BigMoney Jobs(high school student wants to be rich some day)

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Re: BigMoney Jobs(high school student wants to be rich some

Postby HornedToad » Thu Apr 25, 2013 5:22 pm

otbricki wrote:
aaasdaef wrote:This is a totally different world from a normal east coast software job that some people are familiar with. And I don't think that cost of living is really twice as high here.


Cost of living index for Palo Alto is listed as about 180.


Palo Alto is certainly not only city in the Bay Area. Most people making 200k+ are not living in Palo Alto, but Mountain View, Los Altos, Cupertino, etc. Bay Area is expensive, but other jobs also pay good amount that do not require Bay Area.

My company has several employees who work remotely and can collect the same salary wherever they live.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby The Wizard » Thu Apr 25, 2013 5:29 pm

marbat wrote:
flossy21 wrote:Here's an article that recommends Petroleum Engineering.

http://money.cnn.com/2013/04/25/news/ec ... ?iid=HP_LN


Just to respond to generically to a lot of these kinds of articles that recommend engineering:

Engineering gives you a decent starting salary, stability, and work life balance. It will likely make you upper middle class, but it won't make you rich. The starting all-in pay for investment banking is typically higher than the all-in pay for any kind of engineering (~$120K), and it also scales much, much higher (the main disadvantage for engineering - pay growth over time). After two-three years of banking, it's possible to leave for a $300-350K all-in private equity job. The petroleum engineer will be lucky if he's up to $150K in that same time period.

Disagree on the "won't make you rich" part.
I know several engineer/entrepreneurs who started their own companies and are now somewhat "rich"...
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Clearly_Irrational » Thu Apr 25, 2013 5:33 pm

otbricki wrote:I'm an engineer and have a net worth of about $2M nearing retirement. Is that rich?


I would describe that as well off but someone else may have a different definition.

Obviously it depends on where you live and what kind of lifestyle you want but personally I would describe rich as:

1) Have enough money that you can live off of your investments and don't need to spend much time managing them
2) Don't have to worry about the cost of most expenditures
3) Can afford to pay others to do things for you that you're not interested in

I think I'd draw the dividing line at around $8 million or so. That would produce a $200k/year income for basically zero work at an infinitely sustainable withdrawal rate (dividends + interest only).

That's not living large Lear jet style but I think you'd be hard pressed to call someone with that amount merely "well off".
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Minot » Thu Apr 25, 2013 5:37 pm

prh116 wrote: Petroleum is the way to go nowadays.
And 20 years from now?
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Re: BigMoney Jobs(high school student wants to be rich some

Postby TomatoTomahto » Thu Apr 25, 2013 5:45 pm

Jfet wrote:
maybe electrical and mechanical engineers plateau at that level, but software engineers go on to make $200K+ if they are good, and they don't even have to be in charge of a team.

A big opportunity exists at the intersection of software engineering and investment banking. My wife and I made career choices consistent with our values (e.g., I've been a stay-at-home-Dad for a while, my wife still works outside the home), and we both organically moved into more managerial positions, but we've earned more than we could ever have anticipated. We did not get into it for the money, but it was nice to receive it. We did it for the challenges, and the money came on its own.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Phineas J. Whoopee » Thu Apr 25, 2013 5:56 pm

HornedToad wrote:...
That said, the majority of engineers will just be well off. But that's true for the majority of all people

Many men of course became extremely rich, but this was perfectly natural and nothing to be ashamed of because no one was really poor, at least no one worth speaking of.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby aaasdaef » Thu Apr 25, 2013 6:13 pm

In general, one advantage of high cost of living area (if your salary matches it, of course) that I'd expect Bogleheads to notice is that saving 20% of 100K is not as good as saving 20% of 200K, assuming you don't plan to retire in that same high cost area. And some things (e.g. stuff you buy online, or (distant) travel expenses) are independent of your location.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby otbricki » Thu Apr 25, 2013 8:32 pm

The Wizard wrote:Disagree on the "won't make you rich" part.
I know several engineer/entrepreneurs who started their own companies and are now somewhat "rich"...


