For those who earn $500k+ per year. How'd you do that?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Locked
jacoavlu
Posts: 730
Joined: Sun Jan 06, 2013 12:06 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by jacoavlu » Sat Jun 01, 2019 12:17 am

hospital based small private practice physician making about 800k in rural America where most people don’t want to live. Plenty of vacation but work days are busy and average 110-120 nights of call and 15 or so weekends per year. 4y college plus 4y med school plus 6y postgrad training = age 32 by the time I was done

Momus
Posts: 685
Joined: Tue Feb 21, 2012 9:23 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Momus » Sat Jun 01, 2019 12:42 am

Plenty of YouTubers with just 500k-1M subs make 50k+/mo.

Cartographer
Posts: 66
Joined: Sun Aug 05, 2018 1:46 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Cartographer » Sat Jun 01, 2019 1:39 am

groovy9 wrote:
Fri May 31, 2019 5:42 pm
Cartographer wrote:
Fri May 31, 2019 5:25 pm
- They don’t disentangle career with salary. I’d be willing to bet that if you hold all else equal and increase pay, the “satiation” point is much higher than $100k.
How in the world is that unreasonable? That's the real world. Of course if you just double someone's pay they'll probably be glad about it.
I want to know how money affects happiness, not how the typical careers tied to certain income levels affect happiness. My career or your career is likely not representative of the aggregate statistic, and therefore the studies are if little predictive value if I’m trying to determine if a certain career choice will make my happier.

I should also not that the studies often come up with explanations for the phenomenon that completely ignore career, as if to suggest they are answering the pure question about money and happiness, which they are not. For example: https://www.nature.com/articles/s41562-017-0277-0
Cartographer wrote:
Fri May 31, 2019 5:25 pm
If you take someone making $200k, slashed their income in half, and asked them to adjust to the new reduced lifestyle, they’d probably be far less happy than someone who made $100k the whole time
Again, of course. For more on that: Loss aversion
I’m referring to something very different, though my example was bad at demonstrating it. Let me try again.

Suppose I take two identical copies of the same person. Copy A is given $100k a year and copy B is given $200k. It might very well be the case that both copies would rate their happiness as a 7, while copy B is objectively happier, say by measuring endorphins or brain waves or something. Why? Because copy A does not know what they are missing.

For my own example, at some point in my career my income tripled. Before, I thought I was perfectly content. Afterward, I realized how financially comfortable the higher income made me, and how much happiness I derived from not having to think nearly as hard about money. It was freeing, and something I never expected. My pre-raise self and current self might both have given the same happiness rating, but I know I’m happier now.

ks289
Posts: 641
Joined: Sun Mar 11, 2012 12:42 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by ks289 » Sat Jun 01, 2019 2:06 am

Physician (gastroenterology) - 3 years medicine residency, 3 years fellowship
My income has ranged $500-600K for the last 9 years depending on productivity and vacation. Wife is also physician.

Work an average of 50 hours a week with 6-8 weeks of call a year (which may average out to another 20 hours of availability a week). Revenues are driven mainly by outpatient procedures done in the early part of the weekdays (7:30 start, 3pm or 4pm end). Seeing patients in the office and hospital is just as important but not reimbursed that way by insurances. Being on call has been paid for (neglibly) at times, but even then really is still just an obligation which detracts from quality of life.

arsenalfan
Posts: 695
Joined: Mon Dec 09, 2013 12:26 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by arsenalfan » Sat Jun 01, 2019 2:13 am

2 MD couple.
Started investing in passive income so could be W2 optional by 50.
Thank you Bogleheads, bigger pockets, venture capital investing in buying out doctors, and ambulatory surgery centers.

User avatar
beyou
Posts: 2701
Joined: Sat Feb 27, 2010 3:57 pm
Location: Northeastern US

Re: For those who earn $500k+ per year. How'd you do that?

Post by beyou » Sat Jun 01, 2019 2:41 am

Since this is bogleheads...active managers of mutual funds ! Not a joke, high comp levels were common, though index funds are impacting that career path now.

daave
Posts: 194
Joined: Thu Nov 07, 2013 7:28 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by daave » Sat Jun 01, 2019 5:55 am

Software Engineer at a big tech company in the Seattle area.

On track to crack $500k next year. This year my W-2 box 5 will read approx $450k.

My starting salary as a new grad at the same company 8 years ago was $100k, after plugging away to get 3 promotions, above-target bonuses each year and several stock refreshes, almost 5x.

Edit to add: typically work a 40-hour week, pushed to 45 on the rare occasion there's a big push for some deadline. A bit of work-mandated travel, maybe a cumulative 3 weeks out of the year, it takes some time away from family, but not too bad. 5 weeks annual vacation, and I really get to unplug when I'm off. Not a bad gig!

Prodiver
Posts: 9
Joined: Sat May 11, 2019 11:32 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Prodiver » Sat Jun 01, 2019 6:29 am

I found out early on that working for myself was best. In 1974 started a manufacturers rep business. Repped for 14 companies calling on hardware stores in 5 states. No salary, straight commission. Sold in 1979 making 35k a month. “Retired” for 3 years and joined a fancy country club and played golf. Started working as a realtor in 1984 and stayed for 31 years. Quickly got to 250k a year and best year was over 700k. Averaged about 400k. Got out in 2010 started a small retail business that ballooned into a huge business with a partner and have 70 employees which drives me nuts. He runs day to day, and I might start another because it’s very profitable.

Great thread!

MikeG62
Posts: 1938
Joined: Tue Nov 15, 2016 3:20 pm
Location: New Jersey

Re: For those who earn $500k+ per year. How'd you do that?

