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.
Second, I gave hired a lot of summer interns over the years as well as people just coming out of their bachelors. Degrees from top schools do matter. Sorry, but they do. Not necessarily Ivy league, but we all know the to- programs in our fields and the best internships go to people in those programs. A lot of internships are gained through connections and connections come from professors and people known in their field so where you are in school matters. That said, going your first couple years ar a community college is a great strategy to save money and figure out what degree you want to oursue. Transfering to a right program is easier and smarter than getting in as a freshman.
So, that answers part if your question…yes, my attitude toward work, humans, merit, fairness, money, work ethic and many other things changed in the years of my first early retirement…not really enough room in this format to dive into that, but maybe we can chat about it sometime. That said, the wife and I reclaimed millionaire mountain by 2013 and are looking to check out of the corporate grind again within the next 5 yrs or sooner depending on how the global economic drama plays out. Oh, and yup – I also sell most company stock grants soon after they vest.

On the other hand: the main reason of bankruptcy for small businesses is bad financial management. Simply said: to forget to make invoices, not checking the payments and not following bad payers. 1 out of 3 is going bankrupt for this reason alone. I had to learn it myself. I spend at least 10% of my time with financial stuff. I don’t love it but the bills get payed ;-)
The one thing that is amazing to me is government jobs. You talk about effort required…let me just say that it isn’t always required to land a government gig. My neighbor does logistics for the army…she said it is mindless work, quite boring, and now that the wars are winding down, there isn’t much going on. She makes well over 6 figures for her job. She hired in at 75k. Her previous experience before getting hired? American Eagle…

Similar situation to Every Cent counts. I graduated with BA in political science from a relatively unknown school. I’m 26, but will break 6 figures in 1-2 years max (95k currently). Currently I have offers for 110-130k not including bonuses (I like my job so refusing for now, because work-life was suffering). I read up on in-demand tech skills like advanced analytics and software engineering. That’s how I did it. You don’t need to work at google, just be solid at programming and know in-demand skills.
It is important to note that the above is an ideal type, a simplified model or reality using optimal circumstances. In reality other factors such as discrimination based on race, ethnicity and gender as well as aggressive political lobbying by certain professional organizations also influence personal income. An individual's personal career decisions, as well as his or her personal connections within the nation's economic institutions, are also likely to have an effect on income, status and whether or not an individual may be referred to as affluent.[9]
LOTS of people feel the way you described in terms of being trapped and not being able to move up. I’d argue through, that in a lot of the cases engineers are kind of awkward, while also being kind of arrogant and entitled. I’ve experienced person after person express dislike for their job or inability to get promoted, but they don’t get company paid for masters degrees, they don’t get PMP certifications, they don’t even do the work of applying for other jobs, they just whine about it…
I am extraordinarily fortunate- I have no debt. However, I’m now seeing what foolish choices I’ve made. Coming out of school, I am working a 36k/ year job as a case manager (I live in a low cost of living Southern state). I want for nothing, but I live with my partner and have no dependents or debt to pay off. I know that once either of those come into the picture I will be financially hurting.
Its obvious his first language isn’t English but the guy has made an effort to help other people out of his experience. Nunya what you did is bad and you should apologize really. There is power in the words you speak. Putting someone down like that is wrong, like all his effort to put something together was a disaster. I myself found his grammar appropriate and very understandable, I think the person with the problem here isn’t Jafar. Next time if you dont have something better to say, dont comment. If it were to be you in his shoes, am sure you won’t like it either…. Stop the negativity!!
If you decide to become a patent agent (no law degree) or a patent attorney (law degree), you can crush it (multiple six figure income by age 30). Some of the jobs are a big grind, like IP litigation, which I do not do. I found an awesome mid-sized law firm where I write patent applications for inventors at big tech companies. At the right firm, you can make multiple six figures working a reasonable 45-50 hours per week.
I think this post is totally on point. Starting from high school, you are paving the path. I also think choosing the right career is key. I have been a court reporter for 18 years, and my best year I made 270k, and in my worst year, I made 160k. Even with taking time off to have a baby, last year I still made 140k. I also think it’s true you have to hustle. I have recommended becoming a court reporter o so many people! But none of them have wanted to put in the effort to train and work their butts off. I turned 40 this year and also became a millionaire. Greatest feeling! And I didn’t have to sleep with someone not as good looking as me, LOL! Love your posts. Keep up the good work.

