Categories
Life

True Coronavirus Death Rate May be Far Higher

Media is reporting a 2-3% death rate for the coronavirus. They arrive at this number by naively dividing total deaths by the current case count.

This is wrong.

People don’t get sick and immediately die. It takes days. We don’t know how long it takes with coronavirus, but it certainly is not immediate. (Using the media’s methodology, the death rate for cancer would be zero!)

A more meaningful way to calculate the death rate would be by understanding how many of those who get sick end up dying. This information is currently unavailable.

I’ve calculated the next best thing below. The chart below divides the current (Jan 31, 2020) total cumulative deaths due to coronavirus by the number of cases going back in time. Presumably, someone who dies today might have initially become sick and added to the case count a few days ago.

Based on my back of the napkin calculations, the true death rate for coronavirus could be much higher than reported. Based on cases reported January 25th, the death rate is 11%. Of course, only time (and proper tracking) will tell what the true death rate is.

Because of the limited data, my numbers are based on population averages. If you were to slice the population into age segments the death rate for those over age 50 might be much higher than 11%. This is because the concentration of deaths so far is in the middle-aged and older.

Of course, all if these numbers reflect the early stages of what could be a global pandemic. During this stage the health care system is able to adequately care for the sick. If the coronavirus reaches pandemic levels, global healthcare systems will be completely overwhelmed and a huge segment of the sick will only receive the most basic care at best. So as the virus spreads, it is likely the death rate rises as the resources to fight the virus are expended.

Will the virus become a pandemic?

I’m not a scientist. I’m just using available data and common sense. Using common sense, I do think the chance this becomes a global pandemic is high for 3 reasons:

  • The virus can be spread when patients are asymptomatic. This means people are spreading it before they even realize they are sick.
  • The Chinese reaction is dramatic indicating they are observing something very dangerous. They have totally quarantined 50 million people and are building thousands of hospital beds in record time. They are clearly worried.
  • The reaction by the rest of the world is quite underwhelming. People are dramatically underestimating how virulent and deadly this virus is. The coronavirus will capitalize on this weakness to spread into other populations outside if China.

I hope I am wrong.

Please tell me I am wrong because I really don’t want to be right when it comes to human suffering. Unfortunately, all the objective signals indicate this is going to get really bad before it’s over.

Categories
Wealth

You’re Richer Than You Think? City by City Median Income in Canada

Feb 14, 2020 Update: I originally chose a sample of cities across Canada so not every single one is in the chart below. Due to popular request here is the data for Ottawa-Gatineau and Edmonton: Ottawa-Gatineau median salary is $40,128. 90th percentile is $97,713. Edmonton has a median income of $56,058. 90th percentile is $134,997.

If you’re like me you probably compare yourself to the people within your industry or social group. In particular, you look at the people you admire as the benchmark for your own success.

If you work in a high paying field like law or finance you are comparing yourself to a small elite group. This group is not representative of society in general. By comparing yourself to the upper echelon of society you likely feel like you are falling behind. However, even the worst paid surgeon makes more than most of the general population.

Reality Check: How Does Your Income Actually Compare?

I dug up some data on incomes in various Canadian cities, from Calgary to Victoria. I then calculated the 50th and 90th percentile incomes for each city for male workers. (The 50th percentile means 50% of the population is below that number. The 90th percentile means 90% of the population is below that number.)

I displayed the data below for worker salaries in each city. As you can see, 50% of the working population in each Canadian city makes less than a fairly modest income. For example, 50% of workers in Halifax earn less than $40,000.

My point: before worrying about how shitty you’re doing or how you are falling behind, take a look at how the rest of the population is faring. You may be surprised by your own relative success.

Note 1: this data is from 2015 so the Alberta figures may have fallen since due to the challenges in the oil patch.

Note 2: part time student and senior workers likely pull the data down, but this doesn’t change the point.

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Categories
Investing

DoubleLine Round Table Panel Discussion

I recently listened to the following panel discussion hosted by DoubleLine Capital. This is long and definitely not for the novice investor, but it includes highly valuable information about the market outlook.

Featured Guests included the following:

  • Jeffrey Gundlach – DoubleLine,
  • Steven Romick – First Pacific Advisors,
  • Danielle DiMartino Booth – Quill Intelligence,
  • James Bianco – Bianco Research,
  • Edward Hyman – Evercore &
  • David Rosenberg, Rosenberg Research

This is a must watch for anyone looking deepen their knowledge of the markets and economy. The panel features a range of respected market prognosticators, who don’t always agree. What’s particularly special about this is the panel members aren’t puppets for a corporate asset manager or bank. Right or wrong, these people are free to provide their unabashed opinion.

If you’re so inclined, I recommend watching the following 3 part panel discussion:

Categories
Wealth

5 Year Plan for Financial Freedom

One of my readers recently asked me to provide more information on my background. To be fair I have so far divulged little about myself, other than what’s on the ‘Start Here‘ page. While I might never provide a full curriculum vitae – as I must remain discrete – I will strive to give more insight into who I am and why I see the world the way I do. I’ll eventually put up a more ‘About Me’ page, but I will also strive to infuse more personal experience into my articles. Below is one of those articles.

It was February 2009. I was sitting in my boss’s office waiting for him to get off the phone with his car guy so I could talk to him about some competitor product research I was conducting. At the time, I worked for a big Canadian asset manager that managed retail and institutional money.

In 2009 the world was in the grip of a devastating financial crisis and my world was collapsing around me. Every day I feared for my fate, as I watched thousands around me get laid off. I had a baby, stay at home wife and a massive mortgage.

Unemployment wasn’t an option.

I had no fall-back. No parents to move back with and no family wealth to rely on if I was laid off. I had enough saved to survive a few months but the midst of a crisis was no time to be searching for a job. Frankly, if I were laid off I would have been unemployed for a long time.

My stress levels were off the charts. At the mercy of those around me was no way to live. My stress eventually manifested in what felt like an explosion in my head. I experienced a blinding headache that took 16 days to dissipate.

My neurologist’s diagnosis: stress. Fucken great. I honestly wasn’t sure if I was relieved I wasn’t dying or disappointed I had no choice but to head back into battle.

As I waited for my boss to finish talking to his car guy I used the opportunity to create a plan to achieve financial freedom.

Up until that point I had played the game by the rules. Study, get a job, buy a house, pay your bills on time. But the financial crisis abruptly taught me I couldn’t rely on the system to provide me income. I mapped out my escape plan on a scrap piece of paper.

My mortgage term was renewing that month and that felt like a good catalyst to create change. I was sick of depending on the kindness of strangers (employers) so I roughed out a 5 year plan to get me on track to financial freedom. The gist of the plan was to remove the thing that could sink me if I ever lost my job: my mortgage. My strategy wasn’t necessarily to completely pay it off. After all, mortgage rates were low and over the long run inflation would make my debts more manageable. (Inflation effectively erodes the value of the debt.)

Instead, my plan was to get to a point where I could cover my fixed costs with a minimum wage job.

While I sat in my boss’s office I quickly compared my monthly essential expenses with my take-home income. Any difference was deemed nonessential. I earmarked a portion of that nonessential expenditure to mortgage prepayments. I didn’t allocate all of it at once to ease my budgetary shock.

