I have a very similar story. I became a nurse as a career change, and now make over $200k. It’s very easy to work OT and second jobs as a nurse. My wife and I live in our 2 family, and rent out the basement apartment to help with the mortgage. Drive Prius and used Subaru, still able to do vacations, not worry about money month to month, we are in our late 30s now, 2 small kids, net worth over $600k and saving >50k per year.
John loved the post (though petroleum is not all it’s cut out to be)… my buddy started at 125k + 25k signing in 2015. Was laid off 9 months later (got a 3 month severance). So he made 150k for 9 months worth of work but now he can’t find a job and he’s been looking about a year now… Electrical, Computer, and Chemical are very safe paths to quick bucks (assuming you have stellar grades – I graduated with a 3.9). Petroleum can have that boom, bust cycle that can screw the new guy! Not saying don’t go into it, just know the risks! And remember work your ass off – ADD VALUE to your company and make yourself INDISPENSIBLE so they won’t lay you off.
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cracking that six figure salary is great but what’s even better is living within your means. Being in the software sales industry, it’s not uncommon to clear 200-250k on a decent year, upwards of 500-700k on a stellar year. The lifestyle begins to change and you start spending more. Fortunately I come from a very frugal family so saving has never been an issue however I’ve seen former co-workers splurge and somehow live check to check. It’s quite sad honestly and when they’re not producing it can get worse.
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Hello, I am a Sophomore in college at Humboldt state majoring in Biology currently and I am only doing that because I wanted to be a vet but now I have changed my mind but people around be are saying to stick with biology. I have heard of the idea applying to the top companies but I am interested in what field i should be majoring in. I went and talk to the business major counselor and that didn’t sound like anything I would be good at and enjoy ( as with all the majors right now). So my question to you is what major would be good to do to apply for the top companies ? and will the career be just like the major?
The opportunities for advancement with higher pay or fewer but if you were to go into a management role those guys pull down almost 200k. There is the negative/benefit of the schedule, you normally work a 7/7, 14/14, or a 28/28(overseas with crazy earning potential) where you work as many days as you’re off. When you’re working you’re not spending any money on living expenses and when you’re off you have the opportunity to pursue a side hustle.
The top programs for petroleum engineering are offered by public universities, notably The University of Texas at Austin, Texas A&M, Louisiana State University, and Colorado School of Mines. Much of the value of a PE degree comes from being able to obtain the best education on the market from public schools like these rather than obscenely priced private schools.
You could certainly write a totally different take on this post as an adjunct professor! You’re right that teaching is typically poorly paid, and I think it is just appalling what we do in higher education, especially given its costs. I am certain that your students were better for having you, but I am certain that that role came with its own frustrations.
There is a big difference between “information” and “instruction.” They did a good job providing information but terrible on instructions. Therefore it really isn’t for newbies as promoted. As a certified tutor I learned and practiced strategies like “peer to peer” mentoring, intellectual scaffolding and tackled the Zone of Proximal Development” for foreign or special needs students on a college level.
Plan to work til your able like 78. My dad finally wants to go part time at 90 years of age. He quit his CEO job and traded that job in for treasurer for a small company. He plans to work and save his money until 94. Nursing homes cost and so do CNA’s if you cannot walk, dress or take a bath. My mom took her meds until she was 89 and then 200,000 dollars was spent for 5 years to take care of her. It is probably double plus by 2016.
I think in my case it was pure ignorance (high school me). Sure, I could memorize books well, but I had no real connections. I had no experience getting a job. I had no clue how loans worked. I didn’t realize what an in-demand skill was. I wouldn’t be surprised if that is true for more high school students. My girlfriend on the other hand, ended up working for a top consulting firm after getting her masters in corporate finance! While she didn’t know that much about job market, she had really solid parents and great mentors. I think that can make a huge difference.
It’s unfortunate that you left IT out – yes portion of it have been outsourced. However I have several friends who work as social media technologist (monetize YouTube videos, twitter relationships etc.) that make over 6 figures. Also I work as an IT Business Analyst for a large consulting firm and make over 6 figures… My boss last year made over 200k (with bonus) for a midsize software development firm in retail. There is so much money to be made out there – BUT a lot of the old jobs are gone. I mean have we stopped to think about how some of those “crazy kids” running around on the internet blogging everywhere are now making 6 figures? That is a legit job that was created during the recession. Yeah people let’s make our own economic stimulus package! You have to find what the market is paying for these days – the money is out there.
