Reply to Those of you with 200K+ jobs & are NOT doctors/lawyers: what do you do & how did you find your jobs?

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Reply to "Those of you with 200K+ jobs & are NOT doctors/lawyers: what do you do & how did you find your jobs?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My friends and I are all in IT and we all breaks $300k+ easy.

Several of them work from home and they take two 1099 jobs at the same time as one job is just wasting time. They pull in around $350k. That's work smart, not harder.

I on the other hand specialize in a very specific industry and I pull in $400 to $600k depending on the year. Will make around $650k+ this year.

[/quote]

Please elaborate - http://www.businessinsider.com/highest-paying-tech-jobs-in-america-2017-3/#-10

Link me to a single IT job posting on Indeed that pays more than $300k.[/quote]

That's the 1099 PP point, these are more akin to small business owners. They come into the customer (usually a small business or maybe a smaller agency -- someone without deep IT expertise or knowledge), they sign up for a project or support contract such as implementing an ordering system or setting up AWS document management, nothing really sophisticated totally boiler plate solutions they use over and over again

The secret sauce is to borrow a page from Tim Ferris  and outsource most of the technical work to India. Also the connections on landing the contract, ive seen things like one of their big customers son's IT consultantany  is used.  But not just nepotism but it's a very inefficient marketplace built on who you know which is why prices remain high. [/quote]

1099 works when things are going well.  But, you are then an independent business person.  You need to budget accordingly.  In exchange for the higher salaries, you have no benefits (you / your business provides them).  You have to pay the self employment tax; you have no vacation, etc).  You supply your own health Ins., your own disability insurance, etc.

I make 200K (or so).  Let me show what my equivalent 1099 salary would be (per hour):

200K:  I work 8 hours per day, or 2080/yr minus vacation (24 days) and holidays (9).  So I work 1816 hours per year.
I get a 6% 401K match, so, I am really earning 200*1.06=212/yr

Self employment tax is 7.5% (employers part of soc. security).
Health Insurance is 13K/yr per reports; I have disability insurance; for me that would be about 8% (health issues...) or 16K/yr.

I have professional development, which is attending conferences.  That is about 4K/yr.

So, my 200K salary to match as a 1099 would be 200*(1+0.075+0.06)+13+16+4=260K.

260K/1816 hours =143/hr.

To make 300K, how many hours do you have to work?  I bet they are many more hours than I do.  I will take my life over yours.

[/quote]

Well OP would be happy to make $200k -- what do you do to do that?[/quote]

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