Young Guys [and Gals] Making Good Money

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Topic Author
evostevo85
Posts: 33
Joined: Fri Jul 26, 2013 2:09 pm

Re: Young Guys [and Gals] Making Good Money

Post by evostevo85 »

lostInFinance wrote:Does it require a split personality for someone to be a boglehead and work in certain finance jobs, where you're either selling investment products to someone who would be better off buying index funds, or else you're on the buy side and have to convince everyone that any year you beat the market was due to your unique skill and any time you under-perform was an anomaly?
This is a fantastic post. You pulled this right out of my thoughts. When I was selling financial products I felt disingenuous and shady, since I knew that all these fees and penalties were unnecessary and the funds underperformed the market significantly. I don't sell anymore, just manage money, and to be quite honest I think it would be cheaper for the company if they just got rid of all of us and stuck their cash in BND. Hyperbole of course but not far from the truth. Also BND consistently outperforms our total portfolio, with less risk. Sigh.
TheOscarGuy
Posts: 1561
Joined: Sat Oct 06, 2012 1:10 pm
Location: Where I wanna be.

Re: Young Guys [and Gals] Making Good Money

Post by TheOscarGuy »

lostInFinance wrote:Does it require a split personality for someone to be a boglehead and work in certain finance jobs, where you're either selling investment products to someone who would be better off buying index funds, or else you're on the buy side and have to convince everyone that any year you beat the market was due to your unique skill and any time you under-perform was an anomaly?
No split personality: you just have to like making money :D
I am not in finance but I can see myself working in an actively managed index fund company, or hedge fund. What I do with my personal investments has nothing to do with what I do for a living. And nobody's else's business but mine. I can see how a job in finance company would be unsatisfying *knowing* that you aren't doing any value add with your work, just making money by managing someone else's. It might be especially hard for bogleheads, for instance, to work at a actively managed fund given what they have learnt over the years about passive index funds. But if you can handle that there is lots of $$$ to be made.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: Young Guys [and Gals] Making Good Money

Post by stoptothink »

evostevo85 wrote:
TheOscarGuy wrote:
evostevo85 wrote: Any of you young guys pulling in the dough care to share how you got there? What you majored in, how much you had to rely on connections/networking/school prestige, lifestyle, etc.?
Thanks
We need threads like this! Very entertaining, and I suspect very near getting locked given so much pis*ing going on and people discussing bench press forms :D
I got "there" by finishing graduate school with a Doctorate in computer science, using contacts out of the school to get a good offer towards the end of 2008.

Oh and I wish I could say I bench 400. :)
I'm noticing quite a few PhDs who are among the young high earners. That Jacob guy from early retirement extreme was a physics PhD, I believe. All my hobbies/passions involve the outdoors...maybe it's not too late to head back to school and pick up a PhD in Geology and go be an exploration geo for an oil/mining company. Those guys make well over six figures, starting, and PhDs are free tuition + modest stipend at the place's I've looked.
I have a PhD, more work experience in my field, and make only slightly more than you. Almost all of my former classmates are in the same boat. There are many reasons to pursue one, expecting a significant salary increase is not at the top of the list. Of course it greatly depends on the area of study, but for the most part it only increases your job-worthiness if you intend to go into academia.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: Young Guys [and Gals] Making Good Money

Post by stoptothink »

lostInFinance wrote:
stoptothink wrote:
The raw world record in the 132lbs class is 397, which occurred in a non drug-tested organization (obviously) http://www.powerliftingwatch.com/records/raw/world. The national high school record at 132 is 297.50 http://www.goheavy.net/records/viewreco ... 9058149093, but I guess there was 3 alone at your tiny little high school who could break the current record by 20lbs. Did you also have a kid at your school who ran a 9-flat 100m? No offense but you don't know what a legal lift is. I was a collegiate and professional strength coach for a decade and am a former nationally-ranked raw competitive powerlifter. I may not know that much about investing, but I do know this...but don't take my word for it, a simple Google search will quickly tell you how ridiculous your claim is.
I have no idea what a legal lift is, but there were definitely two 135 guys who could lift 315 off the rack, bring it down to touch their chest, and lift it up again, which is what 99% of people think a bench press is. I don't think evo ever claimed his lifts met your esoteric definition of a legal bench press.
I'm done with this topic because it is a waste of time, but what you think is a bench press is not what the National Academy of Sports Medicine or National Strength and Conditioning Association does as well as every weightlifting governing body in existence has determined is a bench press. Like I have said 3x now, everybody on the internet can bench press 400 and makes over $100k; reality is all evidence based research suggests that a very minute percentage of the population actually does. I wouldn't get my feelings hurt if I didn't hit those benchmarks because I take personal performance claims here (and on every board) with a grain of salt, and with very good reason because I like to develop my perceptions from the best available evidence. If what the OP claims is true, he should feel great about both his salary and his pressing numbers.
Topic Author
evostevo85
Posts: 33
Joined: Fri Jul 26, 2013 2:09 pm

Re: Young Guys [and Gals] Making Good Money

Post by evostevo85 »

stoptothink wrote:
evostevo85 wrote:
TheOscarGuy wrote:
evostevo85 wrote: Any of you young guys pulling in the dough care to share how you got there? What you majored in, how much you had to rely on connections/networking/school prestige, lifestyle, etc.?
Thanks
We need threads like this! Very entertaining, and I suspect very near getting locked given so much pis*ing going on and people discussing bench press forms :D
I got "there" by finishing graduate school with a Doctorate in computer science, using contacts out of the school to get a good offer towards the end of 2008.

Oh and I wish I could say I bench 400. :)
I'm noticing quite a few PhDs who are among the young high earners. That Jacob guy from early retirement extreme was a physics PhD, I believe. All my hobbies/passions involve the outdoors...maybe it's not too late to head back to school and pick up a PhD in Geology and go be an exploration geo for an oil/mining company. Those guys make well over six figures, starting, and PhDs are free tuition + modest stipend at the place's I've looked.
I have a PhD, more work experience in my field, and make only slightly more than you. Almost all of my former classmates are in the same boat. There are many reasons to pursue one, expecting a significant salary increase is not at the top of the list. Of course it greatly depends on the area of study, but for the most part it only increases your job-worthiness if you intend to go into academia.