It seems to me it's the entrepreneur part that leads to wealth.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lostInFinance » Thu Apr 25, 2013 10:01 pm

lightheir wrote:The plateau is a lot closer to $100k, actually in terms of salary.

The Silicon Valley rich programmers don't get there because of salary. They get there through stocks and stock options and getting in on ground floor.
Managers doing less coding can make more, but it's not a lot more. Again, the money is in the equity, not the salary.



Maybe in the 90s, equity was the way to riches, but is that still true today for non-management? What's the average equity grant to a non-management coder who joins right after a Series A round? I'ld be surprised if it's even 1% in an era when very few software companies exit north of $150M. Then how much does that 1% get diluted by the time a successful exit event happens?
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Re: BigMoney Jobs(high school student wants to be rich some

Postby gatorking » Thu Apr 25, 2013 10:16 pm

Do like Steve Jobs did - don't follow your passion.
http://www.fastcompany.com/3001441/do-s ... ur-passion
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Re: BigMoney Jobs(high school student wants to be rich some

Postby strcmp » Fri Apr 26, 2013 7:55 am

Surprised no one has mentioned this yet.

I forgot which book I read, but there was a book that showed a chart of salaries for top 10 hedge fund managers, top surgeons, top ceos, and top lawyers.

If you want big money, working your way to become a hedge fund manager is the way to do it.
Consider this statement: Each of the top ten hedge fund managers each make more money than the ten best-paid US CEOs combined.

CEOs, Investment bankers, surgeons, sports stars, and lawyers make peanuts compared to hedge fund managers.
HF managers make salaries in the B range. B for billions/year. I don't know of any other job that pays that.

If you consider a HF manager that makes about 1 Billion/yr and break down their salary this is what you get (before taxes of course).

Per Year: $1,000,000,000
Per Day: $2,739,726.02
Per Hour: $114,155.25
Per Minute:: $1,902.59

In 1 day they make more than any investment banker I know and as much money as most average people will ever accumulate in their lifetime working for 50 years or so.

Now, consider this.. Some of the top HF managers made $2-$4 B/year.. so multiply the #s above by 2-4. See how insane that is?

You should be grooming your child to become a HF manager. :happy
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Call_Me_Op » Fri Apr 26, 2013 8:04 am

I would not focus on trying to become rich per se. I would find something that you love and do it. Riches of several types should follow.

For me, that something is electrical engineering.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Barefootgirl » Fri Apr 26, 2013 8:09 am

"How many yachts can you water-ski behind?"


BFG
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Jfet » Fri Apr 26, 2013 8:17 am

Call_Me_Op wrote:I would not focus on trying to become rich per se. I would find something that you love and do it. Riches of several types should follow.

For me, that something is electrical engineering.


Our toys are so expensive though....I dropped nearly $10,000 on an Agilent scope, and it isn't even remotely near their top of the line (but pure porn for looking at signals)

My wife spends maybe $100 to $500 on the latest compiler.

I spend $1000 getting some 6 layer board prototype, 6 hours under a microscope soldering TQFP and 0402 resistors, another 3 hours desoldering and swapping traces with 30 gauge wire.

My wife presses a button and recompiles her new code.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lightheir » Fri Apr 26, 2013 10:25 am

strcmp wrote:Surprised no one has mentioned this yet.

I forgot which book I read, but there was a book that showed a chart of salaries for top 10 hedge fund managers, top surgeons, top ceos, and top lawyers.

If you want big money, working your way to become a hedge fund manager is the way to do it.
Consider this statement: Each of the top ten hedge fund managers each make more money than the ten best-paid US CEOs combined.

CEOs, Investment bankers, surgeons, sports stars, and lawyers make peanuts compared to hedge fund managers.
HF managers make salaries in the B range. B for billions/year. I don't know of any other job that pays that.

If you consider a HF manager that makes about 1 Billion/yr and break down their salary this is what you get (before taxes of course).

Per Year: $1,000,000,000
Per Day: $2,739,726.02
Per Hour: $114,155.25
Per Minute:: $1,902.59

In 1 day they make more than any investment banker I know and as much money as most average people will ever accumulate in their lifetime working for 50 years or so.

Now, consider this.. Some of the top HF managers made $2-$4 B/year.. so multiply the #s above by 2-4. See how insane that is?