Post by MikeG62 » Sat Jun 01, 2019 7:02 am

HawkeyePierce wrote:
Fri May 31, 2019 9:01 pm
GCD wrote:
Fri May 31, 2019 8:52 pm
IMO wrote:
Fri May 31, 2019 11:59 am
How exactly does one work a 100 hr week on a regular basis?.. How much time per day is the commute, getting ready for work, eating, going to bathroom per day? No kids/time with kids? Take a dog for a walk? Any exercise time? Edit: forgot sleeping... This may be considered a financial success, but in my book that would hardly be a goal to strive for in life.
In many high pressure/performance jobs the employer does everything they can to insure the only thing you think about is work. As I mentioned above, my former roommate had 3 meals a day delivered to his desk. The firm also picked up and dropped off his dry cleaning. Starbucks in the office so you don't have to go to the lobby level. Bathroom attached to his office so he didn't have to walk down the hall. Apparently every attorney had a cot and a closet with a spare change of suits for the times they worked overnight. No dog, no time.
This is one of the reasons I'm trying to reach financial independence as quickly as possible. I never want to be in a position where I feel I have to put up with a career that demanding just to maintain my lifestyle.
This is absolutely key. If you are willing to make this kind of sacrifice, it is imperative to LBYM with an exit plan. Otherwise you'll never get off this hamster wheel and you'll burn out broke (or without much of a nest egg to show for it).

ClevrChico wrote:
Fri May 31, 2019 11:14 pm
"If you want to make a lot of money, you need to solve hard problems." - My former director.
Agree with this too. I would add to it "make yourself invaluable". Do things others can't, aren't able to or won't do (for whatever reason). This is partly how I did it.
Real Knowledge Comes Only From Experience

Bayareatechie
Posts: 13
Joined: Tue May 14, 2019 11:37 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Bayareatechie » Sat Jun 01, 2019 8:25 am

mdavis wrote:
Fri May 31, 2019 8:16 pm
In tech:

Principal Engineer/Director: $250-$400k-ish
Senior PE/Senior Director: $300-450k-ish
Fellow/VP: $400-600k-ish

Dual-income of any of these is > $500k.

-mark
Depending on the company and the RSUs, single income can also clear the $500k mark - I'm a principal sw engineer in this boat. Depending on company stock performance, total comp this year will be $500-$600k. I do realize I'm a statistical outlier in the industry taken as a whole, but that's the whole premise of this thread, right? :happy

Recently switched from the management track back to IC because while I could have made [much] more money climbing the management ladder, I didn't feel the added stress and hours would be worth it. It comes down to the law of diminishing returns others are talking about. Right now my hours are well within 40 hours per week, probably closer to 35. This lets me spend quality time with my wife and young kids.

I did also have to grind to get where I am today - in the earlier years, 60-80 hour weeks were common. What I want the younger people to hear is to pick a field where the businesses make a lot of money, jobs are in demand, and be prepared to work hard. It's better to choose a career path you like, so that working hard won't feel like you're working hard.

labguy
Posts: 15
Joined: Thu Jul 13, 2017 9:42 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by labguy » Sat Jun 01, 2019 9:00 am

North of this threshold in Insurance / risk transfer, leadership position. Not crazy hours at all, almost always less than 50/week, that said it requires a lot of air travel, 30 short trips a year. Good trade off from a work/home life balance perspective but I’m burnt of the travel after 2m airline miles over a 25 year career.

Cipro
Posts: 139
Joined: Sat Nov 24, 2007 7:56 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Cipro » Sat Jun 01, 2019 9:48 am

Base: 300K
Bonus; 30%
Equity: 1-1.5%

PhD Molecular Biology, 25 years in pharma/biotech. C-level in small biotech.

Lee_WSP
Posts: 621
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: For those who earn $500k+ per year. How'd you do that?

Post by Lee_WSP » Sat Jun 01, 2019 11:38 am

warner25 wrote:
Fri May 31, 2019 1:30 pm
groovy9 wrote:
Fri May 31, 2019 10:34 am
There's a mountain of evidence that earning more money beyond having your needs comfortably covered (think $60k to $100k range for a family of 4 in most areas of the US) doesn't make people happier.
I think the assumption in these studies, which is often true outside of the Boglehead community, is that people spend nearly everything they earn. So I think the evidence points to spending or consumption beyond $60-100k not making people happier. That makes sense to me. But I think many on this forum would get significant happiness from doubling or tripling their income and putting the entire after-tax increase into savings, not spending more at all. I'm sure I would. It's about peace of mind.
The studies are also very flawed. The methodology is not to give people extra income and then rate how happier they are. The methodology is to compare how happy (self reported) people are in different parts of the world with varying amounts of income. What the real takeaway is, is that people are happy when they're upper middle class.

Xrayman69
Posts: 200
Joined: Fri Jun 01, 2018 8:52 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Xrayman69 » Sat Jun 01, 2019 12:07 pm

unclescrooge wrote:
Fri May 31, 2019 3:33 pm
groovy9 wrote:
Fri May 31, 2019 10:34 am
FI4LIFE wrote:
Fri May 31, 2019 10:00 am
Sometimes I dream of chasing the big bucks
There's a mountain of evidence that earning more money beyond having your needs comfortably covered (think $60k to $100k range for a family of 4 in most areas of the US) doesn't make people happier.
I feel those studies are completely bogus.

They are churned out by professors who need to keep publishing in order to get tenure.

There is a self selection bias. As you make more money, you have less and less time to fill out surveys and the data becomes more sparse and likely to lopsided.

They are also likely to be highly impacted by where you live.

If a researcher told me I would be happier at $75k than $400k in house hold income, I would happily kick him in the teeth. Ok, maybe not, but I feel strongly about it. :mrgreen:

Maybe there is a declining value over $300k, but it's highly impacted by cost of living, especially housing costs, and state taxes.
Earning a high compensation may (???) not definitely make me happier I agree to the unknown. However making a lower salary certainly (at this point in my mid 40s ) would NOT make me happy. I’ve lived both sides, my parents raised my family with very modest means by any criteria. They served as examples of being proud about a job well done, work ethic, and being ethical in your relationships. State university education living at home (no rowing team) and grad school level education and translating childhood teachings worked out.

