Very high earners ($400k+), how did you do it?

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newyorker
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Re: Very high earners ($400k+), how did you do it?

Post by newyorker »

newinvestor54 wrote: Thu Dec 02, 2021 7:23 am
Starfish wrote: Wed Dec 01, 2021 4:51 pm
jharkin wrote: Wed Dec 01, 2021 1:29 pm
Shael_AT wrote: Tue Nov 30, 2021 11:56 am The difference in pay for a M2 or M3 who is Great versus Satisfactory explains this, some Sr Directors bring in 1m+ comp, others bring in 2-10m comp and are often fast tracked to become VP's and SVP's.
Ive seen these numbers thrown out before... I havea hard time accepting this is anthing like common even at FAANG.

Take Google. They have what, 150,000 employees?

So they have to have at least 1,000+ directors.

If every director is earning a million, that is $1 billion in payroll expense just for directors.

I don't think that is mathematically possible. But I'm happy to be proven wrong.
I am preetty sure that a sr. director makes 1 million at google. Actually there are individual contributors who make as much.
Yep I'm an IC one step below director level and will make $930k this year (RSUs skyrocketed). I work 40 hours per week with little stress in a job I find fascinating.

We should switch lives... for like 10 years 😉
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AnnetteLouisan
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Re: Very high earners ($400k+), how did you do it?

Post by AnnetteLouisan »

This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner.

Many sacrifices were surely involved: from the individual and from their families, teachers, communities, schools, mentors, taxpayers, neighbors and the architects and protectors of the society that makes it possible for children to have the leisure to study rather than work.
Last edited by AnnetteLouisan on Thu Dec 02, 2021 10:02 am, edited 2 times in total.
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Re: Very high earners ($400k+), how did you do it?

Post by EddyB »

Dontsell1 wrote: Thu Dec 02, 2021 7:21 am
Blue456 wrote: Thu Dec 02, 2021 5:35 am
cncm wrote: Sun Nov 28, 2021 7:37 am medicine - those are pretty standard careers where you’ll easily make that much within a few years
Most doctors don't make $400,000. These days specialists make between $200,000 to $300,000 a year. Maybe neurosurgery or plastics will get you at $400,000. Physicians who own their own practices have seen for decades decreased pay from insurance companies. It is simply not financially worth it these days to specialize.
Not true. It will still worth it to specialize most of the time.
This doesn't tell us how many people are in each speciality, and it's from last year (and now it's almost next year!), and it doesn't seem to say whether they're reporting a mean or median, but sometimes it's nice to look at something based on data: https://www.doximity.com/2020_compensation_report
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anon_investor
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner. Many sacrifices were surely involved.
For lawyers, it is mostly biglaw. The easy path to that starts at like high school/college, LOL. Get good grades and ace the LSAT, go to a top 14 law school, then big law. Then do soul sucking work until you hit $400k, then quit from the burn out. :twisted:
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Re: Very high earners ($400k+), how did you do it?

Post by Firemenot »

anon_investor wrote: Thu Dec 02, 2021 9:04 am
AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner. Many sacrifices were surely involved.
For lawyers, it is mostly biglaw. The easy path to that starts at like high school/college, LOL. Get good grades and ace the LSAT, go to a top 14 law school, then big law. Then do soul sucking work until you hit $400k, then quit from the burn out. :twisted:
Pretty much sadly. Something like 75% of attorneys wish they had gone into a different profession. In-house positions in a good corporate culture in a growing company can also get you the 400K+, and without the hours of BigLaw. You don’t have to necessarily be GC or Deputy GC either. Specialization (and/or tenure) can get you there too.
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Re: Very high earners ($400k+), how did you do it?

Post by H-Town »

Marry a spouse that is also a high earner. :wink: I don't make $400k+, but our combined income is $400k+.
Time is the ultimate currency.
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

Firemenot wrote: Thu Dec 02, 2021 9:19 am
anon_investor wrote: Thu Dec 02, 2021 9:04 am
AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner. Many sacrifices were surely involved.
For lawyers, it is mostly biglaw. The easy path to that starts at like high school/college, LOL. Get good grades and ace the LSAT, go to a top 14 law school, then big law. Then do soul sucking work until you hit $400k, then quit from the burn out. :twisted:
Pretty much sadly. Something like 75% of attorneys wish they had gone into a different profession. In-house positions in a good corporate culture in a growing company can also get you the 400K+, and without the hours of BigLaw. You don’t have to necessarily be GC or Deputy GC either. Specialization (and/or tenure) can get you there too.
Yep, I am on that in-house path now (not at $400k yet though, but will probably get there via specialization and tenure), for the last few years, after a bunch of years as an associate in biglaw. In the last couple of years I have passed on a couple of other in-house opportunities at other companies with higher pay, but that "good coprorate culture" thing not a gurantee everywhere, and I am happy where I am now. Money isn't everything to me, being able to spend quality time with my spouse and 3 young kids everyday is priceless. I am 100% WFH now and only work 35-40 hours a week. Unfortunately for lawyers, for the most part to get these kinds of in-house positions you have to have biglaw experience...
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AnnetteLouisan
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Re: Very high earners ($400k+), how did you do it?

Post by AnnetteLouisan »

Comp has various components too - the straight up base salary may not be $400k but with bonus, benefits, incentives, raises and matching you can get close or over that line. And then of course the net number is FAR smaller than the gross, not complaining but when people hear crazy gross numbers they don’t mentally slash off 40 percent or more…
Last edited by AnnetteLouisan on Thu Dec 02, 2021 9:47 am, edited 1 time in total.
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Re: Very high earners ($400k+), how did you do it?

