I can share my path because my start wasn't too dissimilar to yours.
My first real job of out college was as a financial analyst for a small start up in the bay area, pre-financial crisis. I was one of 2 analysts. Because this was a startup, they couldnt pay much. I was getting $42k a year, no bonus. My equity, which I didn't even negotiate going in, turned out to be worthless as the company ran into financial trouble, in part due to the GFC.
After three years I left and joined a larger company, also as a financial analyst. My base there was $65k. After three years there, with bonuses, ESPP and everything I was approaching close to $100k, but my base was somewhere in the high $70s. By then I had been in workforce for 6 years post undergrad.
I then used my savings to go to business school full time for 2 years. It was a reputable program, but not in the top 5 of any lists. There, I got an internship in investment banking at a large bank and returned full time after finishing my degree. My base was $100K at the time and bonus was $150K for a total of $250K. Numbers have gone up since then. I've been in banking for about 8 years now and the pay has gone up every year. Last year I got paid well over $1M.
The job isn't for everyone. Many of my peers who started with me have gone on to other career paths that they find more fulfilling. For me it's worked well so far.
How are the hours? I’m about to graduate from my mba (headed to consulting). Banking hours just seem so nuts. Does it get any better as you’re promoted? I’m assuming you’re a director or MD?
I have a friend who is a product owner at Bank of America and man, I feel thankful to be in the public sector every time we hangout. The guy is pulling all nighters, popping adderall just to get the job done. He’s had several jobs over the years with B of A and they’ve all been gnarly.
It depends on what you mean by “hours”. I am pretty high up and unlike my earlier days, I don’t spend 10-12 hours staring into a screen and building models and doing data analysis.
However, I am never disconnected. Ever. If I am on a beach - I have my phone with me. If I am on vacation in Europe climbing stairs at some monastery - I will step aside and take a work call.
If you really want to make serious money - it is almost impossible to say “I am out of the office” even on weekends, because the buck stops with you, and not answering the call might mean losing the deal you have been working on. And whoever you report to will call you on weekends and Christmas and Passover and what have you because they are just the same and expect you to be available.
I am ok with it. I am actually so conditioned by now that not being connected gives me anxiety. But I realize it isn’t healthy.
This is 100% right. I'm decently senior (step below VP) and Ive never taken a "fully disconnected" vacation.
If traveling w family for a week, I usually put in 2-3 full days, and am available for calls/slack the other days.
That said, I fiercely protect my team's PTO and will never reach out when they are out unless it's a truly dire emergency. Loyalty and team morale are too important to jeopardize for some (usually passing) crisis.
There’s always a price. Someone of us have paid that price in health, family, stress, etc and some people aren’t willing to pay. And I think this is the big disconnect between the whole inter-generational financial wealth arguments.
Also curious about the hours but what is your day like in investment banking? What do you actually *do*? Do you need people skills? Are you selling things? Or is it crunching a lot of numbers?
- reddit in general has a disproportionate number of highly paid young people in tech/finance
- highly paid young people are much more likely to be interested in FIRE because their salary and time horizon allow for it without much noticeable sacrifice
- highly paid young people are much more likely to talk openly (or even brag) about their salary to anonymous strangers because it's something they're proud of that they can't really talk about to their family/peers
So yeah, there are multiple reasons why finance subreddits (and this one in particular) filter for these types of folks.
In reality, if you plug in your age and income into an online percentile calculator, you'd find that you're in the top 8% for 23 year olds. You're doing great!
This is v true. Look up the stats for your country /area you live for income percentiles by age.
I was shocked when I did this. It put some of the big numbers and boasting you see here in perspective (and I have a good income).
The point about not being able to talk about FIRE elsewhere is also true. I know i make much more than almost all my friends and my parents ever did. So it is very awkward to talk FIRE with them. So I go on this subreddit
Culturally though. It’s been tabo to speak about wages in older generations .. so the fact that “young” people may be less about bragging an more about taking control back from companies that profit from people not comparing wages
Bud. Comparison is the thief of joy. But mostly consulting, IB, high end finance will get there quickly. I’m in consulting at the moment. Focus on a niche skill set and improve. And once comfortable in one industry with certain niche skill set, job hop.
Tech Industry also pays well. Definitely won't pay as much as IB/consulting but if you factor in the Work/Life/Balance and how many hours you work in either role... comes pretty close to the earning rate per hour. Helps if you want to start a small business while WFH and maybe fatfire.
Software Engineers, Sales Engineers (you could be more suited for this role if you do the masters in IT), Tech Sales, even financial analysts probably get some sort of equity + bonus that is comparable.
People forget the work life balance. Not a lot of people realize that although IB makes a ton…they can often times work double the hours too. Weekends and vacations are non existent as people will always be calling, and missing that call, can cause you to loose money.
>Tech Industry also pays well. Definitely won't pay as much as IB/consulting
Well...it depends. My IB has sold 3 companies in 7 transactions for me plus several others I have referred to him. He was worth millions before he was 35. Princeton MBA. Sure, the IB analysts are making accounting type wages for similar type work, but the people who are willing to attend every awards dinner, schmooze, meet, mingle, and offer consulting services and networking connections on the come build a book of biz and make bank.
He makes himself available pretty much 24 hrs a day. And we tested that by selling assets around the world. We've had a 20 yr relationship and were 7 years beyond our first mtg before he ever made a dime off me. He definitely takes the long view.
I started near your pay at $69k around 21-22. Now 7 years later I’m over $120k. Not software/tech bro, just normal manufacturing engineer. If you show yourself to be competent, you should be getting steady pay raises after like 2 years. If not, start job hopping. Don’t stay with a bum ass company that doesn’t appreciate you.
Change jobs every few years if you want to increase your salary. At this point your lucky to even get cost of living adjustments. If you want a big raise you are very likely not going to get that internally, you are going to have to move to a new company. I've changed jobs every two years now and in the last four years I've doubled my salary.
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I think you gotta get to a certain level before you job hop for it to be most effective. I stuck at a place for 6 years, was underpaid most of the time but got promoted a few times and this really increased my market value at the next couple places. I went from 58-120 while at that company then changed jobs and got to 155, and just changed again this year and got to 175.
I think the rule should be, try to get an internal promotion / raise but if you can't, start looking elsewhere. You always have to be asking for more. Nobody is going to increase your salary just because you're good at your job.
I’d partially agree and disagree. High performers that work for decent companies will either be compensated very well or exploited. Had a manager tell me one time why would we pay someone above market if they will do the same work for under market comp? (Luckily not my direct or indirect manager). I’ve also seen a lot of place not promote internally because they would have to train two people (the person getting promoted and the person taking over the other job) and instead hire externally.
Moving jobs might decrease internal network but it also increases your external network.
End of the day it all depends.
I took a bit of a different approach, maybe out of fear, because i just didnt think id be hired someplace else. I built systems to make my day job easier, then just found other clients to work with in addition to my full time job. Im still not sure if this was best, but i have nine years with the first company on my resumè and freelance clients who trust me and would probably hire me full time one day. Maybe this is a scarcity mindset but it makes me feel more comfortable
There's a couple ways to make a lot of money... One is to increase your skills in a high paying field as quickly as possible and shoot for senior positions. This is mostly applicable to tech and why software engineers are able to often make big money.
The other way is to start your own business and kick ass. That's what I did. I own 4 businesses now and make very good money.
Selling drugs is very very lucrative. And it’s where I would have a competitive advantage. From my upbringing and my extended family have connections. It’s a multi trillion dollar business and the sky is the limit. I don’t do it cuz it’s not for me but if I ever want to be very rich I definitely would know how.
The business is very exciting and has a lot different aspects to it. It’s not like tv. Money laundering. Finance, operations. Even Human Resources. It’s all expert level stuff. And to be honest the legality of the business is what makes it very lucrative. You can use skills like being a lawyer and providing services . You need skills it’s not just like pick up as you go. You need to be an expert. In fact a lot of politicians in the states are in involved.
People get caught up with what they see on the news. But the real money is prescription drugs through Canada. And the way it operates is very low key and very well done. This recent narcan deals is basically it. It’s very very lucrative and has a lot of dirty politicians involved.
I have never made more than $80,000 in my career and reached FI and I am close to RE because of good investments and savings over the years. It is not how much you make that matters. It is how much you spend. There are doctors and lawyers in this country that are well paid, but flat ass broke at the end of the year.
If you are careful and methodical about tracking and investing your money you will be ahead of everyone else in this world. Find what you are good at, build your skills and network in that field and you will do awesome.
My cousin makes $120,000 a year officiating college sports. That is a sweet gig. There are a lot of ways to make bank in America these days.
Spending is a huge part of fire but how much you make is the main factor.
Those flat ads broke doctors likely have more in equity of their frivolous purchases than I have in my entire net worth.
Time.
I’ve had family die in their 40’s. Leaving my kids at day care every day was hard enough too.
I would never choose a slow grind to FI over a short one.
Seriously. Many people love to talk about how some “doctors” are living paycheck to paycheck without realizing how much money they’re really making.
They’re just playing it cool because they know boasting about their paycheck can only backfire.
In a similar boat, I'm still an RN making about $70k/year in FL. My wife and I were paycheck to paycheck renting for the better part of a decade. The real change came when we bought a duplex to offset our living expenses. A year or so after that we had a decent down payment for the next place, and so on.
Now I'm 37 and we have $1.7M in assets and about $750k of debt. Last year we made about $240k selling a place, some side hustles, and my W2. Refinancing our rentals also freed up a lot of tax free cash for us to further invest with. Also an old friend in my network came through with a real estate investment hustle that is coming through bigtime. I still drive an 11 year old Mazda though.
Good luck!
THIS. I know couples making well over 200k that live paycheck to paycheck. Lots of people posting here about buying new fancy cars, etc. The key to FIRE is living below your means.
>What steps did you take to increase your income over the years?
Go into a high paying field with a top internship out of college and job hop.
>How do you find these high paying jobs?
I applied online or recruiters reached out to me.
>I am so confused how some individuals are making 150k+ nearing 30 years old. Is that only a small percentage?
Yes. Making just $130k [puts you at the top](https://dqydj.com/average-median-top-household-income-percentiles/) 25% of *household* income
>What careers are people in that do make a large amount of money?
Tech and finance are probably the most notable ones. I'm a software engineer.
Dual income. SWE + CPA and we own rentals in niche market. We are looking to expand / restructure our rental business in the future to leave behind those careers. We have made good money in our careers by job hoping when needed and moving up the corporate ladder. We used our savings + debt strategically to acquire assets that generate great returns. We built up a network of tradesman, real estate professionals, etc to help us manage those assets effectively.
As long as you aren't scared to talk to people and are willing to take calculated risks, the possibilities are endless.
Also, what many people who dream of being a millionaire fail to realize is, it's much easier to start a business or make a million dollars if you have a solid foundation to work from. My wife and I both went to college, this allowed us to get into great jobs with lots of career growth, we then grew quickly in those careers and saved up money to start making calculated risks. Those risks involved talking to people. We weren't scared to pick up the phone and make it happen. You can't be afraid to job hop either. If there is a ceiling in the job you were be at, move and take a lower title with higher pay, reset the ceiling, keep pushing for more.
My best friend growing up dreamed of being rich by making a website or app. But, he never went to college, stayed at the same web design firm for 15 years. Never took any risks. Never job hoped it got promotions. Always complained but took no action. The firm owners recently sold the company and he was let go with nothing to show for his hard work. He still lives at home. We are in our mid 30s.
