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re: Live comfortably on $55,000 per year?
Posted on 4/17/14 at 12:47 am to Louie T
Posted on 4/17/14 at 12:47 am to Louie T
Nah its an industry thing, not just a nola thing.
If you were hiring someone, wouldnt you rather hire friends and family? (assuming theyre equally qualified)
but yea the stigma is bad about the nepotism and politics
If you were hiring someone, wouldnt you rather hire friends and family? (assuming theyre equally qualified)
but yea the stigma is bad about the nepotism and politics
2
Posted on 4/17/14 at 1:14 am to LSUTiger23
$55k out of college would've meant a house and car paid for within 5 years by age 27. But I live in Mississippi, so take it fwiw.
Posted on 4/17/14 at 1:16 am to Deactived
i'll probably get laughed out the OT as I am a newbie. But typing this is cathartic for me. I'm 26, went to LSU on a full-ride to the school of music as a trumpet player. Wasn't in the marching band, but was top of the wind ensemble. It took me 9 semesters to finish and I had to take out a 9k loan for the last semester to finish. I applied for graduate school in chicago to study with members of the chicago symphony and have been living here and incurred about 95k in student loan debt in the process. Total I have about 108k in total debt (loans and credit cards).
Here in chicago amongst my social circle, my financial situation is not the exception. It seems to be the norm. On another front, my younger brother is an aerospace engineering student at auburn and will finish in june. He doesn't have any secure job prospects at the moment.
Obviously there are the large financial drawbacks to choosing what I did with my life. But it doesn't look much better as a law student, where the job market is about the same or worse. Most of my med student friends have the same amount of debt. I've seen double my amount at about 200k in student loans. Their job prospects aren't great either. Then you factor in things like job satisfaction, happiness, quality of life etc. etc...well everything adds up. The devil is always in the details.
Currently I'm in the process of joining the army as a trumpet player. I believe I'll go in as an E-2 making around 25k/yr in take home pay. It used to be the army would forgive 65k worth of student loan debt once you signed on the dotted line. This was the main reason I felt I could take out money to go to school. In the back of my head, I always figured that if worst comes to worst, I'd enlist and start with a clean slate. The army did away with that once I got into my second year of graduate school (2011 I believe). Also, my arrogance led to me to assume I would be good enough to obtain a high paying orchestra gig as well. I was cavalier enough to assume in two years I would win a position paying 90k with the Seattle Symphony (or any other large performing organization). The salaries of trumpet players in groups like the new york philharmonic, the metropolitan opera, the lyric opera of chicago are eye popping-ly high. I assumed (and still do) that I would be good enough to secure one of those gigs. What was 90k worth of student loan debt if the army would pay off 65k no questions asked and I had to the potential to get a gig with the Boston Symphony with a base salary of 100k?
The classical musician market is a finicky field. A couple of my friends have jobs in the "premier" bands in Washington, DC where they make about 58k in take home pay. Another person I played with in high school is now the first trumpet of the Atlanta Symphony, where he makes about 150k as a trumpet player. When you get right down the bare bones abilities of the players, there isn't much of difference between the guy making 150k and the guy making 58k.
As for me, I choose this field for the long haul. Next step is to join the army band in DC and eventually secure a position in high level orchestra. I still believe I'm good enough to succeed at a high level in this field.
After playing taps at both of my grandparents funerals this past year, I'm thankful for the fact I get to wake up every day and do something I enjoy. Not everyone gets to say that.
...But the original topic, yes, 55k is more than enough for a single male. Enjoy it. And yes, some of the responses in this thread seem entirely absurd. I obviously don't presume to be a financial guru, but 80k right out of college seems like unicorns and rainbows.
:csb:
Here in chicago amongst my social circle, my financial situation is not the exception. It seems to be the norm. On another front, my younger brother is an aerospace engineering student at auburn and will finish in june. He doesn't have any secure job prospects at the moment.
