Poll

What is your inflation adjusted income while saving for FIRE, (see link)

$40k to $75k
26 (23%)
$76 to $100k
24 (21.2%)
$101k to $150k
30 (26.5%)
$151k to $200k
16 (14.2%)
$201k to $500k
17 (15%)

Total Members Voted: 113

Author Topic: POLL-Comparing MMMers long term income to Median Income  (Read 2732 times)

BTDretire

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POLL-Comparing MMMers long term income to Median Income
« on: June 03, 2018, 08:11:59 AM »
 Hi all,
 This link will allow you to find your inflation adjusted income and compare it to 2016 Median household income of $57,617.
https://docs.google.com/spreadsheets/d/1SsaRfRx_DBF38MssIvYVP2WrAIwgNhPyZ8B7xaBqXfs/edit?usp=sharing
Then you can add where you fit to the poll.
 I suggest getting the data from your SS statement, you do need to register, but you should know the info anyway.
https://www.ssa.gov/myaccount/
 The program will give you total income each year, inflation adjusted income, total income for the years you included,
and the inflation adjusted average income.
 If anyone has other ideas to impliment, feel free to post or send a private letter.
I wanted more but didn't figure it out.

APowers

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #1 on: June 03, 2018, 08:22:36 AM »
Why is there no option for people who've never earned $40k or more? I'm on a pretty good track to FIRE, but I've consistently earned less than $35k (averaged closer to $25k/yr).

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #2 on: June 03, 2018, 08:55:40 AM »
Sorry, I thought I was limited to 5 answers.
I know see I could have a added less than $40k.

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #3 on: June 05, 2018, 09:02:50 AM »
Wow, so far the income range is very evenly split.

Zikoris

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #4 on: June 05, 2018, 09:07:25 AM »
I can't figure out how to get it to work (it won't let me enter anything), but we started in 2011 with a household income of maybe 40K? and last year we made about 83K, and it was a gradual increase. So I guess we're in the lowest category?

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #5 on: June 05, 2018, 09:27:30 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Zikoris

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #6 on: June 05, 2018, 09:32:41 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #7 on: June 05, 2018, 10:15:26 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

 I did a quick search, looks like you need a google account to access.
Do you have a google account?

Zikoris

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #8 on: June 05, 2018, 10:23:00 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

 I did a quick search, looks like you need a google account to access.
Do you have a google account?

Nope. Oh well.

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #9 on: June 05, 2018, 10:33:49 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

 I did a quick search, looks like you need a google account to access.
Do you have a google account?

Nope. Oh well.
Sorry about that.
With only a few years to calculate, you can use this
https://www.bls.gov/data/inflation_calculator.htm
to calculate the inflation adjustment for each year.
add them together and divide by the number of years.
to get your average inflation adjusted income.
It's the same calculator I used to make the sheet.
Hope that helps.

Zikoris

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #10 on: June 05, 2018, 10:58:52 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

 I did a quick search, looks like you need a google account to access.
Do you have a google account?

Nope. Oh well.
Sorry about that.
With only a few years to calculate, you can use this
https://www.bls.gov/data/inflation_calculator.htm
to calculate the inflation adjustment for each year.
add them together and divide by the number of years.
to get your average inflation adjusted income.
It's the same calculator I used to make the sheet.
Hope that helps.

Got it. As I suspected, at about $62,000, we're right at the bottom.

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #11 on: June 05, 2018, 11:19:18 AM »
I'm far from an expert, this was my first use of Google sheets.
Can you enter a number in the income cell for the year 2011?

Nope, it just won't let me enter anything at all. Says I need permission.

 I did a quick search, looks like you need a google account to access.
Do you have a google account?

Nope. Oh well.
Sorry about that.
With only a few years to calculate, you can use this
https://www.bls.gov/data/inflation_calculator.htm
to calculate the inflation adjustment for each year.
add them together and divide by the number of years.
to get your average inflation adjusted income.
It's the same calculator I used to make the sheet.
Hope that helps.

Got it. As I suspected, at about $62,000, we're right at the bottom.
Me too, I came in at $71,000. I was surprised, I always thought of my income as
lower middle. I did have about half of my years below median and half above.

2Birds1Stone

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #12 on: June 05, 2018, 11:43:15 AM »
$85,400/yr average since 2010.

Orvell

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #13 on: June 05, 2018, 11:47:08 AM »
I voted for the 40K option, but put me in as a person whose working history, inflation adjusted, is under 40K, averaged and adjusted from 2011 on.

2Birds1Stone

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #14 on: June 05, 2018, 12:09:00 PM »
Well, another poll proving that this place is full of upper class folks who manage to spend like median earners.

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #15 on: June 05, 2018, 06:38:32 PM »
Well, another poll proving that this place is full of upper class folks who manage to spend like median earners.

  I see it another way, just over 50% of respondents earn under $100k
and think they can save a million dollars. And probably will!

BTDretire

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Re: POLL-Comparing MMMers long term income to Median Income
« Reply #16 on: June 07, 2018, 08:58:40 AM »
So far 92 responses to the poll. Thought I'd bump it.

 Don't forget,
 I suggest getting the data from your SS statement, you do need to register, but you should know the info anyway.
https://www.ssa.gov/myaccount/