Hello all!
I am a 25 year old single male in Maryland. Decided I wanted to acquire wealth and retire as soon as possible pretty much the day I started my first full-time job after college, some three years ago. I graduated in 2008 to no jobs whatsoever--that was fun! No doubt that also contributed to my awareness that I needed to NOT be reliant on someone else for a paycheck.
Last year I locked down a federal government job. Given that the quantity of federal jobs in Maryland is the only excuse for the absolutely ridiculous cost of living, I figured I might as well take advantage of it. The job has some better benefits and work/life balance (aka work-from-home opportunities), but it's still hardly a great treat (unless you have some kind of paperwork fetish), so my goals for early retirement have not diminished.
My main hindrances now, unsurprisingly, are a house and car, neither of which I'm very inclined to ditch. I bought (that is, financed) a house this summer. I wanted to get in close to the bottom, didn't want to "throw away" money on rent, and a myriad of other reasons--some legitimate and some not so much. And unfortunately, try as I might, I couldn't find an accommodating place any closer than 13 miles from my job (I work in a pretty unsafe area of Baltimore city). So I'm forced to keep a car as well--I've never ridden a bike before (grew up in the country) and again, the area is pretty rough--not to mention I think it's standard protocol among Maryland drivers to run cyclists off the road--so my 13 mile commute on a bike seems out of reach for me.
Sadly, the car is expensive too. I bought an at-the-time new Honda Civic Hybrid a couple years ago. Again, I had plenty of seemingly good reasons at the time--warranty, gas prices, reliability, if-I-keep-it-till-it-disintegrates-the-depreciation-won't-cost-TOO-much, etc. The one shining grace is that the interest on the remaining loan is pretty negligible at 0.9%, less than my 1% savings account.
Mostly as a result of these two expenses (my food/utilities/entertainment/everything else total less than 500 a month), my savings rate is only about 35% of gross, including employer 401k match. My salary should increase from 62k currently to about 75k in another year but then advancement typically slows in this agency as openings at the higher grades are few and far between. I've projected earnings and savings into the future and my current retirement timeframe is something like 15 years (to have the mortgage paid off and a comfortable nest egg of 500k in savings). Pretty unextreme.
I'd love to get my retirement timeframe from 15 years to something more like 10 or below. Retired at 35 sounds pretty good (somehow much better than retired at 40). I'm going to need a few tricks up my sleeve to accomplish that with my situation--so here I am, hoping to learn a bit about lowering expenses and "tricks of the trade" from fellow frugal-nauts. If nothing else, it seems like a good place to while away the years with like-minded folk.
So thanks for reading!
(EDIT: Just so this isn't so downbeat, I guess I should mention that I just made my final payment on my 20k student loan in October. Progress. It is happening... just slowly. I may start a journal with more specifics and numbers and whatnot.)
Greetings and Such
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DividendGuy
- Posts: 441
- Joined: Sun Dec 05, 2010 9:58 pm
Welcome! I hope you learn from everyone here...as I know I certainly have.
I wanted to ask you what you think of home ownership now that you've purchased property. I've been a lifelong renter and even with homes/condos going for pretty attractive prices here in SW Florida I just can't seem to wrap my brain around locking myself into a large amount of debt and also being geographically limited. Is real estate ownership working out like you had planned, or do you regret it?
I hope that isn't too personal. I'm wondering as I continue to wrestle with the rent vs. buy argument in my own brain even as I know deep down that renting serves my fickle nature better.
Again, welcome!
I wanted to ask you what you think of home ownership now that you've purchased property. I've been a lifelong renter and even with homes/condos going for pretty attractive prices here in SW Florida I just can't seem to wrap my brain around locking myself into a large amount of debt and also being geographically limited. Is real estate ownership working out like you had planned, or do you regret it?
I hope that isn't too personal. I'm wondering as I continue to wrestle with the rent vs. buy argument in my own brain even as I know deep down that renting serves my fickle nature better.
Again, welcome!
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Spartan_Warrior
- Posts: 1659
- Joined: Fri Dec 02, 2011 1:24 am
Thanks for the welcome DividendGuy. That's a good question. I've been here just over six months now and was living with my parents before that, so I don't actually have any experience "renting" (although I did pay my parents monthly for the privilege). I did rent an apartment in college, but that was a different kind of experience as well. All in all, if the choice was renting in the Baltimore area vs. buying in the Baltimore area, I can't say I regret buying. The cost ratios seemed reasonable, when I was looking. The total mortgage payment with insurance and taxes is not all that different from a comparable rental (although I could've gotten closer to work for that price--as I said above, I wouldn't want to...). I'm pretty settled on continuing my current job until I retire, so the geographical limitation isn't a problem for now, and I figure I can always rent it out if/when I do want to move on.
