High Earners - What's Your Profession?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Locked
jimbojones
Posts: 128
Joined: Sat Feb 18, 2012 6:53 pm

Re: High Earners - What's Your Profession?

Post by jimbojones »

Cuzz35 wrote:
joelly wrote:
mark18068 wrote:CPA - 200K. I only saw one other one so far... so as a group maybe we're shy or aren't Bogleheads. I'll bet on shy.
Def shy. CPA here also. Earn above $100K but would like to earn $200K. Any advice and/or tips? Thanks so much!!!
Do you work in private or public accounting? Just curious at what point a CPA in public accounting could expect to break $100k. From what I have seen and read and looking at where I am now it seems like it won't be until I make senior manager, which could be 8-10 years. I should get my license this year. Taking my last section tomorrow, BEC. This will be my second year. Making just over half of the $100k mark. Feeling like I should have gotten into finance, engineering, or law with all these young 20's pulling over $100k.
7-8 years of Big-4 sounds about right. Not easy to last that long though. Or go to industry at the 5-6 yr mark and you'll get there too. Not bad for a 28-30 YO. And those jobs aren't nearly as difficult to get as the lucrative finance and law spots.
LFKB
Posts: 1264
Joined: Mon Dec 24, 2012 6:06 pm

Re: High Earners - What's Your Profession?

Post by LFKB »

Meg77 wrote:
swaption wrote:
stemikger wrote:I think I may need to find a site for average Joes like me. I just realized I don't belong after seeing what you all do for a living. I guess that is why the Dave Ramsey's and David Bach's are so popular.
Definitely the wrong conclusion to come away from in this thread. Obviousluy some self selection here, should not necessarily be viewed as representative fo the broad forum population. I suppose if I started a thread inquring as to the average SAT scores among forum members with a graduate degree, the results might be somewhat skewed. Essentially the same thing here. I'm guessing this site works just fine for average Joes.
I'm a Private Banker, 30 in what I'd call a "regular" cost of living city and crossed the 6 figure base salary mark last year. Fiance is also a banker/lender in a different field and makes a bit more than I do.

But given my profession (analyzing the finances of "affluent" individuals who have applied for loans), I want to respond to the quotes above. It is most certainly not what you make that matters when it comes to wealth accumulation - it's how much you save/invest. Here are a few examples that will make you feel MUCH better - and they are far from unusual:
  • 1. I just turned down a woman for a $120K loan this week who makes $250K base salary and up to $350K a year with bonuses. She has no savings and $127K in credit card debt - most of which is at 25% or higher. She wanted a home equity loan to consolidate some of her consumer debt. Oh she has 2 car loans too.
  • 2. Most of my physician clients make a lot of money ($1M+) but many live paycheck to paycheck and have near zero in liquid saving or retirement (though most have $3M+ homes). Many seem to be just fine with this because they see their income as "guaranteed." A few are legitimately wealthy with income pouring in from other businesses and hospitals - but even they often fail to set any money aside in actual stocks bonds or cash and instead pour all their earnings into their business endeavors.
  • 3. I had to turn down a couple for a home improvement loan who make $200K-$220K (attorney and photographer, no kids). Problem is they have $100K in student loans and $15K of credit cards between them. Plus 2 financed cars and only $10K in the bank and $5K in retirement. Even with a fair amount of home equity in a $215K home, they have a negative net worth. Of course he wears $1000 suits and they travel like you wouldn't believe.
  • 4. I have several single childless friends under the age of 35 who earn in the low 6 figures (medical device sales, financial analysts) and still manage to spend every dollar they make. A few might contribute a bit to a 401k I know of 2 who can't even be convinced to get the employer match if you can believe it. They all have luxury cars (financed), fancy apartments (which eat up half their take home pay) and can't imagine declining to do things like travel, attend expensive events, buy nice clothes, and eat at 4-5 star restaurants frequently.
  • 5. The ex-wife of a celebrity has over $5M from a divorce settlement but had trouble getting approved for a relatively modest $600K mortgage because she has no earned income. She has $125K in credit card debt, and her kids are used to spending way more than the $175K or so her portfolio can be relied upon to throw off.

My only point is to show that making the money is not everything. If you are on this site and are saving anything at all, the fact is that many people you see making money have less in the bank and less retirement security than you do.
Just curious. What area do you live in? Point 4 rings true for several I know as well.
User avatar
Cosmo
Posts: 1385
Joined: Mon Mar 05, 2007 8:46 pm

Re: High Earners - What's Your Profession?

Post by Cosmo »

Meteorologist, @ $135K.

Cosmo
fourniks
Posts: 137
Joined: Wed Dec 22, 2010 4:38 pm

Re: High Earners - What's Your Profession?

Post by fourniks »

Hey folks - haven't posted much here but access the site daily and have learned so much. And for that I will be forever grateful.

With that being said, I'm really having a hard time with this thread. It smacks of elitism and just seems counter to everything that stands for the boglehead way. People more than willing to throw out personal salaries - I guess I just don't get it. Where's the thread for us poor schmucks that aren't high earners?

Sorry if I offend anyone - just my 2 cents.

KP
Topic Author
Hawkeye_Saver
Posts: 103
Joined: Thu Oct 24, 2013 1:45 pm

Re: High Earners - What's Your Profession?

Post by Hawkeye_Saver »

fourniks wrote:Hey folks - haven't posted much here but access the site daily and have learned so much. And for that I will be forever grateful.

