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at what age will you have earned your one millionth dollar?

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Originally posted by: Specop 007

I say shens to most people here.

Assuming you start work at age 18 you'd have to pull down 71,500 per year to hit 1 million by the time you were 32. I personally no of NO ONE who was making over 70k per year before age 25. I'm sure theres some out there but I dont believe it to be all that common.

Assume you start a career at 23 (Graduate at 18, 4 year degree and a few months) you would have to make an average of 110,000 per year to hit 1 million by 32.

Now most 4 year degrees dont start off over 6 figures. So assume you go for an 8 year degree to be a doctor or lawyer. Thats puts you off at hitting the work force at 26 so you'd have to bring in 166,000 per year to hit 1 million by 32.

While I'm sure theres people out there who have enjoyed this level of success I doubt many of them are posting here.

It's common for someone with a BS in Engineering (at age ~21) to start at $70k in higher cost of living areas. $70k is what my company starts entry-level engineers at and it's quite common for other companies, too. $80k (as young as 22) for an entry-level engineer with an MS. Some companies start at even higher numbers.

Since there are quite a few engineers on this forum, I wouldn't be surprised by some of these numbers that people are claiming.
 
Originally posted by: CanOWorms
Originally posted by: Specop 007

I say shens to most people here.

Assuming you start work at age 18 you'd have to pull down 71,500 per year to hit 1 million by the time you were 32. I personally no of NO ONE who was making over 70k per year before age 25. I'm sure theres some out there but I dont believe it to be all that common.

Assume you start a career at 23 (Graduate at 18, 4 year degree and a few months) you would have to make an average of 110,000 per year to hit 1 million by 32.

Now most 4 year degrees dont start off over 6 figures. So assume you go for an 8 year degree to be a doctor or lawyer. Thats puts you off at hitting the work force at 26 so you'd have to bring in 166,000 per year to hit 1 million by 32.

While I'm sure theres people out there who have enjoyed this level of success I doubt many of them are posting here.

It's common for someone with a BS in Engineering (at age ~21) to start at $70k in higher cost of living areas. $70k is what my company starts entry-level engineers at and it's quite common for other companies, too. $80k (as young as 22) for an entry-level engineer with an MS. Some companies start at even higher numbers.

Since there are quite a few engineers on this forum, I wouldn't be surprised by some of these numbers that people are claiming.

Your use of 'common' must differ from mine. Out of 200,000 million persons over age 25, only 6% had a total income of 75-100k, and only another 5% were over 100k. That's income from ALL sources, not merely salary, so you have to reduce it quite a lot since such a large amount of income at higher earnings come from other sources (investments, etc). So it's WELL under 20 million people total in the US that make that.

A very large number, true, but hardly common.
 
Originally posted by: PrinceofWands
Originally posted by: CanOWorms
Originally posted by: Specop 007

I say shens to most people here.

Assuming you start work at age 18 you'd have to pull down 71,500 per year to hit 1 million by the time you were 32. I personally no of NO ONE who was making over 70k per year before age 25. I'm sure theres some out there but I dont believe it to be all that common.

Assume you start a career at 23 (Graduate at 18, 4 year degree and a few months) you would have to make an average of 110,000 per year to hit 1 million by 32.

Now most 4 year degrees dont start off over 6 figures. So assume you go for an 8 year degree to be a doctor or lawyer. Thats puts you off at hitting the work force at 26 so you'd have to bring in 166,000 per year to hit 1 million by 32.

While I'm sure theres people out there who have enjoyed this level of success I doubt many of them are posting here.

It's common for someone with a BS in Engineering (at age ~21) to start at $70k in higher cost of living areas. $70k is what my company starts entry-level engineers at and it's quite common for other companies, too. $80k (as young as 22) for an entry-level engineer with an MS. Some companies start at even higher numbers.

Since there are quite a few engineers on this forum, I wouldn't be surprised by some of these numbers that people are claiming.

Your use of 'common' must differ from mine. Out of 200,000 million persons over age 25, only 6% had a total income of 75-100k, and only another 5% were over 100k. That's income from ALL sources, not merely salary, so you have to reduce it quite a lot since such a large amount of income at higher earnings come from other sources (investments, etc). So it's WELL under 20 million people total in the US that make that.

A very large number, true, but hardly common.

