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ACTUARIAL SALARY SURVEYS
Contact DW Simpson for a Personalized Salary Survey

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  #51  
Old 08-02-2019, 12:13 PM
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Does your husband work?
Yes. He makes more money than I do but has zero benefits.
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  #52  
Old 08-02-2019, 12:14 PM
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Does your husband work?

ETA: just now seeing that he does, and makes more than you. I feel like this has to nullifying the childcare expense thing, as, if it were really that expensive, one of you would stay at home with the kids since the lowest salary less childcare expenses is your true second wage.
My job is just about break even. I don't quit and stay home because I can reasonably expect to be making more money soon, which should result in me actually making some money. Which will be nice.

Also I love my kids' preschool and I wouldn't want to have to keep them home all day every day until they start Kindergarten.
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  #53  
Old 08-02-2019, 12:18 PM
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I invest double-digit percentage of my salary into retirement vehicles, as much as I can afford without being cash-poor. But I'd like to contribute more, to meet a minimum account balance by the time I'm 70. I'm not there yet.
This is very impressive! I'm not doing anything nearly this responsible.

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broke isn't even the right term for it, because I just went and blew $550 on an electric scooter yesterday
I spent $5 on a book yesterday, so basically the same
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Old 08-02-2019, 12:20 PM
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My job is just about break even. I don't quit and stay home because I can reasonably expect to be making more money soon, which should result in me actually making some money. Which will be nice.

Also I love my kids' preschool and I wouldn't want to have to keep them home all day every day until they start Kindergarten.
So you're working towards FSA? Meaning you're an ASA?

The lowest DWSimpson salary for an ASA is $75K a year.

Even if half your salary went to taxes, "break-even" would mean $3K a month on childcare. That's far more than any estimates I've found in my research.

I'm not trying to pick on you or anything, it just seems like something doesn't add up.
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Now, when lazy and disingenuous people try to claim ignorance, I'm 100% entitled to dismissing them as lazy or disingenuous. Hope it helps!

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  #55  
Old 08-02-2019, 12:22 PM
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You're baking your own bread to save $5 a week? You realize you could spend that time tutoring some kid in math and make a lot more than $5 right?
I actually supported myself in my 20s tutoring math and science to private school kids for $60/hour!

Now? I'd have to pay a babysitter at least $15/hour to watch my kids, and since there are so many free and cheap resources online the market for tutors is not nearly as lucrative.
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  #56  
Old 08-02-2019, 12:26 PM
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Originally Posted by redprinceton View Post
So you're working towards FSA? Meaning you're an ASA?

The lowest DWSimpson salary for an ASA is $75K a year.

Even if half your salary went to taxes, "break-even" would mean $3K a month on childcare. That's far more than any estimates I've found in my research.

I'm not trying to pick on you or anything, it just seems like something doesn't add up.
I make a little bit less than that low end (recently switched practice areas), and yes my child care expenses are a little more than $3k/month on average. I have a lot of kids.

Also my calculation includes that my husband doesn't have benefits and we'd be buying Exchange health insurance (which is particularly expensive, because we actually use it. )
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  #57  
Old 08-02-2019, 12:26 PM
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I am not broke, but as the years have gone by I've definitely figured out how to spend most of what I make (obviously after normal expenses and retirement/HSA/529 savings). I have a very expensive hobby that eats up a huge part of my discretionary income, otherwise I'd probably have a big(ger) pile of money.

Prior to that, I did manage to stash away a bunch during my early actuarial years. Things that helped then and now:

* Low COL area
* Modest house (some entry-level students have more expensive houses than we do, lol), low standards for interior decorating
* Although bought new, and mine was half-financed at 1%, drive sedans/compact cars until they die
* Don't really vacation much
* No expensive tastes in electronics or restaurants

I also have friends who either have a giant stash of money or credit card debt or outside help, given the new cars/motorcycles, vacations, nice houses, etc.
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  #58  
Old 08-02-2019, 12:27 PM
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No employed actuary is truly "broke."


I would bet most entry-level actuarial positions pay more than the median HOUSEHOLD income in the US.
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Old 08-02-2019, 12:27 PM
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Originally Posted by tbug View Post
I actually supported myself in my 20s tutoring math and science to private school kids for $60/hour!

Now? I'd have to pay a babysitter at least $15/hour to watch my kids, and since there are so many free and cheap resources online the market for tutors is not nearly as lucrative.
Might depend where you live. A good friend of mine tutors for a living and makes an absurd $/hour. Of course when you factor in the seasonality of it all it shakes out to something not that different than actuarial in the end, with a lot more variance.
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  #60  
Old 08-02-2019, 12:31 PM
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Might depend where you live. A good friend of mine tutors for a living and makes an absurd $/hour. Of course when you factor in the seasonality of it all it shakes out to something not that different than actuarial in the end, with a lot more variance.
The other issue is that babysitters are notoriously unreliable. Also I'd have to have the sitter for at least 2 hours for me to tutor for 1 hour (travel time) and I don't think I'd be able to charge significantly more than $30/hour.

If I could tutor while my husband is home with the kids, that might work. He gets home too late on weekdays (we stagger schedules for child care) and I really don't want to have to work on Saturday afternoons.

As you can see, I have actually though about the tutoring thing! I've determined it makes more sense for me to spend my time studying for exams
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