The only thing to skip is the fancy school because most of my colleagues went to midwestern state schools. To Sam’s point, many engineers see an MBA as a way to move up when they get stuck and wonder “what’s next”… depending on circumstance, I’ve found this to be a bit of an illusion without a total career change. Anyway, I’m self-aware enough to admit that the glad-handing and corporate buzzword stuff isn’t my strength, so I’m happy to chill in the very low 6 figures with reduced effort now that I’ve mastered the job. To get ahead, I leveraged simplistic living/frugality (65% savings rate) as opposed to further career growth.
As is the case for most professional reviewers, many of the books I review on this site have been provided by the publisher or author, at no cost to me. I've also reviewed books that I bought, because they were worthy of your time. And I've also received dozens of review copies at no charge that do not get reviewed, either because they are not worthy or because they don't meet the subject criteria for this column, or simply because I haven't gotten around to them yet, since I only review one book per month. I have far more books in my office than I will ever read, and the receipt of a free book does not affect my review.
Furthermore, symphony orchestras are non profit organization and cannot support itself without the donation from the public. We know this is a challenge. I explained in the above comment that top symphony musicians have been dedicating their whole life to this traditional art form and that is why they have to fight hard to keep our salary competitive (even mere 5%).
In recent years, college tuition costs, which have been growing faster than the rate of inflation for more than two decades, have slowed a bit. According to the College Board’s annual Trends in College Pricing report from 2014, the average cost of in-state tuition and fees at a four-year public university increased by 2.9 percent between the 2013-2014 school year and the 2014-2015 school year to $9,139. The past two school years were the first since 1974-1975 in which increases were less than 3 percent (not adjusted for inflation). That doesn’t mean college is cheap.
I personally didn’t earn six figures by the time I was 25 years old, but I’m still SO GLAD I didn’t go through with my engineering degree (I put 3 years into an engineering education, and then switched to finance). I agree with you Sam. I see so many engineers that feel trapped. They want to move up in the company, but it seems incredibly difficult. Sure, they can earn a good wage, but if they don’t love what they do, they’re stuck for quite a while.
Not that I recommend this as a permanent lifestyle, especially if you want to have kids some day, but you could always take one of those “Most Dangerous Jobs” as an oil platform worker, Alaska crabber, etc. which pay well, or even get into a decent skilled job in a manufacturing facility with a base of say, 50-60K after a few years, but work every shift of overtime you can get your hands on. Granted, I used to see many people miserable doing this, but they were bringing in 6 figures as a mechanic, pipefitter or in some cases, even HS level line workers. Finally, you can get a side job – like blogging!
Now for a dose of cold water, I got straight A’s in high school, but I was born poor and in a small town. Neither my parents nor I or anyone else had high money. We had enough to get by month to month. After school education was out of the question just based on cost alone. I had few choices but to join Uncle Sam and his merry band of sailors, painting and scrubbing decks around the world. I served my country until I decided to leave the navy-He guess what happened, no jobs for a former sailor with considerable weapons system experience. I spent three years homeless and destitute and hanging onto faded views of honor and discipline. Point being is that you put out all this financial stuff about straight A’s and good grades but you have not lived in the real world. Good grades don’t mean anything when you don’t have any money and don’t believe the hype about the GI BILL. What a joke of a program-Fraud and red tape to make you blush. Get real, I invite you to find a way to save my failing mortgage and invigorate my financial future. I don’t think you the writer of this webpage could, I owe in excess of 200 grand on a bad mortgage and im about to lose it. I can tell you everything about weapons systems, that’s what I was trained to do and I have lived a violent life. If any of this get rich quick stuff actually worked we would all be millionaires. Later
He is the co-founder of Neil Patel Digital. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. Neil is a New York Times bestselling author and was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.
Wow, this is a really great review and I am glad that I have found this before even considering 7 Figure Franchise. First of all, what a hefty up-front cost just to become a franchise owner of what. Your example with McDonalds is perfect. Now that is a real franchise. I can’t see spending so much up front for nothing tangible in return. Thanks for the great review!