You should be grooming your child to become a HF manager. :happy



Pointless to even consider - so rare that even the top of class and talent have less than an inkling's chance of making even close to over 1 million, let alone 1 billion per year. You have better odds becoming a top A-list Hollywood movie star than becoming a US hedge-fund billionaire. I assumed we were dealing in reality, not fantasy here!
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Re: BigMoney Jobs(high school student wants to be rich some

Postby fareastwarriors » Fri Apr 26, 2013 5:55 pm

If it was so easy, we would all be "rich" already. Rich is relative.

Just wait for the "right" pitch and swing hard when you get it.
Patience, understanding risk, and ability to go "big" when needed.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby stratton » Mon Apr 29, 2013 11:24 pm

List of high paying college majors.

viewtopic.php?f=2&t=115566

Petroleum engineer is the highest starting out at $93,500.

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Re: BigMoney Jobs(high school student wants to be rich some

Postby Clearly_Irrational » Tue Apr 30, 2013 12:41 am

stratton wrote:List of high paying college majors.

viewtopic.php?f=2&t=115566

Petroleum engineer is the highest starting out at $93,500.

Paul


Specifically, highest paying non-graduate degrees.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby longview » Tue Apr 30, 2013 2:34 am

/cold water mode.

Don't follow the money. Follow your passion. You will do better and be happier being excellent at something, anything, than following the money.

I know so many people that successfully followed the money, and they really just hate their lives. You need the coke and whores just to convince yourself you haven't wasted your life.

All that said, big money comes from being an entrepreneur. The great thing about that is you can do it in any field. If you're into sports you can start sports-related businesses and make a ton of money. If you're truly into finance obviously that is just easy money (the whole game favors you). You can be a college professor and start companies on the side based on research projects. It really isn't hard to extract money from excellence. Even if you are the best house cleaner you could build an empire. Other qualities are needed to be an entrepreneur, which I'm not sure can be learned, so this is kind of like saying "be good at making things happen."

But I'd recommend going for happiness and fulfillment over money. Money is easy -- and wealthy people spend all their money chasing happiness and fulfillment.
(To color my comments: my situation is ER trying to make a large portfolio that is 99% taxable last 45 years)
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Re: BigMoney Jobs(high school student wants to be rich some

Postby market timer » Tue Apr 30, 2013 8:11 am

Tell him to start a business and invest well. Hardly anyone is getting rich just from wages. In particular, the three professions you listed are oversaturated and require the modern equivalent of indentured servitude--long hours, massive debt load, usually living in a shoebox and paying 40% or more in taxes.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Default User BR » Tue Apr 30, 2013 10:53 am

market timer wrote:Tell him to start a business and invest well.

If the goal is to have him broke, yes. The failure rate for start-up businesses is extremely high, and at his stage he'd likely have to finance it through his own money and loans.


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Re: BigMoney Jobs(high school student wants to be rich some

Postby chaz » Tue Apr 30, 2013 11:32 am

Medicine and law are two nice career choices for decent income.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby hicabob » Tue Apr 30, 2013 11:36 am

Default User BR wrote:
market timer wrote:Tell him to start a business and invest well.

If the goal is to have him broke, yes. The failure rate for start-up businesses is extremely high, and at his stage he'd likely have to finance it through his own money and loans.


Brian


Tha failure rate (or non - completion rate) for all those college freshmen planning to be "pre-med" is incredibly high too. Most people take a few tries before they figure it out.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby staythecourse » Tue Apr 30, 2013 12:29 pm

chaz wrote:Medicine and law are two nice career choices for decent income.


I would agree with Medicine (as I'm in it and can attest), but not so sure of law. I think law is more like a pyramid. A few who do very well and MANY, MANY who don't do very well to justify the cost of law school.

Funny thing after just glancing through the posts very few doctors and lawyers chimed in?? Maybe happiness in their field prevents them from suggesting it to others??

My best advice get a job you can see yourself in for 40+ years (by the time they retire the age will be closer to 75 then 65). in my short life (age 36) can't say money has bought me much happiness once you get above 100k, especially no extra above 200k.