Obviously there are the large financial drawbacks to choosing what I did with my life. But it doesn't look much better as a law student, where the job market is about the same or worse. Most of my med student friends have the same amount of debt. I've seen double my amount at about 200k in student loans. Their job prospects aren't great either. Then you factor in things like job satisfaction, happiness, quality of life etc. etc...well everything adds up. The devil is always in the details.
Currently I'm in the process of joining the army as a trumpet player. I believe I'll go in as an E-2 making around 25k/yr in take home pay. It used to be the army would forgive 65k worth of student loan debt once you signed on the dotted line. This was the main reason I felt I could take out money to go to school. In the back of my head, I always figured that if worst comes to worst, I'd enlist and start with a clean slate. The army did away with that once I got into my second year of graduate school (2011 I believe). Also, my arrogance led to me to assume I would be good enough to obtain a high paying orchestra gig as well. I was cavalier enough to assume in two years I would win a position paying 90k with the Seattle Symphony (or any other large performing organization). The salaries of trumpet players in groups like the new york philharmonic, the metropolitan opera, the lyric opera of chicago are eye popping-ly high. I assumed (and still do) that I would be good enough to secure one of those gigs. What was 90k worth of student loan debt if the army would pay off 65k no questions asked and I had to the potential to get a gig with the Boston Symphony with a base salary of 100k?
The classical musician market is a finicky field. A couple of my friends have jobs in the "premier" bands in Washington, DC where they make about 58k in take home pay. Another person I played with in high school is now the first trumpet of the Atlanta Symphony, where he makes about 150k as a trumpet player. When you get right down the bare bones abilities of the players, there isn't much of difference between the guy making 150k and the guy making 58k.
As for me, I choose this field for the long haul. Next step is to join the army band in DC and eventually secure a position in high level orchestra. I still believe I'm good enough to succeed at a high level in this field.
After playing taps at both of my grandparents funerals this past year, I'm thankful for the fact I get to wake up every day and do something I enjoy. Not everyone gets to say that.
...But the original topic, yes, 55k is more than enough for a single male. Enjoy it. And yes, some of the responses in this thread seem entirely absurd. I obviously don't presume to be a financial guru, but 80k right out of college seems like unicorns and rainbows.
:csb:
This post was edited on 4/17/14 at 2:12 am
Posted on 4/17/14 at 1:20 am to Deactived
quote:
a 22-23 year old with no kids or wife making 55k a year is the equivalent of living in a box?
no
Posted on 4/17/14 at 1:21 am to fnchdrms87
quote:
but 80k right out of college seems like unicorns and rainbows.
I don't pretend to be a musical genius, but 100k in debt and joining the army seems like a good raping.
To each his own I guess.
Posted on 4/17/14 at 1:28 am to Real Pirate
quote:
I don't pretend to be a musical genius, but 100k in debt and joining the army seems like a good raping.
Not really actually. The army treats their musicians well. I trust I'll be fine. And if not, I scored in the 95th percentile on the ASVAB and have a Bachelors Degree, so I can apply to go to OCS or ride the GI bill out for something like engineering.
This post was edited on 4/17/14 at 1:52 am
Posted on 4/17/14 at 1:31 am to LSUTiger23
This is what I make, take home is 3k a month, you should be able to live good.
Posted on 4/17/14 at 1:38 am to fnchdrms87
I agree with you on the "harder majors" being hard to find a job. There are a lot of people with good degrees working regular jobs because they can't find a job.
Nice ASVAB score. I haven't taken one myself, but I hear they're pretty tough.
Nice ASVAB score. I haven't taken one myself, but I hear they're pretty tough.
Posted on 4/17/14 at 2:18 am to Slingin Pickle
I'm 25 don't make as much as 55k a year yet, and still live comfortably. I'm terrible with money and live great in uptown nola. It's not hard...
This post was edited on 4/17/14 at 2:19 am
Posted on 4/17/14 at 2:37 am to Deactived
I rambled. Feel free to skip.
It really depends. Can you make 80k as a recent grad? Sure. As a salary, I highly doubt it unless your in the top 1%-3% of graduates from Ivy League schools. I've known a couple of people who made 100k out of school. They were in sales of major corporations and their salaries were very low.
