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Old 09-27-2011, 01:36 PM
 
12,671 posts, read 23,832,492 times
Reputation: 2666

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Quote:
Originally Posted by bandicoot300 View Post
Six figures really isn't that tough in Houston. Especially if you are in Sales. Even though a degree isn't absolutely necessary, it is desired. However, the type of degree is wide open. I have worked with degree-holders across the spectrum: liberal arts, biology, communications, engineering, etc.

The biggest attribute in sales is the ability to communicate. If you have that, $100k+ is actually pretty easy.
True, if you are a go getter the you can make over $100K.

 
Old 09-27-2011, 01:47 PM
 
568 posts, read 1,130,921 times
Reputation: 654
Quote:
Originally Posted by Texas User View Post
According to this thread, there are so many high income earners and a few 6 figures.
Exactly! Hmm....
 
Old 09-27-2011, 02:27 PM
 
2,277 posts, read 3,965,518 times
Reputation: 1920
Quote:
Originally Posted by Texas User View Post
You make almost $76K a year and cannot qualify for 80-110$ home? Are you kidding me? Even if you had bad credit, you'd still qualify today.
He appeared to be trying to save up to buy a home outright (no loan) in the 80-110k. That would take some serious frugal living there to buy and then you own a 80-110k home (some are ok, but in the city that buys you a shack or a house in a not very nice area, neither of which would entice me to dump a whole lot of money into it). I would figure out a good down payment on a better house (20%) and keep a year's worth of payments in reserve rather than have no reserve and a bought and paid for hard to resell shack.
 
Old 09-27-2011, 02:28 PM
 
Location: Houston
392 posts, read 999,994 times
Reputation: 517
Quote:
Originally Posted by Texas User View Post
What kind of work do you do?
Been out of the military for a year now. First I was doing procurement and OSHA safety rep for a Oil and Gas general contractor company.

Now I do Oil and Gas litigation and trial support.
 
Old 09-27-2011, 02:43 PM
 
12,671 posts, read 23,832,492 times
Reputation: 2666
Its not that hard to save up $80K to pay cash for a home. He should be able to save that up in 2 years or less easily.




Quote:
Originally Posted by Lost_In_Translation View Post
He appeared to be trying to save up to buy a home outright (no loan) in the 80-110k. That would take some serious frugal living there to buy and then you own a 80-110k home (some are ok, but in the city that buys you a shack or a house in a not very nice area, neither of which would entice me to dump a whole lot of money into it). I would figure out a good down payment on a better house (20%) and keep a year's worth of payments in reserve rather than have no reserve and a bought and paid for hard to resell shack.
 
Old 09-27-2011, 02:51 PM
 
2,277 posts, read 3,965,518 times
Reputation: 1920
Quote:
Originally Posted by Texas User View Post
Its not that hard to save up $80K to pay cash for a home. He should be able to save that up in 2 years or less easily.
woah, 40k/yr on 75k salary. I'd be impressed by that level of frugality. Over 15k is gone before it even gets to him and living on 20k/year does take some serious belt tightening. If he's maxxing his 401k out at 15k, he can't live on $5k a year. More like 30k for a decent living, saving 15k/year for a house. And at the end, dropping a full price down now on an 80k might not get him somewhere he'd be happy when 40k on a 200k house would be great equity and keep a good reserve in the bank for emergencies.
 
Old 09-27-2011, 02:57 PM
 
Location: Spring
1,112 posts, read 2,590,770 times
Reputation: 461
Quote:
Originally Posted by ssgmun5000 View Post
I am 33 and make 65k a year in IT. I am curious on those who make 6 figures. If you don't mind answering these questions. What degree/certificates do you have and how many years experience in your field?

I'm the same, but i'm 26.
 
Old 09-27-2011, 03:01 PM
 
12,671 posts, read 23,832,492 times
Reputation: 2666
Spending $40K a year living in Houston? That is not even close to Frugal compare to his salary.

You can live on $10K a year here considering no debt and no one to support right?

What are we giving up here?

He may have to cut down his 401K and/or Roth IRA investments.
What is his major disposable expense? Rent? Depends on how much the rent is.







Quote:
Originally Posted by Lost_In_Translation View Post
woah, 40k/yr on 75k salary. I'd be impressed by that level of frugality. Over 15k is gone before it even gets to him and living on 20k/year does take some serious belt tightening. If he's maxxing his 401k out at 15k, he can't live on $5k a year. More like 30k for a decent living, saving 15k/year for a house. And at the end, dropping a full price down now on an 80k might not get him somewhere he'd be happy when 40k on a 200k house would be great equity and keep a good reserve in the bank for emergencies.
 
Old 09-27-2011, 04:02 PM
 
Location: Where nothing ever grows. No rain or rivers flow, Texas
1,085 posts, read 1,583,588 times
Reputation: 468
Quote:
Originally Posted by ssgmun5000 View Post
I am 33 and make 65k a year in IT. I am curious on those who make 6 figures. If you don't mind answering these questions. What degree/certificates do you have and how many years experience in your field?
I'm a certified PITA.
zero certifications, no java/c stuff, BS ECE(useless), 10yrs supporting IB operations, $220k-320k depending on hrly rate and OT. I'm surgical with SQL LOL (but i'm serious)
 
Old 09-27-2011, 04:04 PM
 
Location: Where nothing ever grows. No rain or rivers flow, Texas
1,085 posts, read 1,583,588 times
Reputation: 468
Quote:
Originally Posted by bandicoot300 View Post
Six figures really isn't that tough in Houston. Especially if you are in Sales. Even though a degree isn't absolutely necessary, it is desired. However, the type of degree is wide open. I have worked with degree-holders across the spectrum: liberal arts, biology, communications, engineering, etc.

The biggest attribute in sales is the ability to communicate. If you have that, $100k+ is actually pretty easy.
I'll add blood sucking recruiters in that group. My recruiter make $40/hr just with me
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