How to Make 100k /Yr?

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TopHatFox
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How to Make 100k /Yr?

Post by TopHatFox »

I listened to a recent episode of Joshua Sheat's yesterday on making an income goal for the year.

So, for 2017, I'd like to earn 50k net, and for 2018, I'd like to earn 75k, and for 2019, 100k. I'm trying to strategize on different ways of achieving these seemingly high goals.

For 2017, I'll have made 10k net by May, and then I'll have June-Dec (6 months) to make 40k to reach the 50K net goal.

My very "detailed" plan thus far is just to continue trying to get a job in philanthropic or higher education finance and then work 60 hours a week while filling all IRAs, 401Ks, HSAs, deductions, and credits available (or possible to be made available). The only taxes I'd likely have to pay for 2017 would be FICA.

Thoughts?

daylen
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Re: How to Make 100k /Yr?

Post by daylen »

It isn't a race! Enjoy the moment a little. :P

The Old Man
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Re: How to Make 100k /Yr?

Post by The Old Man »

You are, if I am not mistaken, attending Amherst. It should be as easy as pie to make $100 K per year. Perhaps not within the first year of graduation, but certainly within a few years. Just get a job that makes use of your Amherst education. That would be Management Consulting and Finance. Most other jobs will lead to $100K as well, but will take longer.

BRUTE
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Re: How to Make 100k /Yr?

Post by BRUTE »

The race is long, and in the end, it's only with yourself.

Gilberto de Piento
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Re: How to Make 100k /Yr?

Post by Gilberto de Piento »

Management looks like the easiest way to me but I can't seem to stomach the BS. Don't forget to bring your waders.

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Sclass
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Re: How to Make 100k /Yr?

Post by Sclass »

:!: Graduate. Get employed. Then worry about making more money.

I can actually recall telling my thesis advisor at graduation that I'd work five years and retire early using the stock market. NASDAQ was on a tear in the mid to late nineties. Funny it took more like thirteen years. Anyhow his reply was get a job now. :lol: he is still teaching emeritus and he's pissed off at me for bailing out.

So I took his advice back then and went to work. For $100k and change. A lot went to taxes. And my 401k and pension (hp still had one) that cratered. My contemporary workers didn't fare well since then. Still pauper engineers with mortgages and college tuition to pay. So the number isn't so important to me. Don't obsess over a number.

My half sister was saying she wanted $100k on graduation this spring. It sounded a bit naive considering she hasn't experienced life and expenses for middle income workers. But that was her number. Ski trips? Wine country? Commuting? Rent in a city that pays recent grads that amount? Nada. She'll learn.

Get employed and get paid. If you cannot make your anticipated number I strongly suggest a side business that pays in cash. In my rich suburb in Silicon Valley people were making $75/hr under the table teaching k-12 math and mandarin. I couldn't believe what people were paying for that stuff like it was going to transform their kids. The tutors used the group study room at the library. Cheap overhead and no tax.

Do something off beat like that after work and you can double your salary if you correct for not having to pay income tax, social security and Medicare. You need to make way less to get an equivalent of $100k salary without taxes. And that my dear is why people find out that $100k is chump change...at least on a pay stub.

Start a website and blog. Monetize YouTube videos. Help old people reboot their computers and install windows 10 updates. Write an ebook on polyamory for STEM nerds and sell .pdfs online.

Seriously if I wanted to exchange my time for dollars at this point I'd use my most marketable skill that I can make money off book with. I'm happen to be a great mechanic. "Mobile mechanic". Change oil for busy office workers in the parking lot while they work. No overhead. Cash.

Develop and manufacture something and sell it. Etsy cache with Alibaba manufacturers if you know what I mean. $20k a year of business is nothing. In my first year of work I did $100k of sales on electronics I designed, manufactured and sold online outside my day gig. All done by outsourced contractors. Literally circuit boards and EPROMs that did special jobs that a niche market needed. You see you take.

I met a Southwest flight attendant who travelled to the third world and imported hand made goods to resell in the Bay Area. It's out there. You need to be creative.

I'm sure you have side job potential. Get a job with salary and benefits and start your side gig. You'll hit $100k "equivalent" (e.g. $60k paycheck + $20k cash job) in no time. Knowing what I've learned from your posts you'll be bored to death working and dying to find a side gig.

