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Redditors earning $100k+ a year, what are your secrets to your success?

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Re: Redditors earning $100k+ a year, what are your secrets to your success?

#161

Post by petercooper »

willyt wrote: post #147
petercooper wrote: post #102

Earlier quoted context omitted.

$100k isn't successful, it's the bare minimum as a professional. If you're an engineer, all that's required to earn that much is show up on time and be good at your job. The cold, hard truth is if you don't earn at least that much, you either suck at your job or suck at negotiating. This appears to be true of the Americans I know but this level of salary is.. uncommon amongst the Europeans (particularly the British)…

$100k == £60k. 60 less 33% / 12 = 3300 take home per month. London rent for 2 bedrooms is about £1500-2000 anywhere you would want your kids to go to school. £100 for commuting. £200-£300 for food. Car £150. Local tax £200 ...

That's why it's not very common for young professionals to live alone in London. Anyone earning a typical software developer salary in London and renting somewhere in town at £2000 a month just for them is a fool. Most people live out in the suburbs and commute in or live with other people and split the costs. You can get a nice flat in somewhere like Croydon or Kingston (hardly bad places to live and only 30 minutes out on the train) for £800 a month - call it £1000/mo after council tax and utilities. Split that with the girlfriend/roommate and you're spending peanuts.

All that said, the point is that £60k/$100k isn't a common salary for this sort of full-time worker outside of management or in an early stage of their career (are managing on a lot less because that's what people are earning. The most common solution for the older family types is to have multiple earners in the home which, again, splits the costs down. I can't think of any British family I know around my age where both partners aren't working except for me and my wife..

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#162

Post by brown9-2 »

Locke wrote: post #33

Earnings are important, I'm sure -- but don't mistake them for wealth. I've known people with ludicrous earnings who still lived pay check to pay check. In fact, I suspect it's all too common. Here's an eye opener: You're a mid-level employee at a medium-sized company and you realize you're as wealthy as your spend-thrift CEO who is making >10x as much as you are.

I'm curious - how did you become aware of the net worth of your CEO?

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#163

Post by apl »

crocowhile wrote: post #127
rorrr wrote: post #122

Earlier quoted context omitted.

It's true, there are idealists out there who don't care for money. However if you're skilled and/or educated, getting $100K shouldn't be a problem. Now getting $500K/year is a much more serious problem. I'm failing to get to that level by just being professional (and good). It requires more of a business type of mindset (or lots of luck).

my wife has my same background (PhD molecular biology). a couple of years ago she decided she didn't want to stay in academia for pressure and competition are too high and moved to a company, making 2-3x times as much as she was making before (and than I am making).Funny thing is that the common silent opinion in academia about those like her is that they are dropouts....

  > Funny thing is that the common silent opinion in
  > academia about those like her is that they are
  > dropouts....
Why is it funny? Different strands of people apply different criteria for success. You appear to think it's money (versus time spent working/stress level); others rank academic credentials, willpower or whatever else higher.

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#164

Post by marknutter »

nl wrote: post #74
xenophanes wrote: post #15

Tip 1: Be born American. If that doesn't work, emigrate.

Tip 2: Be born white or Asian in America. [1] Tip 3: Be born in a rich country with a growing middle class [1] http://en.wikipedia.org/wiki/Median_household_income#Median_...

From what I've seen, it shouldn't matter what color you are. Correlation is not causation.

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#165

Post by apl »

SkyMarshal wrote: post #80
bnr wrote: post #10

Minecraft's Notch replied: http://www.reddit.com/r/AskReddit/comments/frw5l/redditors_e...

And here's another really thorough response further down that thread: http://www.reddit.com/r/AskReddit/comments/frw5l/redditors_e... ------------- entrepreneur_taway: I run a start up media company. I am 26. This year I've made over $100k. Here's how. ... TL;DR: 1) Work for yourself 2) Borrow [build a credit rating buffer] 3) Become an expert, but fake it in the mean time 4) Sell constantly 5) Hire labour 6) Fire ba…

  > [...]
Well, that's just a random collection of business book platitudes. Have principles, flexibility, embrace risk? Seriously?

