How much can people really earn?

[aussierogue]

Buzz - surely you are not saying life is all about the money!

If you were to do a poll of 1,000 retired invesment bankers as to whether the long hours, effect on family life etc etc was worht it.....in hindsight many would say no..

Young people should follow there passion not the bucks - they will come if you are good at whatever you do...

 

[buzzlightyear]

Buzz - surely you are not saying life is all about the money!

If you were to do a poll of 1,000 retired invesment bankers as to whether the long hours, effect on family life etc etc was worht it.....in hindsight many would say no..

Young people should follow there passion not the bucks - they will come if you are good at whatever you do...

I sense a hint of tall poppy syndrome amongst those scoffing at grads earning these big bucks. And for that payola, the company expects time commitment and results. What's the problem?

For those of us later in life who have experienced more, this may not be desirable. But don't dismiss those, especially young, who want to work hard and earn a good living.

And why are you assuming that these grads going into these roles are not following their passion?

Life experience is going to be the bigger teacher than an anecdote, poll or unsolicted advice from people these young people don't know and even sometimes even from adult family members. I know, I was one of them in my younger days.

 

[wylie]

True...but you'd do it for the salary and prestige. Hence why it is so competitive!

SOME folk would do it for the salary and prestige..... until they get burned out, have their first heart attack or start on the anti-depressant medication

With three sons (two in uni) we have said "find a job that you love, don't chose a career for the dollars".

Of course, they will do whatever they want, but there are so many depressed, anxious and unhappy people out there doing long hours at a job they don't like..... but the money is good.

Life is way too short to do something you hate.

And I agree that it is absolutely not just about the money.

Maybe my attitude comes from being nearly 50 when what your peers earn or own or control doesn't really impress you (actually NEVER impressed either of us).

There are obviously high achievers out there, and good on them. It is just sweeping generalisations like those above that make me smile.

 

[traveller]

Software engineers and computer science firms (top-tier) on 100k.

May i know the firms you are talking about here? I have worked or have colleagues in most of these handful firms which are left now due to consolidation and i think the norm is more like 55k. They may hit 100k in 3 years time but not in the 1st year straight out of uni doing their Bachelors.

 

[Deltaberry]

So let's say at 200k pa, 48 weeks/yr, 90 hrs/week... that's $46/hr.

At say 100k pa, 48 weeks/yr, 90hrs/week... $23/hr.

Not impressive at all.

I think they call this stupidity!

If you earn 60k and work 55 hours a week for 48 weeks, you get $25/hr.

Or maybe 40k and work 40 hours a week for 48 weeks, which gets $21/hr. Now when you work 70 hours a week you get $12 per hr.

If someone earning $48 per hr is stupid, then by your standards all university graduates are stupid. In fact probably 80% this country is.

Don't know why you're having a go at others who work hard and try to make a difference to their lives.

 

[Deltaberry]

I dont reckon there are many financial analysts, pharmacists or optometrists earning that k at 25-26...the others yes. A few but not many..

Maybe it's just the people I know but the same type of people tend to find one another

BTW - On what basis do they feel that melbourne is underpriced? i can show you figures that say Mebourne is one of the most expensive cities in the world to buy property. And yes i have lived in asia and travel there every few months.

As said they're from places like HK, Shanghai, SG. A friend of ours just bought a place in HK 2 yrs or so ago for AUD $10m+ (don't want to disclose figure). I haven't been there. He doesn't get much space though from what I've been told - probably around 250-300sqm penthouse?

For $10m I can buy something really nice here.

 

[JIT]

Nothing wrong with working hard and having a go.

Just saying that grad IB's seem like very cheap labour for a corporation.

And it seems like a devaluation of one's time, in the short-term at least.

What's more important than time?

I think most grads get caught in the rat race/trap of ''high salary'' = ''great lifestyle'' = ''prestige'' =......''rich''/''wealthy''...... Wrong!

As for following your passion, I think more people chose certain career paths for far more superficial reasons:

True...but you'd do it for the salary and prestige.

 

[aussierogue]

Delta Berry how much do you earn - seeing though you all find eachother?

As for not disclosing a figure 10 mill plus (are you kidding?) as if we / anyone cares knows etc who you are talking about! he he

At the very very top end its a completely different ballgame and doesnt really represent the medium type markets. Maybe you noticed that a house in perth went for 55 million. The most expesnive house in Victoria is 22 million - doesnt mean the Perth prices on average are 2 times that of Melbourne!

 

[aussierogue]

Delta Berry talks a huge game - hows your mate with 100 houses in Burwood?

Geez....

 

[DeeHwa]

Delta Berry how much do you earn - seeing though you all find eachother?