Good luck.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby dianna » Tue Apr 30, 2013 2:06 pm

lostInFinance wrote:A lot depends on your definition of rich.....If you just want to be in the top 1% of earners, then doctors and lawyers are the two most common professions in that income bracket....


But not all top earners are top savers, thus could be in the poor house.

In the end, do what you like that will afford you a decent income, and then save, save, save more than you spend. Not all, but many high earners have a burn rate that matches the earn rate. Frankly, a lot of moderate earners do the same. The pathway to richness seems to come from spending (a lot) less than you earn.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Clearly_Irrational » Tue Apr 30, 2013 2:13 pm

dianna wrote:In the end, do what you like that will afford you a decent income, and then save, save, save more than you spend. Not all, but many high earners have a burn rate that matches the earn rate. Frankly, a lot of moderate earners do the same. The pathway to richness seems to come from spending (a lot) less than you earn.


Very true, but it's harder to generate surplus the less you make. Some minimum amounts have to be spent on housing, food, transportation, utilities, etc.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby countofmc » Tue Apr 30, 2013 2:20 pm

Taking out entrepreneurship, and just focusing on jobs where you get a paycheck for a living (although I don't know how to categorize doctors).

I actually think law is the easiest path. Med school just doesn't seem to leave you with a lot of margin for error in the sense that you have to have good grades, good MCATs, train for a long time, etc. And do primary care doctors make a lot of money anymore?

I-banking seems to be limited to those with elite credentials from elite universities.

So, why did I pick law despite all the (imo deserved) downsides that are widely publicized? Because of the 3 jobs here, I think BIGLAW is the easiest to obtain. Undergraduate reputation doesn't matter so much, just do very well and get good LSATs, and you are probably getting into a T-14 law school. I say this as a former lawyer that went to a T-14. Getting into a T-14 is easier than getting into ANY U.S. based med school, in my opinion.

Once you are at a T-14, depending on which one, you probably have anywhere from a 90% to 25% chance of landing a BIGLAW position, where starting pay is usually 160k with bonus. At the BIGLAW firm I was with, profits per partner were in the $2 million range.

Now I know the odds are ridiculously stacked against you making partner. But making lots of money, especially from a paycheck job, is tough. So of all those paths outlined, I personally think law does give you the best odds of making that big money.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Jazztonight » Tue Apr 30, 2013 9:46 pm

longview wrote:/cold water mode.

Don't follow the money. Follow your passion. You will do better and be happier being excellent at something, anything, than following the money...
But I'd recommend going for happiness and fulfillment over money. Money is easy -- and wealthy people spend all their money chasing happiness and fulfillment.


+1
IMHO it's not about the money. One of the wealthiest men I know goes out of his way to lead a "normal" lifestyle with his wife and four children. He lives in a nice house in a neighborhood in a modest city. He goes to neighborhood restaurants and movies. He never flaunts his money.

Look at Warren Buffett--he eats hamburgers and drives a regular vehicle.

Sorry. It's not about making a lot of money. It's about friends, family, health, interests, education, spirituality, quality of life, fun, travel, the arts, love...did I forget something?
"What does not destroy me, makes me stronger." Nietzsche
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Nathan Drake » Wed May 01, 2013 12:11 am

Jfet wrote:
KyleAAA wrote:
flossy21 wrote:Here's an article that recommends Petroleum Engineering.

http://money.cnn.com/2013/04/25/news/ec ... ?iid=HP_LN


I would be careful chasing "best starting salary" lists. Engineers tend to start out with good salaries but quickly plateau (usually within 7 or 8 years) unless you move into management. It doesn't suck to be making $90-110k for the rest of your life, but you aren't going to get very rich either. You might accumulate and inflation-adjusted $3-4 million over a 40 year career using Boglehead principals. Not bad, but not filthy rich, either.


maybe electrical and mechanical engineers plateau at that level, but software engineers go on to make $200K+ if they are good, and they don't even have to be in charge of a team.


And SW engineers that command that sort of salary typically live in the most expensive parts of the country, so it's not really comparable.