Now, "owning" is a whole different beast from "financing". I do frequently lament the mortgage itself but it seemed like a necessary evil. My interest rate, at 4.875%, is not the absolute lowest, but it's pretty low, all things considered. It's not a bad time to finance a house, historically speaking.
In general I like the house itself. It's only ten years old, with just minor wear and tear. No major issues so far (knock on wood). The yard is small (aka easily maintained), with a fenced back yard that will be perfect for a garden. It's dead center in a small town, set off a few hundred yards from a pretty major thoroughfare, with groceries, restaurants/bars, retail, library, Good Will center, etc. all within 1-2 miles.
I will say I feel like I committed the classic "too much house" error. My other two bedrooms basically sit empty. I bought the 3-bedroom since I wanted a place where I could legitimately live for the rest of my life if I wanted to, and I wouldn't mind a family of my own someday (gasp?), so I wanted that to be possible. I also had thought I could rent the rooms in the meantime, but I haven't felt inclined to do so. I like my privacy, and fear for my overpriced property too much. Plus the layout of my house isn't that great for it--we'd all be on top of each other. On the other hand, if I could get 500 per room I'd be splitting the mortgage three ways.
My other fantasy recently has been somehow renting the whole house (based on Zillow and actual local ads, I estimate I could get a cashflow of 300-500 per month) while I live in my car or in a shed in the backyard. That'd put the "extreme" back in my extreme early retirement plan!
Now, "owning" is a whole different beast from "financing". I do frequently lament the mortgage itself but it seemed like a necessary evil. My interest rate, at 4.875%, is not the absolute lowest, but it's pretty low, all things considered. It's not a bad time to finance a house, historically speaking.
In general I like the house itself. It's only ten years old, with just minor wear and tear. No major issues so far (knock on wood). The yard is small (aka easily maintained), with a fenced back yard that will be perfect for a garden. It's dead center in a small town, set off a few hundred yards from a pretty major thoroughfare, with groceries, restaurants/bars, retail, library, Good Will center, etc. all within 1-2 miles.
I will say I feel like I committed the classic "too much house" error. My other two bedrooms basically sit empty. I bought the 3-bedroom since I wanted a place where I could legitimately live for the rest of my life if I wanted to, and I wouldn't mind a family of my own someday (gasp?), so I wanted that to be possible. I also had thought I could rent the rooms in the meantime, but I haven't felt inclined to do so. I like my privacy, and fear for my overpriced property too much. Plus the layout of my house isn't that great for it--we'd all be on top of each other. On the other hand, if I could get 500 per room I'd be splitting the mortgage three ways.
My other fantasy recently has been somehow renting the whole house (based on Zillow and actual local ads, I estimate I could get a cashflow of 300-500 per month) while I live in my car or in a shed in the backyard. That'd put the "extreme" back in my extreme early retirement plan!
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George the original one
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LiquidSapphire
- Posts: 510
- Joined: Thu Jul 28, 2011 6:40 pm
Welcome, I'm a fed too.
Open Season ends very shortly - have you looked into your options for health insurance & an FSA? I changed to an HDHP + HSA option; most cost effective for my situation. The other stuff can wait but Open Season only happens 1x per year so if you aren't familiar with the options or haven't really thought of them I strongly encourage you to review them this weekend. It ends Monday and won't open again until next November.
I relocated twice in order to secure promotions; it paid off, I got promoted 4 times in the last 5 years. How far away are you from DC? Hopefully you won't be stuck in the same boat since there are so many jobs there. Knowing where I started, I probably only would have gotten my third promotion this year, when a vacancy finally opened up. It never would have happened for me without moving. I know you only want to play the game 10 years but if you are going to play the game with the federal government it is much, much easier in DC. The house might make it harder.
Open Season ends very shortly - have you looked into your options for health insurance & an FSA? I changed to an HDHP + HSA option; most cost effective for my situation. The other stuff can wait but Open Season only happens 1x per year so if you aren't familiar with the options or haven't really thought of them I strongly encourage you to review them this weekend. It ends Monday and won't open again until next November.