Post by Firemenot »

anon_investor wrote: Thu Dec 02, 2021 9:33 am
Firemenot wrote: Thu Dec 02, 2021 9:19 am
anon_investor wrote: Thu Dec 02, 2021 9:04 am
AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner. Many sacrifices were surely involved.
For lawyers, it is mostly biglaw. The easy path to that starts at like high school/college, LOL. Get good grades and ace the LSAT, go to a top 14 law school, then big law. Then do soul sucking work until you hit $400k, then quit from the burn out. :twisted:
Pretty much sadly. Something like 75% of attorneys wish they had gone into a different profession. In-house positions in a good corporate culture in a growing company can also get you the 400K+, and without the hours of BigLaw. You don’t have to necessarily be GC or Deputy GC either. Specialization (and/or tenure) can get you there too.
Yep, I am on that in-house path now (not at $400k yet though, but will probably get there via specialization and tenure), for the last few years, after a bunch of years as an associate in biglaw. In the last couple of years I have passed on a couple of other in-house opportunities at other companies with higher pay, but that "good coprorate culture" thing not a gurantee everywhere, and I am happy where I am now. Money isn't everything to me, being able to spend quality time with my spouse and 3 young kids everyday is priceless. I am 100% WFH now and only work 35-40 hours a week. Unfortunately for lawyers, for the most part to get these kinds of in-house positions you have to have biglaw experience...
I don’t have a BigLaw background. In my experience the best way to get an in-house opportunity is to impress a client over time with work product. Poaching great outside counsel is a preferred recruiting method. Low risk.
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Re: Very high earners ($400k+), how did you do it?

Post by carguyny »

Trying to come up with something actionable is kind of interesting.

I've been on a 7 figure base for about 10 years now. I'm mid-40s and in private equity.

How did I do it? I was lazy at college so found a major I had to do very little work for and get good grades. That major was finance.

Talent and results matter FAR more than what school you went to, what degree you did etc. Communication skills are critical, I will hire a great communicator before I will hire a 4.0 GPA from an Ivy (normally end up letting them go after a few years as they have limited progression).

The biggest skill I would say I have is you can drop me in a situation and I will make decisions and get positive outcomes within days. So many people are afraid of making decisions because they're worried they'll be wrong. If I'm wrong, I'll admit it early and adjust that decision.

I also know when to apply maximum effort vs letting things play out.

Talent, Communication, Judgement and Self-Awareness I would say are the major things.
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Re: Very high earners ($400k+), how did you do it?

Post by austin757 »

carguyny wrote: Thu Dec 02, 2021 9:48 am Trying to come up with something actionable is kind of interesting.

I've been on a 7 figure base for about 10 years now. I'm mid-40s and in private equity.

How did I do it? I was lazy at college so found a major I had to do very little work for and get good grades. That major was finance.

Talent and results matter FAR more than what school you went to, what degree you did etc. Communication skills are critical, I will hire a great communicator before I will hire a 4.0 GPA from an Ivy (normally end up letting them go after a few years as they have limited progression).

The biggest skill I would say I have is you can drop me in a situation and I will make decisions and get positive outcomes within days. So many people are afraid of making decisions because they're worried they'll be wrong. If I'm wrong, I'll admit it early and adjust that decision.

I also know when to apply maximum effort vs letting things play out.

Talent, Communication, Judgement and Self-Awareness I would say are the major things.
So you can get into one of these jobs with good grades, but from a "regular" college? I always thought you had to go a to a top university to get these type of finance/banking jobs. Or at least to get your foot in the door, and then the grades won't matter.
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Re: Very high earners ($400k+), how did you do it?

Post by Blue456 »

diabelli wrote: Thu Dec 02, 2021 7:39 am
Blue456 wrote: Thu Dec 02, 2021 5:35 am
cncm wrote: Sun Nov 28, 2021 7:37 am medicine - those are pretty standard careers where you’ll easily make that much within a few years
Most doctors don't make $400,000. These days specialists make between $200,000 to $300,000 a year. Maybe neurosurgery or plastics will get you at $400,000. Physicians who own their own practices have seen for decades decreased pay from insurance companies. It is simply not financially worth it these days to specialize.
I'll also chime in to say that this isn't my experience.
Academia these numbers are somewhat accurate.
A thriving private group gets partners 500k-1mil in medical subspecialties and likely 700k-1.2mil in surgical specialties. This is true even in the northeast. Of course there are some groups which aren't doing so well, or which pull along employees paying them 300-400k for years before letting them into the bigger money.
You have to open your own practice. Corporate does not pay 500k- 1 million per year.
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Re: Very high earners ($400k+), how did you do it?

Post by Blue456 »

Double post
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Re: Very high earners ($400k+), how did you do it?

Post by novemberrain »

Blue456 wrote: Thu Dec 02, 2021 11:11 am You have to open your own practice. Corporate does not pay 500k- 1 million per year.
I have first hand data. Your statement is incorrect.
Medical (non surgical) specialist I am speaking of; earns right in that range; and can get even much above that range if not for the lack of desire.
Last edited by novemberrain on Thu Dec 02, 2021 11:26 am, edited 3 times in total.
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

Firemenot wrote: Thu Dec 02, 2021 9:46 am
anon_investor wrote: Thu Dec 02, 2021 9:33 am
Firemenot wrote: Thu Dec 02, 2021 9:19 am
anon_investor wrote: Thu Dec 02, 2021 9:04 am
AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am This is like asking Olympic or professional athletes the tricks of the trade, not that there is anything wrong with asking. Just keep in mind this is a very select group of extraordinarily high achievers.