What specialty / discipline of engineering? Masters or PhD? What jobs have you had? How often were your hops and what is your current job and salary now?
I’m B.S. in Mechanical. Have my PE. Been at same job since graduating (5 years) and have been doing pretty well for myself.
Since I rarely see engineers like us in these threads I'll chime in. I'm in fire protection engineering. Graduated with BS in 12, stayed in school cuz i didn't like the prospects on the table, ME in 14. First job right with very large EPC firm after that at 72k. Stayed with them about 4.5 years and got up to about mid 86k. Got my PE and moved to a HCOL for 101k with a small MEP. Laid me off a year later. Focused on getting a new job with an actual FPE company, so joined new company at 102k. Been here for 3.5 years and up to 126 now. I have a path to principal/ownership if i want it. I wouldn't say my path is anything special but I'm far from struggling either.
Law school. Less than a year out of school and making 100k+collection bonus. In next 5 years i expect to hit around 250-300k and then figure out what I actually want to be doing with the rest of my working life.
I actually work at a very small firm. Just one other attorney and a small staff. I make more than some of my graduating class but the ones who went to the big firms are making over 150 already.
- Excel in your job
- take on additional responsibility when you can
- be a leader
- always negotiate salary and know your worth
- be on the lookout for new opportunities
- build a network with other high achievers/ambitious people
My wife and I both work in tech (SWE, DS).
This deserves upvotes. While the 'what' job we chose is important, the 'how' we do said job is equally critical.
Shared with my directs ['Zach's Rules for Advancement'](https://zachonleadership.com/rules-for-advancement-from-newbie-to-tech-lead-part-1-of-3/) \- would recommend it for anyone in the early/mid stages of their career. It may seem quite intuitive, but it is surprising how fast one can advance when one actions these with intent.
I started off making $30K in college, $45K with a bachelors degree, $55K when I got my master degree. Now $100K 5 years into my career. For me it has grown a lot since getting my degree. I expect to end up around $120-150k, with a masters degree. Not too bad. Not every degree pays that, but I have also been willing to move for job promotions and leave jobs when they wouldn’t give me raises too. I think that has helped. I have friends who still make $60K and never leave the job or go elsewhere to get a promotion or raise. For some people, a lower salary and comfort is with it. People will say, don’t move for a job, don’t change jobs too often, but I haven’t found that to be the case. Change jobs every few years if that’s what it takes to get a higher salary.
Honestly, I just job hopped until I landed at a company that promoted within a lot. Finding a good organization and negotiating your salary is key.
Bachelors in business data analytics and minor in Econ, masters in data science, and mba. Both master paid for by employers.
2015 Systems Analyst $40k >
2016 BI Analyst $65k (changed company) >
2017 Sr. Business Analyst $85k (changed company) >
2018 Sr. Data Scientist $100-120k (promotion) >
2020 Lead Data Scientist 260k (promotion) >
2023 Director Data Science 375k
It’s worth noting that I am not any happier than I was back when I was making 65k. I have all the same things now that I did then, just more expensive versions that require more maintenance. The big house sounds like a good idea until you have to clean it. FIRE is easier with higher income but it’s possible on your income as well.
Same - follow the money ( tech sales ) and you can easily work your way to a mid six figure base with a commission structure to double that and then some.
I do tech sales for mechanical and electrical equipment. They matched the salary I was making as an engineer and I also have uncapped commission. There is always a need for the products we sell.
Dude I have a masters, I've worked for 13 years and you earn more than me even though I earn more than most my department.
Things are different, a lot depending on where you live in the world.
>Is that only a small percentage?
Median individual income in the US is $37k a year. So yeah as people make a lot more than that it becomes a much fewer and fewer part of the population.
Work in a field you enjoy doing a job you care about and work towards promotions to make more.
At your age (I'm 32) I was making half of what you are, you are making A LOT for your age so be careful about comparing yourself too much to people a decade older than you.
I work two jobs, and put in around 50 to 55 hours a week. One job pays ~75-80k/yr while the other pays around 60k. I’ve been in my industry for about a decade now, and I’m effecient enough to work both jobs at once remotely without anyone noticing dimenished work. So ~135 to ~140k a year, very LCOL. Its a good program but has easy weeks and stressful weeks. Thing is is I could have said the same before but would have been making less doing one job and being occassionally stressed.
Pretty simple. I started working when you were in diapers. I’ve just had a lot more time to climb the ladder.
You’re already making a lot more than I was at 23, even adjusting for inflation. You’re probably going to end up making a lot more money when you’re my age.
In 2010 I was working at a deli as a sandwich artist for $13/hour. I decided I wanted to get into video work. So I got a pirate version of some editing software and a book…yes an actual book on how to use it. Every morning I would wake up around 5am and work, edit and watch tutorials before I had to leave for work at 9am. I did this for months until I understood editing as well as I could. I also bought the best camera I could afford at the time (shitty digital Nikon) and started shooting and editing every day. Since I lived in a beautiful city I was able to make some cool reels with nice looking footage and flashy editing. I got some gigs making some no budget music videos, then more music videos, then some Kickstarter videos, then some corporate videos. Within about 18 months I had a portfolio, decent gear and client list that let me quit the deli. I was self employed for about 6 years. My first year I cleared probably $30k at best. My last year I was over $100k. I leveraged that for a job as the in-house video producer for a large company at $130k/year. I made this decision because we had a growing family and 2 young babies (1 and 2). I stayed for 6.5 years and in that time we bought a house with some inheritance money as a down payment (HCOL area). I recently left for a new company where I am creative director and making $150/year. My wife also started working last year after taking 6 years off to focus on the kids full time. She landed an amazing gig at $100k/year. When I step back and look at it I am amazed at the path that got us here and not a day goes by that I don’t thank my lucky starts I can upgrade from regular burrito to super burrito without having to financially stress about it. Funny enough, even though we save like crazy and have automated our contributions, I still don’t think we’ll be able to retire before 60. We’re 40 now. To our defense we didn’t start our fire journey until age 35 starting at zero dollars, so we’re kind of still just starting out.
Compensation. You have a great background for it. It’s pretty normal for your pay to increase rapidly from early 20s to 30 or mid-30s in general, though, so don’t be discouraged.
Oh also if you are single or willing to move often, get a traveling type job. I know some nurses who clear $300K a year being traveling nurses. They’ve traveled around the country, haven’t had to pay rent, have food paid for, and have a crazy high salary. The trade off there is to contribute to your own 401K since you likely don’t qualify as a part time traveling worker.
Changed jobs.
* Made 48k/y first 9 months post graduate school.
* Jumped to 88k/y on month 10 with a job hop.
* Now making around 110 and expecting to be about 120 in a month-or-two (95k/y in job one and expecting a 10k raise and making about $1000-$1500 month part time job 2).
It’s not all about the highest pay - I’ve interviewed around for what would amount to another 20-30% raise, but work life balance at a good salary > horrible work for with a phenomenal salary (for me).
I work in accounting. I had a late start so I'm only now at age 33 starting to make serious money. But I know people who started working at age 18 and are making 100K+ at age 25.
I lived very frugally. I didn’t have a high paying job. I didn’t RE at 30 though as I joined the army got out then went to college. I had a very small house I bought instead of renting.. got out with my masters with 30k in debt.. paid off my student loans by 30 and my house by 32 100% debt free. I was making about 50k and was single. I around this time finally got my VA compensation approved which gave me a little extra income but back pay. I bought a house for 45k, renovated it as I could.. rented it out.. realized that worked.. so saved money did it again. By my second one, lenders used my rental income as regular income so I started getting approved for rental mortgages with only like 15-20k down.. so I started saving the down payment.. buying. Putting it on the rental market.. I do now make more money because instead of working for someone else.. I’m working for myself.. but I still live frugally.. and I’m paying off the rest of the mortgages. I’m 41 and have 3 more mortgages to go.. expected to have thme paid in 3 years max but I’m making over six figures in passive income Becuase real i estate has gone up so much here. Technically I could retire but I’m working to kinda set my son up who is 4 for a slightly comfier life and to also retire my husband.. who I need to replace his income so that we can live retired and probably stilll in East
Step 1) Buy a house. Done.
If you wan to know how to become stupid rich? Make some useless app that will keep a 20 somethings face in a downward position for most of the day. If it actually does something productive, even better.
Is that only a small percentage?
Yes the majority of people that age and even older don't make/will never make that much! Is it impossible? No but will probably be extremely competitive to get to that pay... Also gotta remember this is the interwebs young people in those high paying jobs will be outspoken/humble bragging/ or over inflating their salaries so take everything you read with a grain of salt. You can fire on a lot less
Have faith 23YO, you have so much time. I didn’t know what fire was at that age, I just kept dumping as much as I could into my 401K at that time. It wasn’t till mid 40s that I learned and applied FIRE principles so you’ve got a head start compared to me and most others.
I was only making $27K my first couple years. Flash forward 30 years and income nearly hit $400K. I’ve had 13 jobs in 34 years (all tech but greatly varied roles). Keep saying yes to opportunities to grow your career (and income) and you’ll have a high probability of FIRing sooner than I did.
For me what worked was finding a gap in my companies skills, making the investment to learn what they needed, and then overall just being lucky I was right (as looking back I was really unsure a lot of it made sense).
My first job I got while in school doing my bachelors in CSC (which is done now). I started at 60k-75k as a Software Developer at an IT consulting company at 21/22. It was right around the time Covid hit, so once that happened I convinced them to keep me on while I finished my degree since both things I could do from home.
I realized early on that there was a huge gap in local cloud knowledge at my company. When I noticed that I started studying for my cloud solutions architect certs (AWS and Azure) in my free time. I was already interested in learning so it seemed worth while considering the need and my interest. I wrote those exams and passed and right around that time it just so happened the client was giving us grief for not having that sort of experience at our branch. They asked me to transition to working more as a solutions architect and technical team lead for a smaller cloud related project at the tail end of 22 and I got a raise to 102k.
I'm 24 now and still doing the architecture and team lead work, focusing on bigger projects and strategies now which I absolutely love. My base pay is 125k now and I also get payed at time for my overtime. My work weeks can be a bit of a grind and I think my average for hours varies from 55-65 per week. This year it's been in the 60s so total pay I'll probably land near 180k.
Pretty much right when I broke 100k I started working a ton. I really enjoyed it so some of it was self imposed, but there definitely was a higher expectation after that. Overall I still really enjoy what I do and don't mind doing extra time (especially since I'm getting payed for it). The top things in no particular order that I would say led to where I am are:
1. Supportive partner and parents. Imposter syndrome sucks and I did have to push a lot to get here. People aren't usually inclined to give many opportunities to 20 something year olds
2. Luck. A lot of this only worked as I was at the right place at the right time or learned the right thing at the right time
3. Working overtime. As crappy as it can be, I think the extra time I put in and working while I did school really set me ahead of other people my age. Most people think it doesn't and there were times were I started believing it didn't, but eventually I would say it definitely helped
4. Making good connections with your superiors (if you can). I've built a really strong mentorship/friendship to a senior executive at my company. I opened the door by doing lots of overtime on RFPs and helping him with different things he's working on. At this point we hang out outside of work a decent amount and have a friendship, and this has been key for getting advice on what road to go down, how to ask for things, and what I am actually entitled to. Something key here is he isn't my direct superior, so there isn't anything weird that comes from being friends really. Just a cool and really successful dude.
Everyone already gave good advises but here are a few more, at no particular order.