I enjoy working about 60 hours a week and traveling for Leisurely pursuits sure and work. A 40 hour work week truly feels like part time as I’ve had a job since 13 years old all the while going to school early on and minimal stipends during grad school internships and full time jobs.

High salary individuals typically have unique skills p, talents and or knowledge with passion and enjoy what they do (thus doesn’t feel like work) therefore compelling high or ultra high salaries.

I want my surgeon to be highly skilled. I want my CEO to have good foresight and I want the head of operations to have ability to lead the teams on efficient execution. I want my pilot to be skilled enough to address issues if the arise (alla Sully).

To those who feel the data about more money and time spent working will not make you happier p, I agree with you for you. For those that have a drive to “work” long hours and draw joy from it in a balanced life I agree that rewards are deserved as your part of the 1% who are willing and able to perform at this level.

JBTX
Posts: 5243
Joined: Wed Jul 26, 2017 12:46 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by JBTX » Sat Jun 01, 2019 2:17 pm

unclescrooge wrote:
Fri May 31, 2019 3:33 pm
groovy9 wrote:
Fri May 31, 2019 10:34 am
FI4LIFE wrote:
Fri May 31, 2019 10:00 am
Sometimes I dream of chasing the big bucks
There's a mountain of evidence that earning more money beyond having your needs comfortably covered (think $60k to $100k range for a family of 4 in most areas of the US) doesn't make people happier.
I feel those studies are completely bogus.

They are churned out by professors who need to keep publishing in order to get tenure.

There is a self selection bias. As you make more money, you have less and less time to fill out surveys and the data becomes more sparse and likely to lopsided.

They are also likely to be highly impacted by where you live.

If a researcher told me I would be happier at $75k than $400k in house hold income, I would happily kick him in the teeth. Ok, maybe not, but I feel strongly about it. :mrgreen:

Maybe there is a declining value over $300k, but it's highly impacted by cost of living, especially housing costs, and state taxes.
I generally believe those studies, but it is a bit more complicated than just being "happy" or not. For most people, the more you make, standard of living increases, expectations increase, commitments increase and the stress level of making higher income increases. If you save diligently what it does is it gives you more choices and more flexibility, and may lead to more happiness, or at least contentment, down the road once retired.

fullplay2024
Posts: 18
Joined: Tue Apr 23, 2019 3:07 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by fullplay2024 » Sat Jun 01, 2019 2:17 pm

Household W2 income crossed 500k mark last year.

- MCOL area
- VP of Engineering & Pharmacy Manager at Megcorps
- 15-20 years of individual work experience
- no more than 40 hours per week, no travel.
- ages: high 30s to low 40s

We're FI and can retire now if we downsize to a smaller home. But, we will ride it out for as long as the gravy train lasts, and build a bigger cushion prior to pulling the plug.
Last edited by fullplay2024 on Sun Jun 02, 2019 8:51 am, edited 1 time in total.

fullplay2024
Posts: 18
Joined: Tue Apr 23, 2019 3:07 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by fullplay2024 » Sat Jun 01, 2019 2:25 pm

A few acquaintances who make >$500k:

1. Plumbers and HVAC techs who started out in 20s and worked his butt off for 20+ years. Hired and trained plumbers, and now pull in a large six figure passive income with minimal work.
2. An executive coach who works with CEOs and makes 500k to 1M+ a year.
3. A realtor who works long hours.. income fluctuates, but consistently broke 500k mark
4. Real estate investors who built a massive multi-family portfolio
5. Couples working in Tech companies in the bay area
6. Investment bankers
7. Tech entrepreneurs
8. Physicians

mac808
Posts: 508
Joined: Mon Sep 19, 2011 8:45 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by mac808 » Sat Jun 01, 2019 2:56 pm

Prodiver wrote:
Sat Jun 01, 2019 6:29 am
I found out early on that working for myself was best. In 1974 started a manufacturers rep business. Repped for 14 companies calling on hardware stores in 5 states. No salary, straight commission. Sold in 1979 making 35k a month. “Retired” for 3 years and joined a fancy country club and played golf. Started working as a realtor in 1984 and stayed for 31 years. Quickly got to 250k a year and best year was over 700k. Averaged about 400k. Got out in 2010 started a small retail business that ballooned into a huge business with a partner and have 70 employees which drives me nuts. He runs day to day, and I might start another because it’s very profitable.

Great thread!
It seems like the move to real estate was a "step down" financially compared to what you could have made building and running more small businesses. Why did you stick with it so long? Did you just love the work?

User avatar
AerialWombat
Posts: 749
Joined: Tue May 29, 2018 1:07 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by AerialWombat » Sat Jun 01, 2019 3:11 pm

smitcat wrote:
Fri May 31, 2019 10:39 am
Your own business.
+1
“Life doesn’t come with a warranty.” -Michael LeBoeuf

Lee_WSP
Posts: 621
Joined: Fri Apr 19, 2019 5:15 pm
Location: Arizona

Re: For those who earn $500k+ per year. How'd you do that?

Post by Lee_WSP » Sat Jun 01, 2019 3:15 pm

mac808 wrote:
Sat Jun 01, 2019 2:56 pm
Prodiver wrote:
Sat Jun 01, 2019 6:29 am
I found out early on that working for myself was best. In 1974 started a manufacturers rep business. Repped for 14 companies calling on hardware stores in 5 states. No salary, straight commission. Sold in 1979 making 35k a month. “Retired” for 3 years and joined a fancy country club and played golf. Started working as a realtor in 1984 and stayed for 31 years. Quickly got to 250k a year and best year was over 700k. Averaged about 400k. Got out in 2010 started a small retail business that ballooned into a huge business with a partner and have 70 employees which drives me nuts. He runs day to day, and I might start another because it’s very profitable.

Great thread!
It seems like the move to real estate was a "step down" financially compared to what you could have made building and running more small businesses. Why did you stick with it so long? Did you just love the work?
Starting businesses is by no means a guarantee of success. Most fail in a year. Even more fail by year five.