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#167

Post by jasonlotito »

tastybites wrote: post #32

$100k isn't successful, it's the bare minimum as a professional. If you're an engineer, all that's required to earn that much is show up on time and be good at your job. The cold, hard truth is if you don't earn at least that much, you either suck at your job or suck at negotiating. Your bosses and many of your peers earn twice as much as that. Edit: IF you work in the corporate world. Clearly if you're a lifestyle-b…

> $100k isn't successful

While I don't disagree with the sentiment, I think you miss a couple things. First, the question wasn't geared toward defining success; rather, what was the key to your success in obtaining $100k+. Sure, the person's perception of success is defined by an arbitrary number, but that's beside the point, and meaningless in context.

Granted, strictly defining success based on income is silly (which I'm not saying you are). As you said, it depends on your lifestyle and chosen profession. Outside the context of the original discussion, successful people aren't strictly defined by just their job. For example, numerous people mentioned other professions where the standard pay is lower. Take 5th grade teachers for example. Basing success strictly on their salary as a teacher is ignorant (same for anyone, really). Successful teachers will achieve more than their base salary.

Basically, success is more than just salary, but salary usually follows success.

> It's quite typical of HN when this topic comes up for someone to be downvoted by people who make very little money

Leave the karma discussion on reddit.

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#168

Post by bruceboughton »

petercooper wrote: post #161
willyt wrote: post #147

Earlier quoted context omitted.

$100k == £60k. 60 less 33% / 12 = 3300 take home per month. London rent for 2 bedrooms is about £1500-2000 anywhere you would want your kids to go to school. £100 for commuting. £200-£300 for food. Car £150. Local tax £200 ...

That's why it's not very common for young professionals to live alone in London. Anyone earning a typical software developer salary in London and renting somewhere in town at £2000 a month just for them is a fool. Most people live out in the suburbs and commute in or live with other people and split the costs. You can get a nice flat in somewhere like Croydon or Kingston (hardly bad places to live and only 30 minutes…

Never thought I'd see living in Croydon discussed on HN. (I currently live in Croydon, very close to the station, for commuting into London)

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#169

Post by gadders »

petercooper wrote: post #102
tastybites wrote: post #32

$100k isn't successful, it's the bare minimum as a professional. If you're an engineer, all that's required to earn that much is show up on time and be good at your job. The cold, hard truth is if you don't earn at least that much, you either suck at your job or suck at negotiating. Your bosses and many of your peers earn twice as much as that. Edit: IF you work in the corporate world. Clearly if you're a lifestyle-b…

$100k isn't successful, it's the bare minimum as a professional. If you're an engineer, all that's required to earn that much is show up on time and be good at your job. The cold, hard truth is if you don't earn at least that much, you either suck at your job or suck at negotiating. This appears to be true of the Americans I know but this level of salary is.. uncommon amongst the Europeans (particularly the British)…

Go and work for a Bank. Grad trainees in Investment Banking IT get north of £35k ($56k) when they start at 21/22. An AVP would get £70k, and Vice Presidents (mid-level manager, maybe 20 direct reports) get about £80k & maybe 30%+ bonus on top.

Re: Redditors earning $100k+ a year, what are your secrets to your success?

#170

Post by petercooper »

bruceboughton wrote: post #168
petercooper wrote: post #161

Earlier quoted context omitted.

That's why it's not very common for young professionals to live alone in London. Anyone earning a typical software developer salary in London and renting somewhere in town at £2000 a month just for them is a fool. Most people live out in the suburbs and commute in or live with other people and split the costs. You can get a nice flat in somewhere like Croydon or Kingston (hardly bad places to live and only 30 minutes…

Never thought I'd see living in Croydon discussed on HN. (I currently live in Croydon, very close to the station, for commuting into London)

I used to live in Warlingham so Croydon often comes to mind :-) You think that's weird though.. you try bumping into people from Lincolnshire on here (where I live now). It happens!
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