After my meeting I contacted my mortgage provider to increase my monthly mortgage payments and switch to bi-weekly payments. I started small by increasing my payment by 20%. Once I got accustomed to the higher payment after a few months I again increased my payment. I also plowed any salary increases into my mortgage payment. I increased my by-weekly payments every few months or so until I was eventually doubling every single mortgage payment.

By slowly increasing the payments and by using any salary increases the change was less painful. It just became a matter of fact that I didn’t have any money left for vacations or other pleasures and conveniences. My wife and I both committed to this 5 year plan. (Luckily my wife and I are very compatible when it comes to money.)

While life felt stagnant for those five years, I was actually putting a major dent in my mortgage principal. Five years pass by quickly. I made sacrifices but the outcome was worth it.

At the end of my five year mortgage term I re-amortized my mortgage back to 30 years to minimize the payments. My mortgage payments shrank to a level I could cover (and then some) with a minimum wage job.

Also, during those 5 years my house appreciated in value, salaries rose and inflation eroded the real value of what remained of my debt putting me in a better financial position. Effectively, after my 5 year plan my mortgage payment became so low that it could be viewed as super cheap rent that would never rise.

After minimizing my mortgage payments, I then used the freed up cash-flow to save, invest and live life.

As you’ve probably noticed, there’s no magic trick to this. I simply gradually but consistently increased my mortgage payments to an aggressive level and committed to the 5 year plan. By only increasing by small increments – say 10 or 20% at a time – and by passing any pay increases directly through to my mortgage I barely knew what I was missing. In fact, that 5 year experience taught my wife and I to live quite frugally, which we still do.

Note: The purists out there will say that I would have generated a better ROI by using funds put towards my mortgage to instead invest in the stock market. While I agree with this in theory, in reality the life-altering downside risk of mortgage default outweighed the incremental potential financial gain of investing. Today, with that life-altering downside risk removed I am psychologically equipped to invest in assets with higher reward potential.

While I wouldn’t necessarily say I am 100% financially free (not sure I would ever feel that way until my dividend income covers all my expenses) I feel secure. Life improves dramatically when you feel secure. I still work and I still get stressed, but now it’s mostly on my terms.

As for my boss? He’s still living paycheque to paycheque and remains wholly dependent on the kindness of his employer.

Categories
Wealth

Death of the Middle Class Dream

As world leaders (aka the 0.01%) fly into the exclusive economic forum at Davos to discuss how to run the world, numerous activist organizations are releasing data to show how the world is circling down the toilet.

These are depressing stats. The world is not in great shape and it’s getting worse. This could all lead to growing social conflict all over the world.

So why am I telling you? Because the traditional middle class dream is dead. That game is over. You need to understand how the system is rigged if you want to win at the new game.

I know this sounds like some conspiracy theory bullshit but it’s not. The fact is the world is not a nice place. It’s not a fair place and none of us can rely on others to make it fair. We have to fight to break past the trappings of the current system because the system doesn’t care about us and isn’t here to look after us.

It’s all up to you. And me. That’s why I’m doing this.

I know I’ll never be a Bill Gates or Monty Burns. Neither will you. But that shouldn’t stop us from trying to NOT be the guy that is one missed paycheque away from bankruptcy. Or that doesn’t have time to play with his kids.

So here we go with the depressing stats:

  • IMF says the outlook for the global economy ‘remains sluggish’ as it cuts growth forecasts.
  • 78% of respondents to Edelman’s Trust Barometer agreed that elites are getting richer while regular people struggle.
  • 56% of general population respondents to a study by consultancy Edelman agreed with the statement: “Capitalism as it exists today does more harm than good in the world.”
  • In the U.S., 43% of people believed they would be better off in five years’ time, a 7 percentage point drop on a year ago.
  • In the U.K., only 27% of people thought they would have more money in the same time period, a drop of two percentage points.
  • 48% of the general population said the “system” is failing them, relating to how governments behave. More than half (57%) said governments serve the interests of only the few.
  • The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people.
  • Someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.
  • Nearly 40% of the world’s 195 countries will see civil unrest during 2020.
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So here’s the gist:

Since the dot com bust, real economic growth has slowed > competition for resources intensified and those with economic or political power consolidated wealth > wealth inequality widened > the masses became increasingly disenfranchised by missing out on all the “economic gains” (i.e. stock market gains) the news keeps raving about > now, animosity is growing, feeding the possibility that a seemingly unrelated catalyst will thrust the masses into rebellion.

Or something like that.

This is the fragile framework we have to play within if we want to build personal wealth or simply realize the middle class dream.

How do you do it when the world is becoming more politically polarized, many people can’t pay their rising bills and most feel they can’t trust the system? Wealth creation is still the game but the rules have changed.

Categories
ETFs and Funds

4 Gold Bullion ETFs in Canada for 2020

Dig gold? Gold is hot again and the number of supporters is quietly on the rise. Famously, billionaire investors Ray Dalio and Jeff Gundlach have both recently announced their support for the metal but there are many others coming out of the woodwork. After a multi-year hiatus it seems like the case for gold is strong again.

According to Dalio:

“…the world is leveraged long, holding assets that have low real and nominal expected returns that are also providing historically low returns relative to cash returns (because of the enormous amount of money that has been pumped into the hands of investors by central banks and because of other economic forces that are making companies flush with cash). I think these are unlikely to be good real returning investments and that those that will most likely do best will be those that do well when the value of money is being depreciated and domestic and international conflicts are significant, such as gold. Additionally, for reasons I will explain in the near future, most investors are underweighted in such assets, meaning that if they just wanted to have a better balanced portfolio to reduce risk, they would have more of this sort of asset. For this reason, I believe that it would be both risk-reducing and return-enhancing to consider adding gold to one’s portfolio.”

I have also illustrated the case for holding gold in my article “The 60/40 Portfolio is Dead“. In this article I looked at various portfolios (some including gold, others not) across different investing paradigms.

The past 40 years benefited from the tailwind of declining inflation and interest rates. Clearly, with interest rates near zero today, what worked over the past 40 years won’t work over the next 40 years. So I examined these portfolios going back to 1970 when inflation and interest rates were rising. When examined across both investing paradigms, Gold exposure was shown to stabilize returns and reduce downside.

Canadian investors looking to buy gold first have to decide whether they want to own gold mining stocks or gold bullion. My preference is gold bullion since it is a pure play on the price of gold. In contrast, gold mining stocks are influenced by extraction costs, equity risk premiums and management decisions, in addition to the price of gold. However, gold miners can be used as a leveraged play on gold since they tend to rise and fall faster than the actual metal.

For my portfolio construction purposes, an allocation to gold bullion makes the most sense.

There are a number of ETFs in Canada that buy and hold actual gold bullion stored in vaults. There are also ETFs that gain exposure by purchasing gold futures contracts. I prefer a fund that owns bullion to gold future contracts because I don’t want exposure to the added complexities introduced by the the futures market (e.g. counterparty risk, negative roll yield).

What Gold Bullion ETFs Exist for Canadian Investors?