CJC000
Posts: 72
Joined: Sat Jul 09, 2016 11:41 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by CJC000 » Sat Jun 01, 2019 3:30 pm

Board Certified Endodontist, private practice
23 years of education
4 da/wk, 40 wks/year, 8-5pm

masonstone
Posts: 400
Joined: Thu Feb 01, 2018 4:01 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by masonstone » Sat Jun 01, 2019 5:47 pm

CJC000 wrote:
Sat Jun 01, 2019 3:30 pm
Board Certified Endodontist, private practice
23 years of education
4 da/wk, 40 wks/year, 8-5pm
You forgot to count kindergarten.

Prodiver
Posts: 9
Joined: Sat May 11, 2019 11:32 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Prodiver » Sat Jun 01, 2019 5:48 pm

mac808 wrote:
Sat Jun 01, 2019 2:56 pm
Prodiver wrote:
Sat Jun 01, 2019 6:29 am
I found out early on that working for myself was best. In 1974 started a manufacturers rep business. Repped for 14 companies calling on hardware stores in 5 states. No salary, straight commission. Sold in 1979 making 35k a month. “Retired” for 3 years and joined a fancy country club and played golf. Started working as a realtor in 1984 and stayed for 31 years. Quickly got to 250k a year and best year was over 700k. Averaged about 400k. Got out in 2010 started a small retail business that ballooned into a huge business with a partner and have 70 employees which drives me nuts. He runs day to day, and I might start another because it’s very profitable.

Great thread!
It seems like the move to real estate was a "step down" financially compared to what you could have made building and running more small businesses. Why did you stick with it so long? Did you just love the work?
I was traveling 200 nights a year with young kids. Had to slow down. Plus the energy crisis in the late 70’s slowed down, and what I was selling was directly connected to that..

User avatar
ClevrChico
Posts: 1480
Joined: Tue Apr 03, 2012 8:24 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by ClevrChico » Sat Jun 01, 2019 9:10 pm

CJC000 wrote:
Sat Jun 01, 2019 3:30 pm
Board Certified Endodontist, private practice
23 years of education
4 da/wk, 40 wks/year, 8-5pm
As someone who once needed an endodontist, I would have paid 10X to get that tooth fixed. :-)

sf_tech_saver
Posts: 193
Joined: Sat Sep 08, 2018 9:03 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by sf_tech_saver » Sat Jun 01, 2019 11:00 pm

Bay Area + Software + Executive + Helps Sales = $1-2M/yr.

Saving like crazy....
VTI is a modern marvel

pinhead
Posts: 129
Joined: Fri Apr 04, 2014 8:47 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by pinhead » Sat Jun 01, 2019 11:53 pm

Traveler wrote:
Fri May 31, 2019 11:50 am
Jayhawk11 wrote:
Fri May 31, 2019 11:29 am
Wife makes ~500k at a mega law firm (market bonuses move it around a bit). She did it by going to a top college and a top law school and working all the time. 100 hour weeks pretty regularly. She's a workaholic.

I followed the same path and bowed out before partnership and now make ~150k as a public servant (HHI of 650-700 depending on bonuses).

So, be really lucky to be born with the genetic intelligence in a country where such mobility is possible, be really lucky to be born into a family that cultivates and values education and hard work (and sacrifices for you), be really lucky to avoid fates like disease or abusive parents, then be both lucky and hardworking in your school career, then be lucky and extremely hardworking post-grad school (lots of smart and hardworking attorneys get the axe for things out of their control, i.e. Great Recession).

So extreme amounts of luck (macro and micro) peppered with uncommon work ethic and diligence. Easy peasy.
Every so often I see someone say they (or in this case, the spouse) regularly work 100 hours a week. I simply don't believe it. This means that Every.Single.Day. the person works 14 hours and 17 minutes. There aren't enough hours in the day. Maybe a week here or there but I don't believe the "regularly".
I work as a consultant (technical) from home and I work non stop through out the day. I start around 9:30 am, and work till about 2:30 am. I dont work every minute, but these are the work hours (I have people working for me overseas in diff time zones). I do make between $350K to $550K a year. And the only time I completely shut down are Friday after 6pm and usually all off Saturday. Sunday is almost a normal work day for me.

These work hours do affect my family time but the family is kinda used to it. I am 43 and plan to slow down soon but its difficult to stop making money because at this point, its all repeat clients asking me to do more work for them, and I have trouble turning down work/money.

zrail
Posts: 64
Joined: Sun Jan 28, 2018 9:18 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by zrail » Sun Jun 02, 2019 12:56 am

pinhead wrote:
Sat Jun 01, 2019 11:53 pm
Traveler wrote:
Fri May 31, 2019 11:50 am
Jayhawk11 wrote:
Fri May 31, 2019 11:29 am
Wife makes ~500k at a mega law firm (market bonuses move it around a bit). She did it by going to a top college and a top law school and working all the time. 100 hour weeks pretty regularly. She's a workaholic.

I followed the same path and bowed out before partnership and now make ~150k as a public servant (HHI of 650-700 depending on bonuses).

So, be really lucky to be born with the genetic intelligence in a country where such mobility is possible, be really lucky to be born into a family that cultivates and values education and hard work (and sacrifices for you), be really lucky to avoid fates like disease or abusive parents, then be both lucky and hardworking in your school career, then be lucky and extremely hardworking post-grad school (lots of smart and hardworking attorneys get the axe for things out of their control, i.e. Great Recession).

So extreme amounts of luck (macro and micro) peppered with uncommon work ethic and diligence. Easy peasy.
Every so often I see someone say they (or in this case, the spouse) regularly work 100 hours a week. I simply don't believe it. This means that Every.Single.Day. the person works 14 hours and 17 minutes. There aren't enough hours in the day. Maybe a week here or there but I don't believe the "regularly".
I work as a consultant (technical) from home and I work non stop through out the day. I start around 9:30 am, and work till about 2:30 am. I dont work every minute, but these are the work hours (I have people working for me overseas in diff time zones). I do make between $350K to $550K a year. And the only time I completely shut down are Friday after 6pm and usually all off Saturday. Sunday is almost a normal work day for me.