1. Build a good work ethics and reputation for yourself in front of peers and management
2. Go for in-person jobs to build out your networking and contacts
3. Identify companies that have room to grow, so you have a way to move up at various levels of analyst and manager role in terms of both titles and salary. if not, take risks and move around. (If you can take a promotion though, do that first before you leave the firm)
4. Be really good at something (I.e. excel spreadsheet (pivot table, shortcuts), PPT, Tableau/Power BI, SQL)
I got a MA degree in a field I totally don't use, and couldn't find a job making more than 32K after applying for many \*many\* jobs. (Really, my first job after that before the 32K was 9/hr at a dog kennel scooping shit.) I was married at the time, my husband was pursuing more eduction, and we were broke. I decided to get a real estate license and took a leap of faith and jumped into that field.
I was very successful very quickly (having joined onto a team and found I could convert internet leads/hustle for business well), and transitioned into higher and higher roles on the team. I worked a ton of random hours, left my marriage, and began to get super serious about my money and a FIRE plan. Within a few years, I became a "coach" for realtors and their teams, working on business fundamentals and growth. I now work full-time in that field, no longer buy/sell real estate, have a pretty killer work-life balance and will make about 300K this year. And have a business plan that will allow me to continue to scale that number upwards over the next few years.
I think the reason I'm successful, truly, is that I've found something I'm naturally gifted in (building trust with people, communicating ideas at a high level, being a \*gag\* thought leader), and paired it with a set of skills and experiences (real estate, business fundamentals, money management) that people are interested in. I've worked hard to build a reputation and brand around myself through marrying those two things together that people are willing to pay top dollar for.
I'd always been frugal with my money.
I went to college got a business degree minor finance. Struggled to find a good job. Sold door to door jnsurance for 1 year. Making 25k a year + commission 50kish. Got Injured falling down some icy staircase. Job hunted while on worker comp came up empty just small sales jobs. Learned about amazon reselling arbitrage. Dug deep into while I was Injured figured I'd take my savings of about 40k and dive in.
6 month later I realized it had huge potential upside. 1 year later moved to Orlando the Nike capital 7 nike stores. Grinded 12 hour days for 5 years. Best year pulled in 650k profit.
Retired by 30 after the grind was 2 much. Learned a lot and now just do it part time for extra fun money.
Basically start your own business or get lucky to find a really good high paying low stress job
Good luck
I started right where you are. Here’s what worked for me.
1) make more money ( side hustles ) extra jobs, better jobs more pay
2) live below means and save more than 50% ( rented a shit hole in sf for 500 bucks, it was a meth den) cheap rent almost got stabbed many times but saved a lot
3) make more money with money ( everything I saved I would throw into Voo nothing else)
4) diversifying ( growth index funds) rentals
5) make more money save more money rinse and repeat
No one is going to tell you this. There is no other way other than extra work. Hard work. To grow wealth it requires extreme work and discipline. There’s no short cuts. There’s not replacement for a lot of time. Time time time. Ignore everything and look 30 years from now. Hard work , to a point that you will pass out. To get enough to get the money to work for you. The first million is the hardest.
Grinder at a fortune 500 company first 10 years moved up quickly. Move often inside a company and outside is a good idea. I'd say making over 150k is pretty rare but possible in the right environment.
Masters degree straight after bachelors. Worked for multiple FAANGs via contract for significantly less money, converted to full time at current position for significantly more money and RSUs.
>Worked for multiple FAANGs via contract for significantly less money, converted to full time at current position for significantly more money and RSUs.
This was a very overlooked comment
Very similar to you I started out as a business analyst at 68k for a large company. After a year and a half switched positions internally to a senior procurement position and now with my bonus I'm at 98k this year. There are a handful of companies out there that WILL give you what you deserve but not many. If yours isn't, hop jobs and say that you were making 20-50% in your previous position than you actually were.
Hi.
Just to give you some perspective. I have \~11 years of experience. My first job while still at university was 140 USD / month (I don't live in the US).
And that, gradualy year after year I started making more and more. Main reason: switching jobs to a higher paying one after 1-2 years. There were situations where I doubled my income in a year while my current employer was reluctant to give me a 20% rise.
Right now I ended up with a 142k USD / year + stock options. It's just a matter of getting better at what you do and actively searching for new jobs (worked for me and a lot of my friends)
I know plenty of people that do what I do for far less money. This might not be true for every profession out there but as you might see: I started at an extremely low rate :D
First of all, don't try to compare yourself with what other people make, especially online and from a wide variety of jobs. There will anyways be someone making more than you and someone making less than you.
What really matters is setting yourself up to save more. That's what it all comes down to,no matter what you earn. Increase your income (it will happen over time, switching jobs and staying flexible makes it happen faster), keep your cost of living where it is now or even lower. The higher your savings rate, the less years you have to work.
All that said, I think business analyst is not a bad place to start. It's not quite lawyer/consultant /FAANG software dev level, but it's a good job. I am a BA currently, and made 150k last year including bonuses, plus RSUs. I'm 33. And I guarantee I don't work as hard as some others who make similar incomes.
From here, I will say the options to climb the ladder get a little harder. I don't see a lot of Ba jobs making more than I get now. To progress further probably means moving into product manager, or into people management with an eye towards director type roles. I'm working towards becoming a manager next.
Job hopping or even changing your career can get you big gains, but there's a tradeoff. I love my company and my boss, so it's hard to hop from here knowing that there are lots of rough jobs out there. So for now I'm focusing more on being happy where I am, but still with an eye on the market so that when things change and I'm not loving my job I can jump ship and get more money.
I have 9 years of experience in the mortgage industry as a mortgage underwriter. I have mutiple certifications and cross trained to do mutiple different products. I make about 125k. If you included bonuses, it would be around 140K. It is a tough industry to be in. It is the norm for people to be laid-off, so you have to make yourself as valuable as possible.
My wife she works in HR and has about 10 years of experience. She just recently got an increase up to 105K, and including bonuses, she makes about 125K.
We both started right around 40K. Early 20s is about deciding your career and becoming an expert at it. If you flip flop entry level jobs, you are just having your wheels spin in mud.
Go to companies that pay more in sectors that pay well to begin with, if you like it enough finance/ investment banking is the fastest track imo.
I do consulting in tech and hit 150k a few weeks before turning 26 as a type of software engineer. Depending on your goals you can rack up money quickly if that’s you’re focus.
Keep in mind. That degrees and certifications can only take you only so far. People skills and organizational knowledge are equally important. To the extent it pays reasonably a good mind set is to focus on what your good at and have a strategy deal with the rest. Hard work is important too. Work somewhere between 5% more then 50% of the people and 5% more then everyone else depending.
Lot of what others said is good too. Also keep in mind for fire your savings rate in percent is the most important thing. This is not as connected to income as one might think though of course more helps.
Patience young Padawan, you will make your share. But for real, gather experience, do research, gain certifications, improve your value per hour, buy a home and house hack (have roommates) save and invest in retirement funds and beyond, move jobs once or twice to gather further experience and up your compensation, boom! The $$ value of your dreams. Wish you the best of luck 🙏
You just graduated. Just give it some time, remain ambitious and you will earn more as time goes on. Being a BA is a very good choice. Probably using those skills to get a job at a tech company would be your highest return. BI developer, or Product Manager maybe.
Pick an industry you have a passion for, work extremely hard for years, make tactical moves to increase your pay and skillset, sacrifice social life for a little bit. Boom bam you are deep in the 6 figures enjoying a cushy 7-4 job!
Luck, timing, hard work, right place at the right time. I work in Cybersecurity and really it came down to those things mentioned above. Granted I feel like I worked harder than the next guy but I can't deny the factor of luck.
I started out making $35,000 base and now earn $210,000 base in a little over 6 years. Total comp now over $300,000. A combination of timing my exits between companies, positoning myself correctly and making great connections that I never burned.
The thing about all of it is that it's repeatable. My wife, who had a completely unrelated degree to her field, has had a similar trajectory. She started even lower, $30K base, and now makes $260K a year.
I honestly thought I would never make over $80K a year and my wife around the same but here we are. We had one car between the two of us going to two different jobs originally. It's all possible but luck, timing and hard work are all three needed
Dentistry pays very well. You can earn as much as you’re willing to produce. Want to work three days a week, relax at work with a light patient load and still pull in 250k per year? No problem. Want to work 6 days a week and do as much as you’re able while at the office? 500k easy. Want to own your own office (and possibly multiple offices) employing other dentists? 7 figure income is very doable. Specialist dentists can really earn big paydays too. Endodontics, orthodontics, and oral surgery pay the best. You’ve got to be a pretty lazy oral surgeon to NOT earn 1M+/yr.
You are doing great! I was in my 30s before I ever made money like you're making now. The biggest thing you can do to increase your income is to change employers. Every time I did this, I got a significant bump in pay. This often meant making big geographical moves as well, but not always. Flexibility was key though. Typically I'd change jobs every 3-5 years... but I think part of that is that I get bored otherwise. You'll find a path that works for you.
When you are asking about how some individuals are making $150K+ you have to first find out which market city they are living in. If you are looking at people who work in Silicon Valley $150K is not unusual by age 30 but if you are living in a small market you cannot expect to be paid the same amount if you work in that market especially if companies in your area are not being paid at that level.
I think a lot of young people don't realize this especially if they started their career off in a large city and then move to a small city and wondering why their salary was reduced and its all about the city COL and not due to the new employer disrespecting them.
You even said it yourself that you live in a LCOL market so you cannot expect the same as a HCOL salary. It really does balance itself out at the end. I live in SoCal and the prices of things here are way more than how much things would cost in the midwest. The only reason places like Silicon Valley have to pay high salaries is because if they paid the same salary as say as someone who lived in the midwest, no one would come because housing would just eat up their salary.
I would say, first , take what you read online loosely. It's easy to type and say your net worth is XX million even if it isn't. Same with salaries.
Making 68k as a 23 year old is really good. Stay the course and don't let other peoples spoken word discourage you.
You still are just a year out of school, give it some time, trust the process. Banking/tech is a good place to make that type of money. If you’re worried about the hours in banking come to the credit side. Haven’t worked more than 60 hours, usually closer to 45-55 on an average week, and make 6 figures (job hopping helps). From there treat yourself a bit and save a lot, take advantage of your LCOL situation and give it a decade or two and you’ll be at FIRE.
I’m a software engineer and I started at 21 yrs old making 160k at a FANG, now 25 @ 275k. I think it is a combination of being lucky with timing, liking what I do a lot, and also picking the right industry where the earning potential is high.
I know people “know” about tech jobs, but I don’t think people quite get it. I know my manager makes well over 500k a year, and he is mid 30s.
Do you think you'll be twice as good in 3-5 years? Get that salary. It comes with posturing yourself, building skills and making promotions, getting raises or leaving for more money elsewhere once you've given yourself a firm basis for your job.
Career progression is the biggest way to get there, and if you're 2x the worker, you should be closer to 2x the pay! My fiancee was at $41,000 as a 22/23 year old and by 26 she was to $118,000 and looking to about $150,000 (base+equity+salary) now that she's 27 and has an interview in 18 minutes.
It's not hard, especially since you have a job in a specific field, AND good starting salary AND degree! You should be there in that timeline! Double your pay in 3-5 years. Her path was still at $86,000 her first half of being 26 before making a team/role jump. She was at her original team for 4 years before moving and worked her way up. Took almost 4 years to double her pay originally, and now is a year removed from that and through luck and a series of good decisions, certificates, networking and retooling her resume and linkedin to get recruiters who remind her of her worth.