Below I have identified 4 low cost gold bullion ETFs available on the TSX. Note that some are hedged and some are not. For a Canadian investor, owning an unhedged gold ETF, in my opinion, is the purest way to own the metal:

1a) iShares Gold Bullion ETF CAD Hedged: CGL (MER = 0.56%)

1b) iShares Gold Bullion ETF Unhedged: CGL.c (MER = 0.55%)

2a) Purpose Gold Bullion Fund CAD Hedged: KILO (MER = 0.28%)

2b) Purpose Gold Bullion Fund Unhedged: KILO.b (MER = 0.28%)

3) Sprott Physical Gold Trust: PHYS (MER = 0.48%)

4) Canadian Gold Reserves Exchange Traded Receipt: MNT (MER = 0.35%)

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Categories
Work

20 Jobs with Highest Pay for Stress Ratio

A job has both an upside (salary) and downside (stress). It is important to consider both when choosing a career path.

Your aim should be to get the highest pay for a given level of stress. For example, if two jobs have the same stress level you would choose the job that pays more. (Of course, this ignores other attributes you might consider – like personal interests – but stress is a solid long term driver of life satisfaction so it is a critical consideration.)

One might naturally believe that higher stress jobs typically come with higher pay. Unfortunately, the relationship between pay and stress isn’t linear. There are many low paying highly stressful jobs, like childcare.

Are you getting properly paid for the stress you endure in your job? Are you looking to make a career change into a lower stress, but high paid job? Do you know a teenager trying to choose a rewarding career path? Read on…

I recently found two data sets: one that lists jobs by median salary (US data) and another that lists the same jobs by stress level.

The median salary data came from the US Bureau of Labor Statistics, May 2018 National Occupational Employment and Wage Estimates. These estimates are calculated with data collected from employers in all industry sectors in metropolitan and non-metropolitan areas in every state and the District of Columbia.

The stress estimates came from “Work Styles: Stress Tolerance” by the National Center for O*NET Development.

I linked the two data sets and then reconstituted the data to show salary per unit of stress for each job. I did this to provide a fair comparison to see which jobs pay better or worse for a given level of stress. This is similar to comparing the cost of different meats at the deli by calculating the price per gram.

The chart below shows the 20 jobs that compensate well, given the level of stress. Note that many of these jobs are highly skilled. With skill comes power and control, which are determining factors when it comes to job stress.

The next chart shows the 20 worst compensated jobs, given their stress levels. Note that these tend to be low skill jobs. Therefore employers value employees less and are more likely to treat them like garbage…causing stress.

There are plenty more jobs than just the top and bottom 20. For your enjoyment I’ve included the full list below.

