematical technician"? Mathematicians are listed separately.
photoguy is offline   Reply With Quote
Old 06-23-2014, 10:11 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Feb 2013
Location: Toronto
Posts: 3,320
Was probably a bit underpaid as an academic but definitely felt overpaid while in private practice - this chart agrees with that assessment.
6miths is offline   Reply With Quote
Old 06-23-2014, 10:44 PM   #13
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
Quote:
Originally Posted by photoguy View Post
I think the journalist is overpaid for putting up a huge unsearchable image.

And what the heck is a "mathematical technician"? Mathematicians are listed separately.
Load the image with Mircrosoft OneNote , which can make the image searchable.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 06-23-2014, 10:49 PM   #14
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
I am just a little bit over the 50 percentile - definitely not overpaid. I have forwarded the link to DD who is in college.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 06-24-2014, 12:21 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Katsmeow's Avatar
 
Join Date: Jul 2009
Posts: 5,307
Quote:
Originally Posted by stepford View Post
Seriously though, based on the compensation level and NW I've seen folks describe on this forum I think many here are way off to the high side of those charts. So either this forum samples a tiny ultrawealthy non-representative sample or, more likely, the methodology used to generate the chart fails to capture true compensation levels.
Well this is taken from Bureau of labor statistics. I've read those before and they are pretty detailed. But, the thing to realize is that this is showing the median. I looked my profession (lawyer) and thought the median was really low. But, thinking about it, I realize that this wasn't just considered people like me at the end of my career. It was also including the people who just got out of law school (and, despite what most people thing, most people just out of law school don't make huge salaries). So, yes, I would imagine a lot of people here are at the higher part of various occupations because they have been in the field for a long time. So they aren't all that representative of the full range of people.
Katsmeow is offline   Reply With Quote
Old 06-24-2014, 04:32 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 10,252
I didn't see any surprises in the chart. As for MDs, there is a thread at bogleheads which discusses that all the years of training at relatively low wages and the high cost education are not necessarily overcome by the high wages. That is, some MDs are thinking they should have been computer scientists.
LOL! is offline   Reply With Quote
Old 06-24-2014, 05:05 AM   #17
Gone but not forgotten
imoldernu's Avatar
 
Join Date: Jul 2012
Location: Peru
Posts: 6,335
No complaints. Pay is what you agree to.
I even appreciate the $1/mo. that I receive for the 12 years I spent with part of my life on hold, in service to the US Army. I appreciate the experience, and my final promotion to Majority that came with my honorable discharge and transfer to the US Army Inactive Reserves.

Pay is not only money, but experience, and memories.
imoldernu is offline   Reply With Quote
Old 06-24-2014, 05:25 AM   #18
Full time employment: Posting here.
 
Join Date: Jul 2011
Posts: 723
I'm in the 75th percentile... not a bad place to be. I forwarded the link to my kids. Our oldest is headed down the path of software engineering (age 17) and the other is trying to figure out what he wants to do (age 14).
panacea is offline   Reply With Quote
Old 06-24-2014, 06:20 AM   #19
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,455
Quote:
Originally Posted by panacea View Post
I'm in the 75th percentile... not a bad place to be. I forwarded the link to my kids. Our oldest is headed down the path of software engineering (age 17) and the other is trying to figure out what he wants to do (age 14).
I forwarded the link to my DD. She still wants to continue her path of computer science.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Pay Chart: Are You Underpaid?
Old 06-24-2014, 07:54 AM   #20
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 47,468
Pay Chart: Are You Underpaid?

Gosh, I don't know if I am underpaid.

It didn't list the pay for a video game player and internet surfer who sleeps until late morning every day if she wants, and in fact does almost nothing that she doesn't want to do.

As for my pay when I was working, according to that list I was greatly underpaid, but then I knew that at the time. Benefits are a huge part of the compensation package for federal employees, so of course my salary was accordingly lower and that was fine with me. We all make our deals and then live with them.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.

Happily retired since 2009, at age 61. Best years of my life by far!
W2R is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What would you do - pay off student loan or pay down mortgage? bank5 FIRE and Money 27 07-27-2009 05:30 PM
Mutual Fund Chart with Dividend reinvested. Link? Sam Other topics 8 03-09-2007 10:13 PM
New Month- -Same Old Chart JPatrick FIRE and Money 10 02-28-2006 06:36 AM
Chart of S&P 500 v. P/E (both ttm and ftm) Arin38 FIRE and Money 12 07-03-2005 10:07 PM

» Quick Links

 
All times are GMT -6. The time now is 11:48 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.