In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner. Many sacrifices were surely involved.
For lawyers, it is mostly biglaw. The easy path to that starts at like high school/college, LOL. Get good grades and ace the LSAT, go to a top 14 law school, then big law. Then do soul sucking work until you hit $400k, then quit from the burn out. :twisted:
Pretty much sadly. Something like 75% of attorneys wish they had gone into a different profession. In-house positions in a good corporate culture in a growing company can also get you the 400K+, and without the hours of BigLaw. You don’t have to necessarily be GC or Deputy GC either. Specialization (and/or tenure) can get you there too.
Yep, I am on that in-house path now (not at $400k yet though, but will probably get there via specialization and tenure), for the last few years, after a bunch of years as an associate in biglaw. In the last couple of years I have passed on a couple of other in-house opportunities at other companies with higher pay, but that "good coprorate culture" thing not a gurantee everywhere, and I am happy where I am now. Money isn't everything to me, being able to spend quality time with my spouse and 3 young kids everyday is priceless. I am 100% WFH now and only work 35-40 hours a week. Unfortunately for lawyers, for the most part to get these kinds of in-house positions you have to have biglaw experience...
I don’t have a BigLaw background. In my experience the best way to get an in-house opportunity is to impress a client over time with work product. Poaching great outside counsel is a preferred recruiting method. Low risk.
Yeah, I was making a generalization there are always other ways. I was really referring to my own experience with megacap in-house attorney roles. I actually interviewed for a few megacap in-house attorney roles where I had no prior relationship with the companies, this includes my current megacap employer. Most of the attorneys in my company's legal department have a biglaw background or significant government experience (e.g. DOJ).
Blue456
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Re: Very high earners ($400k+), how did you do it?

Post by Blue456 »

novemberrain wrote: Thu Dec 02, 2021 11:22 am
Blue456 wrote: Thu Dec 02, 2021 11:11 am You have to open your own practice. Corporate does not pay 500k- 1 million per year.
I have first hand data. Your statement is incorrect.
Medical (non surgical) specialist I am speaking of; earns right in that range; and can get even much above that range if not for the lack of desire.
Have not seen that many nephrologist making 1 million per year working for a hospital… maybe I need to get around more :)

By the way none of specialties mentioned in the following article make over 500k per year:

https://www.medscape.com/slideshow/2019 ... st-6011335
Tigranes
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Re: Very high earners ($400k+), how did you do it?

Post by Tigranes »

Chief actuary at a mid sized insurer.

You generally need to be at least VP or SVP/Officer level to make over the 400k in this industry. Most, maybe 80%, of execs in insurance that I am familiar with got there through networking. Not to say they aren't hard working and diligent people, but certainly not deserving of some olympian analogy.
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Re: Very high earners ($400k+), how did you do it?

Post by chudat »

Tigranes wrote: Thu Dec 02, 2021 11:56 am Chief actuary at a mid sized insurer.

You generally need to be at least VP or SVP/Officer level to make over the 400k in this industry. Most, maybe 80%, of execs in insurance that I am familiar with got there through networking. Not to say they aren't hard working and diligent people, but certainly not deserving of some olympian analogy.
As a chief actuary, are you taking in high 6 figure / 7 figure salary?

How long have you been working? Fellowship? Any advice for the upward climb would be appreciated
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Re: Very high earners ($400k+), how did you do it?

Post by Hoosier CPA »

Wannaretireearly wrote: Tue Nov 30, 2021 2:51 pm
HomerJ wrote: Tue Nov 30, 2021 1:25 pm
Wannaretireearly wrote: Tue Nov 30, 2021 1:10 pm Reorgs generally happen at the Director level.
Power plays, elimination of layers, management and layoffs. Consolidation of resources and budget. Def see it more in the cost centers than R&D.

New head honcho comes in at SVP layer, and no surprise his #1 activity is where and why are we spending all this $. Next likely step will be some kind of reorg.
My favorite (as a low-level worker bee), is when the new head honcho comes in and changes everything (because he has to be seen doing "something" to justify that big salary), then 3-4 years later, they are replaced by a new head honcho, who promptly changes everything back.

Example:

New Head Honcho #1: "What, we are standardized? We can save money and lower prices by getting the vendors to bid against each other!"
New Head Honcho #2: "What, we have 4 different solutions? We can save money by standardizing and becoming more efficient!"
Lol yep. And ditto to being horizontally vs. vertically organized. Every 3 years without fail we’ll flip flop
That's funny you mention that - I've worked in two different corps now and they've both done that same re-org twice. Each time with new head leadership and based on recommendations of outside consultants.
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Re: Very high earners ($400k+), how did you do it?

Post by newyorker »

How does one even become CEO material? Like guys making 8-9 figure income. I am talking about the CEO guys who are not founders. Do you get there with some special talent? Connections? Because these guys usually jump from one CEO position to another.
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Re: Very high earners ($400k+), how did you do it?

Post by H-Town »

newyorker wrote: Thu Dec 02, 2021 12:21 pm How does one even become CEO material? Like guys making 8-9 figure income. I am talking about the CEO guys who are not founders. Do you get there with some special talent? Connections? Because these guys usually jump from one CEO position to another.
I'm curious as well. Most CEOs I know are founders. Maybe the seniority level of a person in C-Suites and eventually that person will become CEO? I see an easier path to get to CFO, CTO, or COO. Each of those positions requires specialized skillsets. But CEO seems like a tougher road. Perhaps connection with Board members would help?
Time is the ultimate currency.
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Re: Very high earners ($400k+), how did you do it?

Post by miket29 »

carguyny wrote: Thu Dec 02, 2021 9:48 am The biggest skill I would say I have is you can drop me in a situation and I will make decisions and get positive outcomes within days. So many people are afraid of making decisions because they're worried they'll be wrong. If I'm wrong, I'll admit it early and adjust that decision.
Making decisions, this is a key takeaway for those looking to climb the ladder at work. In my career in engineering one is trained to look at alternatives and consider potential problems; nobody wants a bridge that falls down. This becomes an ingrained thought process and in many situations there are pluses and minuses to each option, especially for those that aren't cut-and-dry engineering issues. Paralysis by analysis can set in.

