Freddy
How much money am i gonna earn in my career?
#money #finance
4 answers
Daniel Stout
Daniel’s Answer
It depends on the career - google is a good place to start searching for averages - search “nurse average income, lawyer average income, accountant average income” etc.
But think of it this way, if you make 50k a year and work for 30 years, that’s $1,500,000. If you make 100k a year for 30 years that’s $3,000,000. Some people will never make that much, some people will make many multiples of that, it all depends on your level of education, experience, and profession.
Mandy Bynum Mc Laughlin
Mandy’s Answer
Hi Freddy,
Great question, also a truly difficult one to answer, but I'm going to try!
I would first think about what in life is going to be important to you as an adult outside of work. Do you want to be able to travel? Make music? Run marathons? Get married and/or have kids? Do you want to live in a major city or in the suburbs or country? Do you want to afford fancy cars and things?
I ask these questions because wealth can come in many different forms. Some people don't make a ton of money, yet live in a place where the standard of living (the cost of homes, food, gas, etc), is low, so their money goes a long way.
If you want to live in a city (like myself), you have to be in a job that can afford you the higher cost of living (higher rents, food, gas, taxes, EVERYTHING ).
Depending on how you see yourself existing regardless of what job your in should help guide you. I personally knew very early that I wanted to live in a city when I grew up. I wanted to be able to travel, have kids, own a home, and have nice cars, etc. So, I went into a career where I knew I could make money early on, which is why I chose sales.
While that eventually led me down a different path, my outside-of-work interests helped to support what kind of money I needed to make, and what kind of jobs would help me do that.
Albertina L-C
Albertina’s Answer
This is a great question and I think it's wonderful that you're thinking ahead about how much money you'll be making. There are a couple factors that can help with uncovering a good estimate for how much you could earn in a specific career.
1) Location- Where you will work? Some states pay more money, since it costs more to live in that state.
related article: https://www.zippia.com/advice/accountant-salary-by-state/
2)Title and Responsibilities- What will you be doing? Generally someone who is in leadership will earn more since they have more responsibilities. It's safe to say someone who makes more decisions that can effect the business, will earn a higher.
3) Demand- Are there a lot of companies looking to fill positions for the career you want? Choosing and IN DEMAND career can make it so that you're earning more, since there will be more of a need.
related article: https://www.northeastern.edu/bachelors-completion/news/finance-and-accounting-careers/
4) Education & Skills-Did you get additional degrees or certifications? Do you have skills that maybe others don't have? If you want to have some control of what you will earn, always be open to learning and creating unique ideas.
Google is also a great tool for searching an estimate for salary as you start brainstorming.
Example Lets say your goal is to be an Accountant in Maine, if you search in Google it gives you an estimate of what people in this role have reported their salary to be.
But let's say you want to move to Virginia and be an accountant there. Google can show you what the average is for VA too.
Hope this helps, If you have any further question, feel free to ask! =)
Kim Igleheart
Kim’s Answer
Freddy, That sort of depends on what career you choose and what path you take with it. However, I've known some people who made an awful lot of money and ended up poor because they did not have good money management skills. And I've known some pretty low-income folks who managed to send their kids to private schools. Learning to live within your means, budget, anticipate the unexpected, save, invest, etc are all very important to being able to minimize financial stress.
Thank you f
Freddy