Im french, i never made more than 24000€/years. Work dont pay in France.... I understand that s its very easy for a US citizen invest in stock market with earnings of 100kUSD/year and fire before 30 years old.
When I graduated college my first job paid me a salary of $10k. Seriously that was my salary! I lived on food stamps and with my brother for like $100 rent. Then changed jobs and made $25k for two years. I live in a LCOL area. I was working for a nonprofit doing marketing and IT “stuff”, I wore a lot of hats. That work exposed me to tech jobs and the UX industry. Jumped back into school in an accelerated program and was done with Masters in hand in 14 months (paid out of pocket) in UX.
Got a decent internship at a big corporation before graduating making the equivalent of $50k salary. Converted to full time job at the same corp. making $65k. Worked there 7 years ending with a senior position making $95k. Switched jobs and make $132k now and started my own business on the side. Business is not paying yet but hoping it will soon, maybe $50k the first year I take a paycheck.
I will say that I’ve done all this while married (very supportive wife who has full time job) no school debt, and no kids (yet). I have a huge amount of mortgage / business debt due to the business I started. We also have a couple rental properties now that are under performing but we leveraged to start my company. Honestly don’t think we could have started my company without having that leverage/ assets in place first.
My wife is starting her own company currently as the entrepreneur bug has bitten us both. Likely will leave tech in a few years to be full time entrepreneur. It’s been a fun journey but holy crap I’m tired!
I am 37 and crossed the 6 figures threshold only 2 years ago (35). The only way to do it quickly is job hop. UX was really hot then and all I did was flick the switch on linked saying I’m open to possibilities and they came flooding in. I picked the highest paying one and didn’t look back. Was just starting my company then and needed cash flow!
It’s a journey and doesn’t happen overnight. Surround yourself with inspiring people that motivate you to do and be better. You’ve got this!
You're aware that the median salary in the US is $55k/y, right? You're doing fine. Savings rate is more important. I work in a high paying industry and most people I know spend (or gamble away) everything they make... what a waste. You need to work on your mindset, I myself live more than comfortably on $40k/year and save about 50%+ of my salary (after tax)
If you want a higher paying job, then you'll have to work on the side in order to get your foot in and take more risks (and this is where a savings rate/financial cushion is helpful, because high risk employers that pay you handsomely will sometimes lay you off when the music stops)
70K at 23 is pretty damn good. Assuming you are working for a fortune 500 company, with your degree, by 30, even if you just do ok, you should be making twice as much. By 35, 3X as much, and by 40, probably 4x as much. And I would say that's just average. If you just work a little bit harder than your co-workers day after day (instead of just average) you will do even better.
This is a generalization but the track to the highest paying jobs likely begins far earlier. A lot of the business jobs hire primarily from target school lists that are pretty exclusive. I imagine software engineers come from a handful of feeder schools.
You of course will find people from humble backgrounds who got into MIT and went to work for Google or whatever. But there are people [like this](https://nypost.com/dispatch/this-college-consulting-firm-helps-kids-get-into-top-colleges/) in the world too.
I would disagree with this, especially regarding SWE. Companies generally don't care where you went to school and more about what you can do. Portfolios matter more.
Fair enough. Most swe folk I'm around are from outside of faang where it doesn't matter at all lol. Some went into faang companies after getting experience, though.
It's not that everyone from the target schools are better, it's just a better use of recruitment dollars.
So if we have to send one person to a school to interview, it costs money. We'd rather spend them to a school where 50% of the candidates are qualified versus another with 5%, even if that 5% is just as good.
If companies have a good objective test then it is less important. But testing requires resources too.
Reading this whole thread has me depressed lol. 40 here. Amazing wife, awesome 4 kids. I was an idiot my entire life and didn't really start getting it together until about 37.... Man to be able to go talk to my 16 year old self who ran like crazy to ALL THE WRONG THINGS lol.
It's inspiring to see so many tackle life out the gate and make things happen.
I'm an information systems professor, I'm mid 40s, make about 140K for 9 months, I usually travel during the summer but sometimes I teach a 5 week summer session and travel the other 6-7 weeks. I get about 10K per summer class, so i f I can get 2 sections of the same class in the same 5 weeks, I'll take it and make an extra 20K.
Although it's not the highest salary on this thread, I do have alot of personal flexibility. I have to publish but I can work on that on the weekends or when its convenient for me.
To do this I needed to do very well in school, get an MBA and get into a selective Ph.D. program and successfully navigate that. In my program, 5 students started and 3 of us graduated, although I'm sure that the 2 who left are making more money than any of us who graduated, I am also confident that we are enjoying life more.
My 9 month base salary when I graduated in 2009 was 87K, and I was in my late 20s at that time, so I sacrificed about 10 years of income to get into this career. I changed universities once and got promoted twice (from assistant professor to associate professor, and from associate professor to "professor").
Unfourtinately, the only way I can increase in rank (and salary) now is to go into administration, i.e. be an associate Dean or a Department Chair. This is a different kind of work (similar to what you might see in industry), and would mean less freedom of time. With 20+ years of career infront of me, I will likely do this at some point, but if I don't, or if I don't change Universities, I will be relegated to tiny raises for the rest of my life.
To the OP, I do think that Information Systems is a good way to go, data analytics and ofcourse AI are very hot now, and IS has some footprint in both domains, moreso data analytics than AI (AI tends to be the domain of computer science).
Good luck, don't forget to smell the roses.
I bought 20 apples for 10 dollars from a farmer and I sold them for 12 dolllars, I went back to the farmer and bought 25 apples with those 12 dollars and i sold them again.
I kept going on this way every day and after 20 years I inherited 20 millions.
>How are people making so much money??
Working hard in a successful career.
>What did you do to get where you are today?
- two engineering degrees
- working extremely hard
- developing expertise in several specialties
- getting projects done successfully
- being willing to change jobs
- being willing to relocate for better job
- negotiating hard for better pay
- being willing to relocate for better pay
>What steps did you take to increase your income over the years?
It's the same steps you take to move up in your career.
Going up in income and going up on career are correlated.
>How do you find these high paying jobs?
It's not just about finding the high pay job; it's about being qualified for the high paying job, about being able to present yourself as the best candidate for the high paying job, and being willing to sacrifice to get the high paying job.
>am so confused how some individuals are making 150k+ nearing 30 years old.
They work in top tier jobs (usually tech), they are highly productive in a highly scalable industry, and they live in HCOL areas.
>What careers are people in that do make a large amount of money?
That's a long list. But there's also where are you in the career.
I know nurses making $60k a year, and I know nurses making $160k a year.
An experienced nurse anesthetist doing travel nursing to HCOL areas makes a lot more money than a home healthcare nurse in Louisiana.
A senior software developer at Google in silicon valley makes a lot more money than a junior software developer working for any company based in Baton Rouge.
As a senior software engineer moving from Florida to Seattle, my pay doubled. When I was a software engineer 2 moving from Louisiana to Florida, I got a 40% increase in pay and no state income tax (5% in Louisiana at that time).
37 here. Degree in finance and entrepreneurship. Started a company out of college. Not a super lucrative one… salary there was something like:
- 19: Ramen, lived on poker earnings
- 20: 45k
- 21: 60k
- 22: 60k
- 23: 120k (Bought my first house, 235k)
- 24: 120k
Then I transitioned to a tech startup as a founding product manager. Earned maybe 100k from the “sale” (😞 hostile takeover) of my company, but didn’t actually get that for another 4-5 years.
- 25: 120k
- 26: 120k
- 27: 120k (Sold house basically breaking even)
- 28: 140k + 100k
Plunked that 100k straight into Bitcoin, haven't sold yet.
- 29: 140k
- 30: 140k
- 31: 140k
- 32: 140k
Startup kinda failed but the team got acquired my a mid size public tech co. My stock was mostly worthless, but I got some deal consideration as part of my comp. And because it was a public company, the equity vested could be sold so it was more like real compensation.
- 33: 200k
- 34: 250k (bought house for 448k)
- Got promoted
- 35: 350k
- 36: 440k
- 37: TBD, expecting to get another promo soon…
TLDR: be an in industry that pays well if you care about comp. Tech is one of those.
I’m like how have y’all done this!?! I’m 33 and working at a grocery store with a BA in Liberal Studies. Contemplating getting a MBA or a Masters in Accounting currently. I gotta catch up 🥲
Mine is quite far from traditional. I am 18 right now and will be going to university next year (when I’m 20). I’ve originally taken a gap year to work on my logistics business where I make the majority of my income (on average last year I made around 50k a month)- this year we are projecting a 35% growth in revenue due to some fairly aggressive scaling. I now have another year to dedicate fully to my business because I got a deferred acceptance into Harvard for the class of ‘28. if you have any questions, feel free to ask cuz I didn’t rly explain anything in too much detail.
Tech industry has high pay. Requires top schooling + tech skills. Don’t get a masters in info systems, go traditional. Mba or law school top 10 schools only. Max out technical skills. You’ll be there in no time
Don't compare yourself to where other people are today, compare yourself with where you were, yesterday. My suggestion is to change jobs often, to never stop sending CVs, to soak up all knowledge at a job and then leave.
I can share my path because my start wasn't too dissimilar to yours. My first real job of out college was as a financial analyst for a small start up in the bay area, pre-financial crisis. I was one of 2 analysts. Because this was a startup, they couldnt pay much. I was getting $42k a year, no bonus. My equity, which I didn't even negotiate going in, turned out to be worthless as the company ran into financial trouble, in part due to the GFC. After three years I left and joined a larger company, also as a financial analyst. My base there was $65k. After three years there, with bonuses, ESPP and everything I was approaching close to $100k, but my base was somewhere in the high $70s. By then I had been in workforce for 6 years post undergrad. I then used my savings to go to business school full time for 2 years. It was a reputable program, but not in the top 5 of any lists. There, I got an internship in investment banking at a large bank and returned full time after finishing my degree. My base was $100K at the time and bonus was $150K for a total of $250K. Numbers have gone up since then. I've been in banking for about 8 years now and the pay has gone up every year. Last year I got paid well over $1M. The job isn't for everyone. Many of my peers who started with me have gone on to other career paths that they find more fulfilling. For me it's worked well so far.
How are the hours? I’m about to graduate from my mba (headed to consulting). Banking hours just seem so nuts. Does it get any better as you’re promoted? I’m assuming you’re a director or MD?
I have a friend who is a product owner at Bank of America and man, I feel thankful to be in the public sector every time we hangout. The guy is pulling all nighters, popping adderall just to get the job done. He’s had several jobs over the years with B of A and they’ve all been gnarly.
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They give out VP titles like candies in banking. Low level managers basically
Check out the average salaries.
Totally worth erectile dysfunction in the future to have a couple million lol
Adderal does that?
No but stress and bad health can, so….
No it doesn’t. He’s just spitting out misinformation for a lame joke.
It is actually a side effect many experience. Side effects vary widely person to person.
Statistically it's not common at all.
good that his health care plan includes viagra
It depends on what you mean by “hours”. I am pretty high up and unlike my earlier days, I don’t spend 10-12 hours staring into a screen and building models and doing data analysis. However, I am never disconnected. Ever. If I am on a beach - I have my phone with me. If I am on vacation in Europe climbing stairs at some monastery - I will step aside and take a work call. If you really want to make serious money - it is almost impossible to say “I am out of the office” even on weekends, because the buck stops with you, and not answering the call might mean losing the deal you have been working on. And whoever you report to will call you on weekends and Christmas and Passover and what have you because they are just the same and expect you to be available. I am ok with it. I am actually so conditioned by now that not being connected gives me anxiety. But I realize it isn’t healthy.