These work hours do affect my family time but the family is kinda used to it. I am 43 and plan to slow down soon but its difficult to stop making money because at this point, its all repeat clients asking me to do more work for them, and I have trouble turning down work/money.
That pencils out to roughly $100/hr. Charge more, my friend.

Erwin007
Posts: 333
Joined: Tue Aug 19, 2008 8:29 am
Location: Intermountain West

Re: For those who earn $500k+ per year. How'd you do that?

Post by Erwin007 » Sun Jun 02, 2019 1:27 am

Sub-specialized orthopedic surgeon. 26 years of education (not counting kindergarten :P ).
Previously hospital employed working 60-65 hours per week with 4-6 days/nights of 24 hour call.
Transitioned to new position working about 8-9 twenty-four hour shifts per month doing the worst of the worst (bad fractures, old/sick patients, infections, amputations, etc). The work is depressing, but the lifestyle is amazing.

Edit: forgot to say that I worked 90+hours per week for the first 3 years of my residency. Trained at a program that didn’t follow duty hour restrictions. Was on call every fourth night for 3 years, often working 4:30 am one day until 5:30-6 pm the next day. “Regular” days were lots of 14 hour shifts. Don’t have to do many 36-38 hour straight stretches to get big numbers in hours.
Last edited by Erwin007 on Sun Jun 02, 2019 9:47 am, edited 1 time in total.

gips
Posts: 539
Joined: Mon May 13, 2013 5:42 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by gips » Sun Jun 02, 2019 4:35 am

Was making $300k as Wall st tech consultant, started consulting business, 3rd year broke $500k, last two years before we sold, 7 figures. Retired after selling.

Life changing, allowed us to send kids to the colleges of their choice, travel, Manhattan apt. Lots of bogleheaders have gotten to financial independence making < $100k and I think that feeling of security and lack of stress is all that’s important. The other stuff is just adult toys.

thx1138
Posts: 985
Joined: Fri Jul 12, 2013 2:14 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by thx1138 » Sun Jun 02, 2019 5:54 am

A family member is north of $500k/yr. Engineer that moved into management. Was always willing to move wherever the next opportunity was and had an eye on working up the ladder the whole time. Lived in five different countries moving kids along the whole way. The kids thrived, the family is happy and seem to enjoy the bit of craziness of it all but some parts of it were hard of course. Hours worked not usually all that insane but in some positions crippling amounts of travel.

Fundamentally getting to that level of income in management means managing a lot of dollars and people typically. In this case a few thousand employees and a few billion in revenue.

As to the 100hr/wk thing I did that for a few weeks once. People bring you your food and you eat at your desk. You don’t shower every day. You can’t have any length of a commute and sleeping in the office helps. I at least became a very disagreeable person with that much workload. You can’t do truly creative work and instead execute a plan laid out in advance reacting tactically to what comes up along the way. It sucked.

I have been able to do about 70hr/wk for periods of months. Again you are primarily reactionary at those workloads. I still didn’t like it.

In my current position I can work as many hours as I want and get paid for all of them. If I did 100hr/wk I’d make just a smidge under $500k/yr. There is no way in heck I’d choose to do that. Right now I choose to work 30hr/wk instead and thus make significantly less but am much happier for it!

smitcat
Posts: 3766
Joined: Mon Nov 07, 2016 10:51 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by smitcat » Sun Jun 02, 2019 6:11 am

Lee_WSP wrote:
Sat Jun 01, 2019 3:15 pm
mac808 wrote:
Sat Jun 01, 2019 2:56 pm
Prodiver wrote:
Sat Jun 01, 2019 6:29 am
I found out early on that working for myself was best. In 1974 started a manufacturers rep business. Repped for 14 companies calling on hardware stores in 5 states. No salary, straight commission. Sold in 1979 making 35k a month. “Retired” for 3 years and joined a fancy country club and played golf. Started working as a realtor in 1984 and stayed for 31 years. Quickly got to 250k a year and best year was over 700k. Averaged about 400k. Got out in 2010 started a small retail business that ballooned into a huge business with a partner and have 70 employees which drives me nuts. He runs day to day, and I might start another because it’s very profitable.

Great thread!
It seems like the move to real estate was a "step down" financially compared to what you could have made building and running more small businesses. Why did you stick with it so long? Did you just love the work?
Starting businesses is by no means a guarantee of success. Most fail in a year. Even more fail by year five.
About half are still in business in 5 years.

Enganerd
Posts: 91
Joined: Wed Apr 15, 2015 8:22 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Enganerd » Sun Jun 02, 2019 8:14 am

Glockenspiel wrote:
Fri May 31, 2019 1:16 pm
leeks wrote:
Fri May 31, 2019 12:42 pm
cal91 wrote:
Fri May 31, 2019 10:03 am
I'd like to hear too... even if only over $200k.

I'm a structural engineer making $90k + benefits. Sounds decent but factor in 4 kids + wife, single income, and living in California it's lean living. Always thought in high school and college I wouldn't have to live this lean having my PE stamp. Even considering starting off on my own.
If you don't have extended family in CA (and maybe even if you do), I'd just get out of there! You should be able to make roughly as good a salary as an engineer in other parts of the country and your money could go a lot farther.
Dang. I'm having a hard time imaging a structural PE making that little in California, unless it's like rural northern CA, or something...I'm around the same salary with 11 years experience as a civil, in a city in the Midwest.
I am as well. I am a Bridge Engineer with a LCOL State DOT with roughly 7.5 yrs experience making ~90k plus benefits. Benefits including participation in what has been a generous pension plan but I don't really expect it to be as generous for the next 60ish or so years that I hope to be around.