What field/degree, if you don't mind me asking?
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: Young Guys [and Gals] Making Good Money

Post by stoptothink »

evostevo85 wrote:
stoptothink wrote:
evostevo85 wrote:
TheOscarGuy wrote:
evostevo85 wrote: Any of you young guys pulling in the dough care to share how you got there? What you majored in, how much you had to rely on connections/networking/school prestige, lifestyle, etc.?
Thanks
We need threads like this! Very entertaining, and I suspect very near getting locked given so much pis*ing going on and people discussing bench press forms :D
I got "there" by finishing graduate school with a Doctorate in computer science, using contacts out of the school to get a good offer towards the end of 2008.

Oh and I wish I could say I bench 400. :)
I'm noticing quite a few PhDs who are among the young high earners. That Jacob guy from early retirement extreme was a physics PhD, I believe. All my hobbies/passions involve the outdoors...maybe it's not too late to head back to school and pick up a PhD in Geology and go be an exploration geo for an oil/mining company. Those guys make well over six figures, starting, and PhDs are free tuition + modest stipend at the place's I've looked.
I have a PhD, more work experience in my field, and make only slightly more than you. Almost all of my former classmates are in the same boat. There are many reasons to pursue one, expecting a significant salary increase is not at the top of the list. Of course it greatly depends on the area of study, but for the most part it only increases your job-worthiness if you intend to go into academia.

What field/degree, if you don't mind me asking?
My PhD is in Obesity Studies, I am an exercise physiologist who now works in public health (health director for a large public organization). I know literally hundreds of PhDs, with the exception of a few it is only the MDs and JDs who saw a major salary increase from their doctorate studies. A PhD is a right of passage for getting into academia/research, in (most) private industries it means very little. Work experience in your field is going to do way more for your future prospects than a PhD.
smchan
Posts: 3
Joined: Sat Sep 28, 2013 11:35 am

Re: Young Guys Making Good Money

Post by smchan »

Investing is boring wrote:My journey:

- Age 21 - Graduated with engineering degree into the dot com bust - making $15 / hour - but still paying rent and staying out of debt
- Age 22 - Got C++ programming job - $35k
- Age 23-27 - Moved to sales because engineering doesnt pay well - Started $60k up to $90k
- Age 28-31 - Moved to SW sales - $120k - $180k
- Age 32-33 - Became successful at SW sales - $250k - $310k
- Age 34 (current) - Promoted to Sales Director - $290k+

Hope this helps. And by the way, I have rarely worked over 30-35 hours per week. Those who claim you have to work 50+ hours are either not in a performance based profession, or are smokin what the MegaCorp is growin.
This is roughly similar to my story. Worked through the software development ranks - programmer, team lead, architect - for 21-22 years starting in '89 and going from $31k to low 6 figures after 11-12 years. Started realizing I enjoyed working with customers more than product development and made the jump to sales engineer. Took a cut in my salary but gained a commission plan. The "successful at SW sales" numbers listed above are consistent with my experiences so far with an average year being closer to $200k. There are other nice intangibles like having a regional area enables me to limit time away from home, I get a per-diem which I can save if I eat inexpensively, I'm banking tons of hotel loyalty points to pay for family vacations, and I'm building a strong list of contacts for future opportunities - whether sales or career related. My only regret is I didn't make the move to sales earlier in life.

Stating the obvious - but you could always create or buy an asset that generates income. I no longer have the time or energy to do this, but if I were young and single, I'd think hard about using my programming talents to develop some niche apps that might generate an income stream or - if one is lucky - gets acquired. You didn't say what sort of skills you have, but I'm sure the approach of generating income from an intellectual property or asset applies to other career choices, as well.
User avatar
Riceman
Posts: 215
Joined: Sun Aug 11, 2013 5:50 pm

Re: Young Guys [and Gals] Making Good Money

Post by Riceman »

I'm 29, and in a situation where I am making good money now because of my current government posting. Only 40 hrs of work a week, though it's grueling work.

85k normal income because of 20% hardship bonus + 5k/yr language incentive pay
8k nontaxable cost of living adjustment
Free housing/all utilities/etc

If I took an assignment back in DC, my salary would plummet to around 70k, and I'd have to pay all of my own housing and other expenses. I'm trying to make this period of my life count in the retirement savings department.
Nathan Drake
Posts: 6234
Joined: Mon Apr 11, 2011 12:28 am

Re: Young Guys [and Gals] Making Good Money

Post by Nathan Drake »

Meg77 wrote:With that education you could qualify to be an underwriter/analyst at a commercial bank (especially with a night course or two in accounting). I'm not talking about investment banking analysts or the mutual fund analysts who need CFAs. Regular old bank analysts are employed at every bank which originates commercial loans. They support lending staff by writing the loan packages/reports which are reviewed by credit approvers to determine whether a loan request is approved or declined. Computers do this for consumer loans like cars and mortgages, but people do it for more complex credit decisions like buying a commercial building or constructing a residence. Many analysts hope to become lenders after a few years so there is a lot of turnover and frequent hiring in these positions. However some people are happy to remain analysts indefinitely and make a career out of it, not wanting the added sales pressure of being a Relationhsip Manager/Commercial Lender/Private Banker.