OccupationStress RankingMedian SalarySalary per unit of Stress
Orthodontists67$225,760$3,370
Anesthesiologists87$267,020$3,069
Surgeons96$255,110$2,657
Oral and Maxillofacial Surgeons94$242,370$2,578
Psychiatrists88$220,380$2,504
Obstetricians and Gynecologists97$238,320$2,457
Family and General Practitioners88$211,780$2,407
Dentists, General79$175,840$2,226
Petroleum Engineers72$156,370$2,172
Chief Executives94$200,140$2,129
Internists, General94$196,490$2,090
Pediatricians, General88$183,240$2,082
Prosthodontists92$191,400$2,080
Physicists61$125,280$2,054
Marketing Managers75$147,240$1,963
Computer and Information Systems Managers79$152,860$1,935
Materials Scientists53$102,450$1,933
Political Scientists61$115,300$1,890
Chemical Engineers61$114,470$1,877
Computer and Information Research Scientists66$123,850$1,877
Economics Teachers, Postsecondary63$117,180$1,860
Mathematicians57$104,870$1,840
Podiatrists81$148,220$1,830
Natural Sciences Managers77$139,680$1,814
Economists64$116,020$1,813
Astronomers62$111,090$1,792
Airline Pilots, Copilots, and Flight Engineers95$169,560$1,785
Nurse Anesthetists98$174,790$1,784
Architectural and Engineering Managers84$148,970$1,773
Software Developers, Applications61$108,080$1,772
Compensation and Benefits Managers75$132,860$1,771
Computer Hardware Engineers67$117,840$1,759
Optometrists70$119,980$1,714
Geoscientists, Except Hydrologists and Geographers63$107,800$1,711
Law Teachers, Postsecondary78$130,710$1,676
Public Relations and Fundraising Managers79$131,570$1,665
Actuaries70$116,250$1,661
Lawyers87$144,230$1,658
Purchasing Managers76$125,630$1,653
Sales Managers88$140,320$1,595
Materials Engineers61$96,930$1,589
Advertising and Promotions Managers84$133,090$1,584
Nuclear Engineers70$110,790$1,583
Personal Financial Advisors77$121,770$1,581
Biochemists and Biophysicists67$105,940$1,581
Computer Network Architects71$111,130$1,565
Health Specialties Teachers, Postsecondary80$122,320$1,529
Training and Development Managers80$121,730$1,522
Software Developers, Systems Software75$114,000$1,520
Art Directors69$104,590$1,516
Biomedical Engineers63$95,090$1,509
Aerospace Engineers78$117,100$1,501
General and Operations Managers83$123,880$1,493
Physics Teachers, Postsecondary71$103,830$1,462
Engineering Teachers, Postsecondary78$113,680$1,457
Operations Research Analysts61$88,350$1,448
Statisticians64$92,600$1,447
Human Resources Managers88$126,700$1,440
Electronics Engineers, Except Computer76$107,930$1,420
Information Security Analysts73$102,470$1,404
Sales Engineers78$108,610$1,392
Medical and Health Services Managers82$113,730$1,387
Industrial-Organizational Psychologists79$109,030$1,380
Geography Teachers, Postsecondary65$88,950$1,368
Geographers59$80,530$1,365
Pharmacists91$123,670$1,359
Atmospheric, Earth, Marine, and Space Sciences Teachers, Postsecondary75$101,890$1,359
Medical Scientists, Except Epidemiologists71$96,420$1,358
Education Administrators, Postsecondary82$111,210$1,356
Mining and Geological Engineers, Including Mining Safety Engineers73$98,420$1,348
Judges, Magistrate Judges, and Magistrates90$121,130$1,346
Environmental Engineers69$92,640$1,343
Hydrologists62$82,790$1,335
Air Traffic Controllers91$120,830$1,328
Forestry and Conservation Science Teachers, Postsecondary70$92,550$1,322
Civil Engineers71$93,720$1,320
Boilermakers48$63,240$1,318
Models24$31,570$1,315
Cartographers and Photogrammetrists52$68,340$1,314
Nurse Practitioners84$110,030$1,310
Construction Managers79$103,110$1,305
Tapers44$57,340$1,303
Electrical Engineers78$101,600$1,303
Food Scientists and Technologists56$72,570$1,296
Mathematical Science Teachers, Postsecondary68$87,140$1,281
Industrial Production Managers89$113,370$1,274
Architecture Teachers, Postsecondary78$99,320$1,273
Mechanical Engineers74$92,800$1,254
Computer Science Teachers, Postsecondary77$96,200$1,249
Chemistry Teachers, Postsecondary74$92,360$1,248
Business Teachers, Postsecondary83$103,330$1,245
Database Administrators74$92,030$1,244
Education Administrators, Elementary and Secondary School80$98,750$1,234
Administrative Services Managers86$106,050$1,233
Physician Assistants88$108,430$1,232
Computer Programmers73$89,580$1,227
Sociologists74$90,290$1,220
Biological Science Teachers, Postsecondary80$97,340$1,217
Philosophy and Religion Teachers, Postsecondary68$82,420$1,212
Historians55$66,380$1,207
Environmental Science Teachers, Postsecondary76$91,330$1,202
Administrative Law Judges, Adjudicators, and Hearing Officers85$101,210$1,191
Epidemiologists64$75,690$1,183
Agricultural Engineers67$79,090$1,180
Audiologists70$82,210$1,174
Commercial and Industrial Designers61$71,430$1,171
Microbiologists70$81,150$1,159
Nurse Midwives93$106,910$1,150
Commercial Pilots84$96,530$1,149
Chemists73$83,850$1,149
Financial Analysts88$100,990$1,148
Veterinarians92$105,240$1,144
Film and Video Editors76$86,830$1,143
Computer Systems Analysts82$93,610$1,142
Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products81$91,830$1,134
Political Science Teachers, Postsecondary88$99,480$1,130
Atmospheric and Space Scientists85$95,580$1,124
Environmental Scientists and Specialists, Including Health69$77,580$1,124
Nuclear Power Reactor Operators85$95,310$1,121
Industrial Engineers82$91,630$1,117
Education Teachers, Postsecondary66$73,680$1,116
Financial Examiners81$90,310$1,115
Ship Engineers68$75,710$1,113
History Teachers, Postsecondary76$83,990$1,105
Physical Therapists81$88,880$1,097
Architects, Except Landscape and Naval81$88,860$1,097
Area, Ethnic, and Cultural Studies Teachers, Postsecondary78$85,450$1,096
Technical Writers69$75,500$1,094
Network and Computer Systems Administrators80$87,070$1,088
Management Analysts87$94,390$1,085
Credit Analysts76$82,300$1,083
Operating Engineers and Other Construction Equipment Operators49$53,030$1,082
Agricultural Sciences Teachers, Postsecondary84$90,890$1,082
Occupational Therapists80$85,350$1,067
Archivists53$56,400$1,064
Genetic Counselors76$80,860$1,064
Dental Hygienists71$75,500$1,063
Computer Numerically Controlled Machine Tool Programmers, Metal and Plastic53$56,300$1,062
Art, Drama, and Music Teachers, Postsecondary78$82,560$1,058
Radiation Therapists82$86,730$1,058
Psychology Teachers, Postsecondary84$88,490$1,053
Anthropology and Archeology Teachers, Postsecondary90$94,080$1,045
Multimedia Artists and Animators75$78,230$1,043
Fashion Designers84$87,610$1,043
Power Distributors and Dispatchers82$85,340$1,041
Soil and Plant Scientists68$70,630$1,039
Speech-Language Pathologists78$80,700$1,035
Broadcast News Analysts89$91,990$1,034
Electrical Power-Line Installers and Repairers68$70,240$1,033
Elevator Installers and Repairers77$79,370$1,031
Sociology Teachers, Postsecondary81$83,310$1,029
Zoologists and Wildlife Biologists66$67,760$1,027
Occupational Health and Safety Specialists73$74,940$1,027
Web Developers74$75,580$1,021
Insurance Underwriters76$76,880$1,012
Funeral Service Managers93$93,820$1,009
First-Line Supervisors of Non-Retail Sales Workers84$84,600$1,007
Electrical and Electronics Repairers, Powerhouse, Substation, and Relay80$80,040$1,001
Chiropractors86$85,870$998
Budget Analysts80$79,830$998
Emergency Management Directors83$82,570$995
Gaming Managers86$85,260$991
First-Line Supervisors of Police and Detectives94$93,100$990
Market Research Analysts and Marketing Specialists72$70,960$986
Logisticians80$78,730$984
Library Science Teachers, Postsecondary77$75,450$980
Patternmakers, Wood61$59,650$978
Agents and Business Managers of Artists, Performers, and Athletes93$90,930$978
Communications Teachers, Postsecondary80$78,090$976
Landscape Architects75$73,160$975
Power Plant Operators80$78,030$975
Signal and Track Switch Repairers70$67,800$969
Athletes and Sports Competitors90$87,030$967
Animal Scientists70$67,690$967
English Language and Literature Teachers, Postsecondary81$78,150$965
Home Economics Teachers, Postsecondary80$77,170$965
Nuclear Medicine Technologists82$78,870$962
Nursing Instructors and Teachers, Postsecondary85$81,350$957
Chemical Technicians54$51,670$957
Mine Shuttle Car Operators59$56,150$952
Rail Car Repairers59$56,020$949
Surveyors70$66,440$949
Social Work Teachers, Postsecondary82$77,520$945
Foreign Language and Literature Teachers, Postsecondary84$79,160$942