I use my sister as a judge of where top candidates start at. She went to a top 10 public school, graduated with honors (top 5% of graduates of the school and only half from her school ever graduate) and had an internship alone where she was making close to 55 k. She got a job with a Fortune Top 10 company as a technology person. She started out with a salary of 60k (but incredible benefits package).
The average college graduate starts out at 45k. I've known people who graduated in the top 10% of top 30 law schools who make 30k. Its all relative to many factors.
Me, I don't expect to make near 55k. I've applied to a couple of jobs where I asked for 50 but I'm not sure I'm competitive for those. I interviewed for a company that I was told I would be around 70k if I performed as expected due to commission/bonuses etc but the salary of that was rough. I fully expect my first full time job to be around 35-40 k.
Oh yeah, and knowing someone is huge. I am in contact with a recruiter from a very good company. The only reason is I knew someone who worked there and they told me that they don't really look at people who apply through standard means due to volume.
Also, school can matter. My buddy from a not great university asked me to ask my sister how he could get an internship with her company and she told me he shouldn't even try because they wouldn't ever employe someone from that school.
It really depends. Can you make 80k as a recent grad? Sure. As a salary, I highly doubt it unless your in the top 1%-3% of graduates from Ivy League schools. I've known a couple of people who made 100k out of school. They were in sales of major corporations and their salaries were very low.
I use my sister as a judge of where top candidates start at. She went to a top 10 public school, graduated with honors (top 5% of graduates of the school and only half from her school ever graduate) and had an internship alone where she was making close to 55 k. She got a job with a Fortune Top 10 company as a technology person. She started out with a salary of 60k (but incredible benefits package).
The average college graduate starts out at 45k. I've known people who graduated in the top 10% of top 30 law schools who make 30k. Its all relative to many factors.
Me, I don't expect to make near 55k. I've applied to a couple of jobs where I asked for 50 but I'm not sure I'm competitive for those. I interviewed for a company that I was told I would be around 70k if I performed as expected due to commission/bonuses etc but the salary of that was rough. I fully expect my first full time job to be around 35-40 k.
Oh yeah, and knowing someone is huge. I am in contact with a recruiter from a very good company. The only reason is I knew someone who worked there and they told me that they don't really look at people who apply through standard means due to volume.
Also, school can matter. My buddy from a not great university asked me to ask my sister how he could get an internship with her company and she told me he shouldn't even try because they wouldn't ever employe someone from that school.
Posted on 4/17/14 at 3:42 am to Ed Osteen
This thread man...
Wow
Wow
Posted on 4/17/14 at 4:03 am to southernelite
55K and single? If one can't live on that, one needs to find out how to manage money. 
Posted on 4/17/14 at 4:52 am to LSUTiger23
quote:
Graduating next month, and will be making around 55,000 starting right out of school. Anybody been in this situation and would care to share how they did coming out of school?
I lived just fine making 35k out of college. If you know how manage money it is not hard.
Posted on 4/17/14 at 4:56 am to StraightCashHomey21
My daughter started at 77K out of school as a DVM. 
But she was working there before finishing school for 4 years.
But she was working there before finishing school for 4 years.Posted on 4/17/14 at 5:38 am to Marty McFrat
quote:
You'll be fine.
You won't have everything, but you won't suffer either
Posted on 4/17/14 at 5:45 am to Real Pirate
quote:
I was just shocked that the starting average for a four year degree is anything less than 75k.
What?
A lot of starting salaries are half that.
Posted on 4/17/14 at 5:45 am to LSUTiger23
unless you are living in the Bay Area or NYC, you will be fine unless you are a total moron with money
Posted on 4/17/14 at 5:47 am to FootballNostradamus
quote:
$55K right out of college isn't enough to live o
If you live in manhattan, maybe. But yeah, 55K is pretty damn good to start with
Posted on 4/17/14 at 5:58 am to LSUTiger23
That would be easy to do since I don't make it now and I don't worry
Posted on 4/17/14 at 5:59 am to Deactived
Only on the OT can 55k a year as someone under 25 is being poor 
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