$85k pa and living pay chq to pay chq

[weg]

There is another way.... scholarships or employer funded/supported study..... this can push income to ~150k+ in the right circumstances....

Life has many paths... many of which are hidden to most! But not because they are a secret....

Cousins daughter was sponsored by Xstrata - only person I know to get sponsored.

The percentage of all graduates getting this would have to be very small.

 

[cimbom]

Bright young chartered accountant i know in his second year at a large well known firm was earning 55K last year, and his fiance a lawyer recently employed by a large well know legal firm (who employed only 3 of their graduates this year) is on about the same.

Mother of the son reports both are working their butts off, and says 2 of her sons friends who are less ambitious and went into government jobs are earning more while doing less.

It's hit and miss (luck) with some jobs but 100K as a student??

One of my colleagues at work graduated with a law degree and now makes more (while working less hours) working in a federal gov't agency than his uni friends who work in "top tier" law firms. I guess big law firms can afford to pay less due to the prestige associated with working there. Much the same as entry level jobs in other "glamorous" industries like the media, publishing, fashion, etc.

 

[Aaron_C]

I guess big law firms can afford to pay less due to the prestige associated with working there. Much the same as entry level jobs in other "glamorous" industries like the media, publishing, fashion, etc.

They don't pay less, they just pay slightly above market. Not worth the hours in my view but oh well.

 

[VYBerlinaV8]

They don't pay less, they just pay slightly above market. Not worth the hours in my view but oh well.

The big law firms, like the big accounting firms, are sweatshops. The people who get ahead aren't generally the 'best', they're just the people who persist long enugh to survive the inevitable attrition.

 

[D.T.]

Yep, had a friend go from a boutique accounting firm (redundancy) to big4 and lost a fair bit of salary and flexibility in the process.

 

[Deltaberry]

What is this industry/job you keep referring to in this thread that has amazing hours and pay at a young age?

My friends on 100k+ at late 20s actually come from various fields including dentists, medical surgeons, various forms of bankers and financiers, traders and sales people (options, coal, corn), lawyers, accountants, consultants of all nature (mining, strategy) etc. These are all common professions. Nothing special.

 

[weg]

My friends on 100k+ at late 20s actually come from various fields including dentists, medical surgeons, various forms of bankers and financiers, traders and sales people (options, coal, corn), lawyers, accountants, consultants of all nature (mining, strategy) etc. These are all common professions. Nothing special.

Agree that it's not unusal after a few years experience however most of the comments were in response to you earning 80K as a student many years ago.

Big difference.

So if you're in your late 20's now that would be like earning roughly 100K.

That is a lot for a young person to earn while they're 'a fresh out of school' student. It's a lot for a graduate.

The only people I know that have earned that much are established professionals that are working fulltime and studying full time (have known a few to do this over the years).

Son who is a uni student probably earns about 35-40K a year but that is income earned outside of fulltime uni and not related to his degree.

Most of his fulltime student friends earn less than him.

 

[Deltaberry]

Oh yes I didn't respond to the student part.

When I was in uni, I worked a few casual jobs - but probably didn't really do more than 30 hours a week. I can't remember them all but some notable ones included tutoring (I started out at $30/hour but progressively went to $100/hour and there was a big market for it, HUGE in fact), working for a private entrepreneur on designing a software (I was writing the actual content while a programmer was writing the code, if that made sense), I ran a tutoring school at some point. I got an internship in my second last year at uni at an annual rate of $90k I think (can't remember now), although being an internship obviously only did two months there (that internship involved long hours). My first year out of uni was in financial services, and paid around $150-160k, but yes that had the hours with it. Although if I had my time again, I would've known where to go to get the $150-160k in my first year without working more than 50 hours a week.

And yes, certainly $100k is quite standard these days in many professional careers I've come across for late 20s, and I would agree $200k would have to be the new $100k for many Gen Ys. It's like 10m dollars is the new definition of a millionaire to you guys, surely. $10m many years ago would let you buy a street, these days you'd get 1 or 2 properties on some of the same streets only, and in some, none.

But really, the point of the earlier post is that, yes, there are MANY Gen Ys on $100k who are living pay cheque to pay cheque. No amount of education/high income can teach you to be financially prudent was really my point. In fact I once had a guy earning maybe around $500-800k pa (depending on the year) tell me, if he lost his job, he'd be ****ed and lose his house and car etc. Another example of living beyond your means.

So to answer a question commonly asked. Is housing that unaffordable for Gen Y? I guess it is, but it will more likely than not be because of your own doing.

 

[Deltaberry]

One of my colleagues at work graduated with a law degree and now makes more (while working less hours) working in a federal gov't agency than his uni friends who work in "top tier" law firms. I guess big law firms can afford to pay less due to the prestige associated with working there. Much the same as entry level jobs in other "glamorous" industries like the media, publishing, fashion, etc.

Fashion? You'd be lucky to get a job there.

I have a student relative who's work is exhibited at Loreal's Fashion Show struggle to get paid work. You certainly don't do it for the money.

 

[Deltaberry]

It's hit and miss (luck) with some jobs but 100K as a student??

People take what I say out of context.

I said:

a) Many Gen Ys earn $100k at late 20s. All my friends do I'm pretty sure (I just remembered one who doesn't but I haven't seen him in a long time)

b) I said I earned $80k as a student. Didn't say I did it from one job or a job (as explained in earlier post). When choices are limited, if you want to get ahead, you need to be creative and seek your own avenues of wealth.

