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Need advice. I’m a super senior content EP at a well known agency in the U.S., where I’ve been for quite some time. Checked out http://Glassdoor.com, and I make at the high end of the ranges for similar agencies. In the past year I’ve also taken on additional responsibilities (outside of traditional EP duties) that have doubled my workload and raised my profile quite a bit. How should I go about brining up a sizable salary bump (some creatives and even planning peeps earn more with much less responsibility)?
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Rising Star
There’s a big unquestioned premise here that one’s parents make $200k+ (If you peak at M/SM, you’ll likely be somewhere around $200k TC eventually). The median household income in the US is a fraction of that, so your reference point is…interesting.
As an M, I make more than either of my parents make or made at their peaks, so no, no weird feelings on my end.
My parents have never crossed 150k combined. In fact, they didn’t cross 100k until about 5 years ago. Ironically it was due to my mom retiring with 100% pension and collecting social security (she worked at one place for 40 years 😵😵😵)
Chief
This post is pretty emblematic of the fact that consultants disproportionately come from well off backgrounds. We clearly need to do a better job of recruiting
Vp1 is just absolutely wrong here
This thread makes me want to throw up. A lot of you are in the wrong business. (Or I am, which is more likely actually. That’s on me)
Every convo about $$$ in this bowl makes me want to throw up. People here have really screwed up priorities.
There are high earning roles in every field — big 4 partners work for 15+ years and put up equity to earn that much. It’s a lot of work, but you could do the same thing if you want to. Where will you be in 15 years if you put in equivalent effort into your own personal and career development?
And maybe you won’t have to earn as much as they did. These days, anything over $150k is not going to materially impact your ability to live a comfortable life.
Rising Star
Your reference point as a data scientist is problematic. Do you know the median income in the US?
If you peak at M/SM salary forever (whatever peak/forever means); you will still be in the top 10% HHI. Same way your parents were in the top 10% of earners.
I met someone at analyst school who drunkenly confided to me after a networking event how their father was always gone traveling because of consulting so I don’t know if chasing money is the guarantee to a better life for your future family
You will.... when they die. Sad but honest truth. Stay the course and you will be more than fine.
Pro
This is basically me. I’m the child of a very successful Wall Street broker who was making upwards of $2M/year in his highest earning years (all commission & bonus, no salary). I never had the aptitude to do what he did. I followed my own passion and while I’m paid well for what I do (not a consultant, except in a very limited way), I’ll never make the $$ he did. And I’m ok with that, because he did well enough that my mom never had to work, will never have to worry about taking care of herself in her old age, and it’s likely that I will be in the same situation after she passes (Dad passed 10 years ago). I have no kids, so I’m not worried about taking care of anyone but myself, and my niece & nephew will get whatever’s left when I pass.
I feel very fortunate to make around $200K toward the end of my career at age 60. But I’ve been a good husband, have a real home in a great community, and raised three extraordinary young adult children. Sorry, but can’t see how people could really want much more. I have no problem with brilliant people achieving great things and making a fortune. I wouldn’t trade what I have for the world.
No kids option is awesome too. I would have traveled a lot more if no kids - trying to make up for that now :-)
I already made more at 23...
Is this you as well OP?
https://joinfishbowl.com/post_wcr2fy3ym4
Ha! I grew up living in Section 8 housing. We were dirt poor but we were happy. I am glad for it, too, because I know the value of a dollar and I have no problem living within my financial means.
My dad is basically housebound with mental health issues (which is leading to physical health issues). I make a lot more than him. Doesnt bring me any joy.
You privileged ******
Wtf lol. I make more than my parents and grandparents combined when they were working while I was growing up.
This post is absurdly out of touch. My single mom never made more than $25k a year and I've been able to have a successful career apparently working alongside the privileged folks. I do appreciate this post though. It's a stark reminder to keep my young daughter grounded.
I’ll never make as much as my dad, but I also know while he provided me so much financially, he was kind of a dick. It’s not all about money, and I plan to be really present and good to my kids in ways he couldn’t. They hopefully will turn out even better than me 🤣
Pursue what you’re passionate. Use the gifts God gave you that are unique to you and go make a difference in the world. You came into this world broke and naked and that’s how you’re leaving it. Money is a lousy God my friend
My parents were both teachers and within a couple of years of leaving University, was making more than both of them. Was in the consulting rat race for 4.5 years and decided to exit to spend more time at home.
The critical question for me was: How do you define success? If you make mega$$$ but your kids grow up to be total pricks, would you consider that a success? For me, even if I made a little less, but spent more time with the kids in their formative years, that would be the ideal. This is assuming that they don't end up being pricks because they spend more time with me 🤪
Rising Star
Amen, M1!!! You have your priorities straight. Money for sure is not everything, in fact, it should be about 3rd down or more on list of priorities.
Pro
Nah. I grew up lower middle class. My dad was military and eventually graduated college at 38yo. He hit six figures in his 40s when I was about to graduate high school.
I graduated college at 30yo then got my MBA and now make >$200k which is more than I thought I'd ever make.
FWIW, my dad is super intelligent, but wasn't raised with the tools needed for success. I kinda stumbled into a top MBA program but now realize the value of an education at a top university.
Wish I went to college at 18 like most of my peers.
I’m in the same boat as tour dad. I graduated college at 35 after being in the military for a decade. I’m 36 now, and trying to hit six figures myself.
I don’t feel this way, for various reasons. The narrowest of which is that I already make more than my parents. But more broadly, I don’t think making tons of money is that important to providing a great childhood for your kids. You might not be able to afford to give them everything they ever ask for, but hearing “no” everyone in a while is not bad for them either. If you give them your time, your support and a good education, they will be fine.
I think OP has a fair question/the right to ask that question if that’s how they feel, but phrased it poorly. Even the fresh out of college starting salary at most consulting companies is top 15% of ALL income in this country… so everyone here is already doing “extremely well”. There are way too many problems people face vs wondering whether you’ll make it into the top .1% or just have to settle for the top 5%.. Even as a manager/director at any of these companies you could give your kids SO much, what do you feel you’d be missing? Also honest question: would your parents not ever offer to pay for things for their grandkids / I assume they’d want to leave that money for you and your family one day?
Comparison is the thief of joy.