Urban and Regional Planners81$76,240$941
Sales Representatives, Wholesale and Manufacturing, Except Technical and Scientific Products74$69,480$939
Control and Valve Installers and Repairers, Except Mechanical Door62$57,890$934
Railroad Conductors and Yardmasters71$66,080$931
Petroleum Pump System Operators, Refinery Operators, and Gaugers76$70,630$929
Roof Bolters, Mining64$59,090$923
Orthotists and Prosthetists80$73,860$923
Insurance Appraisers, Auto Damage71$65,510$923
Rail-Track Laying and Maintenance Equipment Operators62$57,120$921
Aircraft Mechanics and Service Technicians71$65,230$919
Judicial Law Clerks65$59,540$916
Construction and Building Inspectors69$63,150$915
Structural Iron and Steel Workers64$58,170$909
Postmasters and Mail Superintendents85$77,040$906
Compensation, Benefits, and Job Analysis Specialists75$67,910$905
Gas Plant Operators79$71,470$905
Locomotive Engineers74$66,920$904
Loan Officers85$76,270$897
Mechanical Engineering Technicians65$58,240$896
Aerospace Engineering and Operations Technicians77$68,970$896
Avionics Technicians73$65,330$895
Wind Turbine Service Technicians65$58,000$892
Survey Researchers71$63,240$891
Foresters71$63,150$889
Real Estate Brokers89$78,940$887
Criminal Justice and Law Enforcement Teachers, Postsecondary82$72,390$883
Farm Labor Contractors60$52,930$882
First-Line Supervisors of Construction Trades and Extraction Workers80$70,540$882
Pile-Driver Operators73$64,360$882
Recreation and Fitness Studies Teachers, Postsecondary82$72,190$880
Stationary Engineers and Boiler Operators73$63,690$872
Insurance Sales Agents78$67,890$870
Magnetic Resonance Imaging Technologists83$72,230$870
First-Line Supervisors of Production and Operating Workers74$64,340$869
Training and Development Specialists75$65,120$868
Environmental Science and Protection Technicians, Including Health58$50,350$868
Hoist and Winch Operators65$56,390$868
Executive Secretaries and Executive Administrative Assistants71$61,550$867
Locomotive Firers80$69,030$863
Cost Estimators81$69,710$861
Riggers60$51,330$856
Aircraft Structure, Surfaces, Rigging, and Systems Assemblers65$55,530$854
Water and Wastewater Treatment Plant and System Operators58$49,490$853
Fire Inspectors73$62,030$850
Editors82$69,480$847
Crane and Tower Operators69$58,160$843
Librarians73$61,530$843
Computer Network Support Specialists81$68,050$840
Dietitians and Nutritionists73$61,210$838
Brickmasons and Blockmasons65$54,430$837
Property, Real Estate, and Community Association Managers86$71,730$834
Instructional Coordinators81$67,490$833
Labor Relations Specialists85$70,730$832
Registered Nurses91$75,510$830
Couriers and Messengers37$30,620$828
Diagnostic Medical Sonographers90$73,860$821
Camera Operators, Television, Video, and Motion Picture76$61,750$813
Sheet Metal Workers65$52,710$811
Chemical Plant and System Operators76$61,570$810
Mechanical Drafters73$59,010$808
Floor Layers, Except Carpet, Wood, and Hard Tiles58$46,760$806
Industrial Machinery Mechanics67$54,000$806
First-Line Supervisors of Correctional Officers85$68,350$804
Electro-Mechanical Technicians75$60,240$803
Curators73$58,490$801
Electrical and Electronics Installers and Repairers, Transportation Equipment77$61,460$798
Social and Community Service Managers90$71,670$796
Sailors and Marine Oilers58$46,180$796
Adult Basic and Secondary Education and Literacy Teachers and Instructors73$58,110$796
Public Relations Specialists86$68,440$796
Refractory Materials Repairers, Except Brickmasons66$52,510$796
Health Educators75$59,660$795
Occupational Therapy Assistants76$60,410$795
Loading Machine Operators, Underground Mining65$51,450$792
Arbitrators, Mediators, and Conciliators92$72,760$791
Fundraisers78$61,610$790
Electricians75$59,190$789
Railroad Brake, Signal, and Switch Operators75$58,890$785
Machinists58$45,250$780
First-Line Supervisors of Mechanics, Installers, and Repairers89$69,320$779
Occupational Health and Safety Technicians71$55,270$778
Airfield Operations Specialists73$56,760$778
Human Resources Specialists86$66,790$777
Transit and Railroad Police96$74,450$776
Door-To-Door Sales Workers, News and Street Vendors, and Related Workers44$34,120$775
Makeup Artists, Theatrical and Performance93$72,030$775
Mobile Heavy Equipment Mechanics, Except Engines69$53,370$773
Exercise Physiologists71$54,760$771
Cutters and Trimmers, Hand41$31,600$771
Fallers63$48,520$770
Physical Therapist Assistants75$57,750$770
Model Makers, Metal and Plastic74$56,920$769
Electrical and Electronics Repairers, Commercial and Industrial Equipment77$59,210$769
Plasterers and Stucco Masons62$47,610$768
Continuous Mining Machine Operators71$54,470$767
Postal Service Mail Sorters, Processors, and Processing Machine Operators67$51,250$765
Telecommunications Equipment Installers and Repairers, Except Line Installers75$57,080$761
Graphic Designers72$54,680$759
Paralegals and Legal Assistants72$54,500$757
Animal Breeders57$43,080$756
Advertising Sales Agents84$63,360$754
Solar Photovoltaic Installers61$46,010$754
Career/Technical Education Teachers, Middle School83$62,570$754
Highway Maintenance Workers55$41,440$753
Welding, Soldering, and Brazing Machine Setters, Operators, and Tenders52$39,160$753
Medical Equipment Repairers70$52,710$753
Floor Sanders and Finishers53$39,890$753
Radiologic Technologists82$61,540$750
Travel Agents57$42,720$749
Glaziers65$48,620$748
Fabric Menders, Except Garment45$33,550$746
Tool and Die Makers72$53,650$745
Industrial Engineering Technicians79$58,860$745
Drywall and Ceiling Tile Installers66$49,170$745
Vocational Education Teachers, Postsecondary79$58,520$741
Secondary School Teachers, Except Special and Career/Technical Education87$64,340$740
Stonemasons60$44,370$740
Civil Engineering Technicians74$54,670$739
Sound Engineering Technicians86$63,500$738
Terrazzo Workers and Finishers64$47,230$738
Rotary Drill Operators, Oil and Gas77$56,740$737
Service Unit Operators, Oil, Gas, and Mining72$52,780$733
Mine Cutting and Channeling Machine Operators67$49,080$733
Museum Technicians and Conservators64$46,870$732
Model Makers, Wood72$52,590$730
Fine Artists, Including Painters, Sculptors, and Illustrators80$58,370$730
Layout Workers, Metal and Plastic65$47,380$729
Telecommunications Line Installers and Repairers81$59,000$728
Massage Therapists63$45,880$728
Wellhead Pumpers74$53,870$728
Excavating and Loading Machine and Dragline Operators67$48,680$727
Statistical Assistants69$50,110$726
Tax Examiners and Collectors, and Revenue Agents84$60,500$720
Dredge Operators66$47,500$720
Grinding, Lapping, Polishing, and Buffing Machine Tool Setters, Operators, and Tenders, Metal and Plastic51$36,690$719
Reinforcing Iron and Rebar Workers76$54,670$719
Rail Yard Engineers, Dinkey Operators, and Hostlers76$54,640$719
Forensic Science Technicians87$62,490$718
Tile and Marble Setters64$45,950$718
Set and Exhibit Designers85$61,020$718
Audio-Visual and Multimedia Collections Specialists73$52,270$716
Subway and Streetcar Operators88$62,970$716
First-Line Supervisors of Office and Administrative Support Workers83$59,340$715
Legal Secretaries70$50,040$715
Career/Technical Education Teachers, Secondary School88$62,810$714
Title Examiners, Abstractors, and Searchers72$51,380$714
Environmental Engineering Technicians77$54,800$712
Watch Repairers63$44,830$712
Mechanical Door Repairers61$43,350$711
Social Science Research Assistants71$50,420$710
Private Detectives and Investigators80$56,810$710
Special Education Teachers, Secondary School92$65,320$710
Special Education Teachers, Preschool87$61,610$708
Timing Device Assemblers and Adjusters53$37,460$707
Milling and Planing Machine Setters, Operators, and Tenders, Metal and Plastic63$44,490$706
Painters, Transportation Equipment66$46,460$704
Septic Tank Servicers and Sewer Pipe Cleaners59$41,530$704
Millwrights80$56,250$703
Farm and Home Management Advisors75$52,700$703
Separating, Filtering, Clarifying, Precipitating, and Still Machine Setters, Operators, and Tenders63$44,140$701
Postal Service Mail Carriers74$51,780$700
Gas Compressor and Gas Pumping Station Operators90$62,900$699
Craft Artists58$40,490$698
Engine and Other Machine Assemblers65$45,330$697
Maintenance Workers, Machinery70$48,720$696
