Who knows how much you make? (outside of work)

[easysurfer]

I guess the flip-side of this is do you ever tell people how much you have? My answer still is no, I keep that info close to my chest. If folks persist, I get in "lecture mode" and say "if you have kids start starting out a career, tell them to invest early, max out their 401Ks and IRAs, LBYM, etc. etc." often for some reason this is a conversation killer

It was simpler when I was w*rking, because others didn't know squat. But now when folks know I've FIRE'd some misunderstandingly assume....FIRE'd = loaded with $$$.

Whereas, for me FIRE'd = living on a fixed income, have to watch budget closer, have to make what I have last a lifetime.

Not that I'm complaining, as I'd much rather be where I am now, than still in the rat race.

 

[Culture]

My wife, my accountant and the IRS. My son has a pretty good idea.

No one else.

I would never reveal my income to friends or family, to much chance it would cause problems. When the chance arises, I always do anything reasonably possible (without lying) to make it look smaller than it actually is. My father ask directly as one point and I just told him, more than X where X is about 33% of what I really make. My lifestyle is consistent with X, so I felt safe with that.

My wife thinks I am paranoid, but I think only bad things can come of anyone knowing what we make, or our net worth.

Oddly, I actually think it might be a good idea if everyone's tax return was public knowledge. Problems would be created, but I think the sum total would be positive. I know that sounds nuts.

 

[Meadbh]

My accountant and Revenue Canada know exactly what I earn. With close family I have shared only on an as needed basis. Like Fuego, if interested in a new opportunity I will provide a general range if it will get me the information I need to know whether I am interested in pursuing the opportunity. Other than that it's MYOB.

 

[FIYes]

Everybody and nobody knew what I made when I was working. I say everybody because as a public employee my salary was a matter of public record and anyone with the inclination could have found the amount. I also say nobody because except for DH (who was not that interested in finances) I would not reveal the amount even when asked. My mother asked several times over the years but I would not answer (I am sure she knew ballpark) for the same reason I didn't answer my 6 year old niece---both lacked the good judgement about who and when to reveal this info. I wouldn't have minded them knowing, but I didn't want it to be a topic of conversation.

 

[seabourne]

My GF, my Dad (mom probably has a ballpark idea), my brother, and one of my good friends. As far a knowing what I have, it includes a couple of guys that I work with in my sailing, because both of them retired from "real" work young (one from IT at 40 and the other from owning a small video store that he sold before the DVD ate the industry alive). The IT guy works 6 months a year as a ship captain for fun, the other spends winters managing snow groomers in Vail (comes with an all valley ski pass) and summers being a sailing captain on Lake Michigan. They know because I've asked them for advise, recommendations, and one fo them used to be my roommate/landlord (and may I say that a roommate who spends half the year living in Vail and leaving me in his very nice condo is a GOOD roommate!)

I think that, within my immediate family, it's not a huge issue, in large part because I don't think that we are valuing people based on earnings. My sister and brother are both married, my sister with a new master's degree, my brother managing a dairy making (very good) cheese. Both make enough to live, my brother works his tail off, and in the very near future may go from making 2/3 what I do to making 5/3 what I do, and more power to him. I make more than they do, but don't enjoy what I'm doing as much, and will do other things when I can. We're not competing.

My GF knows because she wants to know when I can walk away and do fun wanderings with her for indefinate periods, and is willing to wait, but is as impatient about it as I am, and eager to figure out how she can help speed things up!

 

[Coderguy]

I guess the flip-side of this is do you ever tell people how much you have?

This has always been easy for me. "I have nothing but debt"; etc. I would never share that I have a positive net worth (even once it is true).

I will usually share a ballpark salary income; though I've shared my exact income with my DF and my best friend.

 

[Tom52]

My salary is known by the IRS and my employer. My DW sees my previous years income on our joint tax filing. I have no reason to keep my salary a secret from her. I don't even know exactly what I made the previous year until tax time. I am mostly concerned with how much I have to spend after bills are paid and savings are taken out.

I can't even remember any friends or family asking me how much I make or how much I am worth, this is a topic that was normally never discussed by my immediate family when I was growing up so I guess I sort of continue it.

Most people that know me fairly well know that I am debt free and that we live below my means. They also know that I want to RE if I can ever get enough saved to do it.

 

[tmm99]

My SO knows.

Nobody has ever asked me how much I make, but some of my friends freely share their money information; some in detail. I do share my annual budget info with friends though.

After reading this thread, I am thinking I may give a huge range if ever asked...

