24 yo making $100K

[rh71]

Originally posted by: shadow9d9
plus, the interest on your mortgage is tax deductible anyway.

I've heard this many times... is this a loop-hole or not ?

 

[Descartes]

Originally posted by: rh71

Originally posted by: Descartes
I make more than twice that at 25.

</ego>

$100k is a nice income, but not as uncommon for 20-somethings as a lot of people might think. I work with probably two dozen 20-somethings that make more than that. Just have to have marketable ability and the ability to market it.

You are most likely very skilled at what you do but from what I've seen... "consultants" are often marketing themselves as "do-it-alls" and get tons of money for it because they have that title. Is it really all that hard to be a consultant skill-wise ? I think they get a bad rap from other ITers and often-times, deservedly-so.

IMO, consultants represent the top tier of talent, and always have. The bad reputation comes from bad blood between in-house talent and someone that's hired from a third party to supplement that.

It's not really a title issue; you either get the work done or you don't. A title won't save you if your project fails. The problem is that a lot of the larger "firms" give their entry-level people consultant titles, but they're hardly so. The best IT talent exists in your smaller firms, imo.

 

[everman]

It's just a starting salary in one of quite a few areas. NY is super expensive, he is most likely pulling very long hours too.
I don't know why people get so worked up about these starting salaries, it's nothing compared to what you make if you're good. After adjusting for cost of living, actual hours worked, etc., he doesn't make much on an hourly basis.

 

[spidey07]

Originally posted by: Descartes
IMO, consultants represent the top tier of talent, and always have. The bad reputation comes from bad blood between in-house talent and someone that's hired from a third party to supplement that.

It's not really a title issue; you either get the work done or you don't. A title won't save you if your project fails. The problem is that a lot of the larger "firms" give their entry-level people consultant titles, but they're hardly so. The best IT talent exists in your smaller firms, imo.

Agreed. Not only that but true consultants bring a wealth of business knowledge as well mainly because we've seen it at many other companies. Many times businesses get so caught up in "well this is how we do it" that they fail to see that every other company has faced the same challenges - consultants can bring that view and experience.

Also agree that the bad rap mostly comes from inhouse talent being frightened.

 

[DeeKnow]

Originally posted by: chambersc

Originally posted by: Dacalo
He is in New York.

in NY that's like $60k net.

if that.... I was told that when you tally up federal, state and city taxes (in Manhattan), you're lucky if you get to keep 50 cents of every dollar

even if you kept 60k net, when you factor in the housing cost, thats not such a hot deal

 

[xospec1alk]

Originally posted by: DeeKnow

Originally posted by: chambersc

Originally posted by: Dacalo
He is in New York.

in NY that's like $60k net.

if that.... I was told that when you tally up federal, state and city taxes (in Manhattan), you're lucky if you get to keep 50 cents of every dollar

even if you kept 60k net, when you factor in the housing cost, thats not such a hot deal

Holy crap, i came in here to refute that...but i just calculated it and it looks like i get roughly 45 cents to the dollar.

 

[Feldenak]

Originally posted by: xospec1alk

Originally posted by: DeeKnow

Originally posted by: chambersc

Originally posted by: Dacalo
He is in New York.

in NY that's like $60k net.

if that.... I was told that when you tally up federal, state and city taxes (in Manhattan), you're lucky if you get to keep 50 cents of every dollar

even if you kept 60k net, when you factor in the housing cost, thats not such a hot deal

Holy crap, i came in here to refute that...but i just calculated it and it looks like i get roughly 45 cents to the dollar.

I've said it several times in this thread. I make mid-30's in Birmingham...using a COL calculator, to have the same purchasing power in Manhattan, I would need to make 96-98k.

 

[DeeKnow]

Originally posted by: Black88GTA

Originally posted by: GrammatonJP
I know the people that makes 35k and live in the city.. they're the cheapest A$$ in the whole world.. showing up the bachelorette party with a $80 microwave oven split by 7 people. Giving 60 bucks at a wedding for 2 people.. (30/piece). Yeah you can live off 35k in the city.. ur also hated by all ur friends..

So...you hate your "friends" who are less financially stable than yourself because they can't afford to spend a lot of money on gifts for you? :roll::roll::roll:

Real friends don't give a $hit about gifts you get (or don't get) for them. That's not what true friendship is about. Honestly, it's kind of sad that you think friendships are based solely on money.

you said it

 

[gigapet]

Originally posted by: JLGatsby

Originally posted by: ghostman
With that said, yes, $100K is still a hell of a lot of money for a 24 year old to make in NYC. Unless you live in Manhattan and insist on drinking Starbucks, taking taxis and eating out all the time, a person making $35K could probably make it in NYC.