With that being said, I'm really having a hard time with this thread. It smacks of elitism and just seems counter to everything that stands for the boglehead way. People more than willing to throw out personal salaries - I guess I just don't get it. Where's the thread for us poor schmucks that aren't high earners?

Sorry if I offend anyone - just my 2 cents.

KP
Just for the record, I started this thread, not for a place for people to brag. In fact, I didn't ask for specific income amounts, only the profession of those that cleared the 100k mark. It's an income goal for me and I was curious what fields are options to get to that point. I think it's been a very civil thread and I appreciate everyone's response.
User avatar
EternalOptimist
Posts: 829
Joined: Wed Nov 07, 2012 11:21 am
Location: New York

Re: High Earners - What's Your Profession?

Post by EternalOptimist »

Retired a few years but my profession was marketing for major Fortune 500 companies. Though where I live $100k is barely cutting it.
"When nothing goes right....go left"
User avatar
HomerJ
Posts: 21282
Joined: Fri Jun 06, 2008 12:50 pm

Re: High Earners - What's Your Profession?

Post by HomerJ »

EternalOptimist wrote:Retired a few years but my profession was marketing for major Fortune 500 companies. Though where I live $100k is barely cutting it.
Move somewhere else and be rich :)

(I know, I know... hard to move away from friends and family)
User avatar
EternalOptimist
Posts: 829
Joined: Wed Nov 07, 2012 11:21 am
Location: New York

Re: High Earners - What's Your Profession?

Post by EternalOptimist »

HomerJ wrote:
EternalOptimist wrote:Retired a few years but my profession was marketing for major Fortune 500 companies. Though where I live $100k is barely cutting it.
Move somewhere else and be rich :)

(I know, I know... hard to move away from friends and family)
Funny you should mention that, I'm beginning to explore other areas now that my wife is retired. Been in my house 30+ years.
"When nothing goes right....go left"
sscritic
Posts: 21853
Joined: Thu Sep 06, 2007 8:36 am

Re: High Earners - What's Your Profession?

Post by sscritic »

My profession is being retired, so none of my AGI is earned, but SS and Medicare still call it high, so I pay my Income Related Monthly Adjustment Amount every month.

Does that count? If you are looking for a new profession, I recommend retirement.
jackholloway
Posts: 1065
Joined: Mon Jul 08, 2013 3:45 pm

Re: High Earners - What's Your Profession?

Post by jackholloway »

Software engineering, moving towards technical management or architect

Started with science degrees, then got an OR masters. I wrote econometric software, biotech software and ecommerce software, and landed at a Silicon Valley tech company when it was smaller. I have always made good money, though not always above the media for age and major.

I had several lucky breaks
My wife had a stable city job during the consultant years, and had the bogle philosophy before I did.
I lost $4500 speculating in tech stocks in 2001, which convinced me that the money I had made on other stocks was perhaps not a sign of deep investing gifts
My consulting group was hurt, but not killed, when 2001 came around.
TechCo was at the start of a growth run, and was not hurt by the 2008 recession.
We had not over leveraged or overbought in 2008, so when my wife's sideline job cratered, it was no big deal.

We have had some lifestyle creep, but we are still living on roughly two thirds of our income, though much of that is because TechCo pays well.

I am moving into management from pure engineering, and am enjoying it. TechCo requires managers to keep their tech skills up and to deliver products.
User avatar
SquawkIdent
Posts: 929
Joined: Tue Dec 23, 2008 6:14 pm
Location: Planet Earth

Re: High Earners - What's Your Profession?

Post by SquawkIdent »

Air traffic controller.

I still absolutely love the job but with 30 years on the boards I have only 5 years left until they kick me out because of my age.

Now I am trying to figure out what my next career will be. :sharebeer
twindad57
Posts: 132
Joined: Fri Jan 03, 2014 2:30 pm

Re: High Earners - What's Your Profession?

Post by twindad57 »

Senior executive, federal government. 43 years old. I think I crossed the $100k threshold around 33 or 34 years of age.

I certainly wouldn't be intimidated if you aren't making >100k. I started my federal career in 1993 as a 22 year old. My starting salary was $22,800 which was an improvement over the $20,000 I was making at a bank fresh out of college. From early on, I tried to talk with people who I deemed to be successful, both inside and outside of my chosen path. Some were financially successful, while others were 'career' successful. Some were both. I tried to emulate the qualities of each I thought were best, never really expecting to take the path I have or to make the amount I make.

I hope people won't be intimidated by this thread. I've only been on this forum a couple of weeks, but find the people here to be humble and very generous in wanting to help others.
kttpn
Posts: 27
Joined: Wed Oct 30, 2013 4:47 pm

Re: High Earners - What's Your Profession?

Post by kttpn »

Pharmacist, about to retire. $150 k. Just read that they are graduating so many new pharmacists that soon they will be new lawyers...high school debt and few job prospects. :(
MnD
Posts: 5195
Joined: Mon Jan 14, 2008 11:41 am

Re: High Earners - What's Your Profession?

Post by MnD »

Engineer - moved into management in 1996 in my mid-30's.
70/30 AA for life, Global market cap equity. Rebalance if fixed income <25% or >35%. Weighted ER< .10%. 5% of annual portfolio balance SWR, Proportional (to AA) withdrawals.
User avatar
Meg77
Posts: 2835
Joined: Fri May 22, 2009 1:09 pm
Location: Dallas, TX

Re: High Earners - What's Your Profession?

