Announcement

Collapse
No announcement yet.

best career path for our kids

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • adventure
    replied


    Interested if anyone has thought of this?
    Click to expand...


    Just tell them to move to Canada.

     

    And I'm a fan of a liberal arts education. I think that's a requirement.

    Leave a comment:


  • Gamma Knives
    replied
    I would suggest it is almost important to consider what machine learning and automation is likely to be able to do in the future. Some careers that are good now may have an oversupply in a few decades as the machines take over.

    Leave a comment:


  • q-school
    replied










     

    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.
    Click to expand...


    youth is wasted on the young.  they are unlikely to 1)make as much as you and 2)unlikely to care about early retirement.  if only to spite the parents.  

     

    Leave a comment:


  • q-school
    replied




    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.

     

    Leave a comment:


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

    Leave a comment:


  • Antares
    replied
    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.

    Leave a comment:


  • Zaphod
    replied




    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.

    Leave a comment:


  • Millenial Doc
    replied
    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

    Leave a comment:


  • ENT Doc
    replied
    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.

    Leave a comment:


  • Craigy
    replied







     

    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.

    Leave a comment:


  • ko
    replied




     

    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?

    Leave a comment:


  • Craigy
    replied
    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.   

    Leave a comment:


  • actuaryonfire
    replied


    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.

    Leave a comment:


  • wideopenspaces
    replied
    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.

    Leave a comment:


  • PhysicianOnFIRE
    replied


    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

    Leave a comment:

Working...
X