I relocated twice in order to secure promotions; it paid off, I got promoted 4 times in the last 5 years. How far away are you from DC? Hopefully you won't be stuck in the same boat since there are so many jobs there. Knowing where I started, I probably only would have gotten my third promotion this year, when a vacancy finally opened up. It never would have happened for me without moving. I know you only want to play the game 10 years but if you are going to play the game with the federal government it is much, much easier in DC. The house might make it harder.
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Spartan_Warrior
- Posts: 1659
- Joined: Fri Dec 02, 2011 1:24 am
Hi George! It seems almost cliche to mention it, but I am an INTJ like everyone else! I didn't know until I read that acronym thrown around here constantly and dug up some Myers-Briggs tests, lol. And lo and behold...
I've got a strong emphasis on the "I" component. I don't have any trusted friends who need a place so I would have to go to strangers to rent the rooms. I had bad experiences living with others in college--cleanliness/negligence issues, "borrowing", things of that nature--and I shudder to think of those same behaviors here, in a property I own (and at such a cost)!
But obviously I'm toying with the idea. Gotta conquer the fear to reap the reward. Does anyone have any stories about sharing living space or tips on how to deal with it? One thing I've thought of is including the cost of a professional maid service in their rent. That way I know SOMEONE is cleaning their mess (and it's not me). On the other hand, narrower profit margins.
I've got a strong emphasis on the "I" component. I don't have any trusted friends who need a place so I would have to go to strangers to rent the rooms. I had bad experiences living with others in college--cleanliness/negligence issues, "borrowing", things of that nature--and I shudder to think of those same behaviors here, in a property I own (and at such a cost)!
But obviously I'm toying with the idea. Gotta conquer the fear to reap the reward. Does anyone have any stories about sharing living space or tips on how to deal with it? One thing I've thought of is including the cost of a professional maid service in their rent. That way I know SOMEONE is cleaning their mess (and it's not me). On the other hand, narrower profit margins.
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Spartan_Warrior
- Posts: 1659
- Joined: Fri Dec 02, 2011 1:24 am
Hi LiquidSapphire! I've actually read your journal here (I should confess, I've been lurking for a month or so) so I kind of "know" you already. Thanks to Obama I was able to opt out of health benefits altogether and stay on my parents' plan for at least another year (can't recall if it's 26 or 27--either way, it counts as a "substantial life event" or whatever so I can opt back in at that point). I did look into the vision and dental plans today as the Kaiser dental rider wasn't covering a cavity--as expected, the premiums alone would cost double the cost of the filling in a year.
I kind of bought my house in an area tailored to the Baltimore region--D.C. is a much more substantial commute (and I reaaally hate commuting), although there may be public transportation options to ease the burden, I don't know. There are none for me now. That said, even in Baltimore there are a few different agencies, so I could definitely try that. I've also always figured I could take these skills into contracting at any time and instantly jump into the 100k range if I were willing to do management. Less benefits, but hey, I'm not aiming for the full pension anyway.
I kind of bought my house in an area tailored to the Baltimore region--D.C. is a much more substantial commute (and I reaaally hate commuting), although there may be public transportation options to ease the burden, I don't know. There are none for me now. That said, even in Baltimore there are a few different agencies, so I could definitely try that. I've also always figured I could take these skills into contracting at any time and instantly jump into the 100k range if I were willing to do management. Less benefits, but hey, I'm not aiming for the full pension anyway.
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LiquidSapphire
- Posts: 510
- Joined: Thu Jul 28, 2011 6:40 pm
Good deal; sounds like you have it figured out, just wanted to jump in since the time frame for change is so short. I agree the Vision/Dental plans are horrible. You would only sign up if you knew you were in for some major major work. Have you thought about an FSA, I have no idea if you have to be signed up for FEHB to be eligible for it but it's kinda nice. The minimum is $250 so you put in say $10 a paycheck and if you spend it all on medical/dental it's all tax free. You could have paid for your checkup/cavity with FSA money for example. But if you don't spend it you lose it so. Each person has to look at his/her own situation.