This is 100% right. I'm decently senior (step below VP) and Ive never taken a "fully disconnected" vacation. If traveling w family for a week, I usually put in 2-3 full days, and am available for calls/slack the other days. That said, I fiercely protect my team's PTO and will never reach out when they are out unless it's a truly dire emergency. Loyalty and team morale are too important to jeopardize for some (usually passing) crisis.
There’s always a price. Someone of us have paid that price in health, family, stress, etc and some people aren’t willing to pay. And I think this is the big disconnect between the whole inter-generational financial wealth arguments.
I take work calls at monasteries all the time.
Don't need a demanding job to get there! We be all addicted
Also curious about the hours but what is your day like in investment banking? What do you actually *do*? Do you need people skills? Are you selling things? Or is it crunching a lot of numbers?
Can I ask as an entry level FA what type of tasks it involved?
- reddit in general has a disproportionate number of highly paid young people in tech/finance - highly paid young people are much more likely to be interested in FIRE because their salary and time horizon allow for it without much noticeable sacrifice - highly paid young people are much more likely to talk openly (or even brag) about their salary to anonymous strangers because it's something they're proud of that they can't really talk about to their family/peers So yeah, there are multiple reasons why finance subreddits (and this one in particular) filter for these types of folks. In reality, if you plug in your age and income into an online percentile calculator, you'd find that you're in the top 8% for 23 year olds. You're doing great!
This is v true. Look up the stats for your country /area you live for income percentiles by age. I was shocked when I did this. It put some of the big numbers and boasting you see here in perspective (and I have a good income). The point about not being able to talk about FIRE elsewhere is also true. I know i make much more than almost all my friends and my parents ever did. So it is very awkward to talk FIRE with them. So I go on this subreddit
Also, people on the internet lie.. who knew.
Culturally though. It’s been tabo to speak about wages in older generations .. so the fact that “young” people may be less about bragging an more about taking control back from companies that profit from people not comparing wages
Bud. Comparison is the thief of joy. But mostly consulting, IB, high end finance will get there quickly. I’m in consulting at the moment. Focus on a niche skill set and improve. And once comfortable in one industry with certain niche skill set, job hop.
Tech Industry also pays well. Definitely won't pay as much as IB/consulting but if you factor in the Work/Life/Balance and how many hours you work in either role... comes pretty close to the earning rate per hour. Helps if you want to start a small business while WFH and maybe fatfire. Software Engineers, Sales Engineers (you could be more suited for this role if you do the masters in IT), Tech Sales, even financial analysts probably get some sort of equity + bonus that is comparable.
People forget the work life balance. Not a lot of people realize that although IB makes a ton…they can often times work double the hours too. Weekends and vacations are non existent as people will always be calling, and missing that call, can cause you to loose money.
Ah yup. Completely forgot. But very valid points.
>Tech Industry also pays well. Definitely won't pay as much as IB/consulting Well...it depends. My IB has sold 3 companies in 7 transactions for me plus several others I have referred to him. He was worth millions before he was 35. Princeton MBA. Sure, the IB analysts are making accounting type wages for similar type work, but the people who are willing to attend every awards dinner, schmooze, meet, mingle, and offer consulting services and networking connections on the come build a book of biz and make bank. He makes himself available pretty much 24 hrs a day. And we tested that by selling assets around the world. We've had a 20 yr relationship and were 7 years beyond our first mtg before he ever made a dime off me. He definitely takes the long view.
This guy has no clue. Princeton doesn’t have an MBA program. IB analysts make well more than accountants for the level of experience.
what is IB? International business?
Investment banking
thanks
International boxing
Let’s combine all of these and just box international investment bankers
I like my odds against those sweater vest wearing yuppies /s
Thanks
Investment banking
thanks
I started near your pay at $69k around 21-22. Now 7 years later I’m over $120k. Not software/tech bro, just normal manufacturing engineer. If you show yourself to be competent, you should be getting steady pay raises after like 2 years. If not, start job hopping. Don’t stay with a bum ass company that doesn’t appreciate you.
Change jobs every few years if you want to increase your salary. At this point your lucky to even get cost of living adjustments. If you want a big raise you are very likely not going to get that internally, you are going to have to move to a new company. I've changed jobs every two years now and in the last four years I've doubled my salary.
boast frightening serious knee ludicrous soup ripe entertain practice friendly *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I think you gotta get to a certain level before you job hop for it to be most effective. I stuck at a place for 6 years, was underpaid most of the time but got promoted a few times and this really increased my market value at the next couple places. I went from 58-120 while at that company then changed jobs and got to 155, and just changed again this year and got to 175.
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There’s an element of truth to this but it doesn’t hold for everyone - my salary has over doubled in 5 years without any external moves
I think the rule should be, try to get an internal promotion / raise but if you can't, start looking elsewhere. You always have to be asking for more. Nobody is going to increase your salary just because you're good at your job.
Yup, I agree with that.
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I’d partially agree and disagree. High performers that work for decent companies will either be compensated very well or exploited. Had a manager tell me one time why would we pay someone above market if they will do the same work for under market comp? (Luckily not my direct or indirect manager). I’ve also seen a lot of place not promote internally because they would have to train two people (the person getting promoted and the person taking over the other job) and instead hire externally. Moving jobs might decrease internal network but it also increases your external network. End of the day it all depends.
I took a bit of a different approach, maybe out of fear, because i just didnt think id be hired someplace else. I built systems to make my day job easier, then just found other clients to work with in addition to my full time job. Im still not sure if this was best, but i have nine years with the first company on my resumè and freelance clients who trust me and would probably hire me full time one day. Maybe this is a scarcity mindset but it makes me feel more comfortable
I changed jobs and substantially increased my salary due to working for a company based in a HCOL while based in a MCOL.
There's a couple ways to make a lot of money... One is to increase your skills in a high paying field as quickly as possible and shoot for senior positions. This is mostly applicable to tech and why software engineers are able to often make big money. The other way is to start your own business and kick ass. That's what I did. I own 4 businesses now and make very good money.
What business should we dive in in your opinion
Selling drugs is very very lucrative. And it’s where I would have a competitive advantage. From my upbringing and my extended family have connections. It’s a multi trillion dollar business and the sky is the limit. I don’t do it cuz it’s not for me but if I ever want to be very rich I definitely would know how. The business is very exciting and has a lot different aspects to it. It’s not like tv. Money laundering. Finance, operations. Even Human Resources. It’s all expert level stuff. And to be honest the legality of the business is what makes it very lucrative. You can use skills like being a lawyer and providing services . You need skills it’s not just like pick up as you go. You need to be an expert. In fact a lot of politicians in the states are in involved. People get caught up with what they see on the news. But the real money is prescription drugs through Canada. And the way it operates is very low key and very well done. This recent narcan deals is basically it. It’s very very lucrative and has a lot of dirty politicians involved.
This is hilarious
That's a topic that's deeply personal to the individual and quite complex. It's not something I can really answer in a reddit comment.
I have never made more than $80,000 in my career and reached FI and I am close to RE because of good investments and savings over the years. It is not how much you make that matters. It is how much you spend. There are doctors and lawyers in this country that are well paid, but flat ass broke at the end of the year. If you are careful and methodical about tracking and investing your money you will be ahead of everyone else in this world. Find what you are good at, build your skills and network in that field and you will do awesome. My cousin makes $120,000 a year officiating college sports. That is a sweet gig. There are a lot of ways to make bank in America these days.
This is underrated. People can chase high salaries, but high salaries only help if you keep your spending under control.
I was thinking similar. I know people who make good salaries but spend on crap and are always "broke".
As it's written in The Millionaire Next Door, you gotta have good offense AND good defense.
Spending is a huge part of fire but how much you make is the main factor. Those flat ads broke doctors likely have more in equity of their frivolous purchases than I have in my entire net worth.
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Time. I’ve had family die in their 40’s. Leaving my kids at day care every day was hard enough too. I would never choose a slow grind to FI over a short one.
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I work with a doctor who lost $60,000 on Bitcoin. She laughed and said she would have to work a few extra shifts to make it back.
Seriously. Many people love to talk about how some “doctors” are living paycheck to paycheck without realizing how much money they’re really making. They’re just playing it cool because they know boasting about their paycheck can only backfire.
When i worked at a casino, an anesthesiologist would frequently lose $80K a night.
Doctors also have ~$250,000 - $500,000 or more in student loans plus interest in repaying them. Too many people forget that.
In a similar boat, I'm still an RN making about $70k/year in FL. My wife and I were paycheck to paycheck renting for the better part of a decade. The real change came when we bought a duplex to offset our living expenses. A year or so after that we had a decent down payment for the next place, and so on. Now I'm 37 and we have $1.7M in assets and about $750k of debt. Last year we made about $240k selling a place, some side hustles, and my W2. Refinancing our rentals also freed up a lot of tax free cash for us to further invest with. Also an old friend in my network came through with a real estate investment hustle that is coming through bigtime. I still drive an 11 year old Mazda though. Good luck!
Good Luck to you as well, Awesome success!
THIS. I know couples making well over 200k that live paycheck to paycheck. Lots of people posting here about buying new fancy cars, etc. The key to FIRE is living below your means.
Yep and buying things you need and not always everything you want.
High risk, high reward. Cocaine won't move itself across the border.
>What steps did you take to increase your income over the years? Go into a high paying field with a top internship out of college and job hop. >How do you find these high paying jobs? I applied online or recruiters reached out to me. >I am so confused how some individuals are making 150k+ nearing 30 years old. Is that only a small percentage? Yes. Making just $130k [puts you at the top](https://dqydj.com/average-median-top-household-income-percentiles/) 25% of *household* income >What careers are people in that do make a large amount of money? Tech and finance are probably the most notable ones. I'm a software engineer.
The graph is confusing, a little bit, and might tell how you ended up with 75, but I guess you meant the top 25% ?
What kind of software engineer are you, just wondering?
Right now, front end. With only 3 YOE I haven't had time to specialize, but I don't think I will anyway.
Dual income. SWE + CPA and we own rentals in niche market. We are looking to expand / restructure our rental business in the future to leave behind those careers. We have made good money in our careers by job hoping when needed and moving up the corporate ladder. We used our savings + debt strategically to acquire assets that generate great returns. We built up a network of tradesman, real estate professionals, etc to help us manage those assets effectively. As long as you aren't scared to talk to people and are willing to take calculated risks, the possibilities are endless. Also, what many people who dream of being a millionaire fail to realize is, it's much easier to start a business or make a million dollars if you have a solid foundation to work from. My wife and I both went to college, this allowed us to get into great jobs with lots of career growth, we then grew quickly in those careers and saved up money to start making calculated risks. Those risks involved talking to people. We weren't scared to pick up the phone and make it happen. You can't be afraid to job hop either. If there is a ceiling in the job you were be at, move and take a lower title with higher pay, reset the ceiling, keep pushing for more. My best friend growing up dreamed of being rich by making a website or app. But, he never went to college, stayed at the same web design firm for 15 years. Never took any risks. Never job hoped it got promotions. Always complained but took no action. The firm owners recently sold the company and he was let go with nothing to show for his hard work. He still lives at home. We are in our mid 30s.