Post by Meg77 »

LFKB wrote:
Meg77 wrote:
swaption wrote:
stemikger wrote:I think I may need to find a site for average Joes like me. I just realized I don't belong after seeing what you all do for a living. I guess that is why the Dave Ramsey's and David Bach's are so popular.
Definitely the wrong conclusion to come away from in this thread. Obviousluy some self selection here, should not necessarily be viewed as representative fo the broad forum population. I suppose if I started a thread inquring as to the average SAT scores among forum members with a graduate degree, the results might be somewhat skewed. Essentially the same thing here. I'm guessing this site works just fine for average Joes.
I'm a Private Banker, 30 in what I'd call a "regular" cost of living city and crossed the 6 figure base salary mark last year. Fiance is also a banker/lender in a different field and makes a bit more than I do.

But given my profession (analyzing the finances of "affluent" individuals who have applied for loans), I want to respond to the quotes above. It is most certainly not what you make that matters when it comes to wealth accumulation - it's how much you save/invest. Here are a few examples that will make you feel MUCH better - and they are far from unusual:
  • 1. I just turned down a woman for a $120K loan this week who makes $250K base salary and up to $350K a year with bonuses. She has no savings and $127K in credit card debt - most of which is at 25% or higher. She wanted a home equity loan to consolidate some of her consumer debt. Oh she has 2 car loans too.
  • 2. Most of my physician clients make a lot of money ($1M+) but many live paycheck to paycheck and have near zero in liquid saving or retirement (though most have $3M+ homes). Many seem to be just fine with this because they see their income as "guaranteed." A few are legitimately wealthy with income pouring in from other businesses and hospitals - but even they often fail to set any money aside in actual stocks bonds or cash and instead pour all their earnings into their business endeavors.
  • 3. I had to turn down a couple for a home improvement loan who make $200K-$220K (attorney and photographer, no kids). Problem is they have $100K in student loans and $15K of credit cards between them. Plus 2 financed cars and only $10K in the bank and $5K in retirement. Even with a fair amount of home equity in a $215K home, they have a negative net worth. Of course he wears $1000 suits and they travel like you wouldn't believe.
  • 4. I have several single childless friends under the age of 35 who earn in the low 6 figures (medical device sales, financial analysts) and still manage to spend every dollar they make. A few might contribute a bit to a 401k I know of 2 who can't even be convinced to get the employer match if you can believe it. They all have luxury cars (financed), fancy apartments (which eat up half their take home pay) and can't imagine declining to do things like travel, attend expensive events, buy nice clothes, and eat at 4-5 star restaurants frequently.
  • 5. The ex-wife of a celebrity has over $5M from a divorce settlement but had trouble getting approved for a relatively modest $600K mortgage because she has no earned income. She has $125K in credit card debt, and her kids are used to spending way more than the $175K or so her portfolio can be relied upon to throw off.

My only point is to show that making the money is not everything. If you are on this site and are saving anything at all, the fact is that many people you see making money have less in the bank and less retirement security than you do.
Just curious. What area do you live in? Point 4 rings true for several I know as well.
Dallas. I'm sure it's true for many people in various areas, particularly those in even higher COL areas such as NYC, Chicago, Boston, LA and the Bay Area. It's kind of a Personal Finance cliche, but really is true that my wealthiest clients are the least flashy. People who are secure in their wealth tend not to feel the need to show it off (and in fact often go to some lengths to hide it). Of course there is nothing wrong with spending if you can afford it - but I've never personally had a client or prospect pull up in a 6 figure car or buy a million dollar second home who had anywhere close to what I would consider sufficient reserves or retirement investments.
"An investment in knowledge pays the best interest." - Benjamin Franklin
User avatar
Index Fan
Posts: 2587
Joined: Wed Mar 07, 2007 11:13 am
Location: The great Midwest

Re: High Earners - What's Your Profession?

Post by Index Fan »

fourniks wrote:Where's the thread for us poor schmucks that aren't high earners?
We're here, apparently there's less interest in us though ;)

I remember reading an anecdote- perhaps from Jack Bogle- about meeting a janitor who had retired with a million-dollar portfolio and thanked Jack for his advice over the years. So there are Bogleheads who aren't high earners out there.
"Optimum est pati quod emendare non possis." | -Seneca
MP173
Posts: 2609
Joined: Fri Dec 07, 2007 5:03 pm

Re: High Earners - What's Your Profession?

Post by MP173 »

Just remember "volume is vanity and profit is sanity" regardless whether this is in business or your personal lives.

ed
TheEternalVortex
Posts: 2576
Joined: Tue Feb 27, 2007 8:17 pm
Location: San Jose, CA

Re: High Earners - What's Your Profession?

Post by TheEternalVortex »

Software Engineer. It's a pretty good career choice if you want to make $100k+. That's a typical salary for a new college grad in the SF Bay Area.
CdnAppraiser
Posts: 34
Joined: Wed Jan 15, 2014 5:04 pm

Re: High Earners - What's Your Profession?

Post by CdnAppraiser »

Commercial Real Estate Appraiser (25 to 30 more years to work...lol)

I'm not at the $100K level but with my wife's bank teller salary we combine to top that figure.

In Atlantic Canada this is likely average for a couple with a university degree(s).

