Poll: Average Income Before FIRE

[Corporateburnout]

My income never went over $50,000 as an Rn but I still retired with seven figures plus.

Pretty impressive that's what I call LBYM

 

[lazygood4nothinbum]

Maybe lazy is about to get a long-overdue restoration to its proper place as a virtue.

damned writers can't keep a secret.

hey esrbob, shhhhhhh, pipe down and w*rk your own side of the street. lazy only plays if everyone isn't doing it. if everyone was lazy and lbym, the entire system would collapse and then neither could dig us out.

you gotta good eye for boats. and so right about crew. a high school bud (a guy anyone would have pegged for future bum) is considering an new 50 ft post. problem is he only has a 35 ft dock for his downeaster. so he'll have to get a captain to run her between a new marina for summers there and winters near his sarasota home down here. i said great, i'll help run it down. so now i'll have another few weeks a year to vacation on someone else's boat. w*rks for me. by the way, if you're ever short required crew on a long distance delivery, let me know. you know how much i like to w*rk (on my tan).

hey, life is hard. but someone has to do it.

 

[Gone4Good]

They stay at work because they want to.

Chumps.

 

[wabmester]

According to my social security statements...898K in 1999, 1046K in 2000 and 540k in 2001, but that was less than a half years earnings as I ER'ed in late April or early May of that year.

Ah, the glory days of the tech bubble. I miss them too. Were your options still above water when you left?

I calculated that I would have had another 7-figure payday if I had delayed my exit by two years. Absolutely no regrets. Really.

 

[Goonie]

My income never went over $50,000 as an Rn but I still retired with seven figures plus.

Mine never did either. In fact 2006, was my highest year at just a tad over $48K. I'll FIRE the 1st week of April this year, with net worth of just over $1M. I LBMM....quite a ways below!

I'm a crappy hamper....er' I mean a happy camper!!!

 

[dex]

Mine never did either. In fact 2006, was my highest year at just a tad over $48K. I'll FIRE the 1st week of April this year, with net worth of just over $1M. I LBMM....quite a ways below!

I'm a crappy hamper....er' I mean a happy camper!!!

Goonie,
That's fantastic. Just don't tell me you lived in California and most of your net is from real estate.

That is like saying the hero of a Heratio Alger story won the lottery.

 

[Spanky]

Mine never did either. In fact 2006, was my highest year at just a tad over $48K. I'll FIRE the 1st week of April this year, with net worth of just over $1M. I LBMM....quite a ways below!

I'm a crappy hamper....er' I mean a happy camper!!!

That's very impressive.

 

[Spanky]

Haaaaaahahahahahaha!

Well, maybe by making the capital markets more efficient and providing liquidity to people who really, really want to liquidate on the cheap.

That means no admiration is necessary.

 

[ESRBob]

a high school bud (a guy anyone would have pegged for future bum) is considering an new 50 ft post. problem is he only has a 35 ft dock for his downeaster. so he'll have to get a captain to run her between a new marina for summers there and winters near his sarasota home down here. i said great, i'll help run it down. so now i'll have another few weeks a year to vacation on someone else's boat. w*rks for me.

hey, life is hard. but someone has to do it.

Sounds like you've got the winning combination -- friends with too much money and not enough time, and a penchant for large floating vessels. One of the things I enjoy, too, about going back to reunions is seeing the ones who never looked like they'd get it together at age 18 now firing on all cylinders in something they figured out how to do well and have fun at somewhere along the line.

Will give you a holler if we are short of crew -- plenty of action up and down LI Sound --- Chesapeake to Maine. My own 37' cutter is now in the Chesapeake sitting on a dealer's lot, so hopefully I'll be joining you on the 'lazy side' of the crew soon.

My best bud in college used to say the same thing: "Hey, it's a tough life, but somebody's got to live it!" It's been a pretty good guiding philosophy for finding my way to ER

 

[lowflyer]

According to my social security statements...898K in 1999, 1046K in 2000 and 540k in 2001, but that was less than a half years earnings as I ER'ed in late April or early May of that year.

So maybe we need a few more #'s on the poll?

Hmmmm. This is interesting. From all the posts, it looks like there's quite a range of (past) incomes, but the goal of RE is a common theme. The FI part....well, it's all relative.

 

[Goonie]

Goonie,
That's fantastic. Just don't tell me you lived in California and most of your net is from real estate.

That is like saying the hero of a Heratio Alger story won the lottery.

Nope....never lived in California.....AND never have owned any real estate......except I think I got some sort of thingy in the mail when I was a little tike that gave me something like one square inch of property some where in the Alaskan wilderness (probably half way up some snow and ice covered mountain).

 

[maddythebeagle]

According to my social security statements...898K in 1999, 1046K in 2000 and 540k in 2001, but that was less than a half years earnings as I ER'ed in late April or early May of that year.

So maybe we need a few more #'s on the poll?

hmm, big 6 figure income and couldnt pay a 30 dollar bill to amex?
http://early-retirement.org/forums/index.php?topic=11660.0

 

[Sandy]

My individual income hasn't escaped the 50's and my DHs is comparable. We expect to have 7 figures in time for my planned ER, but we need to pay attention and watch all spending. It will be worth it.

 

[Moemg]

Goonie,
The square inch of property was in the Yukon territory .Courtesy of Sqt.Preston of the Yukon mounted Police .We got them in Puffed wheat cereal.I think I own about a square foot .

 

[ESRBob]

hmm, big 6 figure income and couldnt pay a 30 dollar bill to amex?
http://early-retirement.org/forums/index.php?topic=11660.0

Maddy (and CFB)
Business Week has a cover story this week about Revenge as a motivator in corporate life -- That (or principle) may explain things better than the $30!

