if you make $6000 per month after taxes..
12-03-2009, 09:52 PM
#151
Originally Posted by Ghostface80,Dec 3 2009, 09:27 PM
But like all good things it must come to an end. The market is slowly getting saturated even for healthcare, and who knows whats going to happen with healthcare reform...
12-03-2009, 10:19 PM
#152
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Originally Posted by ace123,Dec 2 2009, 09:07 PM
i have to think that if you can make $100k right out of school somewhere with an engineering BS and no experience, you can't afford a cup of coffee on your salary, wherever you are. i guess you could find that wage if you work a miserable shift on pipeline in alaska or something too, but nobody likes that life enough to do it either.
$55k is supposedly the national out of school BS degree no experience average for mechanical engineering, and $65k with an MS no experience; the wage climbs up another $15k after around 3-5 years. and wages are something like $15k higher in places like the east coast, but COL increases eat up more than the difference.
$55k is supposedly the national out of school BS degree no experience average for mechanical engineering, and $65k with an MS no experience; the wage climbs up another $15k after around 3-5 years. and wages are something like $15k higher in places like the east coast, but COL increases eat up more than the difference.
Also, my peer group is UC graduates and the ones I know well enough to have an idea of their salary are mostly working the Bay Area. So, better than average new graduates working in one of the highest paid areas in the country naturally leads to above average salaries. Still, if there's a "normal" job for my peers it was with a large public accounting firm making 45-50k base + bonus. The bonuses weren't bad when I graduated, but I'd hate to see what they are now...
And cost of living definitely completely destroys the slightly higher than average starting salary. During the 80 hour work week peak season you don't really have a choice of commuting in from where the costs are lower, so you have to live somewhere nearby.
12-04-2009, 04:07 AM
#154
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Originally Posted by atls2ki1,Dec 3 2009, 07:54 PM
KNT - what do you consider big 3/4? McK/BCG/Bain?
From personal exp, starting salaries classmates I graduated with in 2008 that went to BCG/Bain were in the 60's - far short of 100k. The "only" somewhat non-near impossible route to make 100K + coming out w/ any sort of business major is to go IBank/PE etc. route. Bulge IB paid roughly 60k base + bonus. If you went boutique IB route, salaries in my current location were aroung 50-60 depending on firm size with oft smaller bonus opps than bulge, but still total target comp of 80-100 first year out.
Consulting firms pay well out of school, but not 100k well. I work at a big consulting firm and it seems like it takes about 4 years to make around 100k.
From personal exp, starting salaries classmates I graduated with in 2008 that went to BCG/Bain were in the 60's - far short of 100k. The "only" somewhat non-near impossible route to make 100K + coming out w/ any sort of business major is to go IBank/PE etc. route. Bulge IB paid roughly 60k base + bonus. If you went boutique IB route, salaries in my current location were aroung 50-60 depending on firm size with oft smaller bonus opps than bulge, but still total target comp of 80-100 first year out.
Consulting firms pay well out of school, but not 100k well. I work at a big consulting firm and it seems like it takes about 4 years to make around 100k.
Trust me; 2 years out of undergrad and you'll be at 100K+ easy
12-04-2009, 04:28 AM
#155
Originally Posted by ebbai,Nov 30 2009, 12:20 AM
let's say you are single and rent at a cheap place with a friend (roommate) and you make about $6000/month (after taxes), what car would you buy?
You come home from a hot date driving a M3 or S5. You take her to your apartment, and your roomate is literally listening to you porking the shit out of her.
Thats like... Ghetto rich.
BUT your here for car advice and not financial advice. For 1/3 of that monthly income you could probably just buy an M5.
If all fails in the job market you can always live in it until we all see you on Real TV getting yanked out by a 500lbs woman from a Repo show.
12-04-2009, 04:42 AM
#156
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Originally Posted by ebbai,Nov 29 2009, 11:20 PM
let's say you are single and rent at a cheap place with a friend (roommate) and you make about $6000/month (after taxes), what car would you buy?
They are very rare
12-04-2009, 06:57 AM
#158
Originally Posted by SAIYAJIN,Dec 4 2009, 05:07 AM
Only if you're slow
Trust me; 2 years out of undergrad and you'll be at 100K+ easy
Trust me; 2 years out of undergrad and you'll be at 100K+ easy
At the end of the day, you're a consultant who invariably has to travel 90%+ of the time, work horrendous hours, and be your client's bit*h. What do you get for that? A nice paycheck, a cool house you may get to see at least a few hours of daylight a week, and maybe a nice car that is either parked in the garage at home or sitting up at the airport all week. No thanks.
The reason the major consulting firms have to pay such big bucks is the majority of the people that work there are smart enough to work for themselves and have a better overall standard of living.
12-04-2009, 07:27 AM
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Originally Posted by QUIKAG,Dec 4 2009, 10:57 AM
You may have the award for the most arrogant person in this thread. Congratulations. Being a principal of one of the big consulting firms sure sounds exciting to many people, certainly with around 500kish of comp, but I've been in public accounting and interacted with a lot of people from Deloitte Consulting and also have a very good friend who works for McKinsey and another with Bain and I wouldn't trade their lifestyle for a couple mil a year.
At the end of the day, you're a consultant who invariably has to travel 90%+ of the time, work horrendous hours, and be your client's bit*h. What do you get for that? A nice paycheck, a cool house you may get to see at least a few hours of daylight a week, and maybe a nice car that is either parked in the garage at home or sitting up at the airport all week. No thanks.
The reason the major consulting firms have to pay such big bucks is the majority of the people that work there are smart enough to work for themselves and have a better overall standard of living.
At the end of the day, you're a consultant who invariably has to travel 90%+ of the time, work horrendous hours, and be your client's bit*h. What do you get for that? A nice paycheck, a cool house you may get to see at least a few hours of daylight a week, and maybe a nice car that is either parked in the garage at home or sitting up at the airport all week. No thanks.
The reason the major consulting firms have to pay such big bucks is the majority of the people that work there are smart enough to work for themselves and have a better overall standard of living.
I'm actually not very arrogant in person. Just pushing buttons on an internet forum for fun - sorry if this upset you...
In all seriousness though, the lifestyle is not bad at all. Many consultants have miserable lives. But I personally average maybe 45-50 hours a week and travel maybe once a month. YMMV.
Just want to offer a differing perspective from what appears to dominate in this thread: Making a lot of money does not necessarily mean you have to sell yourself out to a life a misery.
It helps if you're a superiorly intelligent and arrogant bastard like me
but I've seen even those I'd characterize as common folk accomplish this as well 
12-04-2009, 07:32 AM
#160
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Originally Posted by steviec,Dec 4 2009, 06:39 AM
Someone is in for a big shock as to what it really costs to live when mommy and daddy are not footing the bills.
I chuckle at the occasional comment on this thread that people who make $100k net / $70k gross are "rich" -- trust me, they're a long way from rich. Like steviec wrote, once you factor in a mortgage or rent for a decent place, having a fun life (dining out, going to concerts, hobbies, whatever social activity you enjoy), and putting money away, there's not much left out of the $6k monthly paycheck. Enough for a decent sporty car, but I don't know a single person making $100k a year who owns a $70k car like some people on this thread are suggesting.
People also lose perspective on car payments. Even if you can afford it, you have to ask yourself -- would you get $900 a month more enjoyment out of a GT-R or 911 than you would out of a used S2000?