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  • #16
    1.  doctor, but entrepreneur

    2.  In concept, i agree with everyone saying the kids should be happy and just be kids.  However, I think they should get straight A's and be leaders in extracurricular activities.  I'm willing to bet the majority of us on this forum did the same.  We are all successful

    3.  If not #1, then whatever the equivalent of an investment banker is in 20 years.

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    • #17





      One non-medical field that I am intrigued with for my kids is that of an actuary 
      Click to expand…


      C’mon guys! Did nobody think to ask me!  ???? 

      I was thinking of pitching a guest post to WCI on “Actuary: the FIRE killing profession!”. I thought readers might be interested. LMK

      Here is my outline

      1. You can immediately start work from first degree. It’s also common to take some of the exams while doing undergraduate. If you go to a school with actuarial science you can accelerate even more.

      2. You then learn and study on the job. Yes – your employer pays your tuition and exam fees! Where else can you get paid to study lots of interesting stuff?

      2b. The downside is lots and lots of evenings and weekends and early mornings spent studying whilst trying to do a fulltime job. But most employers give some study time allocation.

      3. Your only education debts incurred should be from your undergraduate degree

      4. Entry level graduates earn ~$70k. Not bad for a kid out of school.

      5. Salary goes up with each exam passed. That was a real incentive for me. It’s a tangible, bankable measure of progress.

      6. High barrier to entry. Need to be highly numerate to get selected by an employer. You also need people skills, when I interview I am looking for that. The stellar academics are a given in so many candidates.

      Exams are numerous and pass rates are very low. There is a high attrition rate among actuarial students. Pass rates for exams are less than 50%. Some exams have a pass rate of ~30%. Bear in mind the candidates all have superb academic qualifications already, this is not Joe Blow walking in from the street taking an exam. The Society of Actuaries says it takes 6-10 years to qualify. I think I did it in 5 years (and I decided to start a family at the same time)

      7. Many actuaries are required by law. e.g. Insurers and DB plans have to have an actuary in certain reserved positions. They are also needed in healthcare. The profession will be around for a long time, it’s not going anywhere.

      8. Stay away from DB Pension Plans they are dying. But increasing use of actuaries for DC plans, investments, public policy and of course insurance and healthcare.

      9. Working for insurers is a steady 9-5 job with a pretty sleepy career. Consultancy is more high-octane and an always-on culture typically in a HCOL area. Consulting requires a lot more people skills and business skills. As you get more senior, technical skills are less important. I’m a consultant.

      10. Total compensation is high. According to the DW Simpson survey after 15 years experience the average total comp is >$200k.

      11. According to this Time article surgeons seem to earn around $400k (I don’t know if that is true). I earn more than that.

      Hope that helps…

       

       
      Click to expand...


      my kids will be actuaries.  thanks!

      done deal.

       

      Comment


      • #18





        One non-medical field that I am intrigued with for my kids is that of an actuary 
        Click to expand…


        C’mon guys! Did nobody think to ask me!  ???? 

        I was thinking of pitching a guest post to WCI on “Actuary: the FIRE killing profession!”. I thought readers might be interested. LMK

        Here is my outline

        1. You can immediately start work from first degree. It’s also common to take some of the exams while doing undergraduate. If you go to a school with actuarial science you can accelerate even more.

        2. You then learn and study on the job. Yes – your employer pays your tuition and exam fees! Where else can you get paid to study lots of interesting stuff?

        2b. The downside is lots and lots of evenings and weekends and early mornings spent studying whilst trying to do a fulltime job. But most employers give some study time allocation.

        3. Your only education debts incurred should be from your undergraduate degree

        4. Entry level graduates earn ~$70k. Not bad for a kid out of school.

        5. Salary goes up with each exam passed. That was a real incentive for me. It’s a tangible, bankable measure of progress.

        6. High barrier to entry. Need to be highly numerate to get selected by an employer. You also need people skills, when I interview I am looking for that. The stellar academics are a given in so many candidates.

        Exams are numerous and pass rates are very low. There is a high attrition rate among actuarial students. Pass rates for exams are less than 50%. Some exams have a pass rate of ~30%. Bear in mind the candidates all have superb academic qualifications already, this is not Joe Blow walking in from the street taking an exam. The Society of Actuaries says it takes 6-10 years to qualify. I think I did it in 5 years (and I decided to start a family at the same time)

        7. Many actuaries are required by law. e.g. Insurers and DB plans have to have an actuary in certain reserved positions. They are also needed in healthcare. The profession will be around for a long time, it’s not going anywhere.

        8. Stay away from DB Pension Plans they are dying. But increasing use of actuaries for DC plans, investments, public policy and of course insurance and healthcare.

        9. Working for insurers is a steady 9-5 job with a pretty sleepy career. Consultancy is more high-octane and an always-on culture typically in a HCOL area. Consulting requires a lot more people skills and business skills. As you get more senior, technical skills are less important. I’m a consultant.

        10. Total compensation is high. According to the DW Simpson survey after 15 years experience the average total comp is >$200k.

        11. According to this Time article surgeons seem to earn around $400k (I don’t know if that is true). I earn more than that.

        Hope that helps…

         

         
        Click to expand...


        I don't know what an actuary is.

        Comment


        • #19


          11. According to this Time article surgeons seem to earn around $400k (I don’t know if that is true). I earn more than that. Hope that helps…
          Click to expand...


          That does not help. Unless it's beers on you the next time we meet up. Then, it helps.

          Cheers!