SQRT
Posts: 1140
Joined: Sat Feb 05, 2011 9:44 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by SQRT » Sun Jun 02, 2019 8:19 am

Turns out I had an aptitude for Finance. Got all the relevant education I could (BA,CPA,MBA,CFA) all on my own dime, part time. Worked at big 4 Accounting firm for about 10 years then a high quality, big bank. Worked hard but not excessively so, about 50 hours a week. Got very lucky- right place, right time, right mentor. Ended up as CFO. Mid seven figures. Lots of equity. Retired at 56, 13 years ago. Very enjoyable, healthy, satisfying retirement. Worth it? You bet.
Last edited by SQRT on Sun Jun 02, 2019 9:06 am, edited 1 time in total.

app1
Posts: 10
Joined: Wed Nov 16, 2016 5:19 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by app1 » Sun Jun 02, 2019 8:50 am

Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.

SQRT
Posts: 1140
Joined: Sat Feb 05, 2011 9:44 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by SQRT » Sun Jun 02, 2019 9:05 am

Cartographer wrote:
Sat Jun 01, 2019 1:39 am

I want to know how money affects happiness, not how the typical careers tied to certain income levels affect happiness.



For my own example, at some point in my career my income tripled. Before, I thought I was perfectly content. Afterward, I realized how financially comfortable the higher income made me, and how much happiness I derived from not having to think nearly as hard about money. It was freeing, and something I never expected. My pre-raise self and current self might both have given the same happiness rating, but I know I’m happier now.
Interesting. So many things could affect one’s happiness level. Health, relationships, self actualization,personality,maybe wealth, etc. Also I think some people are just happy while others are not. The knowledge that I am quite wealthy, had a very successful and high paying career, can do just about anything I want in retirement, have been able to help friends and family, certainly makes me at least a little happier than would have been the case otherwise. Having said that I am sure I would still be happy with less wealth. I wouldn’t volunteer this though.

But everyone is different. There are certainly trade offs required to earn this kind of comp. But I think many people over estimate them. I also think that some people might underestimate the advantages of significant wealth. Probably because to think otherwise might create a sense of regret or envy (this would probably cause some unhappiness). Anyway, lots of paths to happiness. Being satisfied with one’s circumstance is pretty much a prerequisite to, at least a certain degree of happiness, I think.
Last edited by SQRT on Sun Jun 02, 2019 10:05 am, edited 1 time in total.

Cyanide123
Posts: 133
Joined: Sun May 05, 2019 9:14 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Cyanide123 » Sun Jun 02, 2019 9:31 am

app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.

HEDGEFUNDIE
Posts: 3094
Joined: Sun Oct 22, 2017 2:06 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by HEDGEFUNDIE » Sun Jun 02, 2019 9:35 am

Cyanide123 wrote:
Sun Jun 02, 2019 9:31 am
app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.
Any doctor making <$200k is underpaid.

https://www.medscape.com/slideshow/2019 ... ew-6011286

Cyanide123
Posts: 133
Joined: Sun May 05, 2019 9:14 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Cyanide123 » Sun Jun 02, 2019 9:59 am

HEDGEFUNDIE wrote:
Sun Jun 02, 2019 9:35 am
Cyanide123 wrote:
Sun Jun 02, 2019 9:31 am
app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.
Any doctor making <$200k is underpaid.

https://www.medscape.com/slideshow/2019 ... ew-6011286
I know what doctors are paid -_- I also know there is a wide variation in salaries. East coast pays significantly less than the Midwest or the South. It is not unheard of for pediatricians (lowest paid physicians essentially) and some family practice pcps to barely hit 200k in particular areas of the country, especially if they went into academic positions. In fact, my med school faculty had salaries in the 140-180k range for a lot of them, mostly because they picked lower paying specialties in academics. Also.... The VA docs are averaging around 160-200k in lower paying specialties (peds, family med, internal medicine). So like I said, it is similar compensation to some doctors who have had many many more years of training.

stoptothink
Posts: 5897
Joined: Fri Dec 31, 2010 9:53 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by stoptothink » Sun Jun 02, 2019 10:02 am

HEDGEFUNDIE wrote:
Sun Jun 02, 2019 9:35 am
Cyanide123 wrote:
Sun Jun 02, 2019 9:31 am
app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.
Any doctor making <$200k is underpaid.

https://www.medscape.com/slideshow/2019 ... ew-6011286
Certainly there is opportunity out there to make more. My employer has 6 health clinics located all over the country; starting salary for family medicine is $170k and we got well over a hundred applications for 4 positions at the clinic we just opened a few weeks ago.

Cyanide123
Posts: 133
Joined: Sun May 05, 2019 9:14 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Cyanide123 » Sun Jun 02, 2019 10:17 am

stoptothink wrote:
Sun Jun 02, 2019 10:02 am
HEDGEFUNDIE wrote:
Sun Jun 02, 2019 9:35 am
Cyanide123 wrote:
Sun Jun 02, 2019 9:31 am
app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.
Any doctor making <$200k is underpaid.

https://www.medscape.com/slideshow/2019 ... ew-6011286
Certainly there is opportunity out there to make more. My employer has 6 health clinics located all over the country; starting salary for family medicine is $170k and we got well over a hundred applications for 4 positions at the clinic we just opened a few weeks ago.
Yes, plenty of opportunities out there to make more. Eventually comes down to location and desirability of a place. But hedgefundie makes it sound like all physicians are making >200k when a lot of them aren't. Which is why the PA making 180k working 32-33 hours a week with significantly less liability than physicians is an excellent gig compared to many lower paying physician jobs.

