tag:blogger.com,1999:blog-8964719845369935777.post4067612015158713906..comments2024-03-27T21:23:40.339-04:00Comments on Chemjobber: The Layoff Project: detailed financial tips from LT on surviving 3 layoffsChemjobberhttp://www.blogger.com/profile/15932113680515602275noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-8964719845369935777.post-18401516026703430612013-11-04T18:51:33.777-05:002013-11-04T18:51:33.777-05:00What is the median household income for two-adult ...What is the median household income for two-adult working-age couples, incidentally? I'm unfamiliar with that particular subset of household income stats. Chemjobberhttps://www.blogger.com/profile/15932113680515602275noreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-88373653239820530392013-11-04T18:42:41.229-05:002013-11-04T18:42:41.229-05:00"If your pre-tax salary is twice the average ..."If your pre-tax salary is twice the average household income, do you really want to make the claim that your salary is "mediocre?""<br /><br />I meant "mediocre for a PhD chemist". Below average in fact (think high five figures). Obviously that is still higher than the average American. However, your 51k figure is also deceptive, as that "household" figure includes a very large number of singles and retirees. It's not really useful to compare these groups to two-adult working-age couples, relative to which, btw, we are pretty close to the median.<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-10897981604697050872013-11-03T16:44:47.705-05:002013-11-03T16:44:47.705-05:00It does indeed make us look out-of-touch...until y...It does indeed make us look out-of-touch...until you explain that the majority (70%) of Americans do not hold 4-year college degrees. Only 3% hold doctorates or professional degrees.<br /><br />There is something seriously wrong with the system, and Pollyannas like yourself do nothing to fix it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-58619913583032010282013-11-03T14:00:32.802-05:002013-11-03T14:00:32.802-05:00In the US, according to the 2012 Census Bureau dat...In the US, according to the 2012 Census Bureau data, the average household income was 51K. The combined standard deduction and personal deduction for a single person is 10K. The 15% marginal tax bracket ends at 36K taxable income, or 46K total income. In order for you to be paying 20% of your total income in taxes, your taxable income has to reach into the 28% bracket. If your pre-tax salary is twice the average household income, do you really want to make the claim that your salary is "mediocre?" I cringe when my fellow scientists complain that they are poor while earning well above an average wage. I know we sometimes feel our work is undervalued compared to other professionals and perhaps that's true, but it makes us look incredibly out of touch when many of the full-time employed phD's I know complain how "poor" we are. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-42483259108383558452013-11-02T12:28:18.841-04:002013-11-02T12:28:18.841-04:00If you don't mind me asking, why "sadly&q...If you don't mind me asking, why "sadly"? Chemjobberhttps://www.blogger.com/profile/15932113680515602275noreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-44118867492580873662013-11-02T10:53:31.871-04:002013-11-02T10:53:31.871-04:00Sadly, this is how my husband and I have lived for...Sadly, this is how my husband and I have lived for five years employed at a PUI as a tenure track prof and adjunct instructor, respectively. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-64993288474413391752013-11-01T10:58:22.428-04:002013-11-01T10:58:22.428-04:00Heck, in Canada you are even more of a pariah if y...Heck, in Canada you are even more of a pariah if you don't "own" (translation: rent from the bank) a house. <br /><br />Given the instability and relatively lackluster pay associated with being a PhD scientist, I opt to never own property, never have children, and I aim to save at least 20% of my salary. I will never own property because I may need to move anywhere in North America for a job. I will never have children because I've never really cared for one, and on top of that I don't think I can reliably afford to raise one. Having a child would certainly decimate the following point, which is: I am investing 20% of my salary in the hope that I can retire comfortably, and to have a backup for long-term unemployment. This is all while I am covering 90% of the living expenses of my girlfriend and I. Maybe we will be better off when she is done school.<br /><br />Please, if having 2.3 children and a white picket fence is important to you, do not choose science as a career.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-23372073774344350052013-11-01T10:36:11.678-04:002013-11-01T10:36:11.678-04:00Renting vs. buying is probably influenced by wheth...Renting vs. buying is probably influenced by whether you have children, and the cost of living in your area. When children are a part of your life, the stability of a neighborhood and the public school system are major factors when deciding where to live. I would imagine, for many, purchasing a home in CA would not be a possibility. Ever.<br /><br />I doubt that most people early in a career or in a postdoc would be able to save at the same level as anonymous if they were also paying daycare expenses for their child(ren). Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-82275557147499807122013-11-01T08:58:52.067-04:002013-11-01T08:58:52.067-04:00Im 50 and still rent. My parents think there is so...Im 50 and still rent. My parents think there is something horribly wrong with me.Bring the Moviesnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-66912732250498569772013-10-31T20:12:18.845-04:002013-10-31T20:12:18.845-04:00The best strategy for surviving layoffs is two-fol...The best strategy for surviving layoffs is two-fold: save when you are working, and be flexible. I am having a hard time imagining purchasing a home given the state of the market for chemists. I certainly can’t predict where I will be living a few years down the road!<br /><br />My wife and I live on only 55% of my mediocre PhD chemist salary, with 20% going to taxes and 25% saved. In my 7.5 years since my post-doc, this has resulted in savings totaling over 250% of my base salary, enough to fund five year’s worth of our current spending assuming a bit of interest. Of course, about half of this money is in retirement accounts, but even just with the half that isn’t, we could easily go three or more years with no income once severance and unemployment benefits factored in. Common-sense penny pinching and/or side jobs could stretch this to at least four years. Throw in the fact that we are renters and chronic nomads willing to work anywhere a job pops up, and we don’t really worry so much about layoffs. <br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8964719845369935777.post-72602796380350120582013-10-31T19:10:42.698-04:002013-10-31T19:10:42.698-04:00Thanks LT for your story and tips, its really good...Thanks LT for your story and tips, its really good to hear from others in tough economic situations.Anonymousnoreply@blogger.com