Anyway here is my income history, which you may find helpful. I've never worked more than 40 hours a week (except maybe a few weeks here and there if a deal needed to close quickly).
Age 22 - Graduated from college, hired as Credit Specialist with a regional bank in Texas, starting salary $45,000 plus overtime (overtime was rarely required though). Got discretionary annual bonus of $1,830 (lenders' pool was shared with us)
Age 23 - Promoted to Bank Officer; lost overtime but got a base salary raise to $52,500 plus a discretionary bonus of $3,000.
Age 24 - Raise to $54,863. Got a discretionary bonus of $7,969.
Age 25 - Promoted to Assistant Vice President with $60,000 salary (this is when I went from analyst to lender). I Inherited a small loan portfolio and started on the incentive comp program trying to generate new loans/deposits (I made $14K in bonus that year).
Age 26 - Raise to $61,200. Got bonus of $22,240 that year.
Age 27 - Got a raise to $75,000 mid year due to performance (and to make up for the fact that my pay bump from analyst to lender would normally have been higher - they were probably afraid I would figure this out and leave). At my annual review I got another small increase to $76,500. Made $17,800 in bonus.
Age 28 - Was recruited to antoher bank. Switched employers and got a promotion to VP and a $101,000 base salary plus a $10,000 signing bonus.
Age 29 - Got raise to $112,500 (I exceeded my goals in year one but was still surprised at the big raise so soon after moving over). Got annual bonus of $46,294.

And that's where I'm at now. I expect a smaller bonus of more like $25K next year. Our incentive comp plans give you 25% of base salary if you hit your production targets and 50% of base salary if you exceed your goals by 33%. That's pretty generous; many banks cap out around 25-30% of salary these days. But there isn't the sales pressure in banking that there is in other financial industries like "financial advising" (i.e. selling mutual funds or stock picking for clients). I'm not going to get fired if I don't meet my goals - I just won't get much of a bonus. I work 9am to about 4:30pm on a good day. Of course culture varies from bank to bank and group to group. I'm a Private Banker where it's more informal and relaxed. My BF is a middle market commercial lender at a bigger bank and works more like 8am to 5:30pm with a bit more sales pressure (and bigger bonuses to show for it).

For the record I got an analyst job right out of undergrad, but now many banks recuit MBAs to those positions. Starting salaries are now in the $60s or even up to the $80s depending if you have a masters and some experience. This is in a major Texas metro but they probably aren't too much lower in smaller cities. Our bank has locations throughout Oklahoma and my former employer has analysts in 8 states and all analysts made the same amounts with little or no COL adjustment.
..... why the [blank] did I become an engineer.

Side note, seems like SW sales is the way to go. Everyone and his brother on this forum make 300k and work 30 hours a week. So, uhh, where do I sign up?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
User avatar
interplanetjanet
Posts: 2226
Joined: Mon Jan 24, 2011 3:52 pm
Location: the wilds of central California

Re: Young Guys [and Gals] Making Good Money

Post by interplanetjanet »

Nathan Drake wrote:..... why the [blank] did I become an engineer.

Side note, seems like SW sales is the way to go. Everyone and his brother on this forum make 300k and work 30 hours a week. So, uhh, where do I sign up?
Honestly, engineering can pay extremely well if you have exceptional or unusual skills and can find a company that values them. Frequent job-hopping early on may be needed to climb the ladder, though. My own observations are that for a highly skilled engineer or technical architect, mid 200's including bonuses is very achievable and more is possible. I do not have a college degree - you can feel free to tell me that calling myself an engineer is dishonest, but it's not a title I chose (some are born great, some achieve greatness, and some have engineerdom thrust upon them).

Just having technical chops is not enough. You also need to be an excellent communicator and be capable of driving projects to completion, and know how to make yourself a valuable resource to stakeholders. This does not require going into management yourself, though (been there, done that, it wasn't for me).
anna_indiana
Posts: 16
Joined: Fri Sep 20, 2013 11:49 pm

Re: Young Guys [and Gals] Making Good Money

Post by anna_indiana »

This thread is fascinating--it's like seeing what life is like on the other side of the tracks. Anyone else out there scraping by in the nonprofit world?
skylar
Posts: 314
Joined: Sat Oct 04, 2008 11:28 am

Re: Young Guys [and Gals] Making Good Money

Post by skylar »

anna_indiana wrote:This thread is fascinating--it's like seeing what life is like on the other side of the tracks. Anyone else out there scraping by in the nonprofit world?
Me - state government employee, got my first raise in four years last week. I'm still underpaid compared to what I could make in industry, although the benefits and other perks make up for part of that.
User avatar
interplanetjanet
Posts: 2226
Joined: Mon Jan 24, 2011 3:52 pm
Location: the wilds of central California

Re: Young Guys [and Gals] Making Good Money

Post by interplanetjanet »

anna_indiana wrote:This thread is fascinating--it's like seeing what life is like on the other side of the tracks. Anyone else out there scraping by in the nonprofit world?
I did, for a few years, and had some of the best memories and coworkers of my career. I was making a third of what I do now and if I could find another place like that and didn't have some ugly fixed expenses - I might well go back.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: Young Guys [and Gals] Making Good Money

Post by stoptothink »

anna_indiana wrote:This thread is fascinating--it's like seeing what life is like on the other side of the tracks. Anyone else out there scraping by in the nonprofit world?
I am in the non-profit world, health director for a non-profit with ~250 employees. I am aware that my financial worth is significantly more in private industry because I have had several better paying offers since accepting my current position, but my work environment makes up for it (for the time being).
porcupine
Posts: 1267
Joined: Thu Nov 04, 2010 11:05 am

Re: Young Guys [and Gals] Making Good Money

Post by porcupine »

stoptothink wrote:[...]I have a PhD, more work experience in my field, and make only slightly more than you. Almost all of my former classmates are in the same boat. There are many reasons to pursue one, expecting a significant salary increase is not at the top of the list. Of course it greatly depends on the area of study, but for the most part it only increases your job-worthiness if you intend to go into academia.
Without revealing my salary, I can say that I make somewhere in the lower end of the salaries quoted in this thread (and not anywhere near six figures). I got my PhD in engineering nearly two decades ago. I have made many career mistakes:

- I ignored rule #1 in higher education, i.e., you try to go to a higher ranked university in each step. I did the opposite - went from top university in undergrad to a slightly lower (my view) place for my MS, and to an outside-of-top-100 school for my PhD (just because I liked the topic and the professor who had moved from my MS school)

- I stuck around in my chosen field of study (in engg) after my PhD when a software position would've probably paid 50% more (and anyone who could type was getting a job). Blame it on my scruples - a) I did not want to lie on my resume and b) I followed the US immigration rules to the letter (per my comprehension), in that they required a student to pursue his post-grad school employment in his field of study. In hindsight, the latter decision appears particularly silly.