It is all relative. I am making six figures in my early retirement side gigging a couple of days a week doing consulting I enjoy even though I do not need an income at this point. It is hard to get there in education because of the supply demand equation. As you said hundreds of people applied for the job you got. When I graduated with a chemical engineering degree I got eight firm job offers before I even got my degree because there were only a handful of graduates for the 120 companies that came to our university to recruit us. Certainly teaching has more social value than making gasoline but the market is based on supply and only a tiny percentage of the college going crowd choose chemical engineering while many graduate with a teaching degree. As long as some jobs are under supplied because of the difficulty in obtaining the degree those jobs will be the ones paying six figures and up. The same thing accounts for high pay for medical doctors, electrical engineers and other specialty fields that require a ton of math and science to graduate. However even at relatively less pay there is no reason you can’t accumulate and grow great wealth while still having the satisfaction that you are changing people’s lives through providing them education. Most people would hate the kind of engineering I did, even though it was a great fit for me.
All of it, though, pales in comparison to a lot of other professions that people normally flock to if they have ambitions to pull in six figures a year. Still, I’m a big believer in doing what you love along the road to wealth. Now that I’ve done this job for ten years, I’m finally ready to share my plan to pull in six figures as a teacher and some strategies that might help other mid-income earners do the same.
After you link all your accounts, use their Retirement Planning calculator that pulls your real data to give you as pure an estimation of your financial future as possible using Monte Carlo simulation algorithms. Definitely run your numbers to see how you’re doing. I’ve been using Personal Capital since 2012 and have seen my net worth skyrocket during this time thanks to better money management.
I like what I do but eventually would like to start my own engineering company. I feel like this is different than what Sam was referring to with regards to dissatisfaction with the work that engineers do. Engineering is a pretty easy gig honestly. I work 40 hours a week on engineering work and occasionally work a few extra hours on business development. I’m going to finish my masters in a few months (completely paid for by my company) and then be looking to make ~160 after that.
I have spent the last 4 years doing B2B business development for a small electronics engineering & manufacturing firm. I am going to break 100k this year, but it has been a struggle given that my products are commodities essentially and my engineers won’t tackle anything too difficult (lucrative) unless I put up a massive fit or try figuring it out myself. My company treats me very well, nice office, great boss, flexible hours etc.. but I sometimes wonder what greener pastures may exist for me in the future. At the last small company I worked for there were three sales managers making 200-400k, but they were all in their 60s, 70s(yep), or the son of the owner. I would like a faster track to higher pay. By the way I live in Chicago, I’m in my early 30s, and I have an MBA(although not top 15). I think that education is extremely important, but in sales it is very much my impression that it is all about experience and results.
In contemporary America it is a combination of all these factors, with scarcity remaining by far the most prominent one, which determine a person's economic compensation. Due to higher status professions requiring advanced and thus less commonly found skill sets (including the ability to supervise and work with a considerable autonomy), these professions are better compensated through the means of income, making high status individuals affluent, depending on reference group.
You are right about inexpensive housing in Chicagoland. To each their own, but in my very humble opinion moving to the Northside of Chicago from New York City proved to be one of luckiest/smartest things I ever did lifestyle, career, marriage, and savings wise. Salaries are comparable to other large wealthy metros, but housing and other expenses can be as much as half due to zero physical constraints on sprawl. That is other than Lake Michigan to the East, which is like a freshwater sea with city parks, beaches & waves. The lakeshore is also where population density is highest and property most expensive in the 10 million person metro…yet still reasonably affordable for what you get.
You didn’t mention engineering as a industry. Engineers have some of the best starting salaries out of college and many of my business partners have MBAs. I graduated with a masters in structural engineering and then 6 years later got qualified as a diver with an ADCI commercial dive card. Then I was making 100,000+ annually. I now have my own firm and make 200,000+ at 32 years old.