And yes, living in SV is significantly more expensive than living in the mid-west, especially if you consider CA tax rates. So much so that I doubt the increase in salary compensates for the additional living expenses and taxes.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby czeckers » Wed May 01, 2013 6:16 am

You can't just pick a field because of salary. You cannot discount the years of suffering that are involved in getting an advanced degree such as medicine and law. For medicine it's 4 years Bachelors, 4 years medical school, 3-10 years residency/fellowship. You cannot discount the student debt that is accrued in the process and the risk of still owing that debt if you realize that you cannot stand the work and change careers.

First find your interests and then find a career that aligns with them. It's not work if you enjoy what you do... and you happen to get paid for it.

-K
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Re: BigMoney Jobs(high school student wants to be rich some

Postby central nj » Wed May 01, 2013 7:14 am

Well certainly let them follow their passion, but within reason. Film school? (1 in my family--unemployed) Professional musician? (not teacher, but performance). Harder to get struck by lightning.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby tadamsmar » Wed May 01, 2013 7:36 am

ziszew wrote:
gkaplan wrote:Plastics, young man. Plastics.


I had to look it up. Hilarious


I think gkaplan is alluding to this scene from the movie "The Graduate":

http://www.youtube.com/watch?v=PSxihhBzCjk
Last edited by tadamsmar on Wed May 01, 2013 10:07 am, edited 1 time in total.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby tadamsmar » Wed May 01, 2013 7:42 am

Even in such technical lines as engineering, about 15% of one's financial success is due one's technical knowledge and about 85% is due to skill in human engineering, to personality and the ability to lead people.


Quote from Dale Carnegie's classic How to Win Friends and Influence People
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Re: BigMoney Jobs(high school student wants to be rich some

Postby chaz » Wed May 01, 2013 11:17 am

tadamsmar wrote:
ziszew wrote:
gkaplan wrote:Plastics, young man. Plastics.


I had to look it up. Hilarious


I think gkaplan is alluding to this scene from the movie "The Graduate":

http://www.youtube.com/watch?v=PSxihhBzCjk

More than alluding. :)
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Blister » Wed May 01, 2013 4:24 pm

You can't just pick a field because of salary. You cannot discount the years of suffering that are involved in getting an advanced degree such as medicine and law. For medicine it's 4 years Bachelors, 4 years medical school, 3-10 years residency/fellowship. You cannot discount the student debt that is accrued in the process and the risk of still owing that debt if you realize that you cannot stand the work and change careers.

First find your interests and then find a career that aligns with them. It's not work if you enjoy what you do... and you happen to get paid for it.



I would not recommend medicine if you are only doing it to get rich. My advice would be STEM. (science , technology, engineering and math)
Everthing works out in the end. If it doesn't then its not the end.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby expat » Wed May 01, 2013 4:40 pm

"BigMoney" and "Job" don't really go together.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby linguini » Wed May 01, 2013 5:44 pm

I actually work for a major professional sports league as a software engineer, so that's one way to get into sports. :D

It has both the benefits you'd expect as a software engineer working for a big company (stable job, reasonable hours, upper middle class salary, good benefits) and the benefits you'd expect as someone working for a sports league (free tickets whenever I want, pension plan, "cool" factor, acceptable to watch games on my iPad at my desk, etc). If you're not an athlete and want to get a decent job in sports, you have to do one of engineering, stats, marketing, or business. I am a lot happier and less stressed out than my friends who went into finance. My friends who went on to make tiny stipends in phd programs are among the happiest people I know, so go figure.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Jfet » Wed May 01, 2013 6:24 pm

Software engineer gets you in the door at many industries, since everything is becoming linked, automated, clouded (made that one up).

Want to work for the space program? Good chance you can be directly involved as a software engineer

Obviously sports, as the previous poster does

Medicine...yup, need software engineers

Gaming industry (well duh!)

Movies, TV

Yes, a lot of other fields like lawyer would also work for getting into these industries. Egyptology? Not so much.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lostInFinance » Thu May 02, 2013 12:45 am

dianna wrote:But not all top earners are top savers, thus could be in the poor house.

In the end, do what you like that will afford you a decent income, and then save, save, save more than you spend. Not all, but many high earners have a burn rate that matches the earn rate. Frankly, a lot of moderate earners do the same. The pathway to richness seems to come from spending (a lot) less than you earn.


