Is there a lot of money in engineering

Hi Michael:

Yes, salaries paid to engineers are enough to be financially stable. Just remember, no matter what position you hold; whether it be as an engineer, a fireman, a plumber, or a CEO, you have to "pay yourself first."

To pay yourself first means that as soon as you get your paycheck, automatically take out a certain $ amount or percentage and put it in savings or your 401k. Then, take the rest and pay your bills, buy groceries, go out.

It's not what you earn, it's what you keep!

Check this out...http://www.wikihow.com/Pay-Yourself-First

No matter what career you choose, if you follow that philosophy, you will be financially stable.

Kind regards,

Bridget

Hi Michael,

Thats a very good advice you have got up there. Saving is the key.

All The best !

Michael,

Just like the multitudes of various career path choices, the answer to your question is "yes and no".

I say "yes and no" because whether or not all of the various different types of engineering jobs out there in the world offer "a lot of money" is dependent on many different things, but I'll go over the two that pop out highest on the list for me below:

1) "A lot of money" is a very relative term. What's a lot to someone living below the poverty line here in America is certainly different to, say, Bill Gates. Speaking in generalities, yes, on the whole it is easy to make a comfortable living wage in most engineering disciplines, however I strongly suggest researching the median incomes for all types of engineering that interest you. I carried out this exact same type of research in my freshman year in college, and one of the tools I utilized was a website called Glassdoor.com. For example, if one was to go to the site and just search for the salary estimates using the simple title of just "engineer", the results are as follows: https://www.glassdoor.com/Salaries/engineer-salary-SRCH_KO0,8.htm

2) Being smart with your salary, regardless of how high or low it is, is easily the most important step you can take towards building personal wealth. To echo a few of the other answers here, saving is KEY; but so is smart investment, smart budgeting, and general mindfulness of spending habits.

Michael:
that you are engaged in for about 40 years
Of course Engineering pays rather well and can readily lead to financial stability and peace pf mind. However, there are lots of careers where you can do reasonably well, financially. Just remember that whatever career you chose will be one you are engaged in for about 40 years! So it is wise to choose a career you are interested in that that you find challenging and rewarding. You want to work at something that will get you out of bed each morning, looking forward to the day.

Pete Sturtevant, PE