You could do contracting, but as you've probably heard a lot of agencies are looking at serious cuts. Many agencies have already initiated VERA/VSIP to avoid RIF but it is not going well. In the agencies we administer, we had very few takers. We will likely need to undergo RIF in the coming years and we are not alone. I am not a COTR (contracting officer) so I can't say what goes on in Contracting but it would not surprise me to see massive curtailment of government contracts in this budget environment. Just something to keep in mind as you ponder your future steps. Are you on a career ladder? What is your field if you don't mind saying? I started my career on a 7/9/11 and it was gold... The competition for them are fierce so if you got one, good for you!!!
You could do contracting, but as you've probably heard a lot of agencies are looking at serious cuts. Many agencies have already initiated VERA/VSIP to avoid RIF but it is not going well. In the agencies we administer, we had very few takers. We will likely need to undergo RIF in the coming years and we are not alone. I am not a COTR (contracting officer) so I can't say what goes on in Contracting but it would not surprise me to see massive curtailment of government contracts in this budget environment. Just something to keep in mind as you ponder your future steps. Are you on a career ladder? What is your field if you don't mind saying? I started my career on a 7/9/11 and it was gold... The competition for them are fierce so if you got one, good for you!!!
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Spartan_Warrior
- Posts: 1659
- Joined: Fri Dec 02, 2011 1:24 am
I'm in a 9/11/12 career ladder (currently at 11). So I've got another raise coming up next year if all goes to plan. I'm in an agency where virtually everything is contracted out (and I actually AM a COTR) so I don't see the contracting jobs ever drying up completely unless something drastic is done to the program itself (and of course you never know).
I haven't given "career advancement" a great deal of thought, honestly. I've always hoped to be able to get my budget to where I can sustain an early retirement plan on the GS-12 salary and within-grade increases, and just "ride it out" from there. I hate job hunting! Speaking of which, you're right about the fierce competition for the federal jobs--I must've filled out over a hundred of those (incredibly, incredibly obnoxious) usajobs.gov applications, and had to interview about five times to finally lock something down.
In reality, I wouldn't mind moving. It's just selling my current house that I wouldn't want to do any time soon. If I had to go to Washington (or anywhere else) for more opportunities, I'd just rent, while renting my own house out. I do like this area for family and friends being local but I'm not that attached.
As for the health benefits, I seem to recall looking into the FSA as a potential tax haven, but didn't think it was right for me. As you mentioned, I believe it was certain spending requirements that turned me off. I can't even remember the last time I went to the doctor (Knock on wood) so I didn't think I'd use it effectively. The only thing I use my parents' insurance for is the dental rider for check-ups. Once I have to pay for my own insurance again I'll probably look at it more closely.
I haven't given "career advancement" a great deal of thought, honestly. I've always hoped to be able to get my budget to where I can sustain an early retirement plan on the GS-12 salary and within-grade increases, and just "ride it out" from there. I hate job hunting! Speaking of which, you're right about the fierce competition for the federal jobs--I must've filled out over a hundred of those (incredibly, incredibly obnoxious) usajobs.gov applications, and had to interview about five times to finally lock something down.
In reality, I wouldn't mind moving. It's just selling my current house that I wouldn't want to do any time soon. If I had to go to Washington (or anywhere else) for more opportunities, I'd just rent, while renting my own house out. I do like this area for family and friends being local but I'm not that attached.
As for the health benefits, I seem to recall looking into the FSA as a potential tax haven, but didn't think it was right for me. As you mentioned, I believe it was certain spending requirements that turned me off. I can't even remember the last time I went to the doctor (Knock on wood) so I didn't think I'd use it effectively. The only thing I use my parents' insurance for is the dental rider for check-ups. Once I have to pay for my own insurance again I'll probably look at it more closely.
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LiquidSapphire
- Posts: 510
- Joined: Thu Jul 28, 2011 6:40 pm
Nice! I made it to a GS-13/14 Pay Band (we run an alternate personnel system), but for me to get any higher I'd either have to be a supervisor (YUCK) or you have to be in DC which I refuse to do. I have mentally closed that off as an option given my ERE plans. I'm just planning on sitting tight for a period of time from one year to 5, it just depends on how much worse or, perhaps, better, it gets.
Job Hunting is much easier if you are career conditional, which you may be or will be shortly, depending on how you were hired. Many openings are only open to current career and career conditional employees. You were probably applying to the DE announcements; they are extremely competitive. The "internal"/MAP ones are easier. No harm in just keeping an automatic search out on USAJOBS to email you GS-13 jobs in Baltimore once you qualify a couple years from now. There won't be that many emails, or jobs, so if you see something good you'll be able to apply.