As a somewhat cynical observation, those who advanced in management or project leadership had an unshakeable confidence in their decisions. They also had the benefit that the world never rewound to see what the outcome would have been had the product been launched with a different set of features, with a different pricing strategy, etc. Eventually it may become obvious that competitors are doing better but usually so many teams and people were involved over the years there is nobody in particular to hold accountable. The only disagreement I'd have with the quote above is the "leaders" never admit they're wrong; plenty of re-orgs, re-prioritization of goals, etc. but the words "wrong" never escape their lips. And they're just as confident after every change as they were before!
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Re: Very high earners ($400k+), how did you do it?

Post by Tigranes »

chudat wrote: Thu Dec 02, 2021 12:08 pm
Tigranes wrote: Thu Dec 02, 2021 11:56 am Chief actuary at a mid sized insurer.

You generally need to be at least VP or SVP/Officer level to make over the 400k in this industry. Most, maybe 80%, of execs in insurance that I am familiar with got there through networking. Not to say they aren't hard working and diligent people, but certainly not deserving of some olympian analogy.
As a chief actuary, are you taking in high 6 figure / 7 figure salary?

How long have you been working? Fellowship? Any advice for the upward climb would be appreciated
You pretty much need to be a president/EVP/CEO to earn 7 figures in insurance. With long term incentives, it can happen if you are working for a startup or have some kind of equity in the company and there is a sale.

Fellowship is not an option for an actuary. I do know of some actuaries that moved into CEO and EVP roles that are in the 7 or 8 figures. Really sharp, intelligent people.

I don't know much about the tech world, but I have interviewed with some private equity backed insurtechs and it is crazy how inexperienced and unqualified some of the executives have been. But I guess they are the ones raising the money?
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Re: Very high earners ($400k+), how did you do it?

Post by Flashes1 »

CEO at big company: not me but I know someone who was CFO at a Fortune 100 - they got there in large part by they mentor they were assigned at a Big 4 when they were freshly hired out of undergrad. That mentor went on to become CEO of a megacorp and in turn got on the Board of Directors of another megacorp, he recruited my guy to be the CFO of that company.

Become a trusted employee of powerful people and hope they bring you along with them. They've seen your work and most importantly they know you can get stuff done. Unfortunately, that connection only went so far for my friend who was in large part was blamed for a not so great acquisition and his old mentor recruited someone else to become the new CEO. But they made ~$5 million of year for several years and is now retired in their late 50's keeping busy sitting on a couple Boards.
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Re: Very high earners ($400k+), how did you do it?

Post by novemberrain »

Blue456 wrote: Thu Dec 02, 2021 11:53 am Have not seen that many nephrologist making 1 million per year working for a hospital
not sure how that is relevant in this discussion. The specialist I was referring to is not a nephrologist. And all specialities are not well paid. But there are indeed some specialties that are well paid - interventional, EP, Onc, GI etc.
Blue456 wrote: Thu Dec 02, 2021 11:53 am By the way none of specialties mentioned in the following article make over 500k per year:
https://www.medscape.com/slideshow/2019 ... st-6011335
I don't have access to that paywall article. But I would guess that medscape publishes averaged data. I am not talking average comp.

Averages don't mean much. The average Software Engineer salary would be something like 100k. But in top tech companies, the average may be 250k. And on top of that, there are plenty (literally thousands of software engineers) making 500, 700, 1M
Last edited by novemberrain on Thu Dec 02, 2021 1:27 pm, edited 1 time in total.
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Re: Very high earners ($400k+), how did you do it?

Post by HoberMallow »

Blue456 wrote: Thu Dec 02, 2021 11:11 am You have to open your own practice. Corporate does not pay 500k- 1 million per year.
My spouse makes within that range, plus a pretty generous pension, working for Kaiser. Not sure if you consider that "corporate" or not.
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

novemberrain wrote: Thu Dec 02, 2021 12:45 pm Averages don't mean much. The average Software Engineer salary would be something like 100k. But in top tech companies, the average may be 250k. And on top of that, there are plenty (literally thousands of software engineers) making 500, 700, 1M
That means there has to be a bunch of people making less than $100k...
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Re: Very high earners ($400k+), how did you do it?

Post by MAKsdad »

There are plenty of CEOs who just rose through organizations....they got promoted from a COO job, or even from a CFO job.
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Re: Very high earners ($400k+), how did you do it?

Post by EddyB »

anon_investor wrote: Thu Dec 02, 2021 1:27 pm
novemberrain wrote: Thu Dec 02, 2021 12:45 pm Averages don't mean much. The average Software Engineer salary would be something like 100k. But in top tech companies, the average may be 250k. And on top of that, there are plenty (literally thousands of software engineers) making 500, 700, 1M
That means there has to be a bunch of people making less than $100k...
When discussing physician and tech compensation on Bogleheads, the low-paid don't mean much either. Only the highly-paid folks matter.
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

EddyB wrote: Thu Dec 02, 2021 1:54 pm
anon_investor wrote: Thu Dec 02, 2021 1:27 pm
novemberrain wrote: Thu Dec 02, 2021 12:45 pm Averages don't mean much. The average Software Engineer salary would be something like 100k. But in top tech companies, the average may be 250k. And on top of that, there are plenty (literally thousands of software engineers) making 500, 700, 1M
That means there has to be a bunch of people making less than $100k...
When discussing physician and tech compensation on Bogleheads, the low-paid don't mean much either. Only the highly-paid folks matter.
I think the same go for lawyers too...
Krui24
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Re: Very high earners ($400k+), how did you do it?

Post by Krui24 »

Finance (specifically investment banking at a small firm).

Career path is generally to go to a top business school, or start out of undergrad as an analyst and work your way up. I was a mediocre student at a party school for undergrad, but my ticket in was to go to a top business school.

It requires you to be good at analytical work early in your career (spreadsheets, valuations) and then eventually shift to nearly 100% complex sales - not everyone has both of those skillsets.

Pay is highly variable (can make low six-figures, can make well into 7 figures depending on how your year goes), turnover is high, work is relentless, and there are sacrifices any way you slice it (particularly common that I see are health and relationships). It's a profession where most of the people who succeed are workaholics and intrinsically driven & competitive.

