Back in December, I created a reader survey for you to fill out. I was interested in what I could learn about you, our readers, so that we can serve you better. I want to know where you’re from, where you’re at in your financial journey, and what you’d like to learn.
The survey was announced in podcast #84, linked to in the corresponding blog post, and I included the link in my weekly email. So, now that I’ve looked at the data, I wanted to share the survey results with you.
PIMD Survey Results Show Where You Are From
First off, there were 1,092 people who took part in the survey. Since you took the time to answer the 19 questions, I thought it would be fun to share some of the data with you.
The majority of the responses came from people in the 30 to 50 age bracket, and the two ages most represented in this data are the 45 and 38-year-olds. The youngest participants who took the survey are 24 and the oldest are 75.
So the data that follows is very broad and represents people who are just starting out in their career all the way to those who are likely already retired.
When I asked about marital status, 78% of you said that you’re married while 15.8% are single. Only 6.2% are divorced. I think the fact that most of you are married is of note when it comes to the later data on household income. Assuming both partners are employed, your income could be significantly higher than someone who has just one income.
I also asked about gender and offered the option of male, female, and non-binary. Survey results showed that there were slightly fewer male respondents (528) than female (557), and seven identify as non-binary.
The state with the largest readership is my home state, with 202 survey respondents who live in California. Texas came in second with 91. Rounding out the top five states are Florida (63), New York (59), and Georgia (40).
With the exception of Georgia, these numbers reflect the general population of the US. The top four most populous states are the exact same. And for those of you who are curious, the fifth most populous state is Pennsylvania, which is home to 28 of my readers.
Are You Burnt Out From Medicine And Ready For FIRE?
At first glance, these next two charts may be puzzling. When asked if you’ve ever experienced career burnout, more than 80% said yes. However, when asked if you’re experiencing it now, less than 50% said yes.
This leads me to believe that a large number of readers who are no longer experiencing burnout have transitioned to working part-time. These readers have achieved either partial or full financial independence so that they can step back and have a less stressful work life.
But when I asked if you consider yourself financially independent, only 19.7% responded that they can maintain their desired standard of living without earned income. That leaves more than 80% of you not quite at FIRE status yet. Since the age range of readers is extensive, some of you might just be in residency, and not yet near the six-figure pay range. I’d guess others have been practicing for years, living the standard American lifestyle, and are relatively new to the concept of creating passive income through investing with plans to retire early. Well, you’re certainly in the right place for learning how to retire early with passive income.
Getting The Nitty-Gritty: Income & Net Worth
The next questions to follow on the survey were about your household income, household net worth, and at what age you’d like to retire. The goal-setting question of how much money you’d like to have at retirement was presented to the survey participants.
Assuming that the overwhelming majority of readers are in the medical field and married, it’s not surprising that 88% of you have incomes in the six-figure range. Only 7% are earning less than $100,000. These readers are likely still in med school, residents, or readers who aren’t in the medical field. Finally, 4% of responders said that they earn more than $1,000,000 per year.
Now that we’ve seen how much you earn, let’s look at your net worth. Survey results showed that nearly half of you (48.5%) have a household net worth in excess of $1,000,000. However, another 30% have a net worth between $500,000 and $1,000,000. Just over 12% have a net worth of less than $100,000. I’d attribute that to those pesky student loans that some readers have. Well done, everyone! Keep on investing and watching that net worth grow.
There’s a wide range of numbers which you’ve given as your ideal age to retire. You were allowed to type in your own number, rather than set ranges, so three of you said you’d like to retire at 34 and an impressive five folks plan to work up until 100! The desired ages to retire were (in the order of most responses) 55, 50, 60, 65, and 45.
Given that most of you are planning to retire early or not work past the typical retirement age, the question is how much of a nest egg will make you feel financially comfortable? Unsurprisingly, most of you (86.1%) want to have your net worth totaling more than $1,000,000. The remaining readers were pretty evenly divided between the other four ranges, which were all lower. I can only guess that it’s the docs who are working to age 100 who want a retirement net worth of less than $100,000! To be honest, that amount seems pretty low, even if you do have multiple streams of passive income.
PIMD 2021 Reader Engagement Reviewed
Most of the respondents are on the mailing list, but 21.2% are not. Also, more than 60% are in the Passive Income Docs Facebook group. With more than 15,000 members, there are always great discussions going on, so come join our community on Facebook!
Over two-thirds of survey respondents said that they visit the PIMD website at least once a month or more, with 76 visiting daily! #thanks The remaining readers said they visit two to three times a year (18.6%) or four to eight times a year (12.8%).
Survey results depicted that the majority of readers prefer to consume personal finance content through reading it or listening to it. While I offered several options, it looks like video content is least likely to be consumed by the PIMD family. That makes sense. You can listen to the podcasts on your commute to work and read the blog posts and emails during breaks.
More than half of the readers have attended our live events (either in-person or online). With 184 attending Leverage and Growth Summit, 213 attending Financial Freedom Through Real Estate, and 266 attending both!
Survey Results Show That PIMD Readers Are Investing
From this question, I see that almost two-thirds of you are already investing! Survey Results display that more of you are in passive income investments (28.3%) than active investments (16.4%) but 23.4% do both. As busy professionals, I understand the need and interest in hands-off investments. Just under one-third of respondents (32%) said that they haven’t started investing yet, but luckily you’re in the right place to get the info you need! 🙂
Now You Know Our Survey Results…We Have A Winner!
I had expected that a full 100% of you would want to be entered in the drawing for the $50 Amazon gift card. I mean, who doesn’t like free stuff? But 12% of you opted out, giving a little extra chance of winning to the others.
The winner of the $150 gift card and virtual happy hour chat is Prianca Naik. Congratulations! I’ll be in touch with you soon.
Finally, thank you to all who took the time to fill out the survey. I’m also grateful to you, my regular blog readers, podcast listeners, and those of you who have participated in our events and courses! Your presence here truly helps make this place what it is. I look forward to producing more content to help you in your journey to financial freedom.
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