I only wanted to post to let you know that you might not need $100K per annum to feel rich.

I own a house, drive a 7 year old half ton truck and a 3 year old civic, save enough annual to retire, go on an annual summer vacation with my wife and daughter, going to Cuba with my wife this March, going to Alberta to hunt in the fall, regularly fly fishing for salmon (3 trips planned this year) and still have extra cash.

I'm far from rich but I'm not poor. I hope you find a career that will enable you to make more. I've come to realize that you have to find a balance between earning and living.

Cheers
LFKB
Posts: 1264
Joined: Mon Dec 24, 2012 6:06 pm

Re: High Earners - What's Your Profession?

Post by LFKB »

Meg77 wrote:
LFKB wrote:
Meg77 wrote:
swaption wrote:
stemikger wrote:I think I may need to find a site for average Joes like me. I just realized I don't belong after seeing what you all do for a living. I guess that is why the Dave Ramsey's and David Bach's are so popular.
Definitely the wrong conclusion to come away from in this thread. Obviousluy some self selection here, should not necessarily be viewed as representative fo the broad forum population. I suppose if I started a thread inquring as to the average SAT scores among forum members with a graduate degree, the results might be somewhat skewed. Essentially the same thing here. I'm guessing this site works just fine for average Joes.
I'm a Private Banker, 30 in what I'd call a "regular" cost of living city and crossed the 6 figure base salary mark last year. Fiance is also a banker/lender in a different field and makes a bit more than I do.

But given my profession (analyzing the finances of "affluent" individuals who have applied for loans), I want to respond to the quotes above. It is most certainly not what you make that matters when it comes to wealth accumulation - it's how much you save/invest. Here are a few examples that will make you feel MUCH better - and they are far from unusual:
  • 1. I just turned down a woman for a $120K loan this week who makes $250K base salary and up to $350K a year with bonuses. She has no savings and $127K in credit card debt - most of which is at 25% or higher. She wanted a home equity loan to consolidate some of her consumer debt. Oh she has 2 car loans too.
  • 2. Most of my physician clients make a lot of money ($1M+) but many live paycheck to paycheck and have near zero in liquid saving or retirement (though most have $3M+ homes). Many seem to be just fine with this because they see their income as "guaranteed." A few are legitimately wealthy with income pouring in from other businesses and hospitals - but even they often fail to set any money aside in actual stocks bonds or cash and instead pour all their earnings into their business endeavors.
  • 3. I had to turn down a couple for a home improvement loan who make $200K-$220K (attorney and photographer, no kids). Problem is they have $100K in student loans and $15K of credit cards between them. Plus 2 financed cars and only $10K in the bank and $5K in retirement. Even with a fair amount of home equity in a $215K home, they have a negative net worth. Of course he wears $1000 suits and they travel like you wouldn't believe.
  • 4. I have several single childless friends under the age of 35 who earn in the low 6 figures (medical device sales, financial analysts) and still manage to spend every dollar they make. A few might contribute a bit to a 401k I know of 2 who can't even be convinced to get the employer match if you can believe it. They all have luxury cars (financed), fancy apartments (which eat up half their take home pay) and can't imagine declining to do things like travel, attend expensive events, buy nice clothes, and eat at 4-5 star restaurants frequently.
  • 5. The ex-wife of a celebrity has over $5M from a divorce settlement but had trouble getting approved for a relatively modest $600K mortgage because she has no earned income. She has $125K in credit card debt, and her kids are used to spending way more than the $175K or so her portfolio can be relied upon to throw off.

My only point is to show that making the money is not everything. If you are on this site and are saving anything at all, the fact is that many people you see making money have less in the bank and less retirement security than you do.
Just curious. What area do you live in? Point 4 rings true for several I know as well.
Dallas. I'm sure it's true for many people in various areas, particularly those in even higher COL areas such as NYC, Chicago, Boston, LA and the Bay Area. It's kind of a Personal Finance cliche, but really is true that my wealthiest clients are the least flashy. People who are secure in their wealth tend not to feel the need to show it off (and in fact often go to some lengths to hide it). Of course there is nothing wrong with spending if you can afford it - but I've never personally had a client or prospect pull up in a 6 figure car or buy a million dollar second home who had anywhere close to what I would consider sufficient reserves or retirement investments.
Ah Dallas...home of the thirty thousand dollar millionaire. Got it. I live on the westside of LA and we have plenty here as well.
Fisherman8
Posts: 99
Joined: Tue Jan 07, 2014 3:36 pm

Re: High Earners - What's Your Profession?

Post by Fisherman8 »

Meg77 wrote:
I'm a Private Banker, 30 in what I'd call a "regular" cost of living city and crossed the 6 figure base salary mark last year. Fiance is also a banker/lender in a different field and makes a bit more than I do.