Nearly all the people I interact with are sole breadwinners in their families. I'm at a distinct disadvantage to my colleagues because my spouse also has a demanding job and we have multiple children. I can give 90%, but that last 10% is what it takes to make the big bucks.
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anon_investor
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Re: Very high earners ($400k+), how did you do it?

Post by anon_investor »

Krui24 wrote: Thu Dec 02, 2021 2:04 pm Finance (specifically investment banking at a small firm).

Career path is generally to go to a top business school, or start out of undergrad as an analyst and work your way up. I was a mediocre student at a party school for undergrad, but my ticket in was to go to a top business school.

It requires you to be good at analytical work early in your career (spreadsheets, valuations) and then eventually shift to nearly 100% complex sales - not everyone has both of those skillsets.

Pay is highly variable (can make low six-figures, can make well into 7 figures depending on how your year goes), turnover is high, work is relentless, and there are sacrifices any way you slice it (particularly common that I see are health and relationships). It's a profession where most of the people who succeed are workaholics and intrinsically driven & competitive.

Nearly all the people I interact with are sole breadwinners in their families. I'm at a distinct disadvantage to my colleagues because my spouse also has a demanding job and we have multiple children. I can give 90%, but that last 10% is what it takes to make the big bucks.
Don't you have to do pretty well in undergrad to get into a top business school? Also what is a top business school? (serious questions, I only know about law schools)
FIre Fighter
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Re: Very high earners ($400k+), how did you do it?

Post by FIre Fighter »

Consulting is a great option for this type of salary. Partners / Managing Directors often will start at $400-$500k TC and can go up significantly from there. One does not need to be a career consultant either. Consulting firms will often hire people with industry expertise as experienced hires.
mikejuss
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Re: Very high earners ($400k+), how did you do it?

Post by mikejuss »

newyorker wrote: Thu Dec 02, 2021 12:21 pm How does one even become CEO material? Like guys making 8-9 figure income. I am talking about the CEO guys who are not founders. Do you get there with some special talent? Connections? Because these guys usually jump from one CEO position to another.
There are plenty of young CEOs in tech and startups--but, as you suggest, they're mostly founders.
50% VTSAX | 25% VTIAX | 25% VBTLX (retirement), 25% VTEAX (taxable)
Bungo
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Re: Very high earners ($400k+), how did you do it?

Post by Bungo »

AnnetteLouisan wrote: Thu Dec 02, 2021 8:27 am In most cases I would think there was unique talent, fostered very young, excellent education, skills developed with intense and sustained effort over decades, with lots of discipline, sacrifice, investment of time and resources, success and failure and luck. Most folks who reply here won’t get into those aspects because they are behind them or just understood and taken for granted for them but maybe not for the questioner.
Agree with all of this. In my case for sure, luck played a key role. I (arguably) had the other stuff, talent fostered young, education, etc. but that was true throughout my career as a software engineer whereas the really crazy-high compensation has only been a thing for the past decade, if that, and was caused by market forces outside of my control.

If you had told me during the depths of the dot-com recession (or for that matter the 2009 recession) that by the mid-2010s it would be possible or even normal to earn $500k+ as a software engineer, I would have laughed in your face. Heck, I would have laughed if you had told me 20 years ago that Amazon or Apple or then-newcomer Google would even still exist as standalone companies.
sents13
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Re: Very high earners ($400k+), how did you do it?

Post by sents13 »

stoptothink wrote: Thu Dec 02, 2021 6:55 am
HomerJ wrote: Wed Dec 01, 2021 8:29 pm
moneyflowin wrote: Wed Dec 01, 2021 8:27 pm$400k affluent middle class.
LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Recheck their post, moneyflowin changed it to $500k. This board is being overrun by individuals in the tech industry that are completely out of touch with the reality of the rest of the nation. Our state flagship U's policy institute says "middle-class" ends at a HHI of $150,700/yr. With a measly HHI ~$250k, I should tell my neighbors (who almost all have HHI less than half ours) that we're not even halfway to "affluent middle class" and see their reaction :shock: .
You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
stoptothink
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Re: Very high earners ($400k+), how did you do it?

Post by stoptothink »

anon_investor wrote: Thu Dec 02, 2021 2:20 pm
Krui24 wrote: Thu Dec 02, 2021 2:04 pm Finance (specifically investment banking at a small firm).

Career path is generally to go to a top business school, or start out of undergrad as an analyst and work your way up. I was a mediocre student at a party school for undergrad, but my ticket in was to go to a top business school.

It requires you to be good at analytical work early in your career (spreadsheets, valuations) and then eventually shift to nearly 100% complex sales - not everyone has both of those skillsets.

Pay is highly variable (can make low six-figures, can make well into 7 figures depending on how your year goes), turnover is high, work is relentless, and there are sacrifices any way you slice it (particularly common that I see are health and relationships). It's a profession where most of the people who succeed are workaholics and intrinsically driven & competitive.

Nearly all the people I interact with are sole breadwinners in their families. I'm at a distinct disadvantage to my colleagues because my spouse also has a demanding job and we have multiple children. I can give 90%, but that last 10% is what it takes to make the big bucks.
Don't you have to do pretty well in undergrad to get into a top business school? Also what is a top business school? (serious questions, I only know about law schools)
My best friend is a fairly recent Wharton grad (think 5yrs now). He had a <3.5 GPA from a non-prestigious private school in psychology, but did well on the GMAT, had an interesting background (he's from a poor farming family from podunk Idaho), had good work experience (in banking, including getting his CFP), and checked the right "diversity" boxes.
stoptothink
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Re: Very high earners ($400k+), how did you do it?