- I stayed with the first company that hired me after school for five years (until I got my green card). A friend who made just about what I made (when we got our first jobs after our MS) was making 50% more than me by the time I got my green card - he already had his green card from before, and so he could - and did - jump ship. He changed companies three times in those five years.

- In the last 20 years, I have worked for three companies. Big mistake. If you wish to increase your pay, you have got to jump companies, whether you like your current employer or not.

That said, the salary depends a lot on the specific field as well. It appears that SW sales, physician (variation among specializations), energy-related professions have a leg up on other professions.

[Edited to add] One other point: Start your career at a high COLA area, then move to a low COLA area at midpoint of your career - by then, you should be able to command the same salary at a much lower COLA area. Finally, retire at a low COLA and/or no state tax area.
killjoy2012
Posts: 1329
Joined: Wed Sep 26, 2012 5:30 pm

Re: Young Guys [and Gals] Making Good Money

Post by killjoy2012 »

Nathan Drake wrote: Side note, seems like SW sales is the way to go. Everyone and his brother on this forum make 300k and work 30 hours a week. So, uhh, where do I sign up?
I wouldn't get too discouraged. Yes, sales guys can make very good money. But I don't see them revealing the "cons" of that type of job either & there are plenty... in terms of job security, travel, lifestyle, personalities, etc. The right sales job for the right guy can be awesome, but it's rare that everything lines up like that. Then there's the matter of being a guy, if you are one.
Jfet
Posts: 1081
Joined: Tue Dec 21, 2010 6:20 pm

Re: Young Guys [and Gals] Making Good Money

Post by Jfet »

killjoy2012 wrote:
Nathan Drake wrote: Side note, seems like SW sales is the way to go. Everyone and his brother on this forum make 300k and work 30 hours a week. So, uhh, where do I sign up?
I wouldn't get too discouraged. Yes, sales guys can make very good money. But I don't see them revealing the "cons" of that type of job either & there are plenty... in terms of job security, travel, lifestyle, personalities, etc. The right sales job for the right guy can be awesome, but it's rare that everything lines up like that. Then there's the matter of being a guy, if you are one.
Top real estate agents can make way more than SW sales, but we see how that industry went in the recent past...
lostInFinance
Posts: 218
Joined: Sun Mar 03, 2013 2:57 pm

Re: Young Guys [and Gals] Making Good Money

Post by lostInFinance »

Wagnerjb wrote:
SpecialK22 wrote:One thing that I think gets discounted too much is the role luck plays in people's success.
I don't know for sure. Let's see......

Was it luck that I chose to go to class in high school when others were cutting class?
Was it luck that I chose to study hard in high school when others were goofing off?
Was it luck that I chose to engage in extracurricular and leadership activities instead of doing drugs in my spare time?
Was it luck that I chose to study hard in college when others were partying at the Frat house?
Was it luck that I chose to pick a marketable major, and stick with it...while others were bailing on the hard courses?
Was it luck that I chose to borrow a fortune to go to graduate school and upgrade my skills?
Was it luck that I chose to work extra hours to impress the boss while my colleagues were going home at 4PM?
Was it luck that I chose to accept the transfer to the hardship location to further advance my career?

In my book, you are "lucky" if you are born to Royalty, if your Dad hands down to you the $200 million family business, if your rich uncle leaves you a huge fortune, or if you win the lottery.
Some of your assumptions seem debatable. A quarter of Fortune 500 CEOs were in a fraternity, compared to 8.5% of all undergrads. Not joining a frat is not a key to success. Lots of highly successfully people have used drugs, including Steve Jobs and the last three presidents. If studying hard in high school and college was the key to your success, you haven't connected the dots. I've never heard of anyone with a college degree putting a high school gpa on a resume and Google found that for someone out of college more than a few years, the correlation between their job performance and college GPA was basically zero. You borrowed for grad school, but conventional wisdom is never to pay for an MBA unless it's at a top 20 school.
thepommel
Posts: 366
Joined: Sun Jul 15, 2007 6:59 pm

Re: Young Guys Making Good Money

Post by thepommel »

evostevo85 wrote:Plan so far is:

Continue studying for CPA, in hopes of acquiring it within 6 months. This may open doors.

Contact alma mater to see if my MS Finance can be "re-opened" and its credits used as electives for an MBA with Finance concentration. I could knock out all the - are you guys gonna get mad if I use this again? - "fluff" courses in one year and be no worse off in terms of time sacrificed than a traditional MBA student. This is a long shot, as I have never heard of anything like this being done.

Explore sales-type roles. Only thing is, these are either the aforementioned shady, low-paying, high-stress financial advisor positions, or elite level private wealth management type positions which require you to already be rich, with family connections, a golf club membership, etc. As far as I'm aware. So I may see if I can transition out of finance into a sales role that is still "business-y".

Thank you for the interesting and helpful replies.
My undergrad was in finance. I find the subject-matter of economics and finance to be fascinating, but not most of the job prospects (paradoxically).
Like you, I was turned off by most finance sales type jobs. Perhaps I never gave that a fair shot.
Truthfully, I did not formulate a well-conceived plan in college and was even worse at execution anyway. :-)

I considered banking, but ended up in software as my first job due to ease of obtainment. (Due to details in my situation.)
I quickly realized that it wasn't for me long-term since I wasn't trained at that (even though I performed very well), so after three years I transitioned to an accounting role.