Seems like you got it figured out!
Job Hunting is much easier if you are career conditional, which you may be or will be shortly, depending on how you were hired. Many openings are only open to current career and career conditional employees. You were probably applying to the DE announcements; they are extremely competitive. The "internal"/MAP ones are easier. No harm in just keeping an automatic search out on USAJOBS to email you GS-13 jobs in Baltimore once you qualify a couple years from now. There won't be that many emails, or jobs, so if you see something good you'll be able to apply.
Seems like you got it figured out!
OH, goody, a spartan warrior 
Hello there,
Welcome to the forums.
I've always wondered? Do you say grace with "Tonight, we dine in Hell!" for every dinner, or is it reserved for certain special occasions, like in this instance, before skewering fellow forum members that specialise in corny jokes
*runs away quickly before spartan warrior dons sword and sandals*
Hello there,
Welcome to the forums.
I've always wondered? Do you say grace with "Tonight, we dine in Hell!" for every dinner, or is it reserved for certain special occasions
, like in this instance, before skewering fellow forum members that specialise in corny jokes *runs away quickly before spartan warrior dons sword and sandals*
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Spartan_Warrior
- Posts: 1659
- Joined: Fri Dec 02, 2011 1:24 am
LOL. I'm usually wearing two pairs of socks and slippers to combat the crisp 59 degree indoor temp. Sandals?? This. Is. ERE! *kicks Surio in pit*
Quite honestly I have little interest in Sparta, historically or cinematically. It was more like a pun--"spartan" e.g. frugal, warrior as I am on the warrior diet and into fitness. Perhaps I should've chosen a better name... in retrospect, I wish I'd signed up as "Ron Swanson".
Quite honestly I have little interest in Sparta, historically or cinematically. It was more like a pun--"spartan" e.g. frugal, warrior as I am on the warrior diet and into fitness.
Perhaps I should've chosen a better name... in retrospect, I wish I'd signed up as "Ron Swanson".@DividendGuy,
FWIW, my father was a lifelong renter, and that enabled him to be so geographically mobile as to take transfers anywhere to anywhere. The net result was that I practically experienced "Discovery of India" while many of my contemporaries read books on the Indian diversity. My life was a hoot, but there are trade-offs for this kind of life (it did unsettle my mother and brother). My father held similar views as yours on buying/renting and saw the real estate as one big scam (edit: To a large extent I do agree to the sentiment behind the thinking -- let us not look into economics only, that is ). He now lives either with me, or with my brother depending on his mood, and which one of the brothers is feeling spread thin and in need of a support structure. (This is perfectly normal here, and we all quite enjoy the company of each other -- So don't interpret it with Western eyes)
Now in his Autumn years, he has endless tales to regale about all his experiences, he can strike a ready conversation with anything and anybody, and is generally as chirpy as a sparrow. Whether one is an extrovert or an introvert, such a lifestyle automatically cultivates such a personality in you, I feel.
Good Luck DG. You're all right with renting, mate!
P.S: We made him buy a 2 bedroom flat with his retirement savings, and my brother lives in that flat now. Simple, eh?!
P.P.S: I am a renter in another city. Easy, eh?
FWIW, my father was a lifelong renter, and that enabled him to be so geographically mobile as to take transfers anywhere to anywhere. The net result was that I practically experienced "Discovery of India" while many of my contemporaries read books on the Indian diversity.
My life was a hoot, but there are trade-offs for this kind of life (it did unsettle my mother and brother). My father held similar views as yours on buying/renting and saw the real estate as one big scam (edit: To a large extent I do agree to the sentiment behind the thinking -- let us not look into economics only, that is ). He now lives either with me, or with my brother depending on his mood, and which one of the brothers is feeling spread thin and in need of a support structure. (This is perfectly normal here, and we all quite enjoy the company of each other -- So don't interpret it with Western eyes) Now in his Autumn years, he has endless tales to regale about all his experiences, he can strike a ready conversation with anything and anybody, and is generally as chirpy as a sparrow. Whether one is an extrovert or an introvert, such a lifestyle automatically cultivates such a personality in you, I feel.
Good Luck DG. You're all right with renting, mate!
P.S: We made him buy a 2 bedroom flat with his retirement savings, and my brother lives in that flat now. Simple, eh?!
P.P.S: I am a renter in another city. Easy, eh?