Post by stoptothink »

sents13 wrote: Thu Dec 02, 2021 3:28 pm
stoptothink wrote: Thu Dec 02, 2021 6:55 am
HomerJ wrote: Wed Dec 01, 2021 8:29 pm
moneyflowin wrote: Wed Dec 01, 2021 8:27 pm$400k affluent middle class.
LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Recheck their post, moneyflowin changed it to $500k. This board is being overrun by individuals in the tech industry that are completely out of touch with the reality of the rest of the nation. Our state flagship U's policy institute says "middle-class" ends at a HHI of $150,700/yr. With a measly HHI ~$250k, I should tell my neighbors (who almost all have HHI less than half ours) that we're not even halfway to "affluent middle class" and see their reaction :shock: .
You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
My mom (61) and FIL (64) are in tech and have never once been let go. I know dozens and dozens of people in tech in that age range (granted, likely few in the $400k+/yr compensation range) because my wife and almost all my friends are in the industry. I'm sure there is some truth to the idea, but it's not like you hit 50 and suddenly your job disappears.
visualguy
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Re: Very high earners ($400k+), how did you do it?

Post by visualguy »

stoptothink wrote: Thu Dec 02, 2021 3:40 pm
sents13 wrote: Thu Dec 02, 2021 3:28 pm
stoptothink wrote: Thu Dec 02, 2021 6:55 am
HomerJ wrote: Wed Dec 01, 2021 8:29 pm
moneyflowin wrote: Wed Dec 01, 2021 8:27 pm$400k affluent middle class.
LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Recheck their post, moneyflowin changed it to $500k. This board is being overrun by individuals in the tech industry that are completely out of touch with the reality of the rest of the nation. Our state flagship U's policy institute says "middle-class" ends at a HHI of $150,700/yr. With a measly HHI ~$250k, I should tell my neighbors (who almost all have HHI less than half ours) that we're not even halfway to "affluent middle class" and see their reaction :shock: .
You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
My mom (61) and FIL (64) are in tech and have never once been let go. I know dozens and dozens of people in tech in that age range (granted, likely few in the $400k+/yr compensation range) because my wife and almost all my friends are in the industry. I'm sure there is some truth to the idea, but it's not like you hit 50 and suddenly your job disappears.
True, but if you do need or want to move to another job at those advanced ages, it becomes increasingly difficult unless you're lucky-enough to have expertise that happens to be very much in demand at the time.
stoptothink
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Re: Very high earners ($400k+), how did you do it?

Post by stoptothink »

visualguy wrote: Thu Dec 02, 2021 3:53 pm
stoptothink wrote: Thu Dec 02, 2021 3:40 pm
sents13 wrote: Thu Dec 02, 2021 3:28 pm
stoptothink wrote: Thu Dec 02, 2021 6:55 am
HomerJ wrote: Wed Dec 01, 2021 8:29 pm

LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Recheck their post, moneyflowin changed it to $500k. This board is being overrun by individuals in the tech industry that are completely out of touch with the reality of the rest of the nation. Our state flagship U's policy institute says "middle-class" ends at a HHI of $150,700/yr. With a measly HHI ~$250k, I should tell my neighbors (who almost all have HHI less than half ours) that we're not even halfway to "affluent middle class" and see their reaction :shock: .
You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
My mom (61) and FIL (64) are in tech and have never once been let go. I know dozens and dozens of people in tech in that age range (granted, likely few in the $400k+/yr compensation range) because my wife and almost all my friends are in the industry. I'm sure there is some truth to the idea, but it's not like you hit 50 and suddenly your job disappears.
True, but if you do need or want to move to another job at those advanced ages, it becomes increasingly difficult unless you're lucky-enough to have expertise that happens to be very much in demand at the time.
How is that different from any other industry?
Blue456
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Re: Very high earners ($400k+), how did you do it?

Post by Blue456 »

novemberrain wrote: Thu Dec 02, 2021 12:45 pm
Blue456 wrote: Thu Dec 02, 2021 11:53 am Have not seen that many nephrologist making 1 million per year working for a hospital
not sure how that is relevant in this discussion. The specialist I was referring to is not a nephrologist. And all specialities are not well paid. But there are indeed some specialties that are well paid - interventional, EP, Onc, GI etc.
Blue456 wrote: Thu Dec 02, 2021 11:53 am By the way none of specialties mentioned in the following article make over 500k per year:
https://www.medscape.com/slideshow/2019 ... st-6011335
I don't have access to that paywall article. But I would guess that medscape publishes averaged data. I am not talking average comp.

Averages don't mean much. The average Software Engineer salary would be something like 100k. But in top tech companies, the average may be 250k. And on top of that, there are plenty (literally thousands of software engineers) making 500, 700, 1M
So you cherry pick instead highest paying individuals?
Young Boglehead
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Re: Very high earners ($400k+), how did you do it?

Post by Young Boglehead »

HomerJ wrote: Thu Dec 02, 2021 2:40 am
Young Boglehead wrote: Wed Dec 01, 2021 11:54 pm
HomerJ wrote: Wed Dec 01, 2021 8:29 pm
moneyflowin wrote: Wed Dec 01, 2021 8:27 pm$400k affluent middle class.
LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Do you think 400k is upper class or upper middle class?
When you are top 2% in the richest country on earth, you are upper class by income.
By income is a good qualifier, but i still think 400k is upper middle class. Mainly because above that is upper class, and i really dont see how 2 pediatricians (for ex.) are in the highest socioeconomic class. Same class as celebrities, CEOs, hedge fund managers, even influencers? And that doesnt even include people who were born into wealth and dont have to work.

Note that i also believe these people can be "rich" if they play their cards right. I dont think "rich" and upper middle class are mutually exclusive, but it seems like sometimes people feel that if you call yourself "upper middle class" it means you dont think youre rich.
visualguy
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Re: Very high earners ($400k+), how did you do it?