I've found my niche in accounting and have managed to carve out several roles where heavy finance knowledge is a benefit (derivatives, currency fx, M&A, etc).
Everyone's journey is slightly different. There are many roads to Dublin...

Kind Regards,
User avatar
AustenNut
Posts: 148
Joined: Thu Jan 19, 2012 7:19 pm

Re: Young Guys [and Gals] Making Good Money

Post by AustenNut »

anna_indiana wrote:This thread is fascinating--it's like seeing what life is like on the other side of the tracks. Anyone else out there scraping by in the nonprofit world?
Add me to the list of those with salaries far below those being discussed. Mid-$40k after 8.5 years as a teacher in a semi-high COL city (housing in decent areas start around $200/sf and go up from there). Just got a $1200 boost in salary after going from a B.A. to an M.A.+30 graduate hours, but teachers haven't been allowed to go up the next step for the past four years ($600/year for experience).

Our school district is revamping the salary system slightly starting next year to make us more "competitive" with the business world. Only the top 50% or so of teachers will be able to get a $600 raise/year, plus they'll get a bonus of $600 (top 10%) or $200 (11th to 50th percentile). And nothing for the bottom 50%. Oh, joy!
User avatar
LadyGeek
Site Admin
Posts: 95686
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Young Guys [and Gals] Making Good Money

Post by LadyGeek »

interplanetjanet wrote:... Just having technical chops is not enough. You also need to be an excellent communicator and be capable of driving projects to completion, and know how to make yourself a valuable resource to stakeholders. This does not require going into management yourself, though (been there, done that, it wasn't for me).
lostInFinance wrote:... I've never heard of anyone with a college degree putting a high school gpa on a resume and Google found that for someone out of college more than a few years, the correlation between their job performance and college GPA was basically zero. You borrowed for grad school, but conventional wisdom is never to pay for an MBA unless it's at a top 20 school.
^^^ from 2 separate posts. I got to where I am with a Bachelor's degree. Your college degree is only needed to get your foot in the door for your first job. The rest is skill, being good at what you do, knowing how to work with others, and a bit of luck. The way you get promoted is by doing the job of where you want to go, not where you're at now. Also, keep yourself tuned to the social networking grapevine (your coworkers). Nothing is handed to you. It's your responsibility to know what's going on and to stay ahead of the game.

I didn't want to spend the extra time spent chasing an MBA or MSEE. The whole point of a college degree (after a BS) is to learn what you need to do your job. I read textbooks and asked experienced people. Then, I showed results. My field is somewhat specialized, so it's a small community which may have helped me in the long run. I don't know how I would have done in a different sector of the job market.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
smchan
Posts: 3
Joined: Sat Sep 28, 2013 11:35 am

Re: Young Guys [and Gals] Making Good Money

Post by smchan »

killjoy2012 wrote:
Nathan Drake wrote: Side note, seems like SW sales is the way to go. Everyone and his brother on this forum make 300k and work 30 hours a week. So, uhh, where do I sign up?
I wouldn't get too discouraged. Yes, sales guys can make very good money. But I don't see them revealing the "cons" of that type of job either & there are plenty... in terms of job security, travel, lifestyle, personalities, etc. The right sales job for the right guy can be awesome, but it's rare that everything lines up like that. Then there's the matter of being a guy, if you are one.
We've been talking about software sales and software technical sales. I'm in software technical sales. I'm in NC and my territory is southern NJ to SC. I spend most of my travel time in the Philly area and most of the rest in Virginia or NC. I can fly to Philly and make it a day trip - but I often stay over night. Practically everywhere else I drive. The travel stinks but it's not as bad as I feared when I took the job. I've logged about 30 flight segments (most fairly short) and have 25-26 hotel stays this year so far - but we have been unusually busy. The job security seems to be fairly solid; I don't see a lot of churn amongst my colleagues except those who leave for consulting jobs to make more money. Technical sales requires a unique blend of technical acumen and business sense as you pointed out. I used to work as a developer and maybe 5-10% of my colleagues would be qualified for a technical sales job because of lack of customer soft skills.

With respect to personality, I'm a major introvert and those weeks when I have to be constantly "on stage" are very, very draining. Nonetheless, the pros of the job like tackling interesting technical problems, focusing on technical breadth over depth, and winning deals outweigh the negatives for me.

In pure software sales, the money is definitely higher, those guys travel more but tend to have a smaller territory, they suffer significantly more pressure and stress to perform, and I've seen a lot of them come and go. The best ones are freakin' brilliant, quick on their feet, very personable, and aggressive.
oskarhead
Posts: 3
Joined: Sun Sep 29, 2013 8:54 pm

Re: Young Guys [and Gals] Making Good Money

Post by oskarhead »

My path has been:
22-26: Bio PhD: ~$16k
27-31: Postdoc: $40k
31-33 (now): Assistant Prof.: $90k

I thought I was doing it for the enjoyment of research, but I realized that working in academia is all about money (for the university). So, I am thinking of switching... hopefully some company will find me useful.
User avatar
LadyGeek
Site Admin
Posts: 95686
Joined: Sat Dec 20, 2008 4:34 pm
Location: Philadelphia
Contact:

Re: Young Guys [and Gals] Making Good Money

Post by LadyGeek »

Welcome! When you are working for private industry, you are working to further the profits of the company.

The bottom line: Do you enjoy your work? If so, there is no reason to change.
Wiki To some, the glass is half full. To others, the glass is half empty. To an engineer, it's twice the size it needs to be.
User avatar
market timer
Posts: 6535
Joined: Tue Aug 21, 2007 1:42 am

Re: Young Guys [and Gals] Making Good Money

Post by market timer »

Seems to me it's pretty rare to reach six figures by age 25 without having attended a top 10ish college or law school and being willing to work 50+ hours a week in a high cost of living city. Even the very successful sales people who've replied here had to pay their dues and didn't break six figures until late 20s.
Raa
Posts: 8
Joined: Tue Jan 01, 2013 1:21 am

Re: Young Guys [and Gals] Making Good Money

Post by Raa »

market timer wrote:Seems to me it's pretty rare to reach six figures by age 25 without having attended a top 10ish college or law school and being willing to work 50+ hours a week in a high cost of living city. Even the very successful sales people who've replied here had to pay their dues and didn't break six figures until late 20s.
It all depends I suppose. I graduated pretty low in my class from well regarded state school in Chemical Engineering. Got a job as a field engineer an oilfield services company and worked for 3 years in North Dakota making 130k~, transferred to Denver, CO for a year, for 100k~ and now am in California (low COLA) making 110k for same company.

