Reply to Steering child to a high-paying career?

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[quote=Anonymous][quote=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.

[/quote]

Great advice. I am in the process of off-ramping a normalish "big" career (base $500k/bonus $350k) to a more passion project/lifestyle career 2.0 at age 50. Had I not put in the professional time early (for 25 years), it would be extremely hard to do this now. My base will likely go down to what my bonus was, with a smaller annual bonus but many more perks/benefits and a much lower stress/time commitment career.[/quote]

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