career stuff

[watz]

OK I need ideas, I have been in the I.T. part of computers for 4 years now, just finishing my degree and found that the magical 6 digit salary is not going to happen anytime soon (10 years). For you smart people that invest or have been investing how did you make money a non-factor in your life? I will not live paycheck to paycheck. But I realize I either need to do something different or invest.... any of you man made millionares have a blue print????

 

stuck in a rut....

Watz ???  ???  :urgent:

[bowtie_pasta]

Well I'm not a millionare (yet).    Far from it actually, but here is my 2 cents.

 

Don't get married and have kids until you are done w/ school and have established your career.  Then find a hottie who makes as much as you and you should be well on your way to 6 digits.  

 

Investment (stock market wise) really sucks nowadays.  If you can get on with a company that offers a discounted stock option plan that is a good way to save money with the potential to make some on top of that.  

 

If you are looking for the get rich quick plan, I don't know if one exists.  Try writing some one hit wonder song that sells like 1 million albums, yeah, there ya go!  lol  

[Kania2k1]

First off, how old are you?  Bout 21-23 ish, maybe.  When yu get that first job, get info on their 401k etc type plan.  Hopefully they will have something to thi effect.  Put in as much as you possible can.  Some of the investment companies have calculators on their websites.  MFS Investments  I think this is one of the firms my company considered.  Kinda cool though how much you can come up with to save! :thumb:  

[Shaners]

Dual income is great!!!

 

But, I'm afraid you will almost always live paycheck to paycheck no matter what the income level is (unless it is absurdly high).  The only difference is how much you can save...

 

Most likely the only material thing you will buy in your lifetime that can be considered an investment is your house..., and after you figure how much $$ you will spend in interest than even that can be questionable.

 

You need to save 10% of your pay and invest it wisely.  It'll be frustrating at first, but you will eventually be rewarded because after 10 years or so, you'll see your investments really start to grow.

[scooter70]

But, I'm afraid you will almost always live paycheck to paycheck no matter what the income level is (unless it is absurdly high).  

I'm going to kind of disagree with this statement.  There are plenty of people who don't make 6 figures, live comfortably, and could retire at an early age.  It's all a matter of "living below your means".  (check out http://www.fool.com for tons of LBYM info)  Motley Fool is a great financial site for anyone.  Personal finance or investments.  

 

The point is that if you can go with driving used vehicles that you don't have to make payments on, living in a not-so-extravigant home, and generally not going overboard on expenses, you can save 10-15% of your income in an IRA, 401k, or some other investment account and be pretty comfortable.  

 

Personally, I'm married, dual income, no kids, home owner, two cars with payments and one without, and we combined make somewhere around mid-6 figures.  11% of income goes to 401k, we have a healthy emergency fund making 3% in a money market account, and invest in stocks every now and then.  We're very comfortable and don't live paycheck to paycheck even with agressively paying off student loans that will be paid off in less than half the alloted amount of time.  (we're still in our mid 20's)

 

-Matt

 

PS....  I guess I really didn't disagree, just expounded on what Shaners said.

 

Anyway, check out http://www.fool.com for some great personal finance info.  As for a get rich quick scheme....  I have my million dollar idea, but I'm not telling!

 

Edit:  fixed links.

[bummed-n-Md]

First and foremost, PAY YOURSELF.

 

By that I mean, other than your 401K and other plans at what ever job you get, put aside about 10% of your TAKE HOME pay into a restricted access account (like a CD, vacation fund,   or something).  Do this automatically with each paycheck.  If you do see it, you won't miss it.  You then 'live' with what you have left. Believe it or not, this method works, not matter what your income level.  The only issue is learning to live within your means.  I increase my 'contribution' to my 'account' by 50% of whatever I get at every payraise.  If my raise is $100 take home, $50 is automatically put into savings when my direct deposit hits the bank. This serves a two fold purpose, one, I put more away but I also get to enjoy an increase in my 'means' to live within.  Because this is efffectively new money, I don't "miss" the monies I redirect to savings.

 

I am in IT also with a MS. I am in my mid-40's, retired from the US Marine Corps and my wife, also with a Masters, is a school teacher.  We have 3 kids, and this year, we just crossed the 6 figure line.  We live comfortably, BECAUSE we live within our means.

 

We plan for expenses.  We pay for those expenses out of our 'accounts' we have been paying to ourselves.  We earn the interest (granted only 2 to 5%) instead of a credit card company (12% or more).  We also don't buy the newst fad on the market.  We don't "try to keep up with the joneses".  We live our life.

 

Where I work, I interview new college grad applicants on a fairly reqular basis.  Many have unreal expectations for salaries.   In additioan to your degree, what 'certifications" do you have, MCSE, MCSD, MCP, Cisco, A+, etc.  All will have an influence on salary.

 

One thing to do is look to see what the salary range in your area is for some one with your degree, skills, and experience.  There are a few places on line to find the data, one is www.computerworld.com and look under salary survey.

 

bummed.

[MiSdIrEcTeD_1]

Kinda funny that it seems that alot of people are worried about their financial future right now... Ive been worried about it for a few months now and have been really thinking about what Im going to make of myself... Im pretty set on becoming a commercial pilot, and have basicly enrolled at Pan-am academy in Phoenix. All I have to do is give the absolute go ahead... Pilots make good money (ranked 4th in U.S. Incomes only under CEO, Surgeon, and Dentist...) The deal is I have to keep telling myself that its not all gonna come to me at once... The only pilots who are making $250,000 a year are in their mid-late forties... Ill start out flying regional for maybe a 30k a year income... I know Ill enjoy flying and maybe thats all that should matter in the long run anyway... If Im happy doing what Im doing...   Im a firm beleiver that anyone can have nearly whatever they want as long as they are willing to work hard enough for it, and im pretty sure that my goals will be met with the career Ive chosen...