But given my profession (analyzing the finances of "affluent" individuals who have applied for loans), I want to respond to the quotes above. It is most certainly not what you make that matters when it comes to wealth accumulation - it's how much you save/invest. Here are a few examples that will make you feel MUCH better - and they are far from unusual:
  • 1. I just turned down a woman for a $120K loan this week who makes $250K base salary and up to $350K a year with bonuses. She has no savings and $127K in credit card debt - most of which is at 25% or higher. She wanted a home equity loan to consolidate some of her consumer debt. Oh she has 2 car loans too.
  • 2. Most of my physician clients make a lot of money ($1M+) but many live paycheck to paycheck and have near zero in liquid saving or retirement (though most have $3M+ homes). Many seem to be just fine with this because they see their income as "guaranteed." A few are legitimately wealthy with income pouring in from other businesses and hospitals - but even they often fail to set any money aside in actual stocks bonds or cash and instead pour all their earnings into their business endeavors.
  • 3. I had to turn down a couple for a home improvement loan who make $200K-$220K (attorney and photographer, no kids). Problem is they have $100K in student loans and $15K of credit cards between them. Plus 2 financed cars and only $10K in the bank and $5K in retirement. Even with a fair amount of home equity in a $215K home, they have a negative net worth. Of course he wears $1000 suits and they travel like you wouldn't believe.
  • 4. I have several single childless friends under the age of 35 who earn in the low 6 figures (medical device sales, financial analysts) and still manage to spend every dollar they make. A few might contribute a bit to a 401k I know of 2 who can't even be convinced to get the employer match if you can believe it. They all have luxury cars (financed), fancy apartments (which eat up half their take home pay) and can't imagine declining to do things like travel, attend expensive events, buy nice clothes, and eat at 4-5 star restaurants frequently.
  • 5. The ex-wife of a celebrity has over $5M from a divorce settlement but had trouble getting approved for a relatively modest $600K mortgage because she has no earned income. She has $125K in credit card debt, and her kids are used to spending way more than the $175K or so her portfolio can be relied upon to throw off.

My only point is to show that making the money is not everything. If you are on this site and are saving anything at all, the fact is that many people you see making money have less in the bank and less retirement security than you do.
It is always interesting to read stories like these. Personal Finances has a lot to do with numbers but also heavily influenced by human psychology. I think a lot of people like the ones above define their self worth on material things and live off of the short term euphoric high from purchasing those items. Forbes had a good article on this topic a while back. As many of you know, there have been lots of studies that show money makes you happy up to a certain point (~$75,000) but beyond that the effects of money on happiness depends on how happiness is defined. A person's perceived overall satisfaction with life does continue to rise with increase money BUT more money does not raise ones day-to-day happiness. Possible reasons are more money = more headaches. Also money can't buy true friendships & relationships. Centuries ago, the greek writer Aeschylus warned that money is a necessary but not a sufficient condition for the good life, for happiness and wisdom.

Clay
User avatar
ofcmetz
Posts: 2465
Joined: Tue Feb 08, 2011 7:09 pm
Location: Louisiana

Re: High Earners - What's Your Profession?

Post by ofcmetz »

CdnAppraiser wrote:Commercial Real Estate Appraiser (25 to 30 more years to work...lol)

I'm not at the $100K level but with my wife's bank teller salary we combine to top that figure.

In Atlantic Canada this is likely average for a couple with a university degree(s).

I only wanted to post to let you know that you might not need $100K per annum to feel rich.

I own a house, drive a 7 year old half ton truck and a 3 year old civic, save enough annual to retire, go on an annual summer vacation with my wife and daughter, going to Cuba with my wife this March, going to Alberta to hunt in the fall, regularly fly fishing for salmon (3 trips planned this year) and still have extra cash.

I'm far from rich but I'm not poor. I hope you find a career that will enable you to make more. I've come to realize that you have to find a balance between earning and living.

Cheers

Nice post. Thanks for sharing that. I totally agree with all your points.
Never underestimate the power of the force of low cost index funds.
Dude2
Posts: 1780
Joined: Fri Jun 08, 2007 3:40 pm
Location: FL

Re: High Earners - What's Your Profession?

Post by Dude2 »

khale7 wrote:Engineer. Was making 100k in the U.S. Took a job in the middle-east and bumped it up 2.5X! :moneybag
Ditto (ok, 2.3X).
User avatar
Wricha
Posts: 1014
Joined: Sun Mar 25, 2012 10:33 am

Re: High Earners - What's Your Profession?

Post by Wricha »

I have been watching this thread not sure if bragging or helpful. I will offer this: graduated BS Biology/Chemistry. Entered US Army as an officer (chemical warfare) making $590/month (not a typo) and a car payment of almost $200/month. Continued education at night and worked as a mid level management job (18k-30k/yr) and received (master degree in Biochemistry) Worked in healthcare, (2 more masters degree MHA & MBA) new business development, (40k-175k) great money, started many business for "other people" I got paid well, but the "other people" made a ton and all moved to Fl and retired! Last 15 years worked/played for myself as an independent healthcare consultant/new business development made in excess of $100k. Yes, retired well in Fl at 57.
Average Joe six-pack comment: I was/am him, where he and I may have parted ways, was going to school at night for a few years and getting some additional education. Funny, when talking to my life long friends (all average Joes) and other folks, they talk about old TV series and I am clueless about them, but I nod my head.
dekecarver
Posts: 704
Joined: Mon Feb 22, 2010 9:24 am

Re: High Earners - What's Your Profession?

Post by dekecarver »

I find this thread very interesting. No problem with folks sharing edu and salary. Gives you somewhat of a sense of what it might take to get ahead or reach goals in respect to other variables.' High earner' really is relative to where you live but so are a lot of other things life life, big deal. Make the best of your opportunities and get on with it. Regardless of your profession and/or earnings, financial discipline and time are your best friends if taken care of so to speak.

Profession: Registered Nurse
Cuzz35
Posts: 472
Joined: Mon Jun 28, 2010 11:14 pm
Location: Marietta, GA

Re: High Earners - What's Your Profession?