Post by visualguy »

stoptothink wrote: Thu Dec 02, 2021 3:55 pm
visualguy wrote: Thu Dec 02, 2021 3:53 pm
stoptothink wrote: Thu Dec 02, 2021 3:40 pm
sents13 wrote: Thu Dec 02, 2021 3:28 pm
stoptothink wrote: Thu Dec 02, 2021 6:55 am

Recheck their post, moneyflowin changed it to $500k. This board is being overrun by individuals in the tech industry that are completely out of touch with the reality of the rest of the nation. Our state flagship U's policy institute says "middle-class" ends at a HHI of $150,700/yr. With a measly HHI ~$250k, I should tell my neighbors (who almost all have HHI less than half ours) that we're not even halfway to "affluent middle class" and see their reaction :shock: .
You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
My mom (61) and FIL (64) are in tech and have never once been let go. I know dozens and dozens of people in tech in that age range (granted, likely few in the $400k+/yr compensation range) because my wife and almost all my friends are in the industry. I'm sure there is some truth to the idea, but it's not like you hit 50 and suddenly your job disappears.
True, but if you do need or want to move to another job at those advanced ages, it becomes increasingly difficult unless you're lucky-enough to have expertise that happens to be very much in demand at the time.
How is that different from any other industry?
I think it's harder for software engineers in that age group than it is for other professionals like doctors, lawyers, architects, bankers, etc. Many of those other professionals are considered to be at their peak in their 50s, but that's not generally the attitude in the tech industry.
MAKsdad
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Re: Very high earners ($400k+), how did you do it?

Post by MAKsdad »

Young Boglehead wrote: Thu Dec 02, 2021 3:58 pm
HomerJ wrote: Thu Dec 02, 2021 2:40 am
Young Boglehead wrote: Wed Dec 01, 2021 11:54 pm
HomerJ wrote: Wed Dec 01, 2021 8:29 pm
moneyflowin wrote: Wed Dec 01, 2021 8:27 pm$400k affluent middle class.
LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Do you think 400k is upper class or upper middle class?
When you are top 2% in the richest country on earth, you are upper class by income.
By income is a good qualifier, but i still think 400k is upper middle class. Mainly because above that is upper class, and i really dont see how 2 pediatricians (for ex.) are in the highest socioeconomic class. Same class as celebrities, CEOs, hedge fund managers, even influencers? And that doesnt even include people who were born into wealth and dont have to work.

Note that i also believe these people can be "rich" if they play their cards right. I dont think "rich" and upper middle class are mutually exclusive, but it seems like sometimes people feel that if you call yourself "upper middle class" it means you dont think youre rich.
I think most people who say they are "upper middle class" would not say they are rich.

I also think the fact that there are people in the stratospheric billionaire class is not a reason to avoid calling someone making $400-500k "upper class".
Young Boglehead
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Re: Very high earners ($400k+), how did you do it?

Post by Young Boglehead »

MAKsdad wrote: Thu Dec 02, 2021 4:07 pm
Young Boglehead wrote: Thu Dec 02, 2021 3:58 pm
HomerJ wrote: Thu Dec 02, 2021 2:40 am
Young Boglehead wrote: Wed Dec 01, 2021 11:54 pm
HomerJ wrote: Wed Dec 01, 2021 8:29 pm

LOL.

Hilarious definition of the word "middle".

We humans are such funny creatures. We can make ourselves believe anything.
Do you think 400k is upper class or upper middle class?
When you are top 2% in the richest country on earth, you are upper class by income.
By income is a good qualifier, but i still think 400k is upper middle class. Mainly because above that is upper class, and i really dont see how 2 pediatricians (for ex.) are in the highest socioeconomic class. Same class as celebrities, CEOs, hedge fund managers, even influencers? And that doesnt even include people who were born into wealth and dont have to work.

Note that i also believe these people can be "rich" if they play their cards right. I dont think "rich" and upper middle class are mutually exclusive, but it seems like sometimes people feel that if you call yourself "upper middle class" it means you dont think youre rich.
I think most people who say they are "upper middle class" would not say they are rich.

I also think the fact that there are people in the stratospheric billionaire class is not a reason to avoid calling someone making $400-500k "upper class".
going off the wikipedia definition:

" In academic models, the term "upper middle class" applies to highly educated, salaried professionals whose work is largely self-directed. Many have postgraduate degrees, with educational attainment serving as the main distinguishing feature of this class. Household incomes commonly exceed $100,000 ($133,000 in 2020 dollars). [5] Typical professions for this class include lawyers, physicians, military officers, psychologists, certified public accountants, pharmacists, optometrists, financial planners, dentists, engineers, scientists, professors, architects, urban planners, civil service executives, and civilian contractors"

I feel like many of these people, especially with a working spouse, can reach 400k household


wikipedia for upper class:

"The main distinguishing feature of the upper class is its ability to derive enormous incomes from wealth through techniques such as money management and investing, rather than engaging in wage-labor salaried employment.[9][10][11] Successful entrepreneurs, CEOs, politicians, investment bankers, venture capitalists, heirs to fortunes, celebrities, and a few number of professionals, are considered members of this class by contemporary sociologists"

This doesnt sound like your average 400k-earner to me
stoptothink
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Re: Very high earners ($400k+), how did you do it?

Post by stoptothink »

visualguy wrote: Thu Dec 02, 2021 4:07 pm
stoptothink wrote: Thu Dec 02, 2021 3:55 pm
visualguy wrote: Thu Dec 02, 2021 3:53 pm
stoptothink wrote: Thu Dec 02, 2021 3:40 pm
sents13 wrote: Thu Dec 02, 2021 3:28 pm

You forget tech has age discrimination, by the time you hit 40, you're on the chopping board. High TC in that field justifies our short lifespans.

