You career roots and your path to financial independence. "Actionable: steps and tips for others?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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akblizzard
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Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by akblizzard » Mon Oct 16, 2017 12:05 pm

oilrig wrote:
Mon Oct 16, 2017 8:57 am
KlangFool wrote:
Sun Oct 15, 2017 3:41 pm
oilrig wrote:
Sun Oct 15, 2017 2:43 pm
I work for a big oil company and our mechanics, electricians, and other hourly skilled-labor folks who graduate with 2 years degrees come out of school making 6 figures + pensions + generous 401k plans.These kids are 20-22 right out of school making good money and typically make more than our entry level degreed office staff, including engineers. Also, we are always in need of these guys and are typically they are safe from layoffs. As long as these kids stay with my company or other competitors with similar compensation plans, they will retire multi-millionaires at age 50 just from the pension and 401k plans, not including their own personal savings.
oilrig,

1) One of my college classmates was ex-oil rig worker. He was laid off during the 80's Houston Oil Bust. It took him 10 years to get his BSEE while working several jobs. He wanted to and did succeed in the transition away from Oil and Gas area.

2) Now, we are heading into or in another Oil Bust. The boom and bust of Oil and Gas industry tend to run in a 30+ years cycle. So, if you are in one of those cycles, you have to get out of the industry just to survive.

KlangFool
KlangFool we are in year 4 of a historic oil downturn/bust, but even when my company and other competitors were laying off and cutting staff, we were still hiring these skilled labor guys out in the field and plants. The need for them never goes away. They are essential to maintain the oil well sites and keep production running. This is of course all on land/shale. Offshore is a different story, those offshore rig hands typically feel the pain the worst whenever there is an oil bust. If companies aren't drilling, then there is no need for the offshore rig hands.
I retired this year, after working for energy companies. I was laid off, transferred, had projects close down under me, and quit a place or two. I was never out of work for more than 5 days in over 40 years. That happened once, other job changes didn't allow time enough for a decent fishing trip between jobs.
I started my career as a tech and ended in management.
The key to being successful in a blue collar career is to be adaptable, have a sought after skill set or two, and look for opportunities for education and advancement. In the oilfield, perhaps like other fields, your reputation precedes you when you seek other work. So make sure you have a good one.
I have a degree in my field that I was able to get while working full time and being husband & dad. Not the best/quickest way perhaps but best for me, having started working at 18. A degree may not be in the cards for some blue collar workers, but there are certainly training opportunities available.
Living below your means, budgeting, and saving automatically every month are the important things. I've worked with folks who made more than me but can't retire because they didn't follow basic principles of saving.

Edited to talk about fishing. I like fishing.

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mattyfu1
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Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by mattyfu1 » Mon Oct 16, 2017 1:12 pm

I am a teacher in NY and make a good salary - over 80k

Action I took was starting my own business: SAT /ACT tutoring. I now make more tutoring than I do teaching and in less hours. I make my own schedule and keep growing. My wife is home now with our young babies, I have 0 debt and am saving thousands a month. I still teach of course (pension!!).

For me it was having MY own business and hustling.

-MattyFu

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Sandtrap
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Location: Hawaii😀 Northern AZ.😳

Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by Sandtrap » Mon Oct 16, 2017 9:33 pm

Psyayeayeduck wrote:
Mon Oct 16, 2017 11:38 am
In addition to everything else mentioned, I would also say that while Future Me welcomes a financial stable life every time I make a contribution or make smart financial moves, it is also important to take care of Present Me as well since Present Me is doing all of the work. People forget to take care of themselves sometimes in the now.

Present Me and Future Me agrees that Past Me is a jerk for creating financial problems in the first place.
Amen to that.
Future Me always ends paying the price when Present Me isn't taken care of properly. :D
Reminds me of the time I held an acceptance letter to Med School in my hand but my company was just starting to make money hand over foot.
That was Past Me. Water under the bridge.

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friar1610
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Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by friar1610 » Tue Oct 17, 2017 8:57 am

I live in a small over-55 condo community in a fairly HCOL area. FWIW on the issue of whether or not you can "make it" as a skilled blue-collar tradesman I've noticed that a significant percentage (>33%) of our community is populated by people who started out in the trades but who leveraged those skills into business ownership. (The other residents are retired or still-working "professionals."
Friar1610

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Elsebet
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Location: Washington state

Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by Elsebet » Tue Oct 17, 2017 2:42 pm

I grew up in a small town in a family of modest means. If I recall correctly the last tax return I saw from my father when I was in college he made like $45k. He always pushed the idea of college or the military. I became interested in computers as a child and when the time came it just made sense for me to major in CIS.

I lucked out an landed a full-time contracting job in 1997 in Ohio while in my sophomore year of college by answering a job posting on a usenet group. I wonder if anyone even remembers those ancient things now. I got hired by that company, and kept jumping companies every few years until I landed where I am now on the west coast.

I attribute a lot of my success to luck. I do my best and work hard most times but am not exceptional in any way. I've made a lot of mistakes but the one thing I did right was listen to the gentleman who told a 22 year old version of myself to put 20% into my 401k.

book lover
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Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by book lover » Tue Oct 17, 2017 5:03 pm

Begin planning your retirement when you get your first job.
Save and monitor your expenses with a ledger.
Invest savings in low cost indexed mutual funds.
Max out retirement plans.
Marry someone with a similar financial philosophy.
Have written financial goals with specific timeframes.
Be curious , read and learn about your profession and financial planning.
Take care of your health, nothing is more important.

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Sandtrap
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Location: Hawaii😀 Northern AZ.😳

Re: You career roots and your path to financial independence. "Actionable: steps and tips for others?

Post by Sandtrap » Tue Oct 17, 2017 7:43 pm

friar1610 wrote:
Tue Oct 17, 2017 8:57 am
I live in a small over-55 condo community in a fairly HCOL area. FWIW on the issue of whether or not you can "make it" as a skilled blue-collar tradesman I've noticed that a significant percentage (>33%) of our community is populated by people who started out in the trades but who leveraged those skills into business ownership. (The other residents are retired or still-working "professionals."
I have also noticed this between those of some net worth vs significant net worth vs substantial net worth. Not always, but sometimes.
Interesting observation:
thanks
j :D

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