Post by Cuzz35 »

dekecarver wrote:I find this thread very interesting. No problem with folks sharing edu and salary. Gives you somewhat of a sense of what it might take to get ahead or reach goals in respect to other variables.' High earner' really is relative to where you live but so are a lot of other things life life, big deal. Make the best of your opportunities and get on with it. Regardless of your profession and/or earnings, financial discipline and time are your best friends if taken care of so to speak.

Profession: Registered Nurse
Where do you work as an RN? Are you a travel nurse or work in some specialty field? Just curious as where I am from nurses are starting out at $17 an hour. Raises have been frozen for years. Thankfully my wife is well above that but still nowhere close. My stepmother claims to have made over $100k while travel nursing.
Barefootgirl
Posts: 2519
Joined: Tue Oct 06, 2009 7:05 pm

Re: High Earners - What's Your Profession?

Post by Barefootgirl »

oh my, this topic is so relative.

I work in the mediation field.

By national and professional standards, I am the top of the compensation game.

For my geographic location (major metro area), my salary level is typical of white collar professionals.

Remember something, the IRS doesn't care whether you live in Manhattan or Boise, unfortunately.

BFG
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
Barefootgirl
Posts: 2519
Joined: Tue Oct 06, 2009 7:05 pm

Re: High Earners - What's Your Profession?

Post by Barefootgirl »

Wricha,

You might be my long lost twin.

To quote Neil Diamond: "except for the names and a few other changes, when you talk about me, the story's the same one"

Tip of the hat to you, BFG
How many retired people does it take to screw in a lightbulb? Only one, but he takes all day.
jollystomper
Posts: 64
Joined: Sat Feb 23, 2013 10:25 pm

Re: High Earners - What's Your Profession?

Post by jollystomper »

IT consulting and technical sales support. B.S. in Math and Computer Science. Started 34 years ago with a base salary of $16K. Salary growth really accelerated during the dot com boom. Current base is $180K, with bonuses have potential to earn an additional 25%. Best earnings year was over 10 years ago (when my base salary was lower) when I made close to $240K.
traineeinvestor
Posts: 508
Joined: Wed Nov 26, 2008 7:52 am
Location: Hong Kong
Contact:

Re: High Earners - What's Your Profession?

Post by traineeinvestor »

As a lawyer, I was probably in the 1% based on income. But only briefly - as soon as I had enough to retire, I pulled the plug and took early retirement (last year at age 47).

Life is about accumulating more experiences (especially time with my children), not more money.
Grt2bOutdoors
Posts: 25625
Joined: Thu Apr 05, 2007 8:20 pm
Location: New York

Re: High Earners - What's Your Profession?

Post by Grt2bOutdoors »

jimbojones wrote:
Cuzz35 wrote:
joelly wrote:
mark18068 wrote:CPA - 200K. I only saw one other one so far... so as a group maybe we're shy or aren't Bogleheads. I'll bet on shy.
Def shy. CPA here also. Earn above $100K but would like to earn $200K. Any advice and/or tips? Thanks so much!!!
Do you work in private or public accounting? Just curious at what point a CPA in public accounting could expect to break $100k. From what I have seen and read and looking at where I am now it seems like it won't be until I make senior manager, which could be 8-10 years. I should get my license this year. Taking my last section tomorrow, BEC. This will be my second year. Making just over half of the $100k mark. Feeling like I should have gotten into finance, engineering, or law with all these young 20's pulling over $100k.
7-8 years of Big-4 sounds about right. Not easy to last that long though. Or go to industry at the 5-6 yr mark and you'll get there too. Not bad for a 28-30 YO. And those jobs aren't nearly as difficult to get as the lucrative finance and law spots.
Set your sights higher - Cuzz35! The CPA making the transition from public to private should look to move into a corporate finance planning role, controller or chief auditor role and ultimately, CFO and possibly a more senior executive position. It doesn't happen overnight.
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions
maninthebox2784
Posts: 47
Joined: Sun May 09, 2010 2:53 pm

Re: High Earners - What's Your Profession?

Post by maninthebox2784 »

Actuary here - stable and well paying, but unlike all those surveys which say how much work/life balance actuaries get, I always pull down 50 hour weeks and some, like this past one, at 70 hours.

6 figures is attainable in a roughly 6 year time window through exam based salary increases - when I took exams, there were 9 of them and each had a corresponding bump in salary.
staythecourse
Posts: 6993
Joined: Mon Jan 03, 2011 8:40 am

Re: High Earners - What's Your Profession?

Post by staythecourse »

Great thread, but want to make sure the point of high earning in relation to final wealth is not being lost. The snippet from the post above sums up wealth accumulation:
Meg77 wrote:It's kind of a Personal Finance cliche, but really is true that my wealthiest clients are the least flashy. People who are secure in their wealth tend not to feel the need to show it off (and in fact often go to some lengths to hide it). Of course there is nothing wrong with spending if you can afford it - but I've never personally had a client or prospect pull up in a 6 figure car or buy a million dollar second home who had anywhere close to what I would consider sufficient reserves or retirement investments.
Wealth accumulation is easy to figure out the equation is: Wealth= Income+ investments+ saving- expenses+ debt. So if one has high income they don't need to save as much as long as the expenses and debt are the same between two otherwise like individuals. The problem is usually high income for many (not bogleheads of course) equals more stuff to buy which increases the liabilities side of the equation and often leads to the same or less amount of total wealth as the guy making less money.