HEDGEFUNDIE
Posts: 3094
Joined: Sun Oct 22, 2017 2:06 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by HEDGEFUNDIE » Sun Jun 02, 2019 10:24 am

Cyanide123 wrote:
Sun Jun 02, 2019 10:17 am
stoptothink wrote:
Sun Jun 02, 2019 10:02 am
HEDGEFUNDIE wrote:
Sun Jun 02, 2019 9:35 am
Cyanide123 wrote:
Sun Jun 02, 2019 9:31 am
app1 wrote:
Sun Jun 02, 2019 8:50 am
Wife and I are 28/29 in HCOL area

Physician (EM - 3 year residency) 580k working 40 hrs/wk.Will spend up to 4 days away from home twice a month and fly to the middle of nowhere. You have to be willing to travel, live in an area nobody else wants to, or work a bunch of hours in my specialty to make this kind of money. Hoping to retire by 40.

Wife is a PA in a subspecialty, works 9-4 mon-thursday with a half day on friday and makes 160-180k per year. I think she is the one who won the game.
Your wife's gig sounds pretty awesome. That's essentially similar compensation to pediatricians and some pcp doctors.
Any doctor making <$200k is underpaid.

https://www.medscape.com/slideshow/2019 ... ew-6011286
Certainly there is opportunity out there to make more. My employer has 6 health clinics located all over the country; starting salary for family medicine is $170k and we got well over a hundred applications for 4 positions at the clinic we just opened a few weeks ago.
Yes, plenty of opportunities out there to make more. Eventually comes down to location and desirability of a place. But hedgefundie makes it sound like all physicians are making >200k when a lot of them aren't. Which is why the PA making 180k working 32-33 hours a week with significantly less liability than physicians is an excellent gig compared to many lower paying physician jobs.
According to Medscape the average family medicine physician is making $231k. According to Doximity they’re making $242k.

Of course there are those that make less, but for every such example mentioned already, there is another primary care doctor making 60-70k more than the average. Speaking of which, here is one recently posted example:

viewtopic.php?p=4573650#p4573650

Nathan Drake
Posts: 425
Joined: Mon Apr 11, 2011 12:28 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Nathan Drake » Sun Jun 02, 2019 1:53 pm

GuyFromGeorgia wrote:
Fri May 31, 2019 12:30 pm
Colorado is a good place to be an engineer. I've seen steady increases in total comp and I'm in the same ballpark as HawkeyPierce (~bit over $300k). It is a good spot to be in.
For clarity, you mean software engineer?

Other disciplines aren’t anywhere close

SantaClaraSurfer
Posts: 46
Joined: Tue Feb 19, 2019 11:09 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by SantaClaraSurfer » Sun Jun 02, 2019 2:48 pm

cal91 wrote:
Fri May 31, 2019 10:03 am
I'd like to hear too... even if only over $200k.

I'm a structural engineer making $90k + benefits. Sounds decent but factor in 4 kids + wife, single income, and living in California it's lean living. Always thought in high school and college I wouldn't have to live this lean having my PE stamp. Even considering starting off on my own.
Over the last five years my wife and I went from roughly your level to (for now) well above your target but not yet the nominal goal of this thread. Our experience may be relevant, so I have two cents to add in answer to your question, but they are two very different cents.

Cent One: Our monthly expenses (Housing + Bills + Monthly Necessities + Annualized Necessities) are LESS now than when we started. So, frugality, budgeting, planning, savings rate, all that stuff did not go out the window at all. We channel our extra income into savings/investing and long term spending goals (including college for our kiddos), but our day to day life is the $100k per year zone daily life. We were happy then. We are happy now. We are just much more financially secure.

Cent Two: We didn't set out to make more money, we set out have better, more interesting careers. We both now work in technology at companies with a strong forward focus. For my wife that meant targeting a more cutting edge employer and work group, honing her technical skills, working for promotion, always improving. She's the hero and the bigger bread-winner. For me, the work was tougher in a different way since I wasn't in technology at all and had a mid-life spell of work that did not use my college degree. I was the fixer-upper part of the deal. How did I go from struggling to a great job?

Over a couple years, I contracted to prove/hone my project/program management competencies, met with a series of career coaches and then, in addition to doing all that, realized that I needed to get my head screwed on straight by myself. I dove headfirst into a set of books that really helped me orient towards what it would take to get hired and succeed. The turning point came when I took a $150 budget to a mega bookstore and took two hours to pick out 8 books that could help me. Some covered career, some covered mid-life attitude changes, some covered technology, and some just covered job hunting basics that I was oblivious about. This time/$$/effort was a worthwhile investment.

The key insight I took away from it was this: after doing my homework with regards to targeting prospective employers, I realized that I had to be able to walk into an interview excited/curious/engaged with what the person who was hiring me needed to accomplish in the upcoming year, and persuasive that I had the relevant talent, dedication and interest to pull it off. You don't have be the "perfect" candidate to put yourself in strong contention. You do have to be focused on delivering success in your new role (ie. not your past, not your qualifications, not your abstract suitability for what you think the job is, etc.) The rest is up to circumstances, in large part.

Find the right sector and company and the pay may surprise you.
Last edited by SantaClaraSurfer on Sun Jun 02, 2019 11:47 pm, edited 1 time in total.

Nathan Drake
Posts: 425
Joined: Mon Apr 11, 2011 12:28 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by Nathan Drake » Sun Jun 02, 2019 3:50 pm

This topic seems completely foreign to me as an engineer (not software) in megacorp land. Starting pay out of school is 65-70k, expect 3-4% annual raises, and 5-7% every few years for promotions.

Top out at the technical ladder in your 50-60s at 175-200k if you’re lucky, most will fall short.

Honestly makes me wonder what the point is trying hard in this environment.

goldendad
Posts: 225
Joined: Tue Apr 10, 2012 10:29 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by goldendad » Sun Jun 02, 2019 3:54 pm

Very senior pilot at major airline. Been there 34 years. Work in training department and management for extra pay. That plus investment income of 110k puts us over 500k. Airline job did not pay over 200k until [about] the last 5 years. Will retire in 1 1/2 years.

stoptothink
Posts: 5897
Joined: Fri Dec 31, 2010 9:53 am

Re: For those who earn $500k+ per year. How'd you do that?