 

[SteveR]

I voted in the poll but I am not technically ER at this time. But I did ER from my previous company at age 50 and I used that salary in the poll. My current salary is just now where I was prior to my retirement 4 years ago. I left a TON of money on the table and all my stock options (6 years of them) are either below water, expired below water or are just barely starting to suck in some air but will most likely expire before they are worth the trouble to exercise due to the tax hit.

Current income is now down 50% from last year due to DW disability. My count-down timer is clicking away and this is the year I will ER for good. The accounts are squared away. The funds have been allocated. We are selling off some realestate we don't use or need and we are cleaning out closets and drawers. Debt is only mortgage related. So, I am ready once the cabin sells and they find a replacement for my boss (currently doing his job on an interim basis---with interim bosses paycheck ).

Considering where I was financially 15 years ago (deep in debt from wife #1, divorced, single parent, alimony, child support and debt payments) I feel like a millon bucks today...maybe even a few more. and without a CFB-like income.

Slow and steady wins the race.

 

[TromboneAl]

I'm surprised you all did all that work to calculate your average income. Checking income for every year since you were 15 years old, adjusting for inflation, dividing by the number of years...

 

[Warthog]

I'm not ER's and currently make low six-figures (W-2), and I do technical training and consulting work that generally puts me in the highest category for your poll.

I averaged my last 10 years (most of my ‘professional' career) and it came out to about 75k.

 

[Corporateburnout]

I am amazed at the number of people on this board who have accumulated a 7 figure portfolio at relatively young age of 50 or so with a modest income.

The question that always comes to mind is it a gamble to live frugally and cheaply to save for a retirement that you may never live long to enjoy?

 

[cute fuzzy bunny]

hmm, big 6 figure income and couldnt pay a 30 dollar bill to amex?
http://early-retirement.org/forums/index.php?topic=11660.0

Wouldnt pay fifty cents I didnt owe.

 

[SteveR]

I am amazed at the number of people on this board who have accumulated a 7 figure portfolio at relatively young age of 50 or so with a modest income.

The question that always comes to mind is it a gamble to live frugally and cheaply to save for a retirement that you may never live long to enjoy?

The answer is "it depends."

It depends on how deep you cut into being able to truly enjoy life while you save for a future retirement. If you are truly happy with your life and can be content with having fewer material things but a larger asset account then it might work well to save until you bleed. Others will not be able to do this and will either have to find other sources of income, live on less income in retirement or work longer to fund the nest egg until they can fund the lifestyle they want and can afford.

Living long enough to enjoy anything is a gamble. You could die tomorrow or in 50 years. Most of will never know when so we plan like we will live to a nice old age. If we don't then we don't. I would rather have to give up a little now to assure I won't be poor when I am 85. It is a tradeoff unless you are lucky and have a huge trust fund or other means of support. Do what works for you.

 

[Warthog]

The answer is "it depends."

It depends on how deep you cut into being able to truly enjoy life while you save for a future retirement. If you are truly happy with your life and can be content with having fewer material things but a larger asset account then it might work well to save until you bleed. Others will not be able to do this and will either have to find other sources of income, live on less income in retirement or work longer to fund the nest egg until they can fund the lifestyle they want and can afford.

Living long enough to enjoy anything is a gamble. You could die tomorrow or in 50 years. Most of will never know when so we plan like we will live to a nice old age. If we don't then we don't. I would rather have to give up a little now to assure I won't be poor when I am 85. It is a tradeoff unless you are lucky and have a huge trust fund or other means of support. Do what works for you.

Unless the market tanks for the next ten or so years, I'll probably hit 1M in my 40's.

I've been on five cruises, the longest being 12 nights. I've vacationed in Germany, France, Italy, Switzerland, and Israel. I own a 2005, 37' Motorhome (which I admit was a mistake, but I've also had a lot of fun with it), and drive a 2003 Chevy S-10. I live in a 2000 sf house with an in-ground pool and finished basement. I also eat out way too much.

On the flip side, I make pretty good money (six-figures) and put about 40k/year in various retirement accounts. I don't own a big-screen TV, unless you count 27" as big screen. I shop at Kohls for my cloths and Walmart for just about everything else. My wife is also a professional and we don't have any kids (on purpose).

I wouldn't say I've given up anything. I just don't want all the junk other people want. Once you can get past "keeping up with the Jones' ", it's really not that hard. I just value saving money more than collecting 'stuff'. Could I be more thrifty? Sure I could. Would it accelerate my time to FIRE? Probably. Am I going to kill myself to retire a few years earlier? Not at all....

 

[lowflyer]

I wouldn't say I've given up anything. I just don't want all the junk other people want. Once you can get past "keeping up with the Jones' ", it's really not that hard. I just value saving money more than collecting 'stuff'. Could I be more thrifty? Sure I could. Would it accelerate my time to FIRE? Probably. Am I going to kill myself to retire a few years earlier? Not at all....

Warthog - That last paragraph...couldn't have said it better myself.

 

[Nords]

hmm, big 6 figure income and couldnt pay a 30 dollar bill to amex?
http://early-retirement.org/forums/index.php?topic=11660.0

Wouldnt pay fifty cents I didnt owe.

Hey, it's not the principal-- it's the principle!

I'm surprised you all did all that work to calculate your average income. Checking income for every year since you were 15 years old, adjusting for inflation, dividing by the number of years...

Are you trying to say that you didn't already have the spreadsheet built?!?

 

[Goonie]

Goonie,
The square inch of property was in the Yukon territory .Courtesy of Sqt.Preston of the Yukon mounted Police .We got them in Puffed wheat cereal.I think I own about a square foot .

If I ever find that certificate, maybe I'll go up there and set up a tent.......stake......on it!