Good luck.
"The stock market [fluctuation], therefore, is noise. A giant distraction from the business of investing.” | -Jack Bogle
User avatar
zaboomafoozarg
Posts: 2431
Joined: Sun Jun 12, 2011 12:34 pm

Re: High Earners - What's Your Profession?

Post by zaboomafoozarg »

Barefootgirl wrote:Remember something, the IRS doesn't care whether you live in Manhattan or Boise, unfortunately.
That's why I much prefer living between the coasts than on them. :D
takeshi
Posts: 1175
Joined: Thu Oct 03, 2013 10:02 pm

Re: High Earners - What's Your Profession?

Post by takeshi »

Hawkeye_Saver wrote:I hope its not too personal of a question, but I'm curious what members earning over 100k do for a living.
IT Analyst for an oil & gas company.
fourniks wrote:I guess I just don't get it. Where's the thread for us poor schmucks that aren't high earners?
You're certainly free to start it. If you don't want to read about high earners then why would click on the High Earners thread?
Barefootgirl wrote:oh my, this topic is so relative.
"High" is certainly relative but that's why the OP qualified it with $100K+.
dekecarver
Posts: 704
Joined: Mon Feb 22, 2010 9:24 am

Re: High Earners - What's Your Profession?

Post by dekecarver »

Cuzz35 wrote:
dekecarver wrote:I find this thread very interesting. No problem with folks sharing edu and salary. Gives you somewhat of a sense of what it might take to get ahead or reach goals in respect to other variables.' High earner' really is relative to where you live but so are a lot of other things life life, big deal. Make the best of your opportunities and get on with it. Regardless of your profession and/or earnings, financial discipline and time are your best friends if taken care of so to speak.

Profession: Registered Nurse
Where do you work as an RN? Are you a travel nurse or work in some specialty field? Just curious as where I am from nurses are starting out at $17 an hour. Raises have been frozen for years. Thankfully my wife is well above that but still nowhere close. My stepmother claims to have made over $100k while travel nursing.
I work in the DC/NOVA area. Gov't employee: Staff RN to Exec level. Nursing salary/wages are geographical driven probably like a lot of other professions in the $40K to $120K arbitrarily speaking range. In this area RNs start right out of school, 2yr/4r degree at ~$55-60K base which is not much based on housing costs. Now throw in shift diff and some experience a staff RN can easily hit $1ook or thereabouts. Go 4 hours south and you hit ~ 20%+ cut on the base.

I maintain the key is financial discipline and time. Get started early, make as much as you can as fast as you can and be disciplined. Doesn't mean you have to eat tuna etc.. Course I like tuna etc...:)
User avatar
Wricha
Posts: 1014
Joined: Sun Mar 25, 2012 10:33 am

Re: High Earners - What's Your Profession?

Post by Wricha »

Wricha,

You might be my long lost twin.

To quote Neil Diamond: "except for the names and a few other changes, when you talk about me, the story's the same one"

Tip of the hat to you, BFG


BFG
I hope you are the better looking one :D ! It truly is the same story for most folks here. As my Mother would say when I was in trouble (often) "He had so much potential".
User avatar
SnapShots
Posts: 915
Joined: Wed May 09, 2012 12:39 pm

Re: High Earners - What's Your Profession?

Post by SnapShots »

I know college professors at a small private school: one in journalism, the other music. Neither are high paying university positions. Together they might make over $100K. One is retired the other retiring next year. They've always lived like graduate students, own a home plus two second homes in the Rockies, where they are retiring to. With their university pensions, social security and savings they will have more in future retirement than many high paying physicians.
the best decision many times is the hardest to do
technovelist
Posts: 3611
Joined: Wed Dec 30, 2009 8:02 pm

Re: High Earners - What's Your Profession?

Post by technovelist »

kttpn wrote:Pharmacist, about to retire. $150 k. Just read that they are graduating so many new pharmacists that soon they will be new lawyers...high school debt and few job prospects. :(
Now people are getting into debt to go to high school? :oops:
In theory, theory and practice are identical. In practice, they often differ.
dekecarver
Posts: 704
Joined: Mon Feb 22, 2010 9:24 am

Re: High Earners - What's Your Profession?

Post by dekecarver »

SnapShots wrote:I know college professors at a small private school: one in journalism, the other music. Neither are high paying university positions. Together they might make over $100K. One is retired the other retiring next year. They've always lived like graduate students, own a home plus two second homes in the Rockies, where they are retiring to. With their university pensions, social security and savings they will have more in future retirement than many high paying physicians.
:)
User avatar
obgyn65
Posts: 770
Joined: Sun May 06, 2012 9:11 am

Re: High Earners - What's Your Profession?

Post by obgyn65 »

Clinician.
"The two most important days in someone's life are the day that they are born and the day they discover why." -John Maxwell
lionthens
Posts: 47
Joined: Tue Mar 12, 2013 6:23 am

Re: High Earners - What's Your Profession?

Post by lionthens »

[deleted]
Last edited by lionthens on Sun Sep 24, 2017 3:38 pm, edited 2 times in total.
User avatar
LonePrairie
Posts: 282
Joined: Sun Mar 04, 2007 7:20 pm
Location: North Dakota

Re: High Earners - What's Your Profession?