I really liked this article. I found it full of good information. I would like some advice from FS as I definitely fit into one of these categories. I have a B.S. from a good university and I have a good job in the medical field making $45k right now with the posibility of 1-5% raises every year. I know I am capable of doing and earning more. I made A’s, B’s, and C’s as a college student without really trying. I’ve considered getting a masters in buisness, but I don’t have a clear vision of what I would do with that. I can’t afford to waste time or money on a second degree if it isn’t going to earn me substantially more money. I have a wife and daughter and work full time. I am constantly looking for ways to make more money. Do you have any advice for me? Thank you.
Great article. I disagree with step 2. Do not choose Petroleum Engineering as a first degree. One can always do this for a masters degree instead. Best to choose mechanical engineering. The chance of ending up with a high paying job in the oil/oil service industry is the same with a mechanical engineering degree. Most of my professors in grad school in the Petroleum engineering department were mechanical engineers.
Affiliate marketing is an effective money-making strategy for countless online entities – however, as straightforward as it is in theory, success is rarely as easy as it looks. The best way to build a dedicated audience for any blog is to carefully and clearly define its target audience right from the start, and then create content that caters to that audience. It is also considered as important strategy for creating and publishing a successful blog is to develop content that isn’t readily available elsewhere in the blogosphere or on the web. Eventually, thanks for sharing your experience with us.
My 7 kids? 1 got a full ride to an Ivy League and is a venture capital banker, 1 U of Chicago and a Masters at Carnegi Mellon, another an Early Childhood Ed degree (and reconsidering the economics of that decision, but it was hers and she is owning it), another did community college until she decided on Physical Therapy and is ready to transfer – she is passionate and it is right for her, one tried college and said – nope not for me, is a minamalist, did some community college works part of the year in sustainable landscaping and the rest of the year is a nomad exploring. My baby is going to do community college and occupational therapy. All found there way.
Of course it’s up to you whether you keep the classical musician in the list of high paying industry. I just took the time to explain because I wanted to let an influential person like you know the reality of those $100k symphony musicians on strike. I can say this with confidence, though. If someone is looking to make six figures, classical music industry is the last place to consider getting in unless you have already started practicing at age 5! :)
Well, things got expensive. Starting with taxes, we lose about 30 percent of our paychecks to state and federal dudes like FICA and Social Security. Before you go asking “Who’s FICA and why is he getting all my money?” remember that taxes go to good things like roads and bridges (or at least they’re supposed to) and also to paying for incomes when we get old and can’t work. But still, that bite off the top stings a bit.
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.
Things to note – in senior year I applied my scholarship to do my first year of my MBA in finance at my university. At 23 I bought an apartment complex which gives 10%+ ROI. At graduation in December I’m eyeing to be pulling 140k before my 24th bday. So that’s been my journey. To a high net worth ~130-140k + a ~ 140k income at 23. My issue is I’ll have a NW still around 140k at 24 (because I’m living it up this 1 semester woot woot and not saving much for 4 months). So I’m troubled figuring out how I can turn 140k + my high income to 1 million before 28 to keep pace with Sam. When school finishes I plan to buy more apartment complex’s continue to buy index funds, save over 95% still and get back to working on a project and finance site as I’ll have more free time with engineering school over finally. Still with that, I’m not sure how to make 860k in 4 years… thinking I’ll have to go to finance or consulting and pray for big bonuses to make it happen because otherwise I’m not sure how to keep up with Sam :) any ideas people?
I DID invest in the 7-Figure Franchise because I gleaned so much from Cheney’s products. In fact, his training helped me steer clear of OTHER junk peddled on the web. So, it made sense that when I was asked what helped me, I recommended some of his products. When 7-Figure Franchise came along, of course, I realized, “why NOT make 100% on the stuff I’m already suggesting to others? Just drive more traffic.” Well, that last part is easier said than done: getting traffic.