          -PoF

          Comment


          • #20
            Wait, parents tell children what career path to choose? That's news to my 9 yo ;-) He's been telling me he's going to be a scientist or robotics engineer since he was 5. And that he's going to MIT. I'm not sure he'll make it there, but we'll see.

            In all seriousness though I've seen what happens to kids that are forced to major in something they hate. They end up in my office after falling apart, getting depressed, making suicide attempts. Don't do that to your kids.

            Comment


            • #21


              Unless it’s beers on you the next time we meet up.
              Click to expand...


              I'll swap you an annuity of a beer a year for life, for a guest post every year. You can work out the actuarial equivalence of that deal.

              Comment


              • #22
                It's not so much about forcing them, as it is about getting them accustomed to a nice lifestyle and guiding them and incentivizing them along the right path.   

                Comment


                • #23




                   

                  I think that medicine will long remain a career that provides the highest GUARANTEED earnings over the course of a normal 30-40 year career (if it doesn’t, we will have problems because the best/brightest will not flock toward medicine).  That said, medicine is not necessarily the quickest or easiest path to a normal FI number (1-3 million) by age 40.


                  What careers do you think are the quickest or easiest path to $1M-$3M by age 40? And are you thinking of this in terms of also adjusted for probability of getting there in a given career path, or a different way?

                  Comment


                  • #24







                     

                    I think that medicine will long remain a career that provides the highest GUARANTEED earnings over the course of a normal 30-40 year career (if it doesn’t, we will have problems because the best/brightest will not flock toward medicine).  That said, medicine is not necessarily the quickest or easiest path to a normal FI number (1-3 million) by age 40.


                    What careers do you think are the quickest or easiest path to $1M-$3M by age 40? And are you thinking of this in terms of also adjusted for probability of getting there in a given career path, or a different way?
                    Click to expand...


                    Part-time work for UPS in high school, full time at age 18, with plenty of overtime and diligent saving, easily a millionaire by age 40, no college required

                    Other skilled labor like welding, etc., with little to no college/training.

                    With college, probably engineering, can get a job out the gate making good money, even make good money as an intern during college, plus engineers tend to be pretty frugal in general.

                    Comment


                    • #25
                      Would steer clear of pushing/steering children too much.  I've seen this happen with unfortunate consequences, including many wasted years of pursuing something that the child's desires never would have led them to.  It's their life.  Let them live it and make their own mistakes.  This is different from being a guide for children who have questions to give them perspective that they can't possibly have.  That is fair game IMO.

                      Comment


                      • #26
                        A career in which one can start earning close to or over a 6 figure income coming out of undergraduate (ages 22-23) or maybe even masters level training (ages 24-26) can easily lead to a couple million by age 40 if that individual is willing to invest a high percentage of income and did not incur significant student loan debt.  Consider careers like actuary, engineer, advanced nurse, PA, etc.  With proper financial education and motivation to save, these careers can easily lead to FI by age 40 given their decent salary, early age at which that salary starts, and much lower debt burden.

                        I recognize that a physician has a much higher earning potential over an entire career, but for most, it is probably difficult to get to FI by age 40. With the later start, the only ways I can see physicians getting to a net worth in the millions by that age would be a)not incuring 6 figure debt; b)accelerated training (young graduates c) marrying another high income earner d) super high income, or some combination of these

                        Comment


                        • #27




                          A career in which one can start earning close to or over a 6 figure income coming out of undergraduate (ages 22-23) or maybe even masters level training (ages 24-26) can easily lead to a couple million by age 40 if that individual is willing to invest a high percentage of income and did not incur significant student loan debt.  Consider careers like actuary, engineer, advanced nurse, PA, etc.  With proper financial education and motivation to save, these careers can easily lead to FI by age 40 given their decent salary, early age at which that salary starts, and much lower debt burden.

                          I recognize that a physician has a much higher earning potential over an entire career, but for most, it is probably difficult to get to FI by age 40. With the later start, the only ways I can see physicians getting to a net worth in the millions by that age would be a)not incuring 6 figure debt; b)accelerated training (young graduates c) marrying another high income earner d) super high income, or some combination of these
                          Click to expand...


                          Yep, those are all great ones. Would be easy for a driven nurse. Take traveling jobs with high pay (100-150k/yr), living stipends that somehow dont get taxed (seriously. RN yesterday said she was clearing >120/yr but w2 show 26)? I dont know how it worked.

                          Comment


                          • #28
                            If the kid is so inclined, I would encourage a career that does not rely on working for someone else. I suspect the future will reward entrepreneurship more than preparing for a job in which one’s job might be eliminated, or replaced by tech or a lower paying substitute, etc. Work for yourself, build your own enterprise, maintain control of the conditions of your work. Of course this only work if the kid wants this and feels it’s suitable.
                            My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

                            Comment


                            • #29
                              Dont forget police/fireman and other city type jobs. Excellent pay, benefits and easy opportunity for overtime.

                              Comment


                              • #30




                                Wait, parents tell children what career path to choose? That’s news to my 9 yo ???? He’s been telling me he’s going to be a scientist or robotics engineer since he was 5. And that he’s going to MIT. I’m not sure he’ll make it there, but we’ll see.

                                In all seriousness though I’ve seen what happens to kids that are forced to major in something they hate. They end up in my office after falling apart, getting depressed, making suicide attempts. Don’t do that to your kids.
                                Click to expand...


                                not only do i tell my kids what they are doing, i tell them i will find their spouse for them.

                                i'm going to be living 6mo with one, 6mo with other.  that's part of my retirement plan.

                                if you want to retire young, you have to think outside the box.

                                 

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