Steering child to a high-paying career?

[Anonymous]

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

I agree with this seeing it from the other side.

We just has massive layoffs where I work. Most of the people earn $300k+, into the millions, but really have traded their life, and in most cases their health, for their job. Many have school aged kids and have to change lifestyle or find something quick. Nothing causes an identity crisis more than realizing you were a crappy parent and your kids are struggling (usually socially) and you are not as important as you thought to the company and industry.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:We have talked about it but it's difficult because neither are drawn toward money-making careers. They also see how some of these careers are incredibly stressful and can have poor quality of life.

This!

Being poor and underpaid is also incredibly stressful and definitely results in poor quality of life.

There is a middle ground.

I have seen a lot during my career. Some died of heart attack in a client meeting. Other overdosed while divorced.

Fair enough.

Believe it or not, there are surgeons, lawyers, inventors, bankers, and business owners who love their jobs, are healthy (I myself compete in triathlons), and are well compensated.

That's not "healthy." That's obsessive narcissism.

+1
I was going to say something similar. I work with some guys like this and they are all a$$holes.

[Anonymous]

Anonymous wrote:Not only should you discuss what career paths can lead to having income to live an upper middle class or higher life style. And they can decide from there but will have the understanding of what careers have the potential for income.

You should discuss relationships too.
It’s important to understand what a man or woman in college is also aspiring to do.
That is you successful people pair up to build wealth. I’m sure I’ll get flamed. But dating those looking to be a doctor, NP, lawyer, finance, is going to be a better return in life then low earning careers.

Hate to break it to you but most of them marry each other.

[Anonymous]

Just like everything in life, find a balance.

[Anonymous]

Anonymous wrote:Have you had a conversation with your DC about what careers pay?

My oldest is headed to college and went to a private high school on aid. Many classmates are going to study finance or law because that is what their parents do. My DC has no idea what the path is to make money but he wants the lifestyle that he's seen around him at school (and didn't have). He's a smart kid and is going to a top10 college. We've never talked to him or our other kids about Wall Street, finance, consulting, top law firms or anything of that sort. It makes me cringe to think about saying "hey, if you're serious about wanting a nice home and XYZ, you should probably consider this major vs that major (because btw--you're not coming into any money or significant inheritance from us)." I assume he can figure it out while registering for classes and during the course of his first few years of college but he has had no exposure to these careers in our family and no real idea what these people do. Thoughts?

Yes there was some discussion but didn't alter students' initial areas of interest, CS and Secondary education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

Less than 1% of people will make 7figures a year. So yeah, that's almost everyone. Best to focus on what makes you happy and building skills that will take you far. That can be done with almost any major, it just takes drive and determination.

[Anonymous]

Anonymous wrote:Nothing wrong with talking about what type of lifestyle he wants to live and how he support that. Ideally, he will find a career he loves that allows him to live comfortably and happily. That’s hard to find though. He may have to compromise and explore careers that may not provide everything he wants but pay well.

Careers that pay well include Medicines, Investment Banking/Hedge Funds/Private Equity, Consulting, Law, and Tech. However, for most of these, you have to be in the top quartile of the firms, and inside the firms, you have to be in top quartile of employees. For example in Consulting or Law, you have to be a Partner at a top firm to make $2M-$4M+ a year.

And for most of these you need to be in the top part of your class, at a highly selective university.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

Congrats, you’re the biggest blowhard on the internet today! Well done.

[Anonymous]

Just a general PSA that many lawyers do not make a lot of money — not what DCUM considers a lot. Would recommend majoring in something useful as a backup. You do not need political science for law school.

[Anonymous]

Anonymous wrote:Just a general PSA that many lawyers do not make a lot of money — not what DCUM considers a lot. Would recommend majoring in something useful as a backup. You do not need political science for law school.

Agree. You need to get into a top tier law school, get good grades there, and then get hired by biglaw and survive long enough to make partner in biglaw in order to make real big bucks. That's a lot of steps and uncertainty. Even biglaw attorneys who don't stay in biglaw have to step their salary down and take a pay hit when they exit.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In my opinion, if he is smart enough to go to a T10 college, then he is smart enough to figure this out on his own. I would back off and let him.

I disagree. Some of the smartest people I know are the worst decision makers and lack common sense. What it takes to get into these schools is not what makes financial success.

Should financial success be the goal? What actually is financial success to you? Might it be something different to somemone else?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not only should you discuss what career paths can lead to having income to live an upper middle class or higher life style. And they can decide from there but will have the understanding of what careers have the potential for income.

You should discuss relationships too.
It’s important to understand what a man or woman in college is also aspiring to do.
That is you successful people pair up to build wealth. I’m sure I’ll get flamed. But dating those looking to be a doctor, NP, lawyer, finance, is going to be a better return in life then low earning careers.

Hate to break it to you but most of them marry each other.

I know many attorneys and only two are married to other attorneys. It makes for a very difficult life if you have kids and both work at law firms. You need lots of paid help or family involved bc the work does not stop at 5/on weekends. It’s not a great lifestyle.

[Anonymous]

There’s no one approach to career advice but this is what we do in our family:

We share insight with DC about how much their current “lifestyle” costs, and what sort of salary they’ll need to maintain it. Not IB/Big law type jobs/careers, but normal corporate jobs paying up to $300-$500k (later in career).

We also talk about moving up corporate ladder quickly while young and energetic, switching jobs every few years to maximize earning potential, and planning financially for layoff in 50s (we have at least 5 friends who haven’t been able to fine FT work since layoff in early 50s) and/or if one spouse wants to stay home.

We also talk about having 2 careers - the first one more corporate/professional per the info above, and the second after 50 where they can pursue another passion - teaching, art, music, podcasting, etc.

We also say, it’s easier to off-ramp a big career than on-ramp. Pursue a big job, if you hate it, you can quit or transition to IC or consulting, something lower pressure, especially if your resume has some solid work experience with well know companies and you’ve built a professional network. But it’s harder to shift from low pay/pressure job to big career if you decide you want /need more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

No one needs to make 7 figures in a single year to live a comfortable and meaningful life. What planet are you on?

Yup and no one aiming for a high paying career wants merely an average life.

NP here. Are you sure a life that is both comfortable and meaningful is "average"? I'm not so sure.

[Anonymous]

Anonymous wrote:There’s no one approach to career advice but this is what we do in our family:

We share insight with DC about how much their current “lifestyle” costs, and what sort of salary they’ll need to maintain it. Not IB/Big law type jobs/careers, but normal corporate jobs paying up to $300-$500k (later in career).

We also talk about moving up corporate ladder quickly while young and energetic, switching jobs every few years to maximize earning potential, and planning financially for layoff in 50s (we have at least 5 friends who haven’t been able to fine FT work since layoff in early 50s) and/or if one spouse wants to stay home.

We also talk about having 2 careers - the first one more corporate/professional per the info above, and the second after 50 where they can pursue another passion - teaching, art, music, podcasting, etc.

We also say, it’s easier to off-ramp a big career than on-ramp. Pursue a big job, if you hate it, you can quit or transition to IC or consulting, something lower pressure, especially if your resume has some solid work experience with well know companies and you’ve built a professional network. But it’s harder to shift from low pay/pressure job to big career if you decide you want /need more.

Where do I find these “normal” type jobs paying $400K+?