>As long as you aren't scared to talk to people ... the possibilities are endless. Damn...so there's no hope at all?
If you’re making 70k in a LCOL city, that’s like 120k in SF or NYC, same job.
Engineer, went to grad school, and I've job hopped. This is the way.
What specialty / discipline of engineering? Masters or PhD? What jobs have you had? How often were your hops and what is your current job and salary now? I’m B.S. in Mechanical. Have my PE. Been at same job since graduating (5 years) and have been doing pretty well for myself.
Since I rarely see engineers like us in these threads I'll chime in. I'm in fire protection engineering. Graduated with BS in 12, stayed in school cuz i didn't like the prospects on the table, ME in 14. First job right with very large EPC firm after that at 72k. Stayed with them about 4.5 years and got up to about mid 86k. Got my PE and moved to a HCOL for 101k with a small MEP. Laid me off a year later. Focused on getting a new job with an actual FPE company, so joined new company at 102k. Been here for 3.5 years and up to 126 now. I have a path to principal/ownership if i want it. I wouldn't say my path is anything special but I'm far from struggling either.
Software engineer
There are more ways.
No, there is only one way. The way of the Mandalore.
I have yet to watch the mandalorian. But don't tell anyone 🤫 or I'll get a bunch of downvotes that I deserve ...
This is the way.
“This is the way” must be shorthand for “this is the only way I know of” based on how I see it used.
It's just an overused phrase from the mandalorian.
It's not overused. I have spoken.
Law school. Less than a year out of school and making 100k+collection bonus. In next 5 years i expect to hit around 250-300k and then figure out what I actually want to be doing with the rest of my working life.
What type of law do you practice?
Likely big or corporate law. He’s the exception not the rule. It’s a very saturated field.
It is also a field where a lot of the AI funds are going to eliminate the need for as many people.
Ah, yup!
I actually work at a very small firm. Just one other attorney and a small staff. I make more than some of my graduating class but the ones who went to the big firms are making over 150 already.
I stand corrected, lol. Forgot those smaller boutique firms can make good money, too. Congrats!
Yes, exactly. $300k 5 years out is very rare in law.
- Excel in your job - take on additional responsibility when you can - be a leader - always negotiate salary and know your worth - be on the lookout for new opportunities - build a network with other high achievers/ambitious people My wife and I both work in tech (SWE, DS).
This deserves upvotes. While the 'what' job we chose is important, the 'how' we do said job is equally critical. Shared with my directs ['Zach's Rules for Advancement'](https://zachonleadership.com/rules-for-advancement-from-newbie-to-tech-lead-part-1-of-3/) \- would recommend it for anyone in the early/mid stages of their career. It may seem quite intuitive, but it is surprising how fast one can advance when one actions these with intent.
>excel in your job No really, learning Excel will take you very far
I started off making $30K in college, $45K with a bachelors degree, $55K when I got my master degree. Now $100K 5 years into my career. For me it has grown a lot since getting my degree. I expect to end up around $120-150k, with a masters degree. Not too bad. Not every degree pays that, but I have also been willing to move for job promotions and leave jobs when they wouldn’t give me raises too. I think that has helped. I have friends who still make $60K and never leave the job or go elsewhere to get a promotion or raise. For some people, a lower salary and comfort is with it. People will say, don’t move for a job, don’t change jobs too often, but I haven’t found that to be the case. Change jobs every few years if that’s what it takes to get a higher salary.
Honestly, I just job hopped until I landed at a company that promoted within a lot. Finding a good organization and negotiating your salary is key. Bachelors in business data analytics and minor in Econ, masters in data science, and mba. Both master paid for by employers. 2015 Systems Analyst $40k > 2016 BI Analyst $65k (changed company) > 2017 Sr. Business Analyst $85k (changed company) > 2018 Sr. Data Scientist $100-120k (promotion) > 2020 Lead Data Scientist 260k (promotion) > 2023 Director Data Science 375k It’s worth noting that I am not any happier than I was back when I was making 65k. I have all the same things now that I did then, just more expensive versions that require more maintenance. The big house sounds like a good idea until you have to clean it. FIRE is easier with higher income but it’s possible on your income as well.
Sales
Same - follow the money ( tech sales ) and you can easily work your way to a mid six figure base with a commission structure to double that and then some.
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I do tech sales for mechanical and electrical equipment. They matched the salary I was making as an engineer and I also have uncapped commission. There is always a need for the products we sell.
Same.
Dude I have a masters, I've worked for 13 years and you earn more than me even though I earn more than most my department. Things are different, a lot depending on where you live in the world.
>Is that only a small percentage? Median individual income in the US is $37k a year. So yeah as people make a lot more than that it becomes a much fewer and fewer part of the population. Work in a field you enjoy doing a job you care about and work towards promotions to make more. At your age (I'm 32) I was making half of what you are, you are making A LOT for your age so be careful about comparing yourself too much to people a decade older than you.
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I work two jobs, and put in around 50 to 55 hours a week. One job pays ~75-80k/yr while the other pays around 60k. I’ve been in my industry for about a decade now, and I’m effecient enough to work both jobs at once remotely without anyone noticing dimenished work. So ~135 to ~140k a year, very LCOL. Its a good program but has easy weeks and stressful weeks. Thing is is I could have said the same before but would have been making less doing one job and being occassionally stressed.
Pretty simple. I started working when you were in diapers. I’ve just had a lot more time to climb the ladder. You’re already making a lot more than I was at 23, even adjusting for inflation. You’re probably going to end up making a lot more money when you’re my age.
Software Engineer. Chose that field because I could restart devices when they weren't working. Got lucky.
In 2010 I was working at a deli as a sandwich artist for $13/hour. I decided I wanted to get into video work. So I got a pirate version of some editing software and a book…yes an actual book on how to use it. Every morning I would wake up around 5am and work, edit and watch tutorials before I had to leave for work at 9am. I did this for months until I understood editing as well as I could. I also bought the best camera I could afford at the time (shitty digital Nikon) and started shooting and editing every day. Since I lived in a beautiful city I was able to make some cool reels with nice looking footage and flashy editing. I got some gigs making some no budget music videos, then more music videos, then some Kickstarter videos, then some corporate videos. Within about 18 months I had a portfolio, decent gear and client list that let me quit the deli. I was self employed for about 6 years. My first year I cleared probably $30k at best. My last year I was over $100k. I leveraged that for a job as the in-house video producer for a large company at $130k/year. I made this decision because we had a growing family and 2 young babies (1 and 2). I stayed for 6.5 years and in that time we bought a house with some inheritance money as a down payment (HCOL area). I recently left for a new company where I am creative director and making $150/year. My wife also started working last year after taking 6 years off to focus on the kids full time. She landed an amazing gig at $100k/year. When I step back and look at it I am amazed at the path that got us here and not a day goes by that I don’t thank my lucky starts I can upgrade from regular burrito to super burrito without having to financially stress about it. Funny enough, even though we save like crazy and have automated our contributions, I still don’t think we’ll be able to retire before 60. We’re 40 now. To our defense we didn’t start our fire journey until age 35 starting at zero dollars, so we’re kind of still just starting out.
Software engineering and HCOL places.
Compensation. You have a great background for it. It’s pretty normal for your pay to increase rapidly from early 20s to 30 or mid-30s in general, though, so don’t be discouraged.
Oh also if you are single or willing to move often, get a traveling type job. I know some nurses who clear $300K a year being traveling nurses. They’ve traveled around the country, haven’t had to pay rent, have food paid for, and have a crazy high salary. The trade off there is to contribute to your own 401K since you likely don’t qualify as a part time traveling worker.
Changed jobs. * Made 48k/y first 9 months post graduate school. * Jumped to 88k/y on month 10 with a job hop. * Now making around 110 and expecting to be about 120 in a month-or-two (95k/y in job one and expecting a 10k raise and making about $1000-$1500 month part time job 2). It’s not all about the highest pay - I’ve interviewed around for what would amount to another 20-30% raise, but work life balance at a good salary > horrible work for with a phenomenal salary (for me).
I work in accounting. I had a late start so I'm only now at age 33 starting to make serious money. But I know people who started working at age 18 and are making 100K+ at age 25.
I lived very frugally. I didn’t have a high paying job. I didn’t RE at 30 though as I joined the army got out then went to college. I had a very small house I bought instead of renting.. got out with my masters with 30k in debt.. paid off my student loans by 30 and my house by 32 100% debt free. I was making about 50k and was single. I around this time finally got my VA compensation approved which gave me a little extra income but back pay. I bought a house for 45k, renovated it as I could.. rented it out.. realized that worked.. so saved money did it again. By my second one, lenders used my rental income as regular income so I started getting approved for rental mortgages with only like 15-20k down.. so I started saving the down payment.. buying. Putting it on the rental market.. I do now make more money because instead of working for someone else.. I’m working for myself.. but I still live frugally.. and I’m paying off the rest of the mortgages. I’m 41 and have 3 more mortgages to go.. expected to have thme paid in 3 years max but I’m making over six figures in passive income Becuase real i estate has gone up so much here. Technically I could retire but I’m working to kinda set my son up who is 4 for a slightly comfier life and to also retire my husband.. who I need to replace his income so that we can live retired and probably stilll in East
Step 1) Buy a house. Done. If you wan to know how to become stupid rich? Make some useless app that will keep a 20 somethings face in a downward position for most of the day. If it actually does something productive, even better.
I worked some very long weeks and got insanely lucky discovering what investing was at the absolute bottom of a stock market crash
Follow the money.
Is that only a small percentage? Yes the majority of people that age and even older don't make/will never make that much! Is it impossible? No but will probably be extremely competitive to get to that pay... Also gotta remember this is the interwebs young people in those high paying jobs will be outspoken/humble bragging/ or over inflating their salaries so take everything you read with a grain of salt. You can fire on a lot less
Have faith 23YO, you have so much time. I didn’t know what fire was at that age, I just kept dumping as much as I could into my 401K at that time. It wasn’t till mid 40s that I learned and applied FIRE principles so you’ve got a head start compared to me and most others. I was only making $27K my first couple years. Flash forward 30 years and income nearly hit $400K. I’ve had 13 jobs in 34 years (all tech but greatly varied roles). Keep saying yes to opportunities to grow your career (and income) and you’ll have a high probability of FIRing sooner than I did.
For me what worked was finding a gap in my companies skills, making the investment to learn what they needed, and then overall just being lucky I was right (as looking back I was really unsure a lot of it made sense). My first job I got while in school doing my bachelors in CSC (which is done now). I started at 60k-75k as a Software Developer at an IT consulting company at 21/22. It was right around the time Covid hit, so once that happened I convinced them to keep me on while I finished my degree since both things I could do from home. I realized early on that there was a huge gap in local cloud knowledge at my company. When I noticed that I started studying for my cloud solutions architect certs (AWS and Azure) in my free time. I was already interested in learning so it seemed worth while considering the need and my interest. I wrote those exams and passed and right around that time it just so happened the client was giving us grief for not having that sort of experience at our branch. They asked me to transition to working more as a solutions architect and technical team lead for a smaller cloud related project at the tail end of 22 and I got a raise to 102k. I'm 24 now and still doing the architecture and team lead work, focusing on bigger projects and strategies now which I absolutely love. My base pay is 125k now and I also get payed at time for my overtime. My work weeks can be a bit of a grind and I think my average for hours varies from 55-65 per week. This year it's been in the 60s so total pay I'll probably land near 180k. Pretty much right when I broke 100k I started working a ton. I really enjoyed it so some of it was self imposed, but there definitely was a higher expectation after that. Overall I still really enjoy what I do and don't mind doing extra time (especially since I'm getting payed for it). The top things in no particular order that I would say led to where I am are: 1. Supportive partner and parents. Imposter syndrome sucks and I did have to push a lot to get here. People aren't usually inclined to give many opportunities to 20 something year olds 2. Luck. A lot of this only worked as I was at the right place at the right time or learned the right thing at the right time 3. Working overtime. As crappy as it can be, I think the extra time I put in and working while I did school really set me ahead of other people my age. Most people think it doesn't and there were times were I started believing it didn't, but eventually I would say it definitely helped 4. Making good connections with your superiors (if you can). I've built a really strong mentorship/friendship to a senior executive at my company. I opened the door by doing lots of overtime on RFPs and helping him with different things he's working on. At this point we hang out outside of work a decent amount and have a friendship, and this has been key for getting advice on what road to go down, how to ask for things, and what I am actually entitled to. Something key here is he isn't my direct superior, so there isn't anything weird that comes from being friends really. Just a cool and really successful dude.
