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I'm wondering if most people believe that 95K/year (with very good healthcare benefits and matching 401K options) is decent, for an ivy league graduate under 30.
Do you think the person should negotiate for at least 110K, if they have 7 years of viable experience in their field and are considered a technical expert?
it depends on what field and where. Since different market and different job play differently.
A person in SF bay area with the same experience and same job title will make more than person in a small town
Even the fast food workers make around $1/hour more in SF than other areas.
I'd be happy with $35,000-$45,000 a year. Even if I earned a J.D. or M.D. degree.
Assuming my total debt would be $200,000 (payments of $2,000 a month.)
Include renting a tiny one room apartment (say, $1,000 a month.)
Then food (I learned to live on under $100 a month in college already.)
Public Transit/Misc. (Say, $500 allocated a month.)
I don't plan on buying a car. Walking, biking and using public transportation is fine with me, even in bad weather.
So $3,600 a month. I'd need a salary of $43,200 after taxes on my own (not including my S.O.'s income.)
Last edited by ForkInTheRoad; 05-31-2013 at 03:02 PM..
I don't know what the average is for ivy league grads. I'd say you're doing fine. I make around 50K with a HS diploma and I'm probably around your age. I only have about 4 years experience in my line of work though, and it isn't known as a big money maker, that's for sure.
If I was making that kind of money, I would do everything possible to sock more money into savings and investments. If you could save 30K in a year and earn 8% on that every year, you will be in an excellent financial position in the near future. Wages/salaries shouldn't be the only source of income. Most folks are shortsighted though. Instead of saving that much, they finance a 30-40K sports car or something. Hehe, pretty much what a lot of my friends did after graduating college, and they wonder why they are still broke! Live and learn I guess.
I don't know what the average is for ivy league grads. I'd say you're doing fine. I make around 50K with a HS diploma and I'm probably around your age. I only have about 4 years experience in my line of work though, and it isn't known as a big money maker, that's for sure.
If I was making that kind of money, I would do everything possible to sock more money into savings and investments. If you could save 30K in a year and earn 8% on that every year, you will be in an excellent financial position in the near future. Wages/salaries shouldn't be the only source of income. Most folks are shortsighted though. Instead of saving that much, they finance a 30-40K sports car or something. Hehe, pretty much what a lot of my friends did after graduating college, and they wonder why they are still broke! Live and learn I guess.
Some of us are in a position where we can't afford to invest, because that would require skipping bill payments on things like rent, utilities, student loans, etc.
I can only dream of having a car, but that won't be happening anytime soon until I can get out of the minimum-wage rut.
Some of us are in a position where we can't afford to invest, because that would require skipping bill payments on things like rent, utilities, student loans, etc.
I can only dream of having a car, but that won't be happening anytime soon until I can get out of the minimum-wage rut.
Any possibility of getting a part time job? Maybe finding an opportunity where you can learn skills that can earn a better paycheck? This is a very competitive era where living through and sitting passively while accepting minimum wage won't get you anywhere. You really have to claw your way into something better any way you can. If you have student loans to pay off, why are you still earning minimum wage? Maybe it's time to consider moving to a location that offers better prospects.
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