All of my classmates from college (MIT) who graduated with a BS in EE/CS started at 70-80k. I'd say that starting salary is "common" for good schools with solid tech majors.
 
Originally posted by: Chronoshock
Originally posted by: PrinceofWands
Originally posted by: CanOWorms
Originally posted by: Specop 007

I say shens to most people here.

Assuming you start work at age 18 you'd have to pull down 71,500 per year to hit 1 million by the time you were 32. I personally no of NO ONE who was making over 70k per year before age 25. I'm sure theres some out there but I dont believe it to be all that common.

Assume you start a career at 23 (Graduate at 18, 4 year degree and a few months) you would have to make an average of 110,000 per year to hit 1 million by 32.

Now most 4 year degrees dont start off over 6 figures. So assume you go for an 8 year degree to be a doctor or lawyer. Thats puts you off at hitting the work force at 26 so you'd have to bring in 166,000 per year to hit 1 million by 32.

While I'm sure theres people out there who have enjoyed this level of success I doubt many of them are posting here.

It's common for someone with a BS in Engineering (at age ~21) to start at $70k in higher cost of living areas. $70k is what my company starts entry-level engineers at and it's quite common for other companies, too. $80k (as young as 22) for an entry-level engineer with an MS. Some companies start at even higher numbers.

Since there are quite a few engineers on this forum, I wouldn't be surprised by some of these numbers that people are claiming.

Your use of 'common' must differ from mine. Out of 200,000 million persons over age 25, only 6% had a total income of 75-100k, and only another 5% were over 100k. That's income from ALL sources, not merely salary, so you have to reduce it quite a lot since such a large amount of income at higher earnings come from other sources (investments, etc). So it's WELL under 20 million people total in the US that make that.

A very large number, true, but hardly common.

All of my classmates from college (MIT) who graduated with a BS in EE/CS started at 70-80k. I'd say that starting salary is "common" for good schools with solid tech majors.

That's like saying, "Extremely high IQs are common, all the members of the Prometheus Society have high IQs." Well no shit Sherlock, it's a requirement for entry, but there are still only 60,000 people in the world who could qualify.

Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.
 
Originally posted by: PrinceofWands
Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.

My point is that if we're limiting it to the population of ATOT, then we're talking about a set of people highly correlated with
1) a decent enough upbringing that they can afford a computer and the luxury of sitting around posting
2) college educated
3) technical degree (engineering, comp sci, IT)
4) being male

Obviously there are exceptions to the above (hence correlation), but all 4 of those boost the average salary far above the American average, let alone the world population.

I don't see why you even brought up the world pop., I don't think anyone here would consider anything outside of American wage earners as the context for "common"
 
Originally posted by: Chronoshock
Originally posted by: PrinceofWands
Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.

My point is that if we're limiting it to the population of ATOT, then we're talking about a set of people highly correlated with
1) a decent enough upbringing that they can afford a computer and the luxury of sitting around posting
2) college educated
3) technical degree (engineering, comp sci, IT)
4) being male

Obviously there are exceptions to the above (hence correlation), but all 4 of those boost the average salary far above the American average, let alone the world population.

I don't see why you even brought up the world pop., I don't think anyone here would consider anything outside of American wage earners as the context for "common"

I think the problem is that most of the people who have replied aren't even out of school yet. They're basing their claims on what they think they "should" be making. The problem with that is that if you asked a college student what they think they'll be making in the next 5 years and then polled them 5 years later, their predictions will almost always turn out to be overly optimistic. In other words, you're comparing a working man's reality to a college student's fantasy.
 
Originally posted by: 91TTZ
Originally posted by: Chronoshock
Originally posted by: PrinceofWands
Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.

My point is that if we're limiting it to the population of ATOT, then we're talking about a set of people highly correlated with
1) a decent enough upbringing that they can afford a computer and the luxury of sitting around posting
2) college educated
3) technical degree (engineering, comp sci, IT)
4) being male

Obviously there are exceptions to the above (hence correlation), but all 4 of those boost the average salary far above the American average, let alone the world population.

I don't see why you even brought up the world pop., I don't think anyone here would consider anything outside of American wage earners as the context for "common"

I think the problem is that most of the people who have replied aren't even out of school yet. They're basing their claims on what they think they "should" be making. The problem with that is that if you asked a college student what they think they'll be making in the next 5 years and then polled them 5 years later, their predictions will almost always turn out to be overly optimistic. In other words, you're comparing a working man's reality to a college student's fantasy.