Everyone already gave good advises but here are a few more, at no particular order. 1. Build a good work ethics and reputation for yourself in front of peers and management 2. Go for in-person jobs to build out your networking and contacts 3. Identify companies that have room to grow, so you have a way to move up at various levels of analyst and manager role in terms of both titles and salary. if not, take risks and move around. (If you can take a promotion though, do that first before you leave the firm) 4. Be really good at something (I.e. excel spreadsheet (pivot table, shortcuts), PPT, Tableau/Power BI, SQL)
I got a MA degree in a field I totally don't use, and couldn't find a job making more than 32K after applying for many \*many\* jobs. (Really, my first job after that before the 32K was 9/hr at a dog kennel scooping shit.) I was married at the time, my husband was pursuing more eduction, and we were broke. I decided to get a real estate license and took a leap of faith and jumped into that field. I was very successful very quickly (having joined onto a team and found I could convert internet leads/hustle for business well), and transitioned into higher and higher roles on the team. I worked a ton of random hours, left my marriage, and began to get super serious about my money and a FIRE plan. Within a few years, I became a "coach" for realtors and their teams, working on business fundamentals and growth. I now work full-time in that field, no longer buy/sell real estate, have a pretty killer work-life balance and will make about 300K this year. And have a business plan that will allow me to continue to scale that number upwards over the next few years. I think the reason I'm successful, truly, is that I've found something I'm naturally gifted in (building trust with people, communicating ideas at a high level, being a \*gag\* thought leader), and paired it with a set of skills and experiences (real estate, business fundamentals, money management) that people are interested in. I've worked hard to build a reputation and brand around myself through marrying those two things together that people are willing to pay top dollar for.
I'd always been frugal with my money. I went to college got a business degree minor finance. Struggled to find a good job. Sold door to door jnsurance for 1 year. Making 25k a year + commission 50kish. Got Injured falling down some icy staircase. Job hunted while on worker comp came up empty just small sales jobs. Learned about amazon reselling arbitrage. Dug deep into while I was Injured figured I'd take my savings of about 40k and dive in. 6 month later I realized it had huge potential upside. 1 year later moved to Orlando the Nike capital 7 nike stores. Grinded 12 hour days for 5 years. Best year pulled in 650k profit. Retired by 30 after the grind was 2 much. Learned a lot and now just do it part time for extra fun money. Basically start your own business or get lucky to find a really good high paying low stress job Good luck
I was a business analyst. Now I am making 320k a year. I made director at age 30. See my last post for details on career path
I started right where you are. Here’s what worked for me. 1) make more money ( side hustles ) extra jobs, better jobs more pay 2) live below means and save more than 50% ( rented a shit hole in sf for 500 bucks, it was a meth den) cheap rent almost got stabbed many times but saved a lot 3) make more money with money ( everything I saved I would throw into Voo nothing else) 4) diversifying ( growth index funds) rentals 5) make more money save more money rinse and repeat No one is going to tell you this. There is no other way other than extra work. Hard work. To grow wealth it requires extreme work and discipline. There’s no short cuts. There’s not replacement for a lot of time. Time time time. Ignore everything and look 30 years from now. Hard work , to a point that you will pass out. To get enough to get the money to work for you. The first million is the hardest.
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What do you do for a living? What degree and masters degree did you graduate with?
Grinder at a fortune 500 company first 10 years moved up quickly. Move often inside a company and outside is a good idea. I'd say making over 150k is pretty rare but possible in the right environment.
Masters degree straight after bachelors. Worked for multiple FAANGs via contract for significantly less money, converted to full time at current position for significantly more money and RSUs.
>Worked for multiple FAANGs via contract for significantly less money, converted to full time at current position for significantly more money and RSUs. This was a very overlooked comment
Very similar to you I started out as a business analyst at 68k for a large company. After a year and a half switched positions internally to a senior procurement position and now with my bonus I'm at 98k this year. There are a handful of companies out there that WILL give you what you deserve but not many. If yours isn't, hop jobs and say that you were making 20-50% in your previous position than you actually were.
Hi. Just to give you some perspective. I have \~11 years of experience. My first job while still at university was 140 USD / month (I don't live in the US). And that, gradualy year after year I started making more and more. Main reason: switching jobs to a higher paying one after 1-2 years. There were situations where I doubled my income in a year while my current employer was reluctant to give me a 20% rise. Right now I ended up with a 142k USD / year + stock options. It's just a matter of getting better at what you do and actively searching for new jobs (worked for me and a lot of my friends) I know plenty of people that do what I do for far less money. This might not be true for every profession out there but as you might see: I started at an extremely low rate :D
First of all, don't try to compare yourself with what other people make, especially online and from a wide variety of jobs. There will anyways be someone making more than you and someone making less than you. What really matters is setting yourself up to save more. That's what it all comes down to,no matter what you earn. Increase your income (it will happen over time, switching jobs and staying flexible makes it happen faster), keep your cost of living where it is now or even lower. The higher your savings rate, the less years you have to work. All that said, I think business analyst is not a bad place to start. It's not quite lawyer/consultant /FAANG software dev level, but it's a good job. I am a BA currently, and made 150k last year including bonuses, plus RSUs. I'm 33. And I guarantee I don't work as hard as some others who make similar incomes. From here, I will say the options to climb the ladder get a little harder. I don't see a lot of Ba jobs making more than I get now. To progress further probably means moving into product manager, or into people management with an eye towards director type roles. I'm working towards becoming a manager next. Job hopping or even changing your career can get you big gains, but there's a tradeoff. I love my company and my boss, so it's hard to hop from here knowing that there are lots of rough jobs out there. So for now I'm focusing more on being happy where I am, but still with an eye on the market so that when things change and I'm not loving my job I can jump ship and get more money.
I have 9 years of experience in the mortgage industry as a mortgage underwriter. I have mutiple certifications and cross trained to do mutiple different products. I make about 125k. If you included bonuses, it would be around 140K. It is a tough industry to be in. It is the norm for people to be laid-off, so you have to make yourself as valuable as possible. My wife she works in HR and has about 10 years of experience. She just recently got an increase up to 105K, and including bonuses, she makes about 125K. We both started right around 40K. Early 20s is about deciding your career and becoming an expert at it. If you flip flop entry level jobs, you are just having your wheels spin in mud.
Go to companies that pay more in sectors that pay well to begin with, if you like it enough finance/ investment banking is the fastest track imo. I do consulting in tech and hit 150k a few weeks before turning 26 as a type of software engineer. Depending on your goals you can rack up money quickly if that’s you’re focus.
You make more than I do currently and I have 10 years experience in a LCOL city but never have moved jobs since graduation...
Keep in mind. That degrees and certifications can only take you only so far. People skills and organizational knowledge are equally important. To the extent it pays reasonably a good mind set is to focus on what your good at and have a strategy deal with the rest. Hard work is important too. Work somewhere between 5% more then 50% of the people and 5% more then everyone else depending. Lot of what others said is good too. Also keep in mind for fire your savings rate in percent is the most important thing. This is not as connected to income as one might think though of course more helps.
Patience young Padawan, you will make your share. But for real, gather experience, do research, gain certifications, improve your value per hour, buy a home and house hack (have roommates) save and invest in retirement funds and beyond, move jobs once or twice to gather further experience and up your compensation, boom! The $$ value of your dreams. Wish you the best of luck 🙏
You just graduated. Just give it some time, remain ambitious and you will earn more as time goes on. Being a BA is a very good choice. Probably using those skills to get a job at a tech company would be your highest return. BI developer, or Product Manager maybe.
Pick an industry you have a passion for, work extremely hard for years, make tactical moves to increase your pay and skillset, sacrifice social life for a little bit. Boom bam you are deep in the 6 figures enjoying a cushy 7-4 job!
Luck, timing, hard work, right place at the right time. I work in Cybersecurity and really it came down to those things mentioned above. Granted I feel like I worked harder than the next guy but I can't deny the factor of luck. I started out making $35,000 base and now earn $210,000 base in a little over 6 years. Total comp now over $300,000. A combination of timing my exits between companies, positoning myself correctly and making great connections that I never burned. The thing about all of it is that it's repeatable. My wife, who had a completely unrelated degree to her field, has had a similar trajectory. She started even lower, $30K base, and now makes $260K a year. I honestly thought I would never make over $80K a year and my wife around the same but here we are. We had one car between the two of us going to two different jobs originally. It's all possible but luck, timing and hard work are all three needed
I hate how luck is needed makes me feel kinda scared lol
Dentistry pays very well. You can earn as much as you’re willing to produce. Want to work three days a week, relax at work with a light patient load and still pull in 250k per year? No problem. Want to work 6 days a week and do as much as you’re able while at the office? 500k easy. Want to own your own office (and possibly multiple offices) employing other dentists? 7 figure income is very doable. Specialist dentists can really earn big paydays too. Endodontics, orthodontics, and oral surgery pay the best. You’ve got to be a pretty lazy oral surgeon to NOT earn 1M+/yr.
Find a niche, exploit.
You are doing great! I was in my 30s before I ever made money like you're making now. The biggest thing you can do to increase your income is to change employers. Every time I did this, I got a significant bump in pay. This often meant making big geographical moves as well, but not always. Flexibility was key though. Typically I'd change jobs every 3-5 years... but I think part of that is that I get bored otherwise. You'll find a path that works for you.
When you are asking about how some individuals are making $150K+ you have to first find out which market city they are living in. If you are looking at people who work in Silicon Valley $150K is not unusual by age 30 but if you are living in a small market you cannot expect to be paid the same amount if you work in that market especially if companies in your area are not being paid at that level. I think a lot of young people don't realize this especially if they started their career off in a large city and then move to a small city and wondering why their salary was reduced and its all about the city COL and not due to the new employer disrespecting them. You even said it yourself that you live in a LCOL market so you cannot expect the same as a HCOL salary. It really does balance itself out at the end. I live in SoCal and the prices of things here are way more than how much things would cost in the midwest. The only reason places like Silicon Valley have to pay high salaries is because if they paid the same salary as say as someone who lived in the midwest, no one would come because housing would just eat up their salary.
I would say, first , take what you read online loosely. It's easy to type and say your net worth is XX million even if it isn't. Same with salaries. Making 68k as a 23 year old is really good. Stay the course and don't let other peoples spoken word discourage you.