Salary depends alot on where and what you are willing to do, and the field you work in.
stoptothink
Posts: 15368
Joined: Fri Dec 31, 2010 8:53 am

Re: Young Guys [and Gals] Making Good Money

Post by stoptothink »

Raa wrote:
market timer wrote:Seems to me it's pretty rare to reach six figures by age 25 without having attended a top 10ish college or law school and being willing to work 50+ hours a week in a high cost of living city. Even the very successful sales people who've replied here had to pay their dues and didn't break six figures until late 20s.
It all depends I suppose. I graduated pretty low in my class from well regarded state school in Chemical Engineering. Got a job as a field engineer an oilfield services company and worked for 3 years in North Dakota making 130k~, transferred to Denver, CO for a year, for 100k~ and now am in California (low COLA) making 110k for same company.

Salary depends alot on where and what you are willing to do, and the field you work in.
Absolutely. My brother works for Halliburton in the oil fields as a FRAC crew supervisor. Zero education and no experience, by his 2nd year he was making $150K+ and now in his 4th year is $200k+. He has several kids on his crew that are in their early 20's with no college education (some barely any high school) making 6-figures, but they have to live in "man camps" in the middle of nowhere for weeks at a time and do work most of us would not be willing to.
User avatar
interplanetjanet
Posts: 2226
Joined: Mon Jan 24, 2011 3:52 pm
Location: the wilds of central California

Re: Young Guys [and Gals] Making Good Money

Post by interplanetjanet »

market timer wrote:Seems to me it's pretty rare to reach six figures by age 25 without having attended a top 10ish college or law school and being willing to work 50+ hours a week in a high cost of living city. Even the very successful sales people who've replied here had to pay their dues and didn't break six figures until late 20s.
It's uncommon but very doable. I had no degree but started working at 18, so by my mid 20s I already had 7 years or so of experience - plenty of time to job hop and get ahead. I wasn't seeking money so much as a challenging work environment that let me do interesting things - the money came along as a side-effect.

I did dip back below 6 figures for a couple of years during the dot-com crash, but that was largely because I took refuge in a lower paying sector (academia).

My lack of formal education has never hurt my earning ability, that I can tell. I realize that this is unusual.
goodyear35
Posts: 68
Joined: Wed Jan 18, 2012 11:58 am

Re: Young Guys [and Gals] Making Good Money

Post by goodyear35 »

I'll share as well because my parents were about to give up on me ...

High school - Did well, but had issues with anxiety. Kinda nerdy, never partied. Was building web sites while others were out having fun. Made about $2-3K per month off of it.

College - Got introduced to drinking, started partying it up, didn't graduate until I was 25! Parents were fed up and started to write me off.

1st Job (25-26ish) - $25K/yr as a search engine manager. I took much lesser paying job that gave me more responsibility. Got $10K raise after 3 months of producing.

2nd Job (27ish) - $55K/yr as Internet marketing manager. Stayed at this job for 5 years, was promoted to Director and was making close to $100K with bonuses included.

Started my own business (32ish) - Worked my tail off, failed on a couple of things and hit big on another. First year earnings were negligible. I went from making about $71K in the first year (2008) to over $2M this past year (2012). I will say though, since starting my own business my health has taken a major hit (stress and constant issues to deal with), but I plan on retiring in the next 5 years. Having money is not necessarily glamorous but it sure makes things easier. My focus now is on my health and investing/saving.
DGibb88
Posts: 36
Joined: Wed Aug 07, 2013 2:03 pm

Re: Young Guys [and Gals] Making Good Money

Post by DGibb88 »

I am in the not-for-profit world. Graduated with my Bachelor's Degree in Accounting. Was a good student (3.74 gpa at mid-level university), but tired of the coursework and wasn't sure I wanted to be an accountant so I didn't work towards a CPA. Got a job as an accounting clerk at a NFP when I was 22 for around $20k. Promoted a couple of times in 1.5 years to get ALL the way up to $28k. I should mention this is in rural western Illinois. Moved to Bloomington, IL at 24 with my wife for another NFP accounting position for $35k. At 25, I was given a raise to $45k. About six months later, my boss relocated and I was promoted to his position of Finance Director for $63k. I am still 25 now. For a pretty low COL area, I feel extremely blessed to be where I am at. I can't imagine being in the position of some of the people on this board making six figures in their mid-late 20's. I have also been blessed to have never worked more than 45 hrs in a week, and typically more like 38. This will change a bit with my promotion, but I don't anticipate having to work more than 45 hours in typical week.
Nathan Drake
Posts: 6234
Joined: Mon Apr 11, 2011 12:28 am

Re: Young Guys [and Gals] Making Good Money

Post by Nathan Drake »

goodyear35 wrote: Started my own business (32ish) - Worked my tail off, failed on a couple of things and hit big on another. First year earnings were negligible. I went from making about $71K in the first year (2008) to over $2M this past year (2012). I will say though, since starting my own business my health has taken a major hit (stress and constant issues to deal with), but I plan on retiring in the next 5 years. Having money is not necessarily glamorous but it sure makes things easier. My focus now is on my health and investing/saving.
Wow...can you tell me what your business is in and how you got your start?
20% VOO | 20% VXUS | 20% AVUV | 20% AVDV | 20% AVES
Shalashaska
Posts: 22
Joined: Tue Oct 01, 2013 4:15 am

Re: Young Guys [and Gals] Making Good Money

Post by Shalashaska »

Raa wrote: It all depends I suppose. I graduated pretty low in my class from well regarded state school in Chemical Engineering. Got a job as a field engineer an oilfield services company and worked for 3 years in North Dakota making 130k~, transferred to Denver, CO for a year, for 100k~ and now am in California (low COLA) making 110k for same company.