You may be right, but I think it's irrelevant to the OP's question. When a high school senior says he wants to be rich, I doubt ebenezer is what he has in mind.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby SP-diceman » Thu May 02, 2013 4:01 am

Once you get a job with a "good" salary,
you need to live like you have a job with a "bad" salary.






Thanks
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Re: BigMoney Jobs(high school student wants to be rich some

Postby N1CKV » Thu May 02, 2013 9:03 am

to the original poster:
I HIGHLY recommend reading the book Stop Acting Rich: ...And Start Living Like A Real Millionaire
http://www.amazon.com/Stop-Acting-Rich- ... illionaire

The book goes in to many details that will help you get a better grasp on how to be "rich". You are approaching the equation from the wrong direction. It's more about where you choose to live and your spending habits than it is about income level. Don't seek a job because it promises riches, seek a job that interests and pleases you and live a reasonable lifestyle.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby KyleAAA » Thu May 02, 2013 9:36 am

N1CKV wrote:to the original poster:
I HIGHLY recommend reading the book Stop Acting Rich: ...And Start Living Like A Real Millionaire
http://www.amazon.com/Stop-Acting-Rich- ... illionaire

The book goes in to many details that will help you get a better grasp on how to be "rich". You are approaching the equation from the wrong direction. It's more about where you choose to live and your spending habits than it is about income level. Don't seek a job because it promises riches, seek a job that interests and pleases you and live a reasonable lifestyle.


With all due respect, you aren't going to get rich in a reasonable amount of time unless you earn a very good income. Spending less than you earn is obvious. It's difficult for some people to actually do in practice, but it's obvious. You've got to figure out a way to earn a lot of money if you want to get rich. Income level is the most important factor. It doesn't matter what your spending habits are if you aren't earning enough: you'll never get rich.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Bogle101 » Thu May 02, 2013 11:05 am

"high school student wants to be rich some day"

Study, work hard and leave the results to God.

No secret to success you will reading posts on a board lol.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby N1CKV » Thu May 02, 2013 1:25 pm

KyleAAA wrote:
N1CKV wrote:to the original poster:
I HIGHLY recommend reading the book Stop Acting Rich: ...And Start Living Like A Real Millionaire
http://www.amazon.com/Stop-Acting-Rich- ... illionaire

The book goes in to many details that will help you get a better grasp on how to be "rich". You are approaching the equation from the wrong direction. It's more about where you choose to live and your spending habits than it is about income level. Don't seek a job because it promises riches, seek a job that interests and pleases you and live a reasonable lifestyle.


With all due respect, you aren't going to get rich in a reasonable amount of time unless you earn a very good income. Spending less than you earn is obvious. It's difficult for some people to actually do in practice, but it's obvious. You've got to figure out a way to earn a lot of money if you want to get rich. Income level is the most important factor. It doesn't matter what your spending habits are if you aren't earning enough: you'll never get rich.
well, I'm just a lowly government employee, guess I'll never be able to drive a Mercedes :wink: (inside joke if you read the book)
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lwfitzge » Thu May 02, 2013 1:43 pm

Starting w good majors.. anything STEM... (science, tech, engineering, math) and business (especially finance). Combine that w equal parts intelligence, luck, passion/hard work. I'd also throw in willingness to take on more risk than your average, decently compensated peer......risk and expected (not guaranteed) return is true in the workforce as well! Willing to taking on a hard, risky project and either standing out or risking a crash and burn, be a creative thinker and willing to break from groupthink and fellow workers, leave jobs and places of comfort that leave you little opportunity for professional growth.

I became a scientist and I quit jobs to take other jobs I could learn more from (quit and start over for a career move, not without risk), chose to manage depts and divisions vs not leading at all and keeping my head down (high visibility and quite dangerous politically at times), chose to create a new venture within a corporation vs following the flock with the same old mission (standing out as an innovator vs risk of failure or even when succeeding, facing continuous internal snipping from jealous folks), and last, quit corporate comfort to be an entrepreneur where there is no little or no net to catch you (again..you get the picture). I did benefit financially from this path but I did fall on my face a few times along the way.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby winglessangel31 » Thu May 02, 2013 2:39 pm

Bogle101 wrote:"high school student wants to be rich some day"

Study, work hard and leave the results to God.