I have no doubt that a lot of people in this thread are lying or wildly guessing. On the other hand though, there are definitely some people who are telling the truth (and that was my point above).
 
Originally posted by: Scouzer
Originally posted by: RedSquirrel
Did a rough estimate, and for the sake of simplicity and fact I don't know what my house will cost, lets assume I'll always stay home.

I make about 1049 per pay, there is 52 weeks in a year, so that's $27,274 per year. I get about 1 grand per year in taxes, then about one grand for my bonus, so we'll say I make 30k per year. I'm 23 now and have 31k in the back as of now. But now there's gas and car insurance, which probably is about 5k per year, probably more, but lets just keep it at 5. So that brings me down to 25k. Lets take off another 5k for random expenses leaving me at 20k.

I wont even get into bank interest or it will get too complicated. So.. I'll be 73 by the time I make one million. 😱

Wow, to those who said 30, I think I'm in the wrong industry. 😛

You made a simple question not simple, then called your solution simple. OP meant GROSS pay

Gross meaning before taxes and expenses?

In that case, when I'm 44, though that's not really realistic as it's money I'll never actually see. The government will though. 😛
 
Originally posted by: Chronoshock
Originally posted by: PrinceofWands
Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.

My point is that if we're limiting it to the population of ATOT, then we're talking about a set of people highly correlated with
1) a decent enough upbringing that they can afford a computer and the luxury of sitting around posting
2) college educated
3) technical degree (engineering, comp sci, IT)
4) being male

Obviously there are exceptions to the above (hence correlation), but all 4 of those boost the average salary far above the American average, let alone the world population.

I don't see why you even brought up the world pop., I don't think anyone here would consider anything outside of American wage earners as the context for "common"

thank you. I don't know why people keep calling bullshit. (Other than on the obvious "13" jokes.) They're not thinking it through, or not taking varying cost of living into account (my salary is a little higher than average for age/experience/industry, but I also pay out the ass for housing (both when I rented and now on my mortgage) and such), or just trolling or something.
 
I call BS 😛

Someone post this thread in 6-8yrs and have people post.

Im probably oneof the most realistic at 45yrs, that's 20yrs time and ive nearly tripled my pay changing industry (software testing) to vendor trader support to algo trader support on a desk. 3 jobs in 3yrs and with relatively small pay rises by 45 or at least 50 I should be there. But it ant shit if you nothing to show for it 😛

Also the job Market is completly BS for new grads and they will have a huge shock this year and possibly next.

More power to you if you do it by 33! 🙂

Koing
 
Originally posted by: Koing
I call BS 😛

Someone post this thread in 6-8yrs and have people post.

Im probably oneof the most realistic at 45yrs, that's 20yrs time and ive nearly tripled my pay changing industry (software testing) to vendor trader support to algo trader support on a desk. 3 jobs in 3yrs and with relatively small pay rises by 45 or at least 50 I should be there. But it ant shit if you nothing to show for it 😛

Also the job Market is completly BS for new grads and they will have a huge shock this year and possibly next.

More power to you if you do it by 33! 🙂

Koing

You win the thread. It's doable, it's not easy, the market sucks now and that makes it less easy, and in-college kids doing their projections are likely overestimating.
 
*shrug*
Um, well I don't know how much money I've made to this point, but assuming no raises, no inflation, etc etc, I'd most likely be under 50 by the time I reach $1M total.


I worked mostly crap jobs - retail, warehouses, etc - until this year, at age 27.
One part I rather liked was that I had a job offer a week before graduation. 🙂


 
Originally posted by: Chronoshock
Originally posted by: PrinceofWands
Almost NO ONE In the world makes what you're talking about, so it isn't 'common' when you look at the whole picture. 25 million out of 6 billion ain't much.

My point is that if we're limiting it to the population of ATOT, then we're talking about a set of people highly correlated with
1) a decent enough upbringing that they can afford a computer and the luxury of sitting around posting
2) college educated
3) technical degree (engineering, comp sci, IT)
4) being male

Obviously there are exceptions to the above (hence correlation), but all 4 of those boost the average salary far above the American average, let alone the world population.

