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View Full Version : Cranking up your 1040 numbers: what's the plan?


Rain Man
04-16-2006, 05:12 PM
There will be a two-part poll coming up here. First, I'll ask your expectations of income increases over the next five years. Second, I'll ask about your key strategy to achieve those increases. You may feel free to expound with posts of your own authorship.



Required Notice: This poll was commissioned by another Chiefsplanet member. All proceeds (there are none) will be donated to a worthwhile charity such as a cheerleader bikini car wash.

JBucc
04-16-2006, 05:30 PM
*********************************** definately

Rain Man
04-16-2006, 05:34 PM
*********************************** definately

So are you inventing anti-gravity, or have you placed your bets on an increase in the Federal Minimum Wage?

Rain Man
04-17-2006, 10:56 AM
One-time bump, since this is for a chiefsplanet poll client.

Dave Lane
04-17-2006, 11:54 AM
Real Estate...

Dave

Fat Elvis
04-17-2006, 12:32 PM
I'm amazed at how many folks seem to be expecting 7-10% annual raises the next five years......

DaFace
04-17-2006, 12:42 PM
One possible problem with this poll is that I think there are quite a few planeteers that are students. As a student, I expect my income to increase like crazy over the next few years as I get a "real job." However, my expected increase isn't due to a raise or second job. I answered that I expect to "Get a higher-paying job," but I'm not sure that fully covers my situation. Maybe "train myself for a career that pays better" would have been a better choice. Oh well.

sd4chiefs
04-17-2006, 12:50 PM
Energy stocks! :)

Rain Man
04-17-2006, 01:04 PM
I'm amazed at how many folks seem to be expecting 7-10% annual raises the next five years......

Me, too. It's hard to sustain that over a five-year period.

That said, I estimated 10% annual growth for myself, but my situation is a little different. My company is growing, and I'm thinking that I'm about to hit the scale where I can start paying myself fair market value and also begin pocketing some profits. I've been running lean for a long time to get the company up and running, and I'm hoping I'm going to start getting that back in the next few years.

Either that, or business will tank and I'll go bankrupt. One or the other.

ct
04-17-2006, 02:15 PM
Me, too. It's hard to sustain that over a five-year period.

That said, I estimated 10% annual growth for myself, but my situation is a little different. My company is growing, and I'm thinking that I'm about to hit the scale where I can start paying myself fair market value and also begin pocketing some profits. I've been running lean for a long time to get the company up and running, and I'm hoping I'm going to start getting that back in the next few years.

Either that, or business will tank and I'll go bankrupt. One or the other.

Well good luck with that, it's a brave endeavor on your own. I admire that!

What type of company you runnin?

Rain Man
04-17-2006, 02:25 PM
Well good luck with that, it's a brave endeavor on your own. I admire that!

What type of company you runnin?

Market research and demographics. We're about to celebrate our seven-year anniversary. I was thinking that this year would be a good payoff year for me, but we won a bunch of contracts and ended up expanding our space again and adding a lot of new capacity. In fact, today is my first day in my new office in the expanded space. If it seems like I'm posting quicker, it's because my office is now about 20 feet closer to Kansas City.

ct
04-17-2006, 02:32 PM
Market research and demographics. We're about to celebrate our seven-year anniversary. I was thinking that this year would be a good payoff year for me, but we won a bunch of contracts and ended up expanding our space again and adding a lot of new capacity. In fact, today is my first day in my new office in the expanded space. If it seems like I'm posting quicker, it's because my office is now about 20 feet closer to Kansas City.

That was quite a quick response! Do I remember right you're in Dungver area?

And that explains the polling mentality! I should have guessed...

Rain Man
04-17-2006, 02:35 PM
That was quite a quick response! Do I remember right you're in Dungver area?

And that explains the polling mentality! I should have guessed...


We rule Denver. Denver is our domain, our oyster. We receive tribute from all of the peasants in this city.

cdcox
04-17-2006, 03:48 PM
As a university professor, my income has two components: a 9 mo academic salary and a 3 mo summer salar. The 9 mo salary is guaranteed each year, and slowly goes up over time. I expect to get a promotion next year that will increase it by 10%, as well as put me in a catagory that would allow for larger merit-based raises.

My 3 mos summer salary can range from zero to 33% of my 9 mos salary and depends mostly on my ability to attract outside funding for my research. Last year I fully funded my summer (yeah!), this year I won't have any summer support (boo!). I plan to have at least 1 to 2 mos support over the next 5 years, which means that I've been and will continue to write lots of proposals.

Iowanian
04-17-2006, 03:55 PM
Unless I change careers, well, jobs, I'm not expecting anything fabulous in wage adjustments.

In the mean time, I'm currently working my options to improve my capitol....takes money to make money.

I'm investing differently, this week actually, and will probably be taking a risk and buying into a startup renewable energy co...today. In the mean time, I'm considering buying a house at some point to improve and flip.....but not until the one I'm in is done. mama bear would growl.

At some point, you have to take some calculated risk to get ahead....and I'm standing on the edge of that cliff.

i'm also considering more and more, starting my own consulting company in my field.