As for not disclosing a figure 10 mill plus (are you kidding?) as if we / anyone cares knows etc who you are talking about! he he

At the very very top end its a completely different ballgame and doesnt really represent the medium type markets. Maybe you noticed that a house in perth went for 55 million. The most expesnive house in Victoria is 22 million - doesnt mean the Perth prices on average are 2 times that of Melbourne!

Aussierogue, the most expensive 'sold' house is 55 million in Perth. Wait until The Pratts' Raheen gets sold (if it ever does, coz in Melbourne...you ain't going to find anything in metropolitan Melbourne to upsize to, hahaha), not to mention Gandel's and Lindsay Fox's places in Toorak goes up for sale. May not hit 55 million just yet, although they would give it a good run if they decide to continually buy adjacent land and demolish and rebuild.

I don't know about the Sydney places that have never been sold, but I assume some of the beachfront mansions would be pretty up there!

 

[Indifference]

The rewards of a 'professional'....

A quick 2c commentary on where the discussion has been meandering....

I work within one of the original 5 professions, and I definitely do not continue with my career for simple remuneration. I could earn far, far more elsewhere, but it is not simply about the $$$. Put simply, $$$ can not buy many of my professions experiences or rewards. You have to live it, breathe it, experience it, earn the right to be part of it....

Many 'professionals' find rewards in their career other than $$$. A parallel to this psyche can also be made with many investors. ...... I implore some thought on the matter.

 

[mx5]

Hard work didn't kill anyone.

Seriously, it does happen in Japan.

 

[mx5]

Software engineers and computer science firms (top-tier) on 100k.

Yes but not for a fresh grad with a bachelor degree.

My friends are pharmacy and law grad. They don't get 100k in their first year too.

100k or 200k for the first year could happen if he/she won a lottery (if you consider that as a bonus )

 

[DeeHwa]

Yes but not for a fresh grad with a bachelor degree.

My friends are pharmacy and law grad. They don't get 100k in their first year too.

100k or 200k for the first year could happen if he/she won a lottery (if you consider that as a bonus )

Tried to get the name of the firm, but all I could find out (from another friend) was that it was a company based in the TAB building in Sydney. Anyone know?

Anyways, he is 1st year out, after completing honours+masters (5 years in total, but he has never done any professional work before). I never said anything about bachelor's degree (so taking the word of Aussierogue, don't misquote me). To cut it short...he is earning $100k+

What he does is he creates/updates systems for stock market trading (financial engineering?), particularly in options and derivatives trading. He has a double honours in software engineering/computer science at the University of Melbourne.

 

[DeeHwa]

Yes but not for a fresh grad with a bachelor degree.

My friends are pharmacy and law grad. They don't get 100k in their first year too.

100k or 200k for the first year could happen if he/she won a lottery (if you consider that as a bonus )

Correct.

Pharmacy and law grads don't earn $100K in 1st year. I never said Pharmacists do (I only said those working in pharmaceutical companies....think Johnson & Johnson as a U.S example...not the typical My Chemist). Think law grads are on $60-70K, judging by a grad mate from Freehills.

 

[aussierogue]

I think you will find that our friend Delta refered to graduates who are 21...which assumes undergrad.

But yes DeeHwa - it is slightly different if yougraduate with an MBA or a Masters...the salaries are higher.

 

[aussierogue]

Delta berry says this

"There're now lots of young professionals in the mid to late 20s earning easily into the 6 digits - I had 6 digits in my first job straight out of uni and most of my friends who didn't hit 6 digits by 25 or 26."

So the assumption here is he is talking about an undergrad degree for himself - no?

 

[Neophyte]

Delta and DeeHwa,

Read "The PinStripe Prison".

Higher paying high hours jobs aren't all their sold to be.

 

[DavidMc]

I find it interesting. I can tell you my experience from IT.

I've worked in top tier IT firms, Oracle, IBM, Accenture, etc. I also have many friends in other consulting organisations such as Oakton, DWS, etc.

In 2000/2001 a Grad starting salary was $38-40k for a fresh 21 year old Bachelor degree.

Today I'd guess it's maybe $45-50k?

If they stay in the same company for the entire period as a regular permanent employee they'd may or may not crack $100k by the age of 30.

If people did change companies or started contracting they could easily crack $100k, which could happen at age 25-26.

 

[Deltaberry]

If people did change companies or started contracting they could easily crack $100k, which could happen at age 25-26.

Thanks for validating. A single degree takes 3 years. You start at 18, graduate at 21. From 21 to 26 is around 5 years. Many crack the 6-digit by that age.

Don't know why some going psycho about this. And to those who don't care, just give up. No need to tell me you don't care if you really don't care.