[TheScaryGuy]

If you are looking for the get rich quick plan, I don't know if one exists.

 

They do, just ask your local drug dealers.  Being rich is in the eye of the beholder.  Money just makes life easier to enjoy.  Rich people are those whom are happily married have children and love their country.

[Shaners]

I agree with Scooter...  Live within your means, stay away from "plastic" debt, meaning if you can't pay cash for the new TV or living room furniture, than don't buy it.  I've seen credit cards take alot of people down...

 

Most companies have a savings plan for retirement (401K type).  Get involved with it ASAP and take advantage of the company match.  It's free money from your employer, but you can't touch it until you're getting ready to retire unless you waant to pay a penalty.  Your monies can also be contributed in a "pre-tax" form, and that is a great advantage.

 

You also need to save "X" amount of dollars in a regular savings acct every paycheck.  This will give you the emergency money that Scooter mentioned.  That way if the furnace dies or your truck needs repaired you can pay cash and not use the credit card.  I try to keep 5-figures of cash close enough that I can get it all within 24 hours if needed.  That may be a little excessive, but it also helps to have it so you can buy that new "Big Screen TV" if you want to...

 

Also, with credit cards pay the balance off monthly, and use a card that will give you perks such as your GM Card.  That is another way to get "free money".

[varmint2506]

If you are looking for the get rich quick plan, I don't know if one exists.

Boy-o-boy I missed my chance a few years ago when Telecom. stocks were a hot item. My boss hinted on three sure fire winners. Well hew was right. He bought into all three of these companies. The one that I remember most is the one he paid $0.50 a share for. He sold six months later at $25.00 a share. He had over 5000 shares. Do the math! All the others jumped in a similar fashon. He baught a new house and two new cars and set up a nice college fund for his son. I was too chicken to get on that bus. Oh well, you snooze you loose. Day traders can make a killing. You just have to be very diligent with your efforts.

[Black02Silverado]

Living within your means is a biggy.  We all can get carried away on that little extra raise.  I found I can save a ton just by not eating out but for special occasions.  

 

Being in the Air Force, I'm trying to stay in as long as I can. Iraq unfortunatly is my job security. I have done the one year thing by myself over in Korea, while my wife stayed here and took care of our twin 2yrs girls. Believe it or not we saved a ton that year, cause I was there not spending very much but to buy personal stuff. She stayed here and just tryed to keep the household going.

 

The stock market, money market are great if you understand it and can afford to invest.  Fool.com is great for information.

We all wish we could have bought that one special stock when it first came out like E Bay or Microsoft, but hind sight is 20/20.

 

Shaner and scooter are right. Live in your means as much as you can. If it was easy we all would be millionaires

 

Uncle Sam doesn't pay well and I definatly don't get overtime or time and half. But the medical has been great taking care of what we needed with our kids and the special needs we need for the one. Chaulk one up for Tricare. :thumb:

 

The military isn't for everyone but it has treated me well. I have been lucky to stay at one base my entire time 18yrs,(except for the one year in Korea), so I got some roots started here and hope I can get a good job when I get out.

 

My job in the AF,  Jet engine mechanic, isn't doing well on  the outside right now after 9/11. I have a few friends that had it made working for the airlines and are now trying to find jobs. So my but is staying in, getting my BAS and hoping the economy gets better.

 

I've been over to Saudi in 91 for Desert Storm and will go again if I have to.  

[Roofer]

I agree with alot that is said here, but most of all about credit cards. I have seen too many friends get themselves in deep with them.

Ya, live within your means, but have fun. Don't be a cheap-ars, just so you can have money when you are 55. This is just plain selfish if you ask me.

 

I do have a question for all of you though.

How much cash money do you have in your wallet right now?

I get tired of guys, mature grown men, running around with no friggin money on them. My GF's dad doesn't even carry a wallet. He has to ask his wife if he can buy something. My bro-inlaw was saving cans like a 10 year old last year so he could buy a softball bat. I mean, come on guys, be men. I've also seen alot of guys who don't even foot the bill at a restaurant. They just lean over and say "honey can you right a check for this". LOL

It just bugs me. Maybe it was the way I was brought up, but the man of the house is supposed to have cash and NEVER say he is broke. If you say you are broke, then I guess you should be working instead of being out.

[Shaners]

I do have a question for all of you though.

How much cash money do you have in your wallet right now?

$288 plus a $100 bill that is folded up and stuck between some credit cards for emergencies...

 

I agree that some people don't carry enough cash with them.  I usually carry around $100, but I just got paid and there was a little overtime money in this check...  Hmm..  maybe I owe myself a trip to the gentelmans club tonight.  

[Roofer]

I do have a question for all of you though.

How much cash money do you have in your wallet right now?

$288 plus a $100 bill that is folded up and stuck between some credit cards for emergencies...

 

I agree that some people don't carry enough cash with them.  I usually carry around $100, but I just got paid and there was a little overtime money in this check...  Hmm..  maybe I owe myself a trip to the gentelmans club tonight.  

LOL!    

 

I do the same thing with the emergency 100 dollar bill.  

[scooter70]

I do have a question for all of you though.

How much cash money do you have in your wallet right now?

$288 plus a $100 bill that is folded up and stuck between some credit cards for emergencies...

 

I agree that some people don't carry enough cash with them.  I usually carry around $100, but I just got paid and there was a little overtime money in this check...  Hmm..  maybe I owe myself a trip to the gentelmans club tonight.  

LOL!    

 

I do the same thing with the emergency 100 dollar bill.  

Me too.  Ben's been in there waiting for an emergency for a while now.  And if he gets used, his twin brother goes right back in his place.  Oh, there's about $68 other than that.