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re: Break it down - your finances
Posted on 4/29/15 at 3:14 pm to lsupride87
Posted on 4/29/15 at 3:14 pm to lsupride87
quote:
In accounting if you are making 80-100k at 27 you are selling coke on the side
False.
At 27, you should have 4, maybe 5 years of work experience. If you work for Big 4, you should definitely be a senior, if not an early promote candidate for Manager depending on time, projects, etc. It wouldn't be far-fetched at all for someone in accounting to be pulling in 80k+ at 27, especially if they've managed to make Manager at 27.
1
Posted on 4/29/15 at 3:15 pm to lynxcat
quote:
Early in your career, people are getting 5-10% raises annually and promotions every 2-3 years when they get between 15-25%. Most also get some kind of bonus (typically small, but still something) if they work in a white collar environment.
in what field?
Posted on 4/29/15 at 3:15 pm to lynxcat
quote:Yes. That is a far cry from 100k though
Can get to 70-75k without any problems by that age in public accounting.
quote:I understand but i do not think most posters are from NYC. This is why I think most peoples net pay are faaaaaaarrrrr off. If you make 100k a year, your net pay will be $5,235 a month......... Go look how many single people under 30 say there net pay is over that amount in this thread. It just doesnt seem quite possible to me. Not calling out anyone specifically
If you live in NYC, first years start out at 60-63k right out of school (after Masters in Accounting typically) so they are 23.
LINK
This post was edited on 4/29/15 at 3:17 pm
Posted on 4/29/15 at 3:16 pm to LSUengineer12
quote:
Me and My fiance' clear exactly the same amount as you and the wife each month. Right around $6k.
We, luckily, see very eye to eye on finances. I made a budget spreadsheet for us, and we listed every expense we could think of and assigned a biweekly figure to it. I look at it almost 4-5 days a week to make sure we're on track. We bank with Cap One and opened a Joint checking, Joint Savings and two seperate checkings. All of our paycheck is direct deposited into our Joint. We get the same amount of cash in our personal checking accounts each biweek and that's literally "do whatever we want" money. Everything else affords the joint expenses, bills, savings and retirement.
Haven't argued a single time about money and we're able to save very quickly.
We also have seperate 360 accounts for things like christmas, vacations (we love to travel as well), House shite, and the rental property.
This is solid right here. I'm praying my girl will abide by this in due time.
She needs to land a job and figure out where a dollar comes from and goes to first though. That will certainly help.
Posted on 4/29/15 at 3:16 pm to kennypowers816
quote:I would put the number at around 5% of accountants make over 80k at 27
At 27, you should have 4, maybe 5 years of work experience. If you work for Big 4, you should definitely be a senior, if not an early promote candidate for Manager depending on time, projects, etc. It wouldn't be far-fetched at all for someone in accounting to be pulling in 80k+ at 27, especially if they've managed to make Manager at 27.
Posted on 4/29/15 at 3:17 pm to Salmon
quote:
Early in your career, people are getting 5-10% raises annually and promotions every 2-3 years when they get between 15-25%. Most also get some kind of bonus (typically small, but still something) if they work in a white collar environment.
in what field?
quote:
Working as a...
Doctor
Lawyer
Management consultant
Investment banker
Corporate strategy
Financial Analyst
Public accounting
IT / Risk consulting
Programmer
Engineer
Business owner
etc....
^^basically all of those.
Posted on 4/29/15 at 3:18 pm to pleading the fifth
quote:
32, married, 2 kids
Variable monthly income averages around $25,000-35,000 (I hold back 40% in a savings account to pay quarterly estimates to the IRS)
What business are you in?
Posted on 4/29/15 at 3:18 pm to lynxcat
I'd change those raise percentages to 3%-5% and promotions to 8%-10% 
Most of the time, the only time people are getting 25% raises are when they switch employers.
Most of the time, the only time people are getting 25% raises are when they switch employers.
Posted on 4/29/15 at 3:20 pm to lsupride87
quote:
At 27, you should have 4, maybe 5 years of work experience. If you work for Big 4, you should definitely be a senior, if not an early promote candidate for Manager depending on time, projects, etc. It wouldn't be far-fetched at all for someone in accounting to be pulling in 80k+ at 27, especially if they've managed to make Manager at 27.