Post by LonePrairie »

IT consultant at a bank.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: High Earners - What's Your Profession?

Post by tj »

technovelist wrote:
kttpn wrote:Pharmacist, about to retire. $150 k. Just read that they are graduating so many new pharmacists that soon they will be new lawyers...high school debt and few job prospects. :(
Now people are getting into debt to go to high school? :oops:
I assume they just meant high education debt in general (student loans)
travellight
Posts: 2892
Joined: Tue Aug 12, 2008 5:52 pm
Location: San Diego

Re: High Earners - What's Your Profession?

Post by travellight »

lol, technovelist..... although I resemble that remark. My son's high school is costing me 26k per year. I might catch a break sending him off to college!
364
Jaxfann
Posts: 76
Joined: Wed Jul 17, 2013 9:22 pm

Re: High Earners - What's Your Profession?

Post by Jaxfann »

Left school at 16 - commissioned salesman working for myself not for someone else (take the %'s with no cap - not the easy fixed salary) - worked butt off - learned early on that the best salesman is not the best talker but the best listener - was fortunate to greatly exceed the #'s you are referring to for many, many years.
SteveB3005
Posts: 1425
Joined: Mon Feb 19, 2007 8:29 pm

Re: High Earners - What's Your Profession?

Post by SteveB3005 »

Presently, real estate and rentals.
VINNY
Posts: 505
Joined: Wed Mar 28, 2007 9:07 pm

Re: High Earners - What's Your Profession?

Post by VINNY »

I am a police officer in a suburb outside of Chicago. I didn't make 100K in 2013, instead I made 92K. I could have made 100K with overtime but I pass on it in order to spend time with my family. My wife is a teacher and with her income we made 165K last year.

But what I would like to share and others have made mention of this, it's not how much you make but how much you save.

We started investing in 1997 and in 1997 we made a total combined salary of 65K.

In July of 2013 our portfolio hit the 1 million mark, and now it's just under 1.1 Million.

How did we get there on modest income of a police officer and a teacher, simply by saving aggressively and here are our savings rate:
2002: 36%
2003: 28%
2004: 36%
2005: 37%
2006: 38%
2007: 31%
2008: 30%
2009: 38%
2010: 35%
2011: 40%
2012: 39%
2013: 37%

I started keeping track in 2002 so I don't have the figures from 1997 to 2001.

My point is simply for those not making 100K, that you don't have to be a doctor or a lawyer to accumulate a million dollars. I'm in my early 40's and my wife in her late 30's. Don't get me wrong, being a high income earner surely does help, but keep in mind that doctors graduate with tons of debt and get a late start.

So for the average Joe like myself,and others like me, save aggressively and live below your means and you will feel wealthy like a doctor in time, all it takes is patience and alot of savings.

By the way, we don't live like misers and we do enjoy life. Just in case anybody thinks we save every penny and didn't enjoy life. We managed to this with 3 young kids and paid our house off two years ago. :D
ttcbj
Posts: 112
Joined: Sun Mar 11, 2007 2:21 pm

Re: High Earners - What's Your Profession?

Post by ttcbj »

Ten years ago, I was a software engineer working for a large software company. My income was slightly higher than $100K.

Then, I started a very small software company. My income in the last 10 years has been very, very significantly higher than my income as an engineer ever would have been. My lifestyle has also been much, much better, with great flexibility as I have started a family.

To get to the heart of your question: There are a lot of jobs where you can make $100K, especially late in your career. I was making $100K when I was in my late 20s. Many of these are intellectual, individual contributor type jobs.

If you want to increase your income substantially beyond that, you either need to own a business (ideally in an industry with attractive economics), you need to be successful in a high-paying profession, or you need to be good enough with corporate politics to obtain a high-level corporate position. My sister is a partner at a law firm (she makes a similar amount to my current income), but that is a hard path now. Most people don't make partner. I know a lot of doctors (my wife is a pediatrician, they don't make much, but her med-school friends in other sub-specialties will/do), but that is a very long path with risks of its own. Both doctors and lawyers have real lifestyle challenges (especially highly paid doctors, like surgeons). My uncle tried the corporate politics path, he made it to just below executive team level, but then fell pretty quickly after he failed to make the e-team cut. My Dad has owned a construction company for 30 years or so, and he has had very high earnings from it.

If I were young and ambitious (20s, maybe early 30s) - I would look for opportunities to take calculated risks to start a company, or to buy one if I was involved in one with a retiring owner. If you choose the right industry (software is great, anything with intellectual property is great, but even old-school industries can work), you can take risks without a huge downside, and with the chance for real upside in terms of both income and lifestyle.
tj
Posts: 9368
Joined: Wed Dec 23, 2009 11:10 pm

Re: High Earners - What's Your Profession?

Post by tj »

If I were young and ambitious (20s, maybe early 30s) - I would look for opportunities to take calculated risks to start a company, or to buy one if I was involved in one with a retiring owner. If you choose the right industry (software is great, anything with intellectual property is great, but even old-school industries can work), you can take risks without a huge downside, and with the chance for real upside in terms of both income and lifestyle.
I would bet the problem with buying a business is having access to capital. Actually starting a business requires creativity or at least having some idea that somebody else doesn't have....

To me, if you are going to work a 9-5, the government seemed like a no brainer because they pay the same wages (or higher) plus you get a pension, but I've found it hard to get a foot in the door there.
Locked