 

[traineeinvestor]

My wife.
The partners in my firm.
Two banks that I obtained loans from know what I earned at the time of application.
Tax authorities.
People who know which firm I work for will be able to guess a range as the average profit per partner is published data.

It's kind of scary when I think about it. I would rather that nobody knew.

 

[WhoDaresWins]

Uh, no one really other than my accountant. I earn a fairly modest salary but with great benefits. I have a lot of tax deferred income and will earn more after age 60.

 

[BigNick]

Oddly, I actually think it might be a good idea if everyone's tax return was public knowledge. Problems would be created, but I think the sum total would be positive. I know that sounds nuts.

This is actually the case in France. You can go along to the tax office and ask to see what your neighbour filed last year. The press regularly trawls through politicians' returns.

 

[FANOFJESUS]

If many of you made under 30k or a low wage would you feel the same way?

 

[ESRwannabe]

My salary is on the web, in a search able database...

 

[Spanky]

DW and close friends.

 

[FUEGO]

If many of you made under 30k or a low wage would you feel the same way?

Given my education and experience, I would not disclose that I'm making only $30k if I were working in one of my current professions. Unless I had a "fun job" that I should have been paying to work at. Or a public interest law job, where that isn't too far from a typical salary.

 

[Rambler]

My comp is published in public filings similar to DEF 14a. DW asks how much I make, from time to time. I usually tell her once a year if she doesn't. When the kids ask (23 and 19) I tell them, but I don't tell them how much we have. I tell my dad about once per year as he is our executor, but he is tight lipped. My sis is a tax preparer and has offered to do my taxes for me, but I always politely decline, saying "my expat status makes my taxes so complicated that a big 4 firm has to do it." I will NEVER tell her my income nor my holdings...nor my other siblings. I have told them that I intend to ER in a couple years, but they don't really believe me.

R

 

[rescueme]

This is actually the case in France. You can go along to the tax office and ask to see what your neighbour filed last year. The press regularly trawls through politicians' returns.

Sweden did the same thing but online up till a couple of years ago. They ran into problems with too much info being available and some stalking incidents...

 

[Sarah in SC]

Dad used to know when he helped with taxes, now just DH and my boss. Like others, modest salary but other benefits and bonuses bump it up. In my crowd, money/jobs aren't really talked about, unless we're complaining.

 

[Eyerishgold]

DW's family including her parents and brothers. She and her siblings have a friendly rivalry over who makes the most. BTW, it really is a friendly rivalry. Definitely not my family. We out earn everybody in my family by a large margin and don't want to cause any hard feelings or jealousy. Two very close friends know approximately what we make but not the exact amount.

That's about it. I guess we're more open than many people are but so far it hasn't caused any issues.

 

[CyclingInvestor]

When I was working, I told anyone who ask. Salary ranges for programmers are pretty well defined, so it was hardly a secret anyway.

I am more guarded about net worth, but if the conversation turns to my retirement, I will say "enough to not have to work again".

 

[Independent]

Reading these, I think I can think of a couple general rules.

If your earnings are set by union contract or gov't regs, you're used to having them public (at least around work). If your earnings are set by personal negotiation and individual performance appraisals, they are more of a reflection on your individual worth and you are more concerned about privacy.

If you're talking to someone who might expect you to pay for [their entertainment, their living expense during an emergency, our joint parent's care as they decline, etc.] you are less willing to share. If you're talking to someone who may feel that he/she should be helping you out (like a parent who's concerned that you might be having financial problems), you are more likely to say enough to reassure them.

If you're talking to someone who is plain nosy, or prone to jealousy, you're going to be very private.

 

[ronocnikral]

while i am not in the public sector, cruising over to one's professional society will usually produce some interesting numbers. I know my society does an annual salary study which is just a click away from their homepage.

as a general rule, i find those that are willing to share their salary openly, tend to inflate the number.

 

[Khan]

When working as a federal employee, income was easily found out.
Now nobody knows but the IRS.
I'll tell you: Gross income ~$30K/year

 

[TomG]

Anyone who asks politely would know exactly

Amazingly other than those who sign the paycheck or have the same job description who have more than an educated guess is around three or four

 

[FurBall]

For most of my work life, only DH knew. For a while, anyone could find out by looking up the 990.

When I was 8 (1959) we were studying social classes in school. Salary ranges for each social class were included. The teacher told us that we were all lower middle class. I went home and asked my father what he made. Turns out his salary was at the bottom of the upper class range. My big concern was that if we were not poorer than everyone else, why didn't we have a TV. My education in the importance of LBYM started that night.