Salary depends alot on where and what you are willing to do, and the field you work in.
I'm a "field engineer" sitting on location in ND right now. :D Did Frac for a stint too.

To the OP, there are 19 year old kids out here making $80k+ but they work their butts off, 12 hours a day, 7 days a week. So it can be done and done young but it depends on what you want to give up.
madbrain
Posts: 6804
Joined: Thu Jun 09, 2011 5:06 pm
Location: San Jose, California

Re: Young Guys [and Gals] Making Good Money

Post by madbrain »

market timer,
market timer wrote:Seems to me it's pretty rare to reach six figures by age 25 without having attended a top 10ish college or law school and being willing to work 50+ hours a week in a high cost of living city. Even the very successful sales people who've replied here had to pay their dues and didn't break six figures until late 20s.
Without revealing too much of my salary & job history, I will say that my base salary hit 6 figures in the year 2000 as a Sr software engineer, at the ripe old age of 24 . I dropped out of high school in France. At that time, I was taking the bus to work because I had not learned to drive yet (that came about one year later). I was already a homeowner, though.

I do live in a high cost area. While there are some weeks that I do 50 - 55 hours, those tend to be rare, and more than compensated by the flexibility I have in working from home . I have worked mainly for very large corporations, never for a startup. I have always thought those didn't allow for proper work/life balance. This is much more so in the last 7 years since my partner and myself has been living with HIV. I will likely never achieve my full earnings potential because I don't want to push myself too much.

I do recommend switching jobs in order to get pay increases beyond inflation. I have done that twice and come back twice to the same company, only with better pay.
goodyear35
Posts: 68
Joined: Wed Jan 18, 2012 11:58 am

Re: Young Guys [and Gals] Making Good Money

Post by goodyear35 »

Nathan Drake wrote:
goodyear35 wrote: Started my own business (32ish) - Worked my tail off, failed on a couple of things and hit big on another. First year earnings were negligible. I went from making about $71K in the first year (2008) to over $2M this past year (2012). I will say though, since starting my own business my health has taken a major hit (stress and constant issues to deal with), but I plan on retiring in the next 5 years. Having money is not necessarily glamorous but it sure makes things easier. My focus now is on my health and investing/saving.
Wow...can you tell me what your business is in and how you got your start?
Internet marketing. Not client work, but instead developing my own Internet properties. I started when I was 17 years old building my own web sites and working hard to monetize them. So my skill set was all self taught. I just need to iron out the entrepreneurial side. Lots of hard work and some failures mixed in.
portfoliothrowaway
Posts: 21
Joined: Mon Apr 15, 2013 1:28 pm

Re: Young Guys [and Gals] Making Good Money

Post by portfoliothrowaway »

evostevo85 wrote:I'm turning 28 next month, have a BS Economics and MS Finance from top 20 schools, and I make ~$55k USD per year from my "main" job. Another 7200 tax free from renting the basement in my house, and another 5000 taxable from part-time jobs/hobbies. Granted, I am in probably the lowest cost of living city in the entire USA. I see the guys on this board making six figures from their main job alone, at ages like 23 or 25, and wonder how they got there.

I'll probably hit six figures eventually, but not any time in the next 5 years or so, and the impact of making more money now, at a younger age, which can then be invested, is far greater than pulling a high salary later in life.

I find my best balance/happiness while working 35-50 hours per week. I don't want to go above this, so suggestions like Investment Banking or Big 4 Accounting with their 80-100 hour weeks are not an option.

I am interested in taking weekend/night/online courses that will enable me to get one of these six figure jobs that fit within my time criteria. The increase in savings from a job like this would be unreal.

Any of you young guys pulling in the dough care to share how you got there? What you majored in, how much you had to rely on connections/networking/school prestige, lifestyle, etc.?

Thanks
Just turned 29. Worked my butt off the last 5-6 years. I moved from services in year 1 to doing inside sales year 2-4 and in year 5 (last year) finally went to sales and will not look back.

Graduated from mid tier state school, in expensive COLA area. No prestige. Majored in Business. I am well networked and there are recruiters that ping me constantly on LinkedIn. There's no way I could have gotten here working 35-50 hours a week. If I had known how much people make in sales I would have converted 3 years ago. My client list will be set after another year and I should have it "easy" vs last year. However there are still crazy, last minute, emergency meetings that happen so I can close business.

Year 1 - 33k
Year 2 - 55k
Year 3 - 75k
Year 4 - 85k
Year 5 - 105k base + commission (75k last year, almost the same this year)
Oilburner
Posts: 143
Joined: Fri Mar 08, 2013 11:04 am

Re: Young Guys Making Good Money

Post by Oilburner »

Wagnerjb wrote:
Grt2bOutdoors wrote:
Wagnerjb wrote:
3Wood85 wrote: Just curious, where do you work? That sounds like a great place to work.
The specific company isn't important...it is a large energy company, of which there are many in Houston. If you start rattling off names like Exxon, Shell, BP, Chevron, ConocoPhillips, Marathon, Halliburton, Schlumberger, Anadarko, Baker Hughes and Apache.....you would be very warm. :D

We all benchmark our compensation against each other, so I am awful confident that these companies all pay reasonably comparable compensation (otherwise, people would flood from the lowest to the highest payers).

Best wishes.
Ahh, but Exxon hasn't moved to Houston yet, they are in Irving, Tx.
Anadarko is in The Woodlands, Tx.
Chevron is in El Ramon, California.
BP is headquartered in London, UK, but undoubtably has a large presence in Tx.