I don't mean to stir up trouble, but does anyone else find it kind of shocking that Spartan_Warrior and LiquidSapphire can have almost six figure jobs in their 20s working for the government?
Cheers to you guys for finding yourself in good situations, but I mean my girlfriend makes $22k/yr as a teacher and the median US income is around $39k/yr I believe. I just don't get how government salaries can be so high. Do these jobs require advanced engineering degrees or something?
Cheers to you guys for finding yourself in good situations, but I mean my girlfriend makes $22k/yr as a teacher and the median US income is around $39k/yr I believe. I just don't get how government salaries can be so high. Do these jobs require advanced engineering degrees or something?
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George the original one
- Posts: 5406
- Joined: Wed Jul 28, 2010 3:28 am
- Location: Wettest corner of Orygun
According to BLS, median hourly wage in DC area is $28.71/hr and mean (not median) annual salary is $73k.
According to Census, median US family income in 2010 was $49k/yr.
It is very tough to get above GS-5 in the Feds without a college degree or military leadership experience. With a bachelor's, you need to be working in a non-scientific branch to get GS-11 or GS-12. In science branchs, a masters will get you to GS-11 or GS-12. Political appointments are a different story.
According to Census, median US family income in 2010 was $49k/yr.
It is very tough to get above GS-5 in the Feds without a college degree or military leadership experience. With a bachelor's, you need to be working in a non-scientific branch to get GS-11 or GS-12. In science branchs, a masters will get you to GS-11 or GS-12. Political appointments are a different story.
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LiquidSapphire
- Posts: 510
- Joined: Thu Jul 28, 2011 6:40 pm
The debate on federal pay is all over. You can twist the facts to say what you like. In my opinion, some professions are severely overpaid, and likewise, some underpaid. You also have to define what "overpaid" means, because sometimes there are not good matches for what federal people do in the private sector. However, overall, I'd say office type jobs and unskilled labor jobs are vastly overpaid, and some professional jobs are underpaid such as IT, engineers, attorneys, scientists. It has to do with our position classification structure and how it links to pay, it has very little to do with market pay, which is how private sector now operates. Attempts to shift to market pay have failed (how do you define market pay? Additionally, what normal companies do (participate in and purchase salary surveys) the feds cannot do because anything we buy can be FOIA'd, so salary surveys won't be sold to us, and our pay stuff is on the internet, so no one asks us to participate in surveys, obviously. So we're stuck with the BLS Data, which is only updated every 3 years, not exactly the foundation of a robust market pay system. We also do not have the pressures of the private sector to our detriment; if you have extra salary money, you pay it out and run out of money, guess what, you just go ask Congress for more. Budget management in my experience is atrocious and the good ol' boy network is alive and well, though, you don't have to be part of it to be successful, it sure helps.
27% of DC residents work for the feds.
I can't say how it was that I got hired except I think it was a combination of some shady tricks to avoid advertising the position through official channels (to avoid veteran's preference blocks) and a hell of a LOT of luck, in combination with my decent work experience and GPA, and great interview skills. Based on what I've seen I still have no idea how non-vets/non-military spouses get hired for lower level jobs. I am shocked I made it in.
27% of DC residents work for the feds.
I can't say how it was that I got hired except I think it was a combination of some shady tricks to avoid advertising the position through official channels (to avoid veteran's preference blocks) and a hell of a LOT of luck, in combination with my decent work experience and GPA, and great interview skills. Based on what I've seen I still have no idea how non-vets/non-military spouses get hired for lower level jobs. I am shocked I made it in.
@chris
Not at all. Why should someone earn 100k in the private sector and work for the govt for less because they are in their 20s'. In countries where there is a diference, there is often corruption.
I really want to see the movement of people between the sectors, I think people in these different areas often interact out of necessity and it helps if you understand what goes on behind the scenes. (ie the tax dept, teachers)
In your 20's you may have obtained, specific skills, and have the ability to solve highly complex problems. Age adds maturity and experience in some people but is no guarantee.
Not at all. Why should someone earn 100k in the private sector and work for the govt for less because they are in their 20s'. In countries where there is a diference, there is often corruption.
I really want to see the movement of people between the sectors, I think people in these different areas often interact out of necessity and it helps if you understand what goes on behind the scenes. (ie the tax dept, teachers)
In your 20's you may have obtained, specific skills, and have the ability to solve highly complex problems. Age adds maturity and experience in some people but is no guarantee.