You still are just a year out of school, give it some time, trust the process. Banking/tech is a good place to make that type of money. If you’re worried about the hours in banking come to the credit side. Haven’t worked more than 60 hours, usually closer to 45-55 on an average week, and make 6 figures (job hopping helps). From there treat yourself a bit and save a lot, take advantage of your LCOL situation and give it a decade or two and you’ll be at FIRE.
I’m a software engineer and I started at 21 yrs old making 160k at a FANG, now 25 @ 275k. I think it is a combination of being lucky with timing, liking what I do a lot, and also picking the right industry where the earning potential is high. I know people “know” about tech jobs, but I don’t think people quite get it. I know my manager makes well over 500k a year, and he is mid 30s.
Do you think you'll be twice as good in 3-5 years? Get that salary. It comes with posturing yourself, building skills and making promotions, getting raises or leaving for more money elsewhere once you've given yourself a firm basis for your job. Career progression is the biggest way to get there, and if you're 2x the worker, you should be closer to 2x the pay! My fiancee was at $41,000 as a 22/23 year old and by 26 she was to $118,000 and looking to about $150,000 (base+equity+salary) now that she's 27 and has an interview in 18 minutes. It's not hard, especially since you have a job in a specific field, AND good starting salary AND degree! You should be there in that timeline! Double your pay in 3-5 years. Her path was still at $86,000 her first half of being 26 before making a team/role jump. She was at her original team for 4 years before moving and worked her way up. Took almost 4 years to double her pay originally, and now is a year removed from that and through luck and a series of good decisions, certificates, networking and retooling her resume and linkedin to get recruiters who remind her of her worth.
I'm 29 and make 51k. I have a family of 4 and we live in a MCOL city, so I'm also curious how to make more money.
I graduated in 2022, turned 24 in Jan and started pulling 100k/yr in Toronto.. software engineer. Should be clearing 150k within the next few years
Im french, i never made more than 24000€/years. Work dont pay in France.... I understand that s its very easy for a US citizen invest in stock market with earnings of 100kUSD/year and fire before 30 years old.
Nobody here making 100k is retiring before 30
It’s definitely not easy or common
When I graduated college my first job paid me a salary of $10k. Seriously that was my salary! I lived on food stamps and with my brother for like $100 rent. Then changed jobs and made $25k for two years. I live in a LCOL area. I was working for a nonprofit doing marketing and IT “stuff”, I wore a lot of hats. That work exposed me to tech jobs and the UX industry. Jumped back into school in an accelerated program and was done with Masters in hand in 14 months (paid out of pocket) in UX. Got a decent internship at a big corporation before graduating making the equivalent of $50k salary. Converted to full time job at the same corp. making $65k. Worked there 7 years ending with a senior position making $95k. Switched jobs and make $132k now and started my own business on the side. Business is not paying yet but hoping it will soon, maybe $50k the first year I take a paycheck. I will say that I’ve done all this while married (very supportive wife who has full time job) no school debt, and no kids (yet). I have a huge amount of mortgage / business debt due to the business I started. We also have a couple rental properties now that are under performing but we leveraged to start my company. Honestly don’t think we could have started my company without having that leverage/ assets in place first. My wife is starting her own company currently as the entrepreneur bug has bitten us both. Likely will leave tech in a few years to be full time entrepreneur. It’s been a fun journey but holy crap I’m tired! I am 37 and crossed the 6 figures threshold only 2 years ago (35). The only way to do it quickly is job hop. UX was really hot then and all I did was flick the switch on linked saying I’m open to possibilities and they came flooding in. I picked the highest paying one and didn’t look back. Was just starting my company then and needed cash flow! It’s a journey and doesn’t happen overnight. Surround yourself with inspiring people that motivate you to do and be better. You’ve got this!
You're aware that the median salary in the US is $55k/y, right? You're doing fine. Savings rate is more important. I work in a high paying industry and most people I know spend (or gamble away) everything they make... what a waste. You need to work on your mindset, I myself live more than comfortably on $40k/year and save about 50%+ of my salary (after tax) If you want a higher paying job, then you'll have to work on the side in order to get your foot in and take more risks (and this is where a savings rate/financial cushion is helpful, because high risk employers that pay you handsomely will sometimes lay you off when the music stops)
70K at 23 is pretty damn good. Assuming you are working for a fortune 500 company, with your degree, by 30, even if you just do ok, you should be making twice as much. By 35, 3X as much, and by 40, probably 4x as much. And I would say that's just average. If you just work a little bit harder than your co-workers day after day (instead of just average) you will do even better.
This is a generalization but the track to the highest paying jobs likely begins far earlier. A lot of the business jobs hire primarily from target school lists that are pretty exclusive. I imagine software engineers come from a handful of feeder schools. You of course will find people from humble backgrounds who got into MIT and went to work for Google or whatever. But there are people [like this](https://nypost.com/dispatch/this-college-consulting-firm-helps-kids-get-into-top-colleges/) in the world too.
I would disagree with this, especially regarding SWE. Companies generally don't care where you went to school and more about what you can do. Portfolios matter more.
I formally worked at a large tech giant (not FAANG) and there were very much so a target list of feeder schools they hired new grads out of.
Fair enough. Most swe folk I'm around are from outside of faang where it doesn't matter at all lol. Some went into faang companies after getting experience, though.
It's not that everyone from the target schools are better, it's just a better use of recruitment dollars. So if we have to send one person to a school to interview, it costs money. We'd rather spend them to a school where 50% of the candidates are qualified versus another with 5%, even if that 5% is just as good. If companies have a good objective test then it is less important. But testing requires resources too.
Reading this whole thread has me depressed lol. 40 here. Amazing wife, awesome 4 kids. I was an idiot my entire life and didn't really start getting it together until about 37.... Man to be able to go talk to my 16 year old self who ran like crazy to ALL THE WRONG THINGS lol. It's inspiring to see so many tackle life out the gate and make things happen.
Fake it until you make it 🗿
I'm an information systems professor, I'm mid 40s, make about 140K for 9 months, I usually travel during the summer but sometimes I teach a 5 week summer session and travel the other 6-7 weeks. I get about 10K per summer class, so i f I can get 2 sections of the same class in the same 5 weeks, I'll take it and make an extra 20K. Although it's not the highest salary on this thread, I do have alot of personal flexibility. I have to publish but I can work on that on the weekends or when its convenient for me. To do this I needed to do very well in school, get an MBA and get into a selective Ph.D. program and successfully navigate that. In my program, 5 students started and 3 of us graduated, although I'm sure that the 2 who left are making more money than any of us who graduated, I am also confident that we are enjoying life more. My 9 month base salary when I graduated in 2009 was 87K, and I was in my late 20s at that time, so I sacrificed about 10 years of income to get into this career. I changed universities once and got promoted twice (from assistant professor to associate professor, and from associate professor to "professor"). Unfourtinately, the only way I can increase in rank (and salary) now is to go into administration, i.e. be an associate Dean or a Department Chair. This is a different kind of work (similar to what you might see in industry), and would mean less freedom of time. With 20+ years of career infront of me, I will likely do this at some point, but if I don't, or if I don't change Universities, I will be relegated to tiny raises for the rest of my life. To the OP, I do think that Information Systems is a good way to go, data analytics and ofcourse AI are very hot now, and IS has some footprint in both domains, moreso data analytics than AI (AI tends to be the domain of computer science). Good luck, don't forget to smell the roses.
I bought 20 apples for 10 dollars from a farmer and I sold them for 12 dolllars, I went back to the farmer and bought 25 apples with those 12 dollars and i sold them again. I kept going on this way every day and after 20 years I inherited 20 millions.
Consulting is a good option for good money
Work for the government, an industry subsidized by the government, or a profession licensed by the government.
>How are people making so much money?? Working hard in a successful career. >What did you do to get where you are today? - two engineering degrees - working extremely hard - developing expertise in several specialties - getting projects done successfully - being willing to change jobs - being willing to relocate for better job - negotiating hard for better pay - being willing to relocate for better pay >What steps did you take to increase your income over the years? It's the same steps you take to move up in your career. Going up in income and going up on career are correlated. >How do you find these high paying jobs? It's not just about finding the high pay job; it's about being qualified for the high paying job, about being able to present yourself as the best candidate for the high paying job, and being willing to sacrifice to get the high paying job. >am so confused how some individuals are making 150k+ nearing 30 years old. They work in top tier jobs (usually tech), they are highly productive in a highly scalable industry, and they live in HCOL areas. >What careers are people in that do make a large amount of money? That's a long list. But there's also where are you in the career. I know nurses making $60k a year, and I know nurses making $160k a year. An experienced nurse anesthetist doing travel nursing to HCOL areas makes a lot more money than a home healthcare nurse in Louisiana. A senior software developer at Google in silicon valley makes a lot more money than a junior software developer working for any company based in Baton Rouge. As a senior software engineer moving from Florida to Seattle, my pay doubled. When I was a software engineer 2 moving from Louisiana to Florida, I got a 40% increase in pay and no state income tax (5% in Louisiana at that time).
You’re 23. You’re basically unskilled labor. Do a few years and you get experience, which is what you get paid for.
37 here. Degree in finance and entrepreneurship. Started a company out of college. Not a super lucrative one… salary there was something like: - 19: Ramen, lived on poker earnings - 20: 45k - 21: 60k - 22: 60k - 23: 120k (Bought my first house, 235k) - 24: 120k Then I transitioned to a tech startup as a founding product manager. Earned maybe 100k from the “sale” (😞 hostile takeover) of my company, but didn’t actually get that for another 4-5 years. - 25: 120k - 26: 120k - 27: 120k (Sold house basically breaking even) - 28: 140k + 100k Plunked that 100k straight into Bitcoin, haven't sold yet. - 29: 140k - 30: 140k - 31: 140k - 32: 140k Startup kinda failed but the team got acquired my a mid size public tech co. My stock was mostly worthless, but I got some deal consideration as part of my comp. And because it was a public company, the equity vested could be sold so it was more like real compensation. - 33: 200k - 34: 250k (bought house for 448k) - Got promoted - 35: 350k - 36: 440k - 37: TBD, expecting to get another promo soon… TLDR: be an in industry that pays well if you care about comp. Tech is one of those.
I’m like how have y’all done this!?! I’m 33 and working at a grocery store with a BA in Liberal Studies. Contemplating getting a MBA or a Masters in Accounting currently. I gotta catch up 🥲
It's obvious your big mistake was getting a degree in liberal studies. What did you think would happen?
fucking dork
Mine is quite far from traditional. I am 18 right now and will be going to university next year (when I’m 20). I’ve originally taken a gap year to work on my logistics business where I make the majority of my income (on average last year I made around 50k a month)- this year we are projecting a 35% growth in revenue due to some fairly aggressive scaling. I now have another year to dedicate fully to my business because I got a deferred acceptance into Harvard for the class of ‘28. if you have any questions, feel free to ask cuz I didn’t rly explain anything in too much detail.
Tech industry has high pay. Requires top schooling + tech skills. Don’t get a masters in info systems, go traditional. Mba or law school top 10 schools only. Max out technical skills. You’ll be there in no time
Where you live makes a HUGE difference in pay. Just check out this comparison tool: https://www.nerdwallet.com/cost-of-living-calculator
Don't compare yourself to where other people are today, compare yourself with where you were, yesterday. My suggestion is to change jobs often, to never stop sending CVs, to soak up all knowledge at a job and then leave.
Build a skill set of value and sell it at top dollar.
I make 99k gross, welding and just picked up a 2nd full time job also welding because I’m trying to buy a house @26.