Electrical engineers can crush it out of the park. Think startups and stock options. There’s not too many startups in oil industry, and I’m guessing only high level employees get stock. In electrical engineering, low level employees get stock. For me personally, despite earning a very high salary, it’s nowhere near what I made from stock… salary is almost negligible.
Marrying for money always works. Furthermore, you can start your own business or work two jobs. Making an online income seems particularly trendy nowadays. Join the federal government and rake it in after a while too! Nothing is stopping you from breaching the magical $100,000 a year mark except for your own desire, effort, knowledge, personality, and optimism.”
In the old days of SEO you’d build backlinks using relevant anchor text. So, for example, if you wanted to rank for “bonsai trees” that would be the link text you’d use in your guest posts. And then the Panda update happened and Google took a swipe at unnatural link profiles which meant that SEOs started making their anchor text more natural (things like “click here to read the rest”).
I approach this the same way I find sponsors: I look at what brands I’m already using and love and fit with R+R’s natural, non-toxic mission. Then, I contact them to see if they have affiliate programs. Sometimes you don’t have to email somebody directly, rather they’ll have a link to join their program right on their website, which makes it super easy.
If you are blogging to make money and haven't read this book, you are in for a treat! Co-authors Darren Rowse and Chris Garrett lay out all of the details that the aspiring blogger needs in order to begin earning money at blogging. The book also pulls no punches in telling the readers how much work they will have to put in and how remarkable their blogs really must be to draw advertising dollars. Professional blogging is indeed full-time work, make no mistake. Darren and Chris have created in this manual a detailed roadmap for new and experienced bloggers alike who might have unique idea for a blog and enough passion and material about the topic for the long haul. I've got a blog and now I have a million new ideas about how to make the blog more "can't live without it" for my current subscribers and how to reel in more new readers. The book is an easy and enjoyable read. I read the entire thing in one cross-country flight. The sections of their book that I found most useful were the chapters on income and earning strategies, how to write a blog, blogging for a niche, blog networks, blog promotion and marketing, and the secrets of successful blogging. If you're a blogger, this is a book you shouldn't be without. The authors make all of their income from blogging and this book brightly lights the way for the anyone who aspires to be a pro blogger.
Before I share the strategies that I’ve used to generate over $100,000 in affiliate commissions per month at this point, there are two extremely important rules I use when promoting products that are not my own. You don’t have to use these rules in order to become an affiliate or be successful at it, but it’s what has helped me grow my affiliate income tremendously over the last couple of years:
If you do need glamour or excitement on the job, working as a pilot might be the right choice for you. Pilots have many options, including working for commercial airlines, cargo airlines, and corporations. The average annual salary for a pilot is $110,000, but many experienced pilots make twice that amount. Salaries vary based on ratings, experience, and type of license (e.g. sport pilot license vs commercial or airline transport)
Nice post John and great to see your stuff here on FS! I have a similar path as the one you described just for biomedical engineering. I’m not making six figures yet but hope to be soon within the next few years and would like to ultimately end up in more leadership/management roles. I think the engineer path is a great one but for people who don’t like the route you described I think plenty of routes through healthcare, finance, and of course the professional schools are great to go through as well.
In order to make sales you first need to find people to buy those products, right? For many people starting with the 7 figure franchise the topic of getting website traffic is going to be a little new to them and it’s something that can stump a lot of people. The truth is many people who try internet marketing will give up purely because they don’t have a way of getting targeted traffic to purchase the product or service that they’re selling/promoting.
I sometimes question choosing a career that was safe and paid well over chasing my passions. In a way, it comes down to passions now or passions later. If you earn big and save you can FIRE and the start your passion work then. Or you can be working on your (presumably lower paying) passions all along and wait until a more traditional age to retire.
My company has a program to promote people into jobs at the corporate office. The interest in these roles isn’t that great as the initial pay is comparable or less than what you make working in operations. Can’t forget the negatives of having to work in a corporate environment…commuting every day, being within driving distance of the office, having to maintain a certain appearance, etc. For me I have no interest in working a typical schedule ever again.
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