That narrows the field a bit. :wink:
The biggest energy employers in Houston aren't necessarily those with a HQ there. Exxon, Shell, Chevron and BP top the list of biggest employers in energy here. :D

http://hereishouston.com/?q=node/40
I may know some of you guys. I work in that industry too :happy
Count of Notre Dame
Posts: 448
Joined: Fri Oct 11, 2013 1:08 pm

Re: Young Guys [and Gals] Making Good Money

Post by Count of Notre Dame »

I'm 29 and work as an assistant fund controller for a large mutual fund complex in Southern California and make $115k. Work approximately 45 hours a week. My wife is also 29 and will be making a little over $200k starting salary as a first year attending out of residency.
notmyhand
Posts: 496
Joined: Mon Jul 15, 2013 7:43 pm

Re: Young Guys [and Gals] Making Good Money

Post by notmyhand »

Lots of interesting careers here.

I was fortunate enough to get top grades and ACT/SAT scores in high school which let me get into all of the schools I applied to. Based on the benefits packages, I attended a top tier out of state public school thinking I would major in Biology and do med school. A year and a half in, I was recruited by a Fortune 500 company for a management spot in a different state and left school to make $45,000 in a rural inexpensive town. Over the next two years, I got a few promotions and made $60,000 by 21. Then I left the company to start my own title research company which is booming now with the oil and gas business. I pull in between $75,000-$95,000 but get all mileage reimbursed, cell phone reimbursed, etc. I took multiple traveling projects where all food and board was paid for so had no expenses. I just recently bought a house and thus don't travel but still do some work for the energy companies as well as real estate companies and law firms. I expect to hit six figures plus expenses in the next two years. I am 23. There are projects where I put in 60 hours but there are also projects where I put in 20 hours. I would say I average between 40-50 hours a week and a good portion of that is from home. I also live in a low COL area.
User avatar
Timberman77
Posts: 7
Joined: Tue Aug 27, 2013 6:02 pm

Re: Young Guys [and Gals] Making Good Money

Post by Timberman77 »

Graduated with a degree in public finance...

Ages 23-24 = $14/hour at a local bank working as loan processor + side landscaping jobs

Age 25 = $45K as an insurance analyst

Ages 26-27 = $92K + per diem when traveling as an insurance adjuster

For a while, I was extremely hard/down on myself because I did extremely well in school (was an active student on campus/ good grades/ etc...) then when I graduated I had a difficult time finding a job. I can not tell you how many jobs I applied for/how many phone interviews I had (my anxiety on phone interviews was like none other - HATED them). After hearing nothing it made me seem like I was not worth it and everything I had done through school was for nothing; however my persistence paid off when I was hired by the company I currently work for. My advice to anyone starting out or having difficulty finding a job is not to give up - keep following up if thats the area you really want to be in.
WHL
Posts: 789
Joined: Mon Dec 10, 2012 1:22 pm

Re: Young Guys [and Gals] Making Good Money

Post by WHL »

32, male, got a bump July 1st to 102k salary. COLA doesn't matter because I work from home / travel a ton.

Learn a trade, get good at it, make a name for yourself, and move up the ladder.

[edit] I guess I should also say that between 18-24 I made some decent money working in a union shop...40-60k a year. It just wasn't for me anymore, wanted to switch.

At 24 I started as a regular unskilled service technician in a really focused and growing field making 12.50 an hour.

At 26, that had changed to 16 with quite a bit of training and licenses.

27, started taking other job interviews, stayed with the initial company for 22 / hr (lead service technician)

28, took a nice promotion and relocated for 26 / hr (shop foreman)

29, switched companies, another nice promotion, 28 / hr (workshop manager)

31, switched companies, great promotion, salaried now, started at 97k, less than a year later I'm at 102k (service manager)

College isn't for everyone but a good trade certainly is. The vast majority of my friends are blue collar and most of us make more than our college educated friends. With that said, a good degree in computers, finance, or engineering can bring home a lot of money.
shawzito
Posts: 1
Joined: Sat Oct 19, 2013 4:11 pm

Re: Young Guys [and Gals] Making Good Money

Post by shawzito »

goodyear35 wrote:
Nathan Drake wrote:
goodyear35 wrote: Started my own business (32ish) - Worked my tail off, failed on a couple of things and hit big on another. First year earnings were negligible. I went from making about $71K in the first year (2008) to over $2M this past year (2012). I will say though, since starting my own business my health has taken a major hit (stress and constant issues to deal with), but I plan on retiring in the next 5 years. Having money is not necessarily glamorous but it sure makes things easier. My focus now is on my health and investing/saving.
Wow...can you tell me what your business is in and how you got your start?
Internet marketing. Not client work, but instead developing my own Internet properties. I started when I was 17 years old building my own web sites and working hard to monetize them. So my skill set was all self taught. I just need to iron out the entrepreneurial side. Lots of hard work and some failures mixed in.
What is internet marketing? Not too familiar with that term. Regarding your health - what have you done to address it? There are a lot of resources I can provide you if you're interested. I've been focusing on my health the past few years as well because I work a very high stress job. Feel free to message me.
peppers
Posts: 1650
Joined: Tue Oct 25, 2011 7:05 pm

Re: Young Guys [and Gals] Making Good Money

Post by peppers »

Nothing is handed to you. It's your responsibility to know what's going on and to stay ahead of the game.
"
"
V
"..the cavalry ain't comin' kid, you're on your own..."
Bb073084
Posts: 199
Joined: Sun Feb 03, 2019 9:24 am

Re: Young Guys [and Gals] Making Good Money

Post by Bb073084 »

Not sure if I am still considered young but I am 35 and a VP of finance at a high growth PE backed organization making $250k+ total comp.

I started big 4 accounting and moved into internal audit for a high growth recently public company. Leveraged experience and connections from this company to start at my current company as an early hire. Since then have continued to work way up in finance.

Personal brand and industry specific experience played a large role as well as some luck.
Post Reply