No secret to success you will reading posts on a board lol.

Exactly.
And - as a young person myself - I would refrain from answering the kid's questions with straightforward answers. I understand that people are entitled to their opinions and what they want in life, but I think this kid might have his priorities in the wrong place.
I picked my major based on my perceived strength and natural affinity for a certain field, with a clear view of what the job market is like for someone with that major. Luckily, graduates from my field are in demand, and the work in this field is important and meaningful. I would highly suggest such a 3-prong approach to deciding on a major.

1) What are you naturally good at and what comes to you without much effort? [this is just to start... I'm sure more effort is required as you progress... and the question is about perception, so maybe someone really does work really hard at something, but doesn't think so because he or she is completely in love with said something, which is a plus plus too!]
2) What does the world need or seem to want right now and is this major practical?
3) Is the work you expect to do meaningful and will it get you out of bed?

:)
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Re: BigMoney Jobs(high school student wants to be rich some

Postby BolderBoy » Thu May 02, 2013 3:22 pm

Minot wrote:
prh116 wrote: Petroleum is the way to go nowadays.
And 20 years from now?


I'm not in the physical sciences, but like to read about physics in particular. I was reading the other day that a huge step forward in fusion tech is likely in the next 10 years with fusion power reactors "likely" 20 years from now. Could put the serious Kabosh on petrochemicals...
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Re: BigMoney Jobs(high school student wants to be rich some

Postby Clearly_Irrational » Thu May 02, 2013 4:05 pm

BolderBoy wrote:I'm not in the physical sciences, but like to read about physics in particular. I was reading the other day that a huge step forward in fusion tech is likely in the next 10 years with fusion power reactors "likely" 20 years from now. Could put the serious Kabosh on petrochemicals...


I like fusion and think it has excellent potential in the long run. Given current levels of investment the first prototype commercial fusion reactor "DEMO" will be online in 2033 (assuming nothing goes wrong in the meantime). Substantial rollout will take at least another 20 years after that so in a very optimistic scenario we could have moderate levels of fusion power by 2050 or so. Frankly I think it will take longer than that due to the fact that we're underfunding it and will probably continue to cut investment in basic research. Widespread fusion power by the end of the century is pretty likely but I wouldn't be telling anyone to make much of a career out of it now if you're interested in being paid well.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lostInFinance » Thu May 02, 2013 8:00 pm

N1CKV wrote:
KyleAAA wrote:
N1CKV wrote:to the original poster:
I HIGHLY recommend reading the book Stop Acting Rich: ...And Start Living Like A Real Millionaire
http://www.amazon.com/Stop-Acting-Rich- ... illionaire

The book goes in to many details that will help you get a better grasp on how to be "rich". You are approaching the equation from the wrong direction. It's more about where you choose to live and your spending habits than it is about income level. Don't seek a job because it promises riches, seek a job that interests and pleases you and live a reasonable lifestyle.


With all due respect, you aren't going to get rich in a reasonable amount of time unless you earn a very good income. Spending less than you earn is obvious. It's difficult for some people to actually do in practice, but it's obvious. You've got to figure out a way to earn a lot of money if you want to get rich. Income level is the most important factor. It doesn't matter what your spending habits are if you aren't earning enough: you'll never get rich.
well, I'm just a lowly government employee, guess I'll never be able to drive a Mercedes :wink: (inside joke if you read the book)


While it's been a while since I read the book, I thought most of his examples of rich people were entrepreneurs and successful small business owners. They didn't get rich by earning a government salary and working for someone else.
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Re: BigMoney Jobs(high school student wants to be rich some

Postby lightheir » Thu May 02, 2013 8:27 pm

While the idea of saving is always worth it and the books mentioned sound solid, the current idea of 'millionaire' isn't anything that special anymore.

I looked up an inflation calculator, and 1mill today was only worth 50% of that in 1990, and 1/3rd o fthat in 1980 by US inflation alone. For someone contemplating retirement, those are pretty middle-class numbers - in today's numbers, the cachet of the millionaire in the 80s-early90s is more like 10millionaire.
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