I would put the number at around 5% of accountants make over 80k at 27
The equation he played out is spot on. You have to be a top performer to get to 80 by 27....if you set the age at 28 (when most seniors are promoted to manager) then almost everyone in B4 is making north of 80k and some are pushing close to 100k (depending on service line).
Posted on 4/29/15 at 3:20 pm to STLhog
My guess... a company man
Posted on 4/29/15 at 3:22 pm to Salmon
quote:
I'd change those raise percentages to 3%-5% and promotions to 8%-10%
Most of the time, the only time people are getting 25% raises are when they switch employers.
Why do we need to set a constraint of young employees staying with the same company though? People are typically changing jobs every few years and this is the time when you maximize your income.
3-5% is on the super low end in my experience. 8-10% is not sizeable enough either. I could maybe say 5-7% on raises and 10-13% on promotions for the average employee with a decent white collar gig.
This post was edited on 4/29/15 at 3:24 pm
Posted on 4/29/15 at 3:23 pm to lynxcat
quote:I understand. Once again, what would you put this % at? I would say under 5% of accountants are making this at 27
The equation he played out is spot on. You have to be a top performer to get to 80 by 27....if you set the age at 28 (when most seniors are promoted to manager) then almost everyone in B4 is making north of 80k and some are pushing close to 100k (depending on service line).
Posted on 4/29/15 at 3:23 pm to STLhog
I'm a physician in a higher paying specialty. Right now I'm riding the private practice gravy train for as long as I can but eventually I think salaries will even out especially in light of Obamacare. Almost all of my colleagues are moving more to hospital owned practices which is less salary but also less headache dealing with overhead/insurance companies/etc.
Posted on 4/29/15 at 3:24 pm to lynxcat
quote:
3-5% is on the super low end in my experience.
in 10 years working for engineering/consulting firms, this is the norm for annual raises
Posted on 4/29/15 at 3:25 pm to lynxcat
quote:
3-5% is on the super low end in my experience.
I think 3-5% is actually pretty high for annual raises, especially lately.
Posted on 4/29/15 at 3:25 pm to lsupride87
quote:
I understand. Once again, what would you put this % at? I would say under 5% of accountants are making this at 27
I have no basis to say what percentage of accountants are in that pay grade at that age range. Yes, it is tough at the B4 to get there at 27 so your 5% number seems reasonable. "Accountant" is a very broad term with the example we are using (the B4) at the top of the pay scale. There are a ton of 'accountants' that work in AP/AR who may never make more than 50k in their careers.
Posted on 4/29/15 at 3:26 pm to lynxcat
quote:
3-5% is on the super low end in my experience. 8-10% is not sizeable enough either. I could maybe say 5-7% on raises and 10-13% on promotions for the average employee with a decent white collar gig.
I've worked for two of the largest CPGs in the US in pretty high profile/business facing jobs.
It's 3-5%/year and 10-12% promotion at both internally.
Externally is where you make the bucks. I bumped myself 16% moving to STL and cost of living went down big time from California.
No clue how it is at the big 4 accounting firms though.
Posted on 4/29/15 at 3:27 pm to pleading the fifth
And just to clarify I don't consider myself "wealthy" as I don't have a whole lot of liquid assets (I don't own stocks or property). I think it's a misnomer to consider people who have high incomes as wealthy, look at all the pro athletes who make millions during their careers only to be homeless when they get into their 50's. So while I'm trying to build wealth I have a shite ton of debt and bills like everyone else. When you make more money you just spend more money on shite you don't need.
Posted on 4/29/15 at 3:27 pm to Epic Cajun
quote:Lets take this for example. $6100 a month net comes out to $120,000 a year gross
27, married, no kids
Net-$6100/month
LINK
As a single 27 year old in Louisiana, STRAIGHT MUTHA frickIN BALLLLIINNN
I think he most likely meant gross. This was EPIC cajun. Who is a great poster. So I do not think he is lying in anyway 
Hell, I hope he was right and really is pulling in 120k ETA: SHOOT ME IN THE FACE. YOU ARE MARRIED
This post was edited on 4/29/15 at 3:31 pm
Posted on 4/29/15 at 3:27 pm to Salmon
quote:
in 10 years working for engineering/consulting firms, this is the norm for annual raises
I worked in consulting and 5-7% was for average performers and low double digits for top performers.
This post was edited on 4/29/15 at 3:28 pm
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