You need to learn a bit about rent prices in NYC. You cannot live in Manhattan on $35k unless you live in a 200 square foot (yes two hundred, not an exaggeration) studio apartment eating ramen.

you can if you live with a roomate outside of manhattan queens, bronx, brooklyn

 

[Eli]

Originally posted by: Feldenak

Originally posted by: Eli

Originally posted by: Descartes

Originally posted by: ghostman

Originally posted by: IamElectro

Originally posted by: vi_edit
Pharmacist.

I concur

As do I. $100K is exactly the going rate for pharmacists in NYC. And that's immediate after graduation. It's also possible for someone in ibanking to get that, but you'd technically only make about $70K in salary and the rest in a giant $25K+ bonus.

With that said, yes, $100K is still a hell of a lot of money for a 24 year old to make in NYC. Unless you live in Manhattan and insist on drinking Starbucks, taking taxis and eating out all the time, a person making $35K could probably make it in NYC.

Honestly, I don't know now how anyone makes it on $35k in any urban setting. You're not likely to find a decent place for anything < $1000 in any of your larger cities, and even then you're asking for a lot. Throw in a car, food, etc. and you're borrowing someone else's pot to piss in.

Kudos to those that make it work.

3k a month gross?

Damn, what the hell would I do with all that extra money? lol.....

I couldn't make it in NYC on what I'm making in Birmingham. I'm a relatively new graduate (1 year in May) with a degree that's regularly ridiculed here (MIS) and converting my salary into NYC dollars would be nearly $100k. So, yeah, pulling in that kind of monthly gross would be nice but you've got to consider how much more expensive the COL is in NYC.

Oh, totally. I understand that.

But he said any urban setting.

 

[rh71]

Originally posted by: spidey07

Originally posted by: Descartes
IMO, consultants represent the top tier of talent, and always have. The bad reputation comes from bad blood between in-house talent and someone that's hired from a third party to supplement that.

It's not really a title issue; you either get the work done or you don't. A title won't save you if your project fails. The problem is that a lot of the larger "firms" give their entry-level people consultant titles, but they're hardly so. The best IT talent exists in your smaller firms, imo.

Agreed. Not only that but true consultants bring a wealth of business knowledge as well mainly because we've seen it at many other companies. Many times businesses get so caught up in "well this is how we do it" that they fail to see that every other company has faced the same challenges - consultants can bring that view and experience.

Also agree that the bad rap mostly comes from inhouse talent being frightened.

Is it also not true that you can graduate from college, work a couple years in IT, then gather a bunch of your buddies with different areas of expertise, and start up your own consulting firm ? I just think there's many "consulting firms" that are of the "hey let's start up our own and make a ton more $" variety. So being a "consultant" (or working for one) doesn't always put you on top IMO. This is where my reservation stems from - do they always deserve what they get ?

On the same page, what exactly do these consultants do ? Do they take on the role of: architect, developer, implementor ? All on the same project ? Just getting clarification.

 

[Kanalua]

recent law school grad in NY, working for a small firm...that's my bet...

 

[pinion9]

Last year I was 24 and I made $115K salary, not including investments, and I only had my new job for about 60% of the year. In NYC I would need to make $210,000 according to the calculator.

I live in Alaska and have a B.S. in Computer Science.

 

[Descartes]

Originally posted by: rh71

Originally posted by: spidey07

Originally posted by: Descartes
IMO, consultants represent the top tier of talent, and always have. The bad reputation comes from bad blood between in-house talent and someone that's hired from a third party to supplement that.

It's not really a title issue; you either get the work done or you don't. A title won't save you if your project fails. The problem is that a lot of the larger "firms" give their entry-level people consultant titles, but they're hardly so. The best IT talent exists in your smaller firms, imo.

Agreed. Not only that but true consultants bring a wealth of business knowledge as well mainly because we've seen it at many other companies. Many times businesses get so caught up in "well this is how we do it" that they fail to see that every other company has faced the same challenges - consultants can bring that view and experience.

Also agree that the bad rap mostly comes from inhouse talent being frightened.

Is it also not true that you can graduate from college, work a couple years in IT, then gather a bunch of your buddies with different areas of expertise, and start up your own consulting firm ?