Post by stoptothink » Sun Jun 02, 2019 4:01 pm

Nathan Drake wrote:
Sun Jun 02, 2019 3:50 pm
This topic seems completely foreign to me as an engineer (not software) in megacorp land. Starting pay out of school is 65-70k, expect 3-4% annual raises, and 5-7% every few years for promotions.

Top out at the technical ladder in your 50-60s at 175-200k if you’re lucky, most will fall short.

Honestly makes me wonder what the point is trying hard in this environment.
Starting pay, right out of school, is higher than median household income in this country and you are wondering why you should try hard? FWIW, I had a (STEM) PhD and a decade of experience before I made more than $70k. This thread is the outliers of the outlier, according to the IRS less than .3% of households have an AGI of $500k+.
Last edited by stoptothink on Sun Jun 02, 2019 4:15 pm, edited 1 time in total.

livesoft
Posts: 67343
Joined: Thu Mar 01, 2007 8:00 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by livesoft » Sun Jun 02, 2019 4:13 pm

Nathan Drake wrote:
Sun Jun 02, 2019 3:50 pm
Honestly makes me wonder what the point is trying hard in this environment.
Fortunately, you don't have to try hard. I always made less than $150K while working and my spouse always has made much much less than I ever did. Based on our experiences, I think you are well on your way to becoming a multimillionaire without even trying.
stoptothink wrote:
Sun Jun 02, 2019 4:01 pm
FWIW, I had a (STEM) PhD and a decade of experience before I made more than $70k.
Me, too.
Wiki This signature message sponsored by sscritic: Learn to fish.

User avatar
ram
Posts: 1244
Joined: Tue Jan 01, 2008 10:47 pm
Location: Midwest

Re: For those who earn $500k+ per year. How'd you do that?

Post by ram » Sun Jun 02, 2019 4:43 pm

IMO wrote:
Fri May 31, 2019 11:59 am
How exactly does one work a 100 hr week on a regular basis?
100/7 = 14.28 hrs/day if working 7 days per week
100/6 = 16.7 hrs/day if working 6 days per week
100/5 = 20 hrs/day if working 5 days per week

How much time per day is the commute, getting ready for work, eating, going to bathroom per day? No kids/time with kids? Take a dog for a walk? Any exercise time? Edit: forgot sleeping

I'm not talking about someone "working" 24 hr shifts like at a firehouse, someone counting their time on-call as work hours, or some job where sleeping or doing other things at the same time are allowed.

This may be considered a financial success, but in my book that would hardly be a goal to strive for in life.
I easily worked 100 hours per week for 4 years of my life. (> 48 weeks/year)
Sleep = ........................35 hrs/week.
Commute = .................0.25 hr/ wk (15 min/week). Lived on campus, 200 yards from the hospital. Free accommodation from employer.
Getting ready for work.......3.5 hr/wk (30 min /day, typically showering and putting on scrubs)
Kids/ wife / dog...............0 (this is before marriage, no pet)
Eating.......................... 3.5 hr/week (A food delivery service delivered every meal except when I ate at a restaurant. Never cooked.)
TV/ movies.....................1.0
Restaurant meals.............2.0 (including travel time)
Misc ............................2.75
Studying/ Research..........15.0
Total.......................... 63.0

Work (patient care) = 105 /week.

Typical day 6 AM to 8 pm x 4 days/week. Sundays 6 am to 2 pm. Two days a week of about 21 hrs/day (24 hr shifts with 2 breaks of 1 to 2 hrs each.) Napping 15 minutes at a stretch during slow times between 2 AM to 6 AM is counted as work. But any nurse or junior resident can wake you any time as needed during the nap.

More recent laws in the US restrict it to 80 hrs / week. Anecdotally these laws are not strictly followed and there is discussion about 80 hrs/wk not being enough.
Last edited by ram on Sun Jun 02, 2019 4:44 pm, edited 1 time in total.
Ram

Regattamom
Posts: 194
Joined: Sat Jan 06, 2018 3:40 pm

Re: For those who earn $500k+ per year. How'd you do that?

Post by Regattamom » Sun Jun 02, 2019 4:44 pm

masonstone wrote:
Fri May 31, 2019 12:06 pm
I’m a Physician sub-specialist making 800K. My wife makes 900k as a generalist who owns multiple practices and employs doctors.
Masonstone,

In March when you were asking about buying a home with parents, you had this to say about your income:
"1.3 million/year with potential growth to 1.5 million/year."

How did it already grow to 1.7 million/year in less than three months? That's an additional 400k.

And in August 2018, you had this to say about your income:
I don't "need" more money. DW and I make about 900k/year (combined). There's a ripe opportunity for me to increase my income by 200-300K (from 400k to 700k).

In 10 months your income has grown from $900k per year combined to 1.7 million per year combined? $800k?

Would you please tell us how?
Last edited by Regattamom on Sun Jun 02, 2019 7:56 pm, edited 1 time in total.

MathIsMyWayr
Posts: 607
Joined: Mon Mar 27, 2017 10:47 pm
Location: CA

Re: For those who earn $500k+ per year. How'd you do that?

Post by MathIsMyWayr » Sun Jun 02, 2019 5:37 pm

livesoft wrote:
Sun Jun 02, 2019 4:13 pm
Nathan Drake wrote:
Sun Jun 02, 2019 3:50 pm
Honestly makes me wonder what the point is trying hard in this environment.
Fortunately, you don't have to try hard. I always made less than $150K while working and my spouse always has made much much less than I ever did. Based on our experiences, I think you are well on your way to becoming a multimillionaire without even trying.
stoptothink wrote:
Sun Jun 02, 2019 4:01 pm
FWIW, I had a (STEM) PhD and a decade of experience before I made more than $70k.
Me, too.
Sadly, your earnings are not based on your capability, but on the circumstances you are in. After languishing in many years of "low" earnings after getting a Ph. D., I made a move with a jump in salary. Now my earnings are significantly higher.

Locked