Radio, Cellular, and Tower Equipment Installers and Repairers81$56,340$696
Special Education Teachers, Kindergarten and Elementary School91$63,110$694
Commercial Divers86$59,470$692
Chemical Equipment Operators and Tenders74$51,070$690
Insulation Workers, Floor, Ceiling, and Wall61$42,070$690
Payroll and Timekeeping Clerks67$46,110$688
Proofreaders and Copy Markers61$41,950$688
Rock Splitters, Quarry52$35,760$688
Interior Designers86$59,120$687
Cement Masons and Concrete Finishers69$47,350$686
Court Reporters91$62,390$686
Food Service Managers86$58,960$686
Roofers64$43,870$685
Special Education Teachers, Middle School94$64,390$685
Cardiovascular Technologists and Technicians86$58,730$683
Motorboat Mechanics and Service Technicians62$42,330$683
Insulation Workers, Mechanical78$53,180$682
Computer User Support Specialists81$55,050$680
Hearing Aid Specialists82$55,650$679
Real Estate Sales Agents91$61,720$678
Furniture Finishers50$33,850$677
Elementary School Teachers, Except Special Education92$62,200$676
First-Line Supervisors of Landscaping, Lawn Service, and Groundskeeping Workers76$51,280$675
Metal-Refining Furnace Operators and Tenders62$41,810$674
Middle School Teachers, Except Special and Career/Technical Education92$62,030$674
Maintenance and Repair Workers, General61$41,020$672
Aircraft Cargo Handling Supervisors82$55,110$672
Respiratory Therapists93$62,500$672
Tool Grinders, Filers, and Sharpeners61$40,890$670
Lodging Managers93$62,270$670
Drilling and Boring Machine Tool Setters, Operators, and Tenders, Metal and Plastic62$41,490$669
Educational, Guidance, School, and Vocational Counselors90$60,160$668
Traffic Technicians76$50,700$667
Fish and Game Wardens89$59,260$666
Paving, Surfacing, and Tamping Equipment Operators67$44,360$662
Earth Drillers, Except Oil and Gas72$47,570$661
Postal Service Clerks77$50,860$661
Explosives Workers, Ordnance Handling Experts, and Blasters80$52,780$660
Desktop Publishers71$46,750$658
Carpet Installers68$44,550$655
Derrick Operators, Oil and Gas73$47,630$652
Biological Technicians74$48,060$649
Computer Operators72$46,750$649
Medical Appliance Technicians65$42,180$649
Kindergarten Teachers, Except Special Education90$58,370$649
Morticians, Undertakers, and Funeral Directors89$57,620$647
Multiple Machine Tool Setters, Operators, and Tenders, Metal and Plastic58$37,510$647
Cutting, Punching, and Press Machine Setters, Operators, and Tenders, Metal and Plastic56$36,180$646
Reporters and Correspondents86$55,530$646
Marriage and Family Therapists84$54,150$645
Driver/Sales Workers46$29,610$644
Heavy and Tractor-Trailer Truck Drivers71$45,570$642
Upholsterers56$35,920$641
Agricultural Inspectors72$45,970$638
Helpers–Brickmasons, Blockmasons, Stonemasons, and Tile and Marble Setters57$36,390$638
Roustabouts, Oil and Gas63$40,220$638
Meter Readers, Utilities70$44,640$638
Cutting and Slicing Machine Setters, Operators, and Tenders56$35,700$638
Motorboat Operators79$50,350$637
Automotive Body and Related Repairers73$46,460$636
Brokerage Clerks85$53,940$635
Clergy84$53,290$634
Crushing, Grinding, and Polishing Machine Setters, Operators, and Tenders60$38,060$634
Production, Planning, and Expediting Clerks79$50,020$633
Broadcast Technicians74$46,770$632
Tank Car, Truck, and Ship Loaders67$42,330$632
Pourers and Casters, Metal63$39,670$630
Packaging and Filling Machine Operators and Tenders52$32,740$630
Fitness Trainers and Aerobics Instructors71$44,580$628
Helpers–Extraction Workers60$37,660$628
Computer-Controlled Machine Tool Operators, Metal and Plastic67$41,960$626
Grinding and Polishing Workers, Hand51$31,900$625
Probation Officers and Correctional Treatment Specialists94$58,790$625
Credit Counselors80$49,820$623
Bus and Truck Mechanics and Diesel Engine Specialists79$49,150$622
Musical Instrument Repairers and Tuners63$39,110$621
Interpreters and Translators89$55,230$621
Farm Equipment Mechanics and Service Technicians68$42,190$620
Patternmakers, Metal and Plastic76$47,130$620
Medical Records and Health Information Technicians71$44,010$620
Audio and Video Equipment Technicians79$48,940$619
Computer, Automated Teller, and Office Machine Repairers66$40,880$619
Adhesive Bonding Machine Operators and Tenders58$35,850$618
Tax Preparers76$46,860$617
Camera and Photographic Equipment Repairers69$42,540$617
Outdoor Power Equipment and Other Small Engine Mechanics60$36,940$616
Flight Attendants92$56,630$616
Healthcare Social Workers95$58,470$615
Fabric and Apparel Patternmakers80$49,180$615
Structural Metal Fabricators and Fitters68$41,640$612
Hazardous Materials Removal Workers77$47,050$611
Inspectors, Testers, Sorters, Samplers, and Weighers69$42,010$609
Shoe and Leather Workers and Repairers49$29,800$608
Forest and Conservation Technicians66$40,110$608
Pesticide Handlers, Sprayers, and Applicators, Vegetation63$38,210$607
Painting, Coating, and Decorating Workers56$33,960$606
Furnace, Kiln, Oven, Drier, and Kettle Operators and Tenders67$40,610$606
Foundry Mold and Coremakers61$36,820$604
Recreational Therapists84$50,640$603
Construction Laborers67$40,350$602
Choreographers89$53,560$602
Heat Treating Equipment Setters, Operators, and Tenders, Metal and Plastic65$39,050$601
Radio and Television Announcers86$51,630$600
Child, Family, and School Social Workers83$49,760$600
Security and Fire Alarm Systems Installers81$48,540$599
Tire Builders76$45,530$599
Respiratory Therapy Technicians86$51,380$597
Medical Transcriptionists61$36,350$596
Pipelayers73$43,500$596
Human Resources Assistants, Except Payroll and Timekeeping70$41,620$595
Bailiffs84$49,870$594
Bookkeeping, Accounting, and Auditing Clerks71$42,110$593
Fiberglass Laminators and Fabricators61$36,170$593
Chefs and Head Cooks88$52,160$593
Self-Enrichment Education Teachers76$44,960$592
Costume Attendants78$46,010$590
Painters, Construction and Maintenance73$43,050$590
Logging Equipment Operators71$41,840$589
Bridge and Lock Tenders81$47,660$588
Motorcycle Mechanics67$39,260$586
Paper Goods Machine Setters, Operators, and Tenders69$40,320$584
Cargo and Freight Agents79$46,070$583
Forging Machine Setters, Operators, and Tenders, Metal and Plastic70$40,770$582
Recreational Vehicle Service Technicians69$40,090$581
Cooks, Private Household71$41,240$581
Education Administrators, Preschool and Childcare Center/Program93$53,990$581
Bus Drivers, Transit and Intercity77$44,650$580
Lathe and Turning Machine Tool Setters, Operators, and Tenders, Metal and Plastic71$41,090$579
Opticians, Dispensing69$39,930$579
Home Appliance Repairers71$41,020$578
Farmworkers, Farm, Ranch, and Aquacultural Animals50$28,840$577
Rolling Machine Setters, Operators, and Tenders, Metal and Plastic71$40,790$575
Electric Motor, Power Tool, and Related Repairers80$45,770$572
Forest Fire Inspectors and Prevention Specialists87$49,610$570
Embalmers82$46,640$569
Machine Feeders and Offbearers56$31,710$566
Log Graders and Scalers69$39,060$566
Meeting, Convention, and Event Planners95$53,730$566
Textile Bleaching and Dyeing Machine Operators and Tenders53$29,930$565
Shipping, Receiving, and Traffic Clerks62$34,980$564
Surgical Technologists87$49,040$564
Electronic Home Entertainment Equipment Installers and Repairers71$39,800$561
Office Machine Operators, Except Computer62$34,530$557
Tree Trimmers and Pruners73$40,510$555
Extruding and Drawing Machine Setters, Operators, and Tenders, Metal and Plastic66$36,620$555
Semiconductor Processors72$39,810$553
Industrial Truck and Tractor Operators66$36,480$553
Directors, Religious Activities and Education85$46,980$553
Loan Interviewers and Clerks75$41,310$551
Prepress Technicians and Workers77$42,240$549
Electronic Equipment Installers and Repairers, Motor Vehicles67$36,750$549
Coaches and Scouts80$43,870$548
Athletic Trainers90$49,280$548
Dental Laboratory Technicians79$43,180$547
Procurement Clerks79$43,180$547
First-Line Supervisors of Housekeeping and Janitorial Workers79$43,150$546
Agricultural Equipment Operators60$32,620$544
Automotive Glass Installers and Repairers67$36,370$543
Word Processors and Typists76$41,160$542
Correspondence Clerks72$38,990$542
Graders and Sorters, Agricultural Products49$26,510$541
Eligibility Interviewers, Government Programs86$46,480$540
Pump Operators, Except Wellhead Pumpers88$47,510$540