Also assets has a lot to do with it. I'm only comfortable blowing 0.1% of my portfolio on "impulse spends". So when I had $100k assets, I could spend $100 on a whim. Now that I have reached $1mil, I can drop $1k easily, but $10k? No way. Being able to spend $1k on a whim is only middle class. To be upper class you must be able to drop $10k without blinking, and no way near that yet.
My mom (61) and FIL (64) are in tech and have never once been let go. I know dozens and dozens of people in tech in that age range (granted, likely few in the $400k+/yr compensation range) because my wife and almost all my friends are in the industry. I'm sure there is some truth to the idea, but it's not like you hit 50 and suddenly your job disappears.
True, but if you do need or want to move to another job at those advanced ages, it becomes increasingly difficult unless you're lucky-enough to have expertise that happens to be very much in demand at the time.
How is that different from any other industry?
I think it's harder for software engineers in that age group than it is for other professionals like doctors, lawyers, architects, bankers, etc. Many of those other professionals are considered to be at their peak in their 50s, but that's not generally the attitude in the tech industry.
If we are talking bleeding edge of tech, certainly, but for the "average" software engineer (whom according to data makes a median salary of ~$107,500, not $400k+) I'm not seeing or hearing anything to suggest that is the case. I really don't see how that is different than most industries.
Bungo
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Re: Very high earners ($400k+), how did you do it?

Post by Bungo »

stoptothink wrote: Thu Dec 02, 2021 4:32 pm
visualguy wrote: Thu Dec 02, 2021 4:07 pm I think it's harder for software engineers in that age group than it is for other professionals like doctors, lawyers, architects, bankers, etc. Many of those other professionals are considered to be at their peak in their 50s, but that's not generally the attitude in the tech industry.
At the bleeding edge of tech, at FAANG, certainly, but for the "average" software engineer (whom according to data makes ~$100k, not $400k+) I'm not seeing or hearing anything to suggest that is the case. I really don't see how that is different.
I can't speak for the others, but at Apple (one of the A's in FAANG), there are plenty of 50+ making outstanding compensation (and outstanding contributions, of course), particularly in the past five years as the stock price multiplied by nearly 6x. I was able to retire at 52 this year as a result but would have been very welcome to stay (and continue to be overpaid :D ) for as long as I wanted. It is challenging and stressful work; much more so than at any of my previous employers. But this is also very team-dependent.
visualguy
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Re: Very high earners ($400k+), how did you do it?

Post by visualguy »

Bungo wrote: Thu Dec 02, 2021 4:36 pm
stoptothink wrote: Thu Dec 02, 2021 4:32 pm
visualguy wrote: Thu Dec 02, 2021 4:07 pm I think it's harder for software engineers in that age group than it is for other professionals like doctors, lawyers, architects, bankers, etc. Many of those other professionals are considered to be at their peak in their 50s, but that's not generally the attitude in the tech industry.
At the bleeding edge of tech, at FAANG, certainly, but for the "average" software engineer (whom according to data makes ~$100k, not $400k+) I'm not seeing or hearing anything to suggest that is the case. I really don't see how that is different.
I can't speak for the others, but at Apple (one of the A's in FAANG), there are plenty of 50+ making outstanding compensation (and outstanding contributions, of course), particularly in the past five years as the stock price multiplied by nearly 6x. I was able to retire at 52 this year as a result but would have been very welcome to stay (and continue to be overpaid :D ) for as long as I wanted. It is challenging and stressful work; much more so than at any of my previous employers. But this is also very team-dependent.
Things did get a lot better on this front in the industry over the last decade or so, just like the compensation got much better. It was a different world before that. I hope this lasts.
vinhodoporto
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Re: Very high earners ($400k+), how did you do it?

Post by vinhodoporto »

anon_investor wrote: Thu Dec 02, 2021 2:20 pm Don't you have to do pretty well in undergrad to get into a top business school? Also what is a top business school? (serious questions, I only know about law schools)
Top MBA admissions is less formulaic than top law school admissions (which is pretty much just GPA and LSAT).

A 3.5+ gpa and 700+ GMAT will certainly help getting in but its no guarantee. Essays, recommendations, and work experience carry a ton of weight. I had friends at a top MBA program with sub 3.0 undergrad GPAs and sub 700 GMATs but really interesting stories.

Top business schools are generally defined as the “M7” schools — similar to the “T14” law schools.The M7 schools are Harvard, Stanford, Wharton (Penn), Chicago, Northwestern, MIT, and Columbia. There are also a number of other top MBA programs including Dartmouth, Duke, UVA, NYU, Michigan, Yale, and Tepper (Carnegie Mellon) that are also offer a pathway to the top finance, consulting, and tech jobs that put you on the path to $400k+
fortunefavored
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Re: Very high earners ($400k+), how did you do it?

Post by fortunefavored »

Bungo wrote: Thu Dec 02, 2021 4:36 pm
stoptothink wrote: Thu Dec 02, 2021 4:32 pm
visualguy wrote: Thu Dec 02, 2021 4:07 pm I think it's harder for software engineers in that age group than it is for other professionals like doctors, lawyers, architects, bankers, etc. Many of those other professionals are considered to be at their peak in their 50s, but that's not generally the attitude in the tech industry.
At the bleeding edge of tech, at FAANG, certainly, but for the "average" software engineer (whom according to data makes ~$100k, not $400k+) I'm not seeing or hearing anything to suggest that is the case. I really don't see how that is different.
I can't speak for the others, but at Apple (one of the A's in FAANG), there are plenty of 50+ making outstanding compensation (and outstanding contributions, of course), particularly in the past five years as the stock price multiplied by nearly 6x. I was able to retire at 52 this year as a result but would have been very welcome to stay (and continue to be overpaid :D ) for as long as I wanted. It is challenging and stressful work; much more so than at any of my previous employers. But this is also very team-dependent.
I think early retirement and bailing on the industry is definitely part of the "out at 50" thing in megatech.. it's not all age discrimination. Some is "I've had enough and I have enough" - certainly that was me, and at least 10 of my peers in the previous 18 months also left to raise a Alpacas or something equally random.

Most tech jobs are utterly pointless, and at some point you just ain't interested in doing it any more, even if they want to keep throwing money at you.
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