Just get your hustle on like Ego. Hmmm time to go see what that dude has found in the trash recently. :)

And congratulations on your net. You are truly an outlier for your age. Impressive, most impressive.

Scott 2
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Re: How to Make 100k /Yr?

Post by Scott 2 »

It's a social game - convince the highly compensated individuals you are "one of us". They'll take care of the rest. University alumni are a good starting point. Even better if you can help them meet diversity requirements.

I cannot overemphasize this point - it's not about being the best performer or hardest worker. Do enough to be competent - that's the price of admission. The rest of your energy goes to being liked and getting higher value work than found in your job description.

If you're really motivated, build that social circle both within and external to your company. Plan to jump ship after a year or two, but only after grooming those connections for a big salary bump. Repeat.

With that said - you can't buy back your youth. I think you'll dislike the behaviors and values of those highly compensated individuals.

I'd suggest figuring out the lifestyle you want, and using your ERE skills to build it now. Below a very low threshold, more money does not make life better. This is also the time in your life when the ERE lifestyle seems normal to peers your age. Enjoy that - eventually most of them will become career focused, marry off, and get completely absorbed with raising kids. If you aren't with the program, they'll drop you out of necessity.

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Sclass
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Re: How to Make 100k /Yr?

Post by Sclass »

Scott 2 wrote: this point - it's not about being the best performer or hardest worker. Do enough to be competent - that's the price of admission. The rest of your energy goes to being liked and getting higher value work than found in your job description.
.

Hey take it easy on the kid, he may not be ready for the truth! :lol:

Man this is so true Scott I can barely take it.

There ya go Olaz. Go get em!

I worked for HP and sold to GM. Both organizations had this disease. Good to work there while it lasts. Bad to invest there.

ducknalddon
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Re: How to Make 100k /Yr?

Post by ducknalddon »

Scott 2 wrote:With that said - you can't buy back your youth. I think you'll dislike the behaviors and values of those highly compensated individuals.
Yes, if you lie down with dogs you will get up with fleas.

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Stahlmann
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Re: How to Make 100k /Yr?

Post by Stahlmann »

Scott 2 wrote:With that said - you can't buy back your youth. I think you'll dislike the behaviors and values of those highly compensated individuals.
Explain me, please.

EdithKeeler
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Re: How to Make 100k /Yr?

Post by EdithKeeler »

"How to make a $100K a year" is like asking "How do I win the lottery?" If anyone could do it, everyone would do it, right?

OK, not quite--of course winning the lottery is pure random chance, and you do have control over your career. But there's still some randomness and circumstance that affect it. For example, good friend of mine who's had a similar career path as mine--we're in the same industry, for about the same length of time--has been laid off twice in his career. Me--never. He just got a layoff notice as his youngest kid got accepted to a $50K a year college, so... yikes!

If hanging out on this board has taught you anything, it should be at least that it's "not what you make it's what you keep." I've been in my career for almost 30 years--28, actually--and it's only the last few that I've cleared $100K. BUT--i've had great benefits, it's been very stable, I have a pension, and most importantly--I've (more recently--wish I'd done it sooner) have modified my lifestyle so that I don't need anything CLOSE to $100K to live very comfortably. I'm currently saving about 50% of my gross income, which it's probably small potatoes on this board, but pretty awesome compared to the rest of the population.

I make good money, and these days I enjoy MOST aspects of my job itself. I have figured out, however, that I'm not a "corporate" kinda girl and probably would have gone further if i played the game differently.

I wouldn't be so worried about a specific dollar amount. I'd say find something you don't hate doing most of the time, that aligns with your interests and values and leaves enough time for outside interests. Manage your lifestyle so that it doesn't cost much to live... and the rest is gravy.

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Sclass
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Re: How to Make 100k /Yr?

Post by Sclass »

EdithKeeler wrote:"
If hanging out on this board has taught you anything, it should be at least that it's "not what you make it's what you keep."
.
Yeppers.

Scott 2
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Re: How to Make 100k /Yr?

Post by Scott 2 »

$100k a year isn't a huge amount money, for someone coming out of an exclusive university, willing to play the game. 60 hours a week in finance definitely fits that model. If he's committed and good at it, double the number is possible in 5-10 years, especially in a high cost of living area. Add on the returns from a successful ERE savings plan, that number gets even bigger.