No, that's patently false. You can start anything you want of course, but consulting firms survive only because they have many years of proven success. Your impression might be from some unfortunate interactions with low-quality people.

I just think there's many "consulting firms" that are of the "hey let's start up our own and make a ton more $" variety. So being a "consultant" (or working for one) doesn't always put you on top IMO. This is where my reservation stems from - do they always deserve what they get ?

I'm not sure where you got your idea of what a consulting firm is or does. Are you thinking of a headhunting staff-augmentation shop? Consultants have industry expertise, and they absolutely deserve what they get. To use myself as an example (I'm the only one writing this post, so it's silly to include others), I have a long list of products delivered and projects completed ranging everywhere from $10k to $100 million in cost, and that's not something you achieve through a "hey let's start up our own and make a ton more $" idea.

On the same page, what exactly do these consultants do ? Do they take on the role of: architect, developer, implementor ? All on the same project ? Just getting clarification.

Entirely depends on the industry. Almost all projects have the notion of a domain expert, so depending on the project you'll likely have quite a number of consultants with domain expertise. If you're in accounting, for example, you'll likely have people with quite a bit of accounting experience behind them. Makes sense, doesn't it? It's these people that ultimately help build scope.

All in all I'd say you have a rather malformed perception of consulting.

 

[tfcmasta97]

maybe he whores himself off to 1000 fat chicks for 100 bucks?

or 100 REALLY fat chicks for 1000 dollars.

hey, fat chicks need their lovin too, but they gotta pay!

 

[kalster]

Originally posted by: Feldenak

Originally posted by: xospec1alk

Originally posted by: DeeKnow

Originally posted by: chambersc

Originally posted by: Dacalo
He is in New York.

in NY that's like $60k net.

if that.... I was told that when you tally up federal, state and city taxes (in Manhattan), you're lucky if you get to keep 50 cents of every dollar

even if you kept 60k net, when you factor in the housing cost, thats not such a hot deal

Holy crap, i came in here to refute that...but i just calculated it and it looks like i get roughly 45 cents to the dollar.

I've said it several times in this thread. I make mid-30's in Birmingham...using a COL calculator, to have the same purchasing power in Manhattan, I would need to make 96-98k.

You get what you pay for, living in New york cant be compared to living n Alabama (COL diff or not),

 

[rh71]

Originally posted by: Descartes

Originally posted by: rh71

Originally posted by: spidey07

Originally posted by: Descartes
IMO, consultants represent the top tier of talent, and always have. The bad reputation comes from bad blood between in-house talent and someone that's hired from a third party to supplement that.

It's not really a title issue; you either get the work done or you don't. A title won't save you if your project fails. The problem is that a lot of the larger "firms" give their entry-level people consultant titles, but they're hardly so. The best IT talent exists in your smaller firms, imo.

Agreed. Not only that but true consultants bring a wealth of business knowledge as well mainly because we've seen it at many other companies. Many times businesses get so caught up in "well this is how we do it" that they fail to see that every other company has faced the same challenges - consultants can bring that view and experience.

Also agree that the bad rap mostly comes from inhouse talent being frightened.

Is it also not true that you can graduate from college, work a couple years in IT, then gather a bunch of your buddies with different areas of expertise, and start up your own consulting firm ?

No, that's patently false. You can start anything you want of course, but consulting firms survive only because they have many years of proven success. Your impression might be from some unfortunate interactions with low-quality people.

I just think there's many "consulting firms" that are of the "hey let's start up our own and make a ton more $" variety. So being a "consultant" (or working for one) doesn't always put you on top IMO. This is where my reservation stems from - do they always deserve what they get ?

I'm not sure where you got your idea of what a consulting firm is or does. Are you thinking of a headhunting staff-augmentation shop? Consultants have industry expertise, and they absolutely deserve what they get. To use myself as an example (I'm the only one writing this post, so it's silly to include others), I have a long list of products delivered and projects completed ranging everywhere from $10k to $100 million in cost, and that's not something you achieve through a "hey let's start up our own and make a ton more $" idea.

All in all I'd say you have a rather malformed perception of consulting.

How did you get your start ? When you started, what was your income and was it commensurate with your experience level ?

I do admit I have a friend of a friend who started his own consulting company up in Chicago and I can tell you it wasn't because he's got tons of projects under his belt to begin with. I wouldn't say he's a "low-quality person" - I think he was just trying to take advantage of a situation... people do take shortcuts / roll the dice.

