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"The average tradesperson in a HCOL is a millionaire by age 40 ...." This is a pretty bold claim that I'd like to dig into. Do you have a reference or source f

"The average tradesperson in a HCOL is a millionaire by age 40 ...." This is a pretty bold claim that I'd like to dig into. Do you have a reference or source for this? What HCOL are you referring to? I'm quite interested in this whole topic of earnings and wealth in the trades. I am quite skeptical that any non-business-owner trades person is going to have a significant net worth (or earnings) above the general average locally, but maybe you can point me at a specific HCOL where the trades are more heavily unionized or something that would tell a more interesting story.

nine_zeros 2y ago
Here is BLS data: https://www.bls.gov/oes/2023/may/oes471011.htm https://www.bls.gov/oes/2023/may/oes471011.htm Remember that BLS data leans on the lower side. BLS data for software also leans lower. The reason they are millionaires by age 40 is because of the value of their houses. They bought early in life.
- clusterhacks 2y ago
  This is for "First-Line Supervisors of Construction Trades and Extraction Workers." Does this represent the "average tradesperson" at age 40? If we dig into the BLS numbers for the people doing the work in what HN tends to talk about as trade workers: Plumber - median $61,550 per year [1] HVAC tech - median $57,300 per year [2] Electrician - median $61,590 per year [3] Framer(Carpenter) - median $56,350 per year [4] Bricklayer(Mason) - median $53,010 per year[5] Software engineer - median $130,160 per year [6] Of course, these are national numbers. We could pick and choose geographical areas to bump up the averages. It isn't immediately obvious to me what data source could give us a good answer to net worth by age for any of these careers. That is why I asked if you had a reference for it. It's even murkier when looking for data on when someone in the trades buys a house on average. My intuition (and I definitely don't mind being proved wrong) is that high earning, high-ish net worth trade workers is a story we want very much want to be true. But I just don't think it is, especially if we are talking about the average case. [1] https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm [2] https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm [3] https://www.bls.gov/ooh/construction-and-extraction/electricians.htm [4] https://www.bls.gov/ooh/construction-and-extraction/carpenters.htm [5] https://www.bls.gov/ooh/construction-and-extraction/brickmasons-blockmasons-and-stonemasons.htm [6] https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm
  - DannyBee 2y ago
    FWIW - the median is probably not helpful for some of these trades when framed as they are here because it's not a simple salary gradient like you might find with say, l1-l8 software engineer. For example - master electrician vs journeyman electrician are very different - journeyman require supervision (ie are not allowed to work without it), master's don't. (I actually wonder if "first line supervisors ..." above includes master electricians, since they are required to supervise journeyman).
    - maxerickson 2y ago
      The pay tabs at the links have 90th percentile pay. For example, for HVAC techs, it is $84,250. For software it is $208,620.

nine_zeros 2y ago

Here is BLS data: https://www.bls.gov/oes/2023/may/oes471011.htm https://www.bls.gov/oes/2023/may/oes471011.htm Remember that BLS data leans on the lower side. BLS data for software also leans lower. The reason they are millionaires by age 40 is because of the value of their houses. They bought early in life.

clusterhacks 2y ago
This is for "First-Line Supervisors of Construction Trades and Extraction Workers." Does this represent the "average tradesperson" at age 40? If we dig into the BLS numbers for the people doing the work in what HN tends to talk about as trade workers: Plumber - median $61,550 per year [1] HVAC tech - median $57,300 per year [2] Electrician - median $61,590 per year [3] Framer(Carpenter) - median $56,350 per year [4] Bricklayer(Mason) - median $53,010 per year[5] Software engineer - median $130,160 per year [6] Of course, these are national numbers. We could pick and choose geographical areas to bump up the averages. It isn't immediately obvious to me what data source could give us a good answer to net worth by age for any of these careers. That is why I asked if you had a reference for it. It's even murkier when looking for data on when someone in the trades buys a house on average. My intuition (and I definitely don't mind being proved wrong) is that high earning, high-ish net worth trade workers is a story we want very much want to be true. But I just don't think it is, especially if we are talking about the average case. [1] https://www.bls.gov/ooh/construction-and-extraction/plumbers-pipefitters-and-steamfitters.htm [2] https://www.bls.gov/ooh/installation-maintenance-and-repair/heating-air-conditioning-and-refrigeration-mechanics-and-installers.htm [3] https://www.bls.gov/ooh/construction-and-extraction/electricians.htm [4] https://www.bls.gov/ooh/construction-and-extraction/carpenters.htm [5] https://www.bls.gov/ooh/construction-and-extraction/brickmasons-blockmasons-and-stonemasons.htm [6] https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm
- DannyBee 2y ago
  FWIW - the median is probably not helpful for some of these trades when framed as they are here because it's not a simple salary gradient like you might find with say, l1-l8 software engineer. For example - master electrician vs journeyman electrician are very different - journeyman require supervision (ie are not allowed to work without it), master's don't. (I actually wonder if "first line supervisors ..." above includes master electricians, since they are required to supervise journeyman).
  - maxerickson 2y ago
    The pay tabs at the links have 90th percentile pay. For example, for HVAC techs, it is $84,250. For software it is $208,620.