I don't see why you even brought up the world pop., I don't think anyone here would consider anything outside of American wage earners as the context for "common"


1 and 4 have no appreciable correlation to what we're talking about. There are certainly plenty of welfare recipients who sit around and do nothing, thus having the time to sit around and post online. It only takes 15-30k individual income to really live ok (depending on area), so once you're earning that you can sit around posting. That's about 75% of America that can do it in case you're curious. It also means that 75% of Americans are passing on that level of upbringing to the next generations, which have already been far more likely to have an online presence than previous ones regardless of socio-economic status.

The gap between male and female earnings isn't that great now (about 16% was the most recent study I could find) and it's continuing to decline. Moreover, there are so few people at the income levels we're dealing with that their demographic makeup would have next to no impact on the evaluation - we're talking about 10% of the population...rather it's 5/5 for men and women or 7/3 you just haven't increased the odds all that much.

While there may be a correlation between the atot population and number 2 (though I haven't seen polls which show it as a high correlation) that doesn't specifically correlate to the income levels we're talking about. All of my college won't earn me more than 30-40k for instance. College makes you much more likely to earn middle incomes, but isn't any kind of guarantee to high incomes.

3, while having the potential for earnings, is severely hindered by the fact that there are so many in the field, limited jobs which are dwindling rapidly in the tanked economy, and the simple fact that there are limited jobs which can ever achieve the type of earning we're talking about regardless of education, field, or anything else. For every person with a tech degree that lands a high paying job there are probably 99 that are working help desks, or assistants, or just can't find work in their field.

There are wealthy people all over the world, not just here. Moreover there aren't only American in ATOT. If you want to limit it to America go ahead, I listed the numbers already.

MY POINT was that people are expecting what isn't logically possible, and what the data directly contradicts. Very, very, very, very few people have any hope of an income at that level. Slightly increasing the odds through the correlations you attempt won't make any significant impact. Instead of one needle in a haystack, you're looking for 3. Congratulations. Good luck to you.
 
phrasing the question like this definitely puts your earnings in a different perspective...If you have worked at decent jobs for awhile, earning $1m in your mid to late 30's is definitely realistic...I pulled out my Social Security statement that lists my taxable income since I started working...I hit the $1M mark it when I turned 37 but never really thought that was a milestone or anything...

But as someone said earlier, earning $1M over 15-20 years is not even remotely close to being a millionaire...If it makes any difference, I have worked in the Dallas area all of my life since someone brought that up earlier in this thread.....

 
Originally posted by: spacejamz
phrasing the question like this definitely puts your earnings in a different perspective...If you have worked at decent jobs for awhile, earning $1m in your mid to late 30's is definitely realistic...I pulled out my Social Security statement that lists my taxable income since I started working...I hit the $1M mark it when I turned 37 but never really thought that was a milestone or anything...

But as someone said earlier, earning $1M over 15-20 years is not even remotely close to being a millionaire...If it makes any difference, I have worked in the Dallas area all of my life since someone brought that up earlier in this thread.....

Mid to late thirties is fine, but there are quite a few saying they hit it by 30 or shortly after, which is possible, but doubtful.
 
The sad thing is to roughly calculate the gross that you earned over the last 10 years and wonder what ever happened to it. Sure I have a nice house and a vacation home, but the bank still owns about half of them, and when I calculate the earning to be about 3mil gross, I wonder where did the money go.
 
Originally posted by: PrinceofWands
Originally posted by: Argo
Originally posted by: 91TTZ
Originally posted by: duragezic
I started a year ago at almost age 23 making 55k/yr. I think my salary will double within 5-6 years. So I used an average of 80k/yr which is 12.5 years to hit $1 million. So I added that to when I started working and ended up at age 35.

So I think my prediction is honest and pretty realistic.


You think it's realistic expecting a 55k/year salary to double in 5 years?

Depending on the field - yes.

In .0001% of jobs or so, I'm sure it happens.

It happens in software development field. I'm sure it happens in law and medical fields as well.
 
Originally posted by: mattpegher
The sad thing is to roughly calculate the gross that you earned over the last 10 years and wonder what ever happened to it. Sure I have a nice house and a vacation home, but the bank still owns about half of them, and when I calculate the earning to be about 3mil gross, I wonder where did the money go.

Tax
 
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