The ABS begs to differ.........
http://www.abs.gov.au/ausstats/[email protected] 2013~Main Features~Starting salaries~2320
Meet the millionaires
- Thread starter redwing
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The ABS begs to differ.........
http://www.abs.gov.au/ausstats/[email protected] 2013~Main Features~Starting salaries~2320
Interesting that the median for males is higher then women,
followed by the qquote "The differences in overall median starting salaries between males and females can be partly explained in terms of the differing enrolment profiles of males and females. However, there are many other factors that can influence starting salary differences. While males and females may have studied in the same field, differing employment factors such as occupation, type and location of the employer, or the hours worked, can also have an impact on the earnings"
Basically says that the men work longer hours, or choose the harder/inconvenient jobs hence the slight variation, all at a graduate stage of their life
Sure, I stand corrected and will rephrase. New grad professionals in certain fields will begin close to 100k.
Not convinced about that . The people who I know who are wealthy ( talking 3 mill plus ) who've gone through Uni are either the ones who have an income of 500 k plus ( either high level job or both working ) or a handful ( income 2-300 k ) who have got into investing for what ever reason eg , grew up in a Greek family working in the family take away and business / investing was just their way of life , or people who had their moment on the road to Damascus and realised they had to do something different .
Most of the professionals I've know ( I know a lot ) are comfortable but not wealthy .
Cliff
Wow some very high incomes there.
The point that I like from the study in the OP is that most of the millionaires don't/didn't have super high incomes. They're just normal people who worked hard and saved hard and invested their money over their long lives.
Which means that even I have a good chance of doing well.
What I love about Stanley's books/studies is that the light is shone on all the high income earners who waste their money trying to keep up with the Joneses.
The article in the OP also says
so I think Blair007 is right.
But I bet that most of these people made their own fortunes, too.
Please keep in mind that not everyone who goes to uni has ridiculous expectations or came from a wealthy or even comfortable family, especially in Australia.
The point that I like from the study in the OP is that most of the millionaires don't/didn't have super high incomes. They're just normal people who worked hard and saved hard and invested their money over their long lives.
Which means that even I have a good chance of doing well.
What I love about Stanley's books/studies is that the light is shone on all the high income earners who waste their money trying to keep up with the Joneses.
The article in the OP also says
so I think Blair007 is right.
But I bet that most of these people made their own fortunes, too.
Please keep in mind that not everyone who goes to uni has ridiculous expectations or came from a wealthy or even comfortable family, especially in Australia.
No way my wife and I could have built our investment portfolio without our degrees (both undergrad and postgrad), simply because the income we have makes it easy.
For everyone who drops out of uni and succeeds spectacularly, I reckon I could show a thousand who don't. Financial intelligence is not determined by the study you do, yuou either get it (or learn it) or don't.
For everyone who drops out of uni and succeeds spectacularly, I reckon I could show a thousand who don't. Financial intelligence is not determined by the study you do, yuou either get it (or learn it) or don't.
Whet Berlina says...
I, as Cliff puts it, had my moment on the road to Damascus. I was working for a management consulting company at the time earning OK money around $120K odd and I realised that to get anywhere financially I had to put as much effort, if not more, into my investing as I did into my day job. Shortly thereafter I went back into industry, where its a lot cushier than consulting, and focussed on my investing.
I'm in a senior role for a mining company now over $200K but still put the bulk of my effort into my wealth creation. I'm not super rich by any stretch and have a net worth in the $1-2M range so not anything outstanding, but I'm 43 and on the right path now I think. If I do nothing else on the investment front and just let time do its thing, then I will have a strong position in retirement.
It pays to start early but it also pays to have a strong salary to service the debts required to really do well in property. No way known I could have done my $1.2M construction loan in Sydney if I didn't have my salary to service it. That loan went right to the wire arguing I didn't have the servicability and I just managed to get it across the line. Now those units are my anchor investment with over $1M equity in them.
Education is what got me to where I am, and where I am is what feeds my investment endeavours.
Cheers,
Michael
I, as Cliff puts it, had my moment on the road to Damascus. I was working for a management consulting company at the time earning OK money around $120K odd and I realised that to get anywhere financially I had to put as much effort, if not more, into my investing as I did into my day job. Shortly thereafter I went back into industry, where its a lot cushier than consulting, and focussed on my investing.
I'm in a senior role for a mining company now over $200K but still put the bulk of my effort into my wealth creation. I'm not super rich by any stretch and have a net worth in the $1-2M range so not anything outstanding, but I'm 43 and on the right path now I think. If I do nothing else on the investment front and just let time do its thing, then I will have a strong position in retirement.
It pays to start early but it also pays to have a strong salary to service the debts required to really do well in property. No way known I could have done my $1.2M construction loan in Sydney if I didn't have my salary to service it. That loan went right to the wire arguing I didn't have the servicability and I just managed to get it across the line. Now those units are my anchor investment with over $1M equity in them.
Education is what got me to where I am, and where I am is what feeds my investment endeavours.
Cheers,
Michael
I read this the other day and found it really interesting. Basically says the biggest reason for the salary difference, under representation of women in top tiers, etc. is that women put themselves forward for those sorts of positions less frequently than men, and not because they're busy having babies. Says that women don't put themselves forward for a promotion/job/payrise unless they think they fulfil all the relevant criteria, while men will happily put themselves forward if they only fulfil 50%. Says a bunch of other stuff too, but all relates back to a confidence gap between men and women.
Hi Luce
Thanks for that link , just forwarded it to my daughter . Interesting reading .
Cliff
Also show her this TED talk from Sheryl Sandberg http://www.ted.com/talks/sheryl_sandberg_why_we_have_too_few_women_leaders
I found it to be quite thought provoking for myself and others at work.
This is spot on. Education is what allows one generation to rise in social / financial class and status. That is why many parents who have aspirations for their children to have a better lot in life invest heavily in education.
Maybe you misunderstood me.
china was saying that a person with a good degree, surgeon etc could consistently make 300k pa and that a property investor could not do this as easy. I was saying this is not really what we are talking about because we are talking in general and anybody on those sort of annual incomes is in a class above.
Actually if you're only making 300 k as a surgeon , your not doing that well....
Cliff
How about you? How much do you make pa?
Not enough to have no worries
Keep at it, don't give up. When I started my first professional role at 23 years old I was making less per hour than when working in the service station that helped pay my bills when I was studying.
Things are very different now, though.
Don't get me wrong. Luckily I make a lot, in the top 1% percentile of income and assets...
But I feel that the more I have, the more stress I have.. especially with budget announcements like today and the current state of the economy.
We're probably in a similar boat, although I really enjoy my job.
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