Now I'm not pretending to know anything about you, but I do know you have your business and started young. How do these things happen if you say consulting companies are all that experience and proven success ? How many start up like that friend I mention and still stay in business like he has ?

You're describing what consulting firms should be and while I can certainly accept that, I'm saying there are less credible ones as well.

 

[Nightfall]

Originally posted by: vi_edit
Pharmacist.

I can vouch for this. My wife graduated with her Pharmacy degree at 24 and was making about that much after overtime and such. One problem though, Pharmacists don't get good insurance. 🙁

Oh well, you give and take I suppose.

 

[jaybert]

Originally posted by: JLGatsby

Originally posted by: ghostman
With that said, yes, $100K is still a hell of a lot of money for a 24 year old to make in NYC. Unless you live in Manhattan and insist on drinking Starbucks, taking taxis and eating out all the time, a person making $35K could probably make it in NYC.

You need to learn a bit about rent prices in NYC. You cannot live in Manhattan on $35k unless you live in a 200 square foot (yes two hundred, not an exaggeration) studio apartment eating ramen.

you may need to work on your reading comprehension....he did say "Unless you live in Manhattan..."

but yes, Manhattan is expensive...but the boroughs are not that cheap either

 

[Gibson486]

Originally posted by: notfred
Getting a $100,000 job with a master's degree in engineering or something and some experience shouldn't really be that hard.

???? Your kidding, right?

 

[JLGatsby]

Originally posted by: gigapet
you can if you live with a roomate outside of manhattan queens, bronx, brooklyn

So it's a good idea to get a job making six figures and living with a roomate in a crappy apartment in the Bronx?

Oh oh oh, where do I sign up?

 

[JLGatsby]

Originally posted by: jaybert
but yes, Manhattan is expensive...but the boroughs are not that cheap either

Boroughs are great if you want to take the filthy subway to work, live next to a crack house or housing project, and be the only English speaker in your neighborhood.

Even most areas of Manhattan are super filthy. Boroughs are 10 times worst.

 

[SampSon]

Originally posted by: JLGatsby

Originally posted by: gigapet
you can if you live with a roomate outside of manhattan queens, bronx, brooklyn

So it's a good idea to get a job making six figures and living with a roomate in a crappy apartment in the Bronx?

Oh oh oh, where do I sign up?

First you gotta leave the south. Second you gotta have some sort of skill to get a job (bullsh!itting on the internet doesn't count). Third you have to actually leave your house to network. Fourth you, well, I dunno, figure it out.

 

[magomago]

Originally posted by: Koing

It isn't easy to get in to a big Banking/ Consultancy firm like those. They do work very hard for their £££. It may not seem like it but they'll crush in 50-70hr weeks EASILY when needed. No over time as that defeats the point of a salary.

Koing

Who doesn't spend those weeks doing 50-70 hours! Game programming jobs are notorious for having those pushes that last up to eighty weeks. One of my professors last quarter works at Medtronic as a principal scientist and says his average is 55 hours a week, and if some extra work needs to be done for something important it can push up to seventy five hours or so (and if we didn't beleive him we could ask his wife 😉). My dad as an PhD in Civil Engineering has the same style...hold around fifty and can easily push up higher.

I can't think of that many jobs where that 40 hour limit is the true limit.

IMO they make more money because they work with money.

 

[Feldenak]

Originally posted by: kalster

Originally posted by: Feldenak

Originally posted by: xospec1alk

Originally posted by: DeeKnow

Originally posted by: chambersc

Originally posted by: Dacalo
He is in New York.

in NY that's like $60k net.

if that.... I was told that when you tally up federal, state and city taxes (in Manhattan), you're lucky if you get to keep 50 cents of every dollar

even if you kept 60k net, when you factor in the housing cost, thats not such a hot deal

Holy crap, i came in here to refute that...but i just calculated it and it looks like i get roughly 45 cents to the dollar.

I've said it several times in this thread. I make mid-30's in Birmingham...using a COL calculator, to have the same purchasing power in Manhattan, I would need to make 96-98k.

You get what you pay for, living in New york cant be compared to living n Alabama (COL diff or not),

Birmingham is not a bad city, and to claim otherwise is ignorant. Is it anything like NYC? Absolutely not, but I wouldn't want to live in NYC either. I look at NYC as a nice place to visit but I wouldn't want to live there.

That being said, I do plan on working my way more north but that's mainly because I miss truly cold weather.