Mental Health and Substance Abuse Social Workers92$49,630$539
Cooling and Freezing Equipment Operators and Tenders65$34,520$531
Paperhangers77$40,840$530
Fence Erectors71$37,650$530
Community Health Workers82$43,480$530
Woodworking Machine Setters, Operators, and Tenders, Except Sawing59$31,110$527
Pest Control Workers72$37,950$527
Security Guards61$32,050$525
Correctional Officers and Jailers94$49,300$524
Light Truck or Delivery Services Drivers71$36,920$520
Demonstrators and Product Promoters64$33,260$520
Extruding, Forming, Pressing, and Compacting Machine Setters, Operators, and Tenders71$36,800$518
Etchers and Engravers67$34,550$516
Photographers83$42,770$515
Cabinetmakers and Bench Carpenters71$36,580$515
Ophthalmic Laboratory Technicians67$34,490$515
Extruding and Forming Machine Setters, Operators, and Tenders, Synthetic and Glass Fibers69$35,500$514
Printing Press Operators75$38,470$513
Helpers–Painters, Paperhangers, Plasterers, and Stucco Masons62$31,720$512
Coil Winders, Tapers, and Finishers72$36,610$508
Parking Enforcement Workers83$42,200$508
Radio Operators88$44,710$508
Secretaries and Administrative Assistants, Except Legal, Medical, and Executive75$38,030$507
Print Binding and Finishing Workers69$34,850$505
Plating and Coating Machine Setters, Operators, and Tenders, Metal and Plastic69$34,830$505
Food and Tobacco Roasting, Baking, and Drying Machine Operators and Tenders65$32,730$504
Licensed Practical and Licensed Vocational Nurses94$47,050$501
Photographic Process Workers and Processing Machine Operators70$34,910$499
Forest and Conservation Workers63$31,320$497
Locksmiths and Safe Repairers88$43,740$497
First-Line Supervisors of Personal Service Workers84$41,710$497
Bill and Account Collectors77$38,220$496
Dispatchers, Except Police, Fire, and Ambulance87$42,940$494
Coating, Painting, and Spraying Machine Setters, Operators, and Tenders74$36,510$493
New Accounts Clerks75$37,000$493
Transportation Security Screeners85$41,860$492
Molding, Coremaking, and Casting Machine Setters, Operators, and Tenders, Metal and Plastic69$33,950$492
Dental Assistants81$39,770$491
Helpers–Installation, Maintenance, and Repair Workers64$31,390$490
Weighers, Measurers, Checkers, and Samplers, Recordkeeping70$34,100$487
Graduate Teaching Assistants75$36,390$485
Refuse and Recyclable Material Collectors84$40,560$483
File Clerks71$33,810$476
Public Address System and Other Announcers82$39,040$476
Janitors and Cleaners, Except Maids and Housekeeping Cleaners61$28,950$475
Barbers70$33,220$475
Customer Service Representatives77$36,470$474
Helpers–Pipelayers, Plumbers, Pipefitters, and Steamfitters69$32,570$472
Order Clerks76$35,790$471
Animal Trainers75$35,260$470
First-Line Supervisors of Retail Sales Workers96$45,080$470
Reservation and Transportation Ticket Agents and Travel Clerks89$41,730$469
Butchers and Meat Cutters71$33,210$468
Interviewers, Except Eligibility and Loan76$35,520$467
Helpers–Electricians71$32,960$464
Mixing and Blending Machine Setters, Operators, and Tenders85$39,360$463
Library Technicians78$36,080$463
Landscaping and Groundskeeping Workers67$30,940$462
Textile Knitting and Weaving Machine Setters, Operators, and Tenders66$30,470$462
Helpers–Carpenters69$31,850$462
Floral Designers63$28,900$459
Medical Secretaries81$37,090$458
Conveyor Operators and Tenders77$35,110$456
Ophthalmic Medical Technicians84$38,220$455
Parts Salespersons75$34,080$454
Medical Equipment Preparers84$37,990$452
Office Clerks, General78$35,200$451
Rehabilitation Counselors89$39,930$449
Cleaning, Washing, and Metal Pickling Equipment Operators and Tenders74$33,090$447
Helpers–Roofers71$31,740$447
Gaming Surveillance Officers and Gaming Investigators81$36,200$447
Police, Fire, and Ambulance Dispatchers97$43,290$446
Food Batchmakers72$32,090$446
Bus Drivers, School or Special Client75$33,390$445
Motion Picture Projectionists58$25,820$445
Helpers–Production Workers66$29,380$445
Sewers, Hand67$29,510$440
Mail Clerks and Mail Machine Operators, Except Postal Service73$32,040$439
Library Assistants, Clerical66$28,960$439
Dietetic Technicians69$30,130$437
Textile Cutting Machine Setters, Operators, and Tenders68$29,440$433
Skincare Specialists84$36,350$433
Hairdressers, Hairstylists, and Cosmetologists70$30,190$431
Merchandise Displayers and Window Trimmers74$31,850$430
Dishwashers54$23,190$429
Veterinary Technologists and Technicians83$35,560$428
Manufactured Building and Mobile Home Installers77$32,910$427
Coin, Vending, and Amusement Machine Servicers and Repairers86$36,390$423
Food Cooking Machine Operators and Tenders75$31,690$423
First-Line Supervisors of Food Preparation and Serving Workers86$36,190$421
Cleaners of Vehicles and Equipment64$26,900$420
Psychiatric Technicians90$37,760$420
Animal Control Workers92$38,490$418
Crossing Guards77$31,970$415
Laundry and Dry-Cleaning Workers59$24,480$415
Tailors, Dressmakers, and Custom Sewers83$34,330$414
Textile Winding, Twisting, and Drawing Out Machine Setters, Operators, and Tenders72$29,660$412
Laborers and Freight, Stock, and Material Movers, Hand75$30,890$412
Emergency Medical Technicians and Paramedics92$37,760$410
Pharmacy Technicians83$34,020$410
Sewing Machine Operators66$26,990$409
Baggage Porters and Bellhops67$26,990$403
Meat, Poultry, and Fish Cutters and Trimmers69$27,790$403
Social and Human Service Assistants89$35,830$403
Telephone Operators98$39,360$402
Tire Repairers and Changers74$29,530$399
Occupational Therapy Aides82$32,580$397
Medical Assistants87$34,540$397
Shoe Machine Operators and Tenders76$30,110$396
Packers and Packagers, Hand67$26,490$395
Phlebotomists90$35,560$395
Sawing Machine Setters, Operators, and Tenders, Wood79$31,200$395
Retail Salespersons72$28,310$393
Bakers73$28,660$393
Umpires, Referees, and Other Sports Officials93$36,440$392
Manicurists and Pedicurists66$25,860$392
Preschool Teachers, Except Special Education88$34,410$391
Concierges86$33,550$390
Counter and Rental Clerks80$31,200$390
Pharmacy Aides75$29,190$389
Food Preparation Workers64$24,830$388
Locker Room, Coatroom, and Dressing Room Attendants69$26,720$387
Gaming Cage Workers75$28,980$386
Switchboard Operators, Including Answering Service81$31,290$386
Ambulance Drivers and Attendants, Except Emergency Medical Technicians77$29,010$377
Bicycle Repairers81$30,290$374
Data Entry Keyers91$33,740$371
Funeral Attendants77$28,480$370
Slaughterers and Meat Packers77$28,450$369
Orderlies81$29,840$368
Tellers82$30,140$368
Cooks, Fast Food62$22,650$365
Gaming and Sports Book Writers and Runners76$27,640$364
Ushers, Lobby Attendants, and Ticket Takers65$23,610$363
Bartenders75$26,780$357
Receptionists and Information Clerks85$30,350$357
Taxi Drivers and Chauffeurs80$28,450$356
Parking Lot Attendants71$25,130$354
Physical Therapist Aides81$28,500$352
Teacher Assistants82$28,750$351
Automotive and Watercraft Service Attendants74$25,940$351
Residential Advisors86$29,970$348
Dining Room and Cafeteria Attendants and Bartender Helpers69$23,950$347
Food Servers, Nonrestaurant73$24,980$342
Cooks, Restaurant81$27,580$340
Transportation Attendants, Except Flight Attendants90$30,640$340
Lifeguards, Ski Patrol, and Other Recreational Protective Service Workers72$24,420$339
Cooks, Institution and Cafeteria84$28,290$337
Psychiatric Aides93$31,090$334
Recreation Workers85$28,310$333
Waiters and Waitresses78$25,830$331
Cooks, Short Order76$25,140$331
Telemarketers87$28,550$328
Amusement and Recreation Attendants72$23,460$326
Nursing Assistants91$29,580$325
Gaming Change Persons and Booth Cashiers87$27,220$313
Nonfarm Animal Caretakers83$25,890$312
Veterinary Assistants and Laboratory Animal Caretakers92$28,690$312
Maids and Housekeeping Cleaners83$25,570$308
Personal Care Aides83$25,090$302
Home Health Aides84$25,330$302
Pressers, Textile, Garment, and Related Materials80$24,060$301
Cashiers78$23,270$298
Hosts and Hostesses, Restaurant, Lounge, and Coffee Shop78$23,260$298
Hotel, Motel, and Resort Desk Clerks87$25,130$289
Shampooers78$22,160$284
Combined Food Preparation and Serving Workers, Including Fast Food78$22,140$284
Childcare Workers87$24,610$283
Gaming Dealers84$23,070$275
Counter Attendants, Cafeteria, Food Concession, and Coffee Shop85$23,240$273
Categories
Investing