If you have an inclination to chemistry, biology, can present your science well and work well across line functions, the biotech / pharma industry is a great place to build a career. And it’s not cyclical. Huge unmet need in so many diseases and the constant demand for more efficacious medicines will always require innovative young scientists to come to the fore.
Our prospects are much better than teachers in some states, but both of our incomes are tied to salary schedules that are determined by the schools’ budgets and what the taxpayers are willing to allow. My salary schedule is much more generous than my husband’s, allowing me to be the breadwinner (maternity leave notwithstanding). But his coaching stipends and curriculum work pay is much more handsome.
Hey financial smaurai I have a question, I just turn 18 and I’m gonna be a senior this year in high school, my grades was mediocre and my job sucks, I am a host of a restaurant making 10$/hour and only working 15-20 hour per week. I always wanted to be big in life and my passion is animals. I want to work in the field of zoology like maybe marine biology wil I be able to make 100k in that work field
I’m SO glad to now have this post I can bookmark, and have a perfect project I can actually put into action against this post. It’s great to learn from people who are ahead in the game, for those of us who aren’t as knowledgeable can look for advice and resources online and find a LOT of bad information – but knowing the source of this post and such a respected website you know you won’t go far wrong in putting this into action!
Thirsty Affiliates tracks, cloaks, and categorizes your affiliate links. Once you’ve signed up for your program(s) grab your affiliate links and add them to this plugin. This can take time if you will be linking to multiple pages on your affiliate’s website (which in many cases, you should). The pro version comes with statistics but I don’t even use it and I’m quite the analytical person.
I don’t think I would have done worse financially at all. I just think it evens out in the end of you make the right choices. I probably would have started with a much higher salary out of the gate. Put there’s a possibility then I would have been spending my time with people who put value on superficial items, and I’d spend more money on my apartment, car, clothes, etc. I’d probably try to stay in that job for many years, if it were paying well, versus having a real reason to leave positions to quickly move up and try different things. Right now I’m in a private company that is excelling and due to being open to any opportunity I was able to work a job that paid relatively little compared to market rate in exchange for a large amount of options. It’s yet to be seen if these options are going to be worth anything, but at this point there’s a reasonable change that I could meet or exceed the amount of savings I would have had, say, if I were making $100k out of the gate after graduating from an Ivy League school. Having a low income out of undergrad forced me to prioritize and learn how to save, and also how to live on a salary of under $30k a year in the Bay Area. While I’m still scared of losing my job, I understand how to live cheaply, which I consider a value-add to not having such high expectations and requirements for lifestyle out of the gate. Now, I am considering getting an MBA if I could possibly score well on the GMAT (I believe if I could get a high score on the GMAT I’d be an interesting candidate for a top-tier MBA program given my experience working with multiple successful startups as an early employee) but I’m not sure I want to take two years off to do that. If I were to go back to school I feel it would be more valuable to specialize in technical development or analytics, to really address areas where I am weak that would lead me to be a much better professional today. It’s unclear if an MBA program would be able to address my weaknesses — or give me the salary boost you speak of as with bonus I now make up to $130k per year (last year I closed out the year with about $110k.) I’m 29 and 7 years into my career. I save, I invest, and I’m glad I didn’t make all of the “smart” decisions in my life because this made me hungrier, potentially more well rounded, and less scared of taking risks as I had so little to lose.

It was really a good post. Very detail information and described well. I have started my own with Amazon and also put there as shop for baby products from amazon. I am clear about my target customers but I don’t know how to reach them and from where to start. I have put my effort in the site and review but now need a through for my site. My site is about Barbie Dream House With Elevator usually kids like with and along with that all barbie products are also available and also baby products, health product are available in there program with Amazon. Anyone can visit and see that in https://www.barbiedollsdreamhouse.com
I didn’t go back to technology until 2004 and didn’t start getting more focused on reclaiming financial independence until about 5 yrs ago, I guess. I’m still not as focused on FI as you and many of your readers are (or maybe used to be) – balance NOW is just as important to me as FI SOON. I’m wary of selling the present to the future, even if the future promises a sweet deal in exchange.

There is no standard formula, it depends on your taxes and other deductions taken, which vary from individual to individual. Taxes vary by region, filing status and withholding allowances. Deductions include retirement contributions, union dues, insurance payments, student loan payments, child support, or others depending on yoru situation. You can do a google search for "pay calculator" or "net salaray calculator" and look at the ones that come up. I can't find something specific to my area (including taxes from the city, county and state as well as federal) but they can be helpful if you want to estimate. Also, paystubs include an itemized listing of deductions, so you can see you net and gross for a current job on your paystub.
100k in the Bay area is like 50k in most of the country adjusted for cost of living. I really wish we used adjusted salary more frequently in the US – including welfare, taxes etc. So many T10, T20 B schools are graded based off average nominal salary, which drastically overstates NE and California B-Schools in terms of their value due to their typical placement location.
While I've sampled a few other programs along the way, I continue to promote only a select few programs on a regular basis. As far as affiliate program marketing goes, you won't find too many marketers who are as picky as I am. But picky works. Had I joined that very first affiliate program I looked at, I would have been lucky to make $5,000 last year in affiliate income. Not bad, but a far cry from 80K.
Many people who do not attend college earn six-figure incomes and become successful without four-year college degrees. In fact, studies revealing that high school graduates earn an average of $1.2 million over the course of their working life illustrate that opportunities exist for those without degrees to make $100,000 or more each year. Achieving financial success without a college degree requires a lot of determination, risk-taking, and networking, but the opportunities are definitely out there.
Households may also be differentiated among each other, depending on whether or not they have one or multiple income earners (the high female participation in the economy means that many households have two working members[15]). For example, in 2005 the median household income for a two income earner households was $67,000 while the median income for an individual employed full-time with a graduate degree was in excess of $60,000, demonstrating that nearly half of individuals with a graduate degree have higher earnings than most dual income households.[8]
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.
6. One thing I heard recently was SO true, it bears repeating loud and clear, “I don’t care what internet marketing method you use, it will fail for one reason only: YOU didn’t apply yourself and work all the angles you could think of. ANYTHING can be sold, even crap on a plate, to the right people, and in the right way.” So can we then blame the product? Can you ENHANCE an existing product or create a new, better version?
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