I'm not looking to open an ethical debate here, so I'll limit my values statement to this: The OP might not see eye to eye with someone that thinks nothing of dropping $500 on a dinner, or $5000 on a suit. He may also disagree with how the conflict between maximizing revenue and serving the greater good is resolved. Immersing in a dissonant environment for years could be very unpleasant.

Seppia
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Re: How to Make 100k /Yr?

Post by Seppia »

In my opinion you are asking the wrong question.
Assuming you have the tools (it seems like so) to access the correct kind of job, I would try focus on finding a field that you like.
Of course I like scuba diving better than my job, but to me working in sales has done the trick: I get to travel and be out of the office, the results of my work are very measurable against my peers and it's a job that helps you reduce costs (car and phone are provided for free).
I think that's key: if working in finance is something you despise, it will show, and you'll have a harder time "climbing the ladder".
In the United States there are many ways to make $100k or equivalent, so I would focus on finding te job/location/company that makes your working hours most bearable

Farm_or
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Re: How to Make 100k /Yr?

Post by Farm_or »

Some excellent ideas. Sometimes a stretch goal does just that and applying those ideas correctly, you one day will realize that goal.

Be careful what you wish for?

MZMpac
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Re: How to Make 100k /Yr?

Post by MZMpac »

It took me 4 years of working after grad school to get to 100k/yr. In a couple years I'll be at 120k.

Dont get me wrong, 100k/yr is still a great salary and if you cant early retire on this you have some serious debt or spending problems. Lifestyle inflation can eat it away as fast as it comes.

I'm part of a union where the lazy and the hard-working get rewarded equally. So it makes no sense for me to bust my butt seeing as many patients as possible in a day. I do the work on my schedule and clock out on time.

Everyone wants more money. But you get to a certain point where your mindset shifts from making more to spending less.
Last edited by MZMpac on Mon Dec 12, 2016 1:36 pm, edited 1 time in total.

classical_Liberal
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Re: How to Make 100k /Yr?

Post by classical_Liberal »

I second the following ideas: Take 1-2 years to become competent in your chosen specialization, while simultaneously schmoozing within your industry. After that time period, you will have a better idea of how to avoid the parts of your job you dislike and can jump ship to a higher money, more likeable position. A very strong second to the concept; at this point, many of your peers will be living lean, ERE type lifestyles. This will absolutely change and will do so quickly, enjoy this part of your life as it will become more difficult to “fit in” later, even if it costs you a little more time to reach RE.

I would also encourage you to look into how certain positions (after the previously discussed 1-2yrs) can advance your personal web of goals. For example, I wanted to slow travel the US. My job now requires me to do this, 3 months or so in each location. Most employees find this to be a huge hassle, so my compensation is substantially higher than average. Additionally, I have zero housing expenses and free travel expenses which increases savings rate. Win:Win:Win

7Wannabe5
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Re: How to Make 100k /Yr?

Post by 7Wannabe5 »

In order to make 100k/yr, you will have to make approximately $272/day, which is approximately $17/waking hour. All you need is strategy and stamina. On your mark... get set...GO!!!

slowtraveler
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Re: How to Make 100k /Yr?

Post by slowtraveler »

100k/yr at 60hrs/wk and 50 wks/yr is $33.34/hr. You will pay a lot in taxes unless you can max out (employer+employee contributions) to a SEP or 401k to 54k -you'd need some executive control to set this up as it requires a lot employer contributions.

I like the side business ideas. You seem sharp, I'm sure you can earn $17/hr the first year (for 50k) doing something you enjoy that's in line with your values and bump it up as you cultivate more skill.

I second the question though-why so high?

I get it's a status symbol to earn six figures but you're a badass saver and even at 50k after taxes, you'll have less stress and still retire in 6 years. (7k expenses/.03 swr=234 k needed) /(50k income-7k expenses=43k)=5.5 years.

plantingourpennies
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Re: How to Make 100k /Yr?

Post by plantingourpennies »

I made that amount in my first full year of technology sales.

Important to note that most technology sales don't require an understanding of technology; the soft skills of the humanities are what recruiters look for.

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