The Dividend Collector

Simply put, investing is all about buying a series of cash flows. More comprehensively, the value of a stock should equate to the present value of all future cash flows to equity-holders using a discount rate that accounts for time and risk.

Typically, an investor would estimate the future cash flows and work backwards to determine an appropriate price for the stock. If the stock is trading below the estimated value, the investor would buy with the expectation the price would eventually reach its fair value. Longer term investors might continue to hold a stock – even if it’s trading at fair value – because they expect to receive a return on their investment.

The problem with the traditional way of evaluating a stock is that price fluctuations can take investors on an emotional roller coaster, leading them to make bad decisions.

Below I present an alternative, somewhat backwards – but otherwise appealing – way to look at a stock by solely looking at the dividends received.

This way to look at a stock is as if you were buying an annuity (from an insurance company) that pays growing cash distributions. While you still own the original capital (and any capital appreciation), which you wouldn’t with an insurance annuity, the key to this analytical approach is to assume you don’t. Essentially, you trade a lump sum today for an infinitely continuous and growing stream of dividends.

Becoming a dividend collector

I think this psychological ploy can help some investors avoid over-trading their accounts by ignoring price fluctuations, instead focusing on dividend income generated by the portfolio. Dividend streams tend to be more stable than stock prices, resulting in less emotional distress. This is because even during bear markets, many companies will continue to pay and even grow their dividends. The dividend collector is far less emotionally sensitive to market movements than the traditional portfolio manager. The dividend collector is also more likely to remain invested for the long term, thus creating greater wealth than someone who trades on emotion.

The investing purists will say that total returns (price fluctuations + dividend income) is what matters. I agree. In the end, you’ll be collecting and reinvesting dividends plus (hopefully) growing your initial investment over time. That’s the beauty though. By ignoring your original capital investment and focusing solely on the dividend stream, any growth in capital becomes a fabulous added bonus at the end of your investment horizon.

Today’s small dividend becomes tomorrow’s big dividend

For simplicity’s sake, assume an initial investment of $100 into a dividend paying stock. Assume the annual dividend on that stock is $2.50, but grows at 6% annually.

(Note: In reality you wouldn’t invest in just one stock. To reduce risk, you’d diversify across a number of dividend paying stocks and research the quality of each of those dividends.)

The chart below illustrates how that annual dividend would rise each year over 20 years.

As the $2.50 dividend grows to $8.02 over 20 years, an initial 2.5% dividend yield today becomes an 8.02% dividend yield based on your original investment.

An investment that pays for itself

Giving up some money today in exchange for an escalating cash payment sounds appealing. But you also have to consider how that money accumulates over that 20 years. Over that period you’ve collected almost $100 worth of dividends ($99.98 to be precise). So you’ve recouped your original investment – presumably to put to work in another asset – and you’re continuing to generate 8.02% on your original investment.

Now take that experience and scale it up to a $1,000,000 fully diversified portfolio of dividend stocks. Under the same assumption, that portfolio has generated almost another million over 20 years plus eventually spits out an income of $80,200 that continues to grow. Realistically though, you’ve also reinvested the accumulated dividends (thus generating additional dividend income) plus your portfolio has likely grown (the added bonus I mentioned above).

Again, I want to stress this isn’t necessarily an academically complete way of looking at an investment. However, I find that focusing on the continuous and growing stream of cash flows generated by an investment helps some people stick to a long-term plan. Consequently, they are better equipped to grow wealth over the long term and avoid emotional sell/buy decisions along the way.

Categories
Investing

Periodic Table of Returns: 2010-2019

A year by year ranking of asset returns dating back to 2010. One year’s winner is the next year’s loser: an argument for diversification.

Source: Stingy Investor

Categories
Investing

Top Performing Markets in 2019

2019 started off questionably. Markets were just recovering off a Dec 2018 bottom. Little did anyone expect what was to come for the rest of 2019.

As it turns out, 2019 was a stunning year for risky assets. What will 2020 bring?