I have another Gen Y friend renoing houses since 17, by around 23 just out of uni from a double degree, was earning $100k passive from rent. I know some other young guys who've made good money in uni. How they did it, some I forgot, some too complicated to explain. There'll always be people doing this sort of stuff, while the rest go off and party (I was probably more the latter than the former actually).

 

[cimbom]

Fashion? You'd be lucky to get a job there.

I have a student relative who's work is exhibited at Loreal's Fashion Show struggle to get paid work. You certainly don't do it for the money.

I never stated people do it for the money. It is an example of an industry, like the others I listed, where entry-level jobs are low(er) paid simply because of the huge number of people that want those jobs.

 

[kathryn d]

My husband, AlmostBob, was paid while he went to uni.

He was a soldier.

 

[BayView]

My friends on 100k+ at late 20s actually come from various fields including dentists, medical surgeons, various forms of bankers and financiers, traders and sales people (options, coal, corn), lawyers, accountants, consultants of all nature (mining, strategy) etc. These are all common professions. Nothing special.

Yes, but you were talking of amazing incomes as a student....

 

[LoneWolf]

Yup, rather his explanation in detail is somewhat less convincing, compared to earlier boasting statements

 

[Spades]

When choices are limited, if you want to get ahead, you need to be creative and seek your own avenues of wealth.

Quoted for truth.

Cheers Spades.

 

[Orks]

Oh yes I didn't respond to the student part.

When I was in uni, I worked a few casual jobs - but probably didn't really do more than 30 hours a week. I can't remember them all but some notable ones included tutoring (I started out at $30/hour but progressively went to $100/hour and there was a big market for it, HUGE in fact), working for a private entrepreneur on designing a software (I was writing the actual content while a programmer was writing the code, if that made sense), I ran a tutoring school at some point. I got an internship in my second last year at uni at an annual rate of $90k I think (can't remember now), although being an internship obviously only did two months there (that internship involved long hours). My first year out of uni was in financial services, and paid around $150-160k, but yes that had the hours with it. Although if I had my time again, I would've known where to go to get the $150-160k in my first year without working more than 50 hours a week.

And yes, certainly $100k is quite standard these days in many professional careers I've come across for late 20s, and I would agree $200k would have to be the new $100k for many Gen Ys. It's like 10m dollars is the new definition of a millionaire to you guys, surely. $10m many years ago would let you buy a street, these days you'd get 1 or 2 properties on some of the same streets only, and in some, none.

But really, the point of the earlier post is that, yes, there are MANY Gen Ys on $100k who are living pay cheque to pay cheque. No amount of education/high income can teach you to be financially prudent was really my point. In fact I once had a guy earning maybe around $500-800k pa (depending on the year) tell me, if he lost his job, he'd be ****ed and lose his house and car etc. Another example of living beyond your means.

So to answer a question commonly asked. Is housing that unaffordable for Gen Y? I guess it is, but it will more likely than not be because of your own doing.

You're what 27/28? So you finished uni 6 or 7 years ago, and got a job paying $150-160k? That just doesn't sound possible, I assume it was with Macquarie/UBS/Credit Suisse/Morgan Stanley etc, but did they really pay grads that much in Australia in 2006? Also, someone paid you $100 an hour as a uni student to tutor them? Why? Were you doing their exams for them or something?!

 

[Aaron_C]

You're what 27/28? So you finished uni 6 or 7 years ago, and got a job paying $150-160k? That just doesn't sound possible, I assume it was with Macquarie/UBS/Credit Suisse/Morgan Stanley etc, but did they really pay grads that much in Australia in 2006?

As one of those people who used to work for those guys, $150k was the norm except for Macquarie, who paid crappy salaries and expected the same hours. $110k base + sign on bonus of 20k + bonus (depending on firm results and deals). Definitely possible in 2006.

Also, someone paid you $100 an hour as a uni student to tutor them? Why? Were you doing their exams for them or something?!

If you knew DB's CV I'm sure you'd pay $100 ph too.

 

[Orks]

Fair enough, hats off to him, obviously a very smart cookie. I once wanted to join that world but my Uni grades were only good enough for a mid tier accounting job, yuck.

 

[natmarie73]

I admit to partaking of the YOLO lifestyle when living in Sydney in my 20's. I worked two jobs just to be able to pay rent, groceries and to go out but I did still save some money and invest into the share market. The thought of ever being able to afford to buy a house was unthinkable on my salary at the time. I made the choice to move back to Qld, go to uni and start living responsibly and now I still have the lifestyle I used to live in Sydney but not going out as often plus have investments and a much higher income and still go on holidays while saving a considerable amount. Am I a loser because I like to stay home and cook, watch TV and potter in the garden? Maybe.
Will the Gen Y's who are still living paycheck to paycheck in their 40's and 50's with nothing to their name still think they're so cool and living the dream in 20 years time? Doubt it.

The trick is recognising when the YOLO mentality becomes a threat to one's lifestyle and doing something about it before it's too late.

 

[Deltaberry]

Forums are a strange place. If you come here to impart knowledge people either challenge you, interrogate you or try to pick holes in what you say. At least I hope some people found the posts more useful and tried to make something out of them.

There are many people willing to offer $100 per hour. You do know Melbourne has 4.3 million people. You only need to find 10. Open your eyes. Think big.