Not sure what they are going to school for but I dont work with or personally know anyone making that kind of money and also has that much in the bank. I also don't live in a big city
The quickest route to net worth would be to take up a trade and tell the universities to shove it. After a few years learning the ropes, go out on your own. You'll have more work than you know what to do with. This applies to all trades...
Only a few people I know that make that kind of money and no one has more than $50k in readily available (cash) savings (NOT counting 401k, retirement investments)
There's only one person I know very well that could come up with kid knapping type of money if needed, fortunately he doesn't have any children
maybe that's why he has that kind of money
Not commenting on my own situation. I'm doing OK
I included retirement in my post because anyone with that kind of money in savings better have a multiple of it in the market. For the longest time there were no interest savings accounts, with inflation you were losing money by having it in the bank. With the high starting salary of this generation, the contribution max being 21k, the employer match being 5% on average, and the fact that most of them can still live at home, they could have $100k in retirement before they get their first promotion.
Agreed.
Although in some areas, the 6 figure mark could be tough. But housing isn't as bad either so its give and take.
My wife was being recruited a couple of years ago to San Francisco area. Our jaws dropped when we saw the salary on the table. But then you look at real estate/cost of living and the percentages lined up to what we were paying currently.
If Cali wasn't such a hell hole, we probably would have done it.
Agree - to an extent. Post-pandemic a lot of the employers are paying stupid money for people to work remotely. A company in California will hire someone in slumsville and pay them a California wage. This is the world we live in now. Consider the savings that could be had if you didn't have to commute, buy lunch, or even own a vehicle... now ya see where this is going?
Anyone & everyone working for tax payers in Ontario makes very good money
Teachers, Police, Firefighters
All are north of 80K & many over 100K
University Teachers are easily over 100K & some at 150 K
My neighbor is senior skilled trades at Fords
He is well over 120K with his OT
Lots of good paying jobs in trades
The go getters work a lot but make a fortune
Real Estate agents made a killing the past 3 years in Canada
I know a several over 250K
Canadas cost of living is high also like our Prime Minister
I didn't include my friends to the north in my thought process, but it certainly applies. The very high cost of living up there (specifically Toronto) makes $100k feel like minimum wage.
I only have a couple folks I know that would be millennials. One graduated from a prestigious college with an audio engineering degree, $300K in student debt at the end, and couldn't get a job in music in Nashville. Ended up at Google as an in turn, that ended and now they're seeing if kids are tall enough to get on rides at Disney Land. I doubt they're making $100K/yr.
Others are decently sharp and finishing degrees in video production. I made a joke that I should have them run my YT channel and first words out of their mouth was "you'd have to pay me". They're younger than millennial, but shows the mentality of these younger generations. Oh, and they're getting a house given to them by their Grand Parents as well.
I also try to stay away from the millennials, don't get me wrong, but to come out of college with that kind of debt implies that they weren't real bright to begin with. The fact that they have a degree that averages $60k per year in income and it cost them $300k to obtain means they were going to be strapping people into the Dumbo ride for a living anyway. I do feel sorry for some of these people, they lacked real guidance and mentorship. I know without that I probably wouldn't be doing what I do... who the hell knows where I would have ended up. I mean no offense to your friends, that's just how I see it. $300k could have bought them a lot of tools to get into a trade...
You gotta check out dropshipping, social media, course selling, day trading, etc etc
If you are good at what you do today there's more ways to make money than you can imagine.
There's people in their 20s making 6 figures a month.... not a year, a month.
Do I think we are in the great social media bubble? Absolutely but your environment is everything.
Still I think the internet is the great equalizer, a few certifications and many companies are offering damn near 6 figure wfh careers. At no point in the past century has this much money been attainable at such a young age.
The problem with some of us is that we got too comfortable and ended up with too many responsibilities to drop it all and go head first into one of those make or break careers. I'm looking towards retirement more than I'm looking for more money. I've been around long enough to know that the more I make the more I spend... so I'm better off just chilling for a little bit, lol.
