{ "media_type": "text", "post_content": "Curious - what do you gals and guys think is considered good compensation - TC at 40.", "post_id": "605e8d76a051320020e54bbc", "reply_count": 118, "vote_count": 4, "bowl_id": "58f0df008ad7250010f8c590", "bowl_name": "Compensation", "feed_type": "bowl" }
null

Curious - what do you gals and guys think is considered good compensation - TC at 40.

likefunny
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

Every time i set a financial goal and hit it, i move the goal post. In my 20s, I felt that 200k would be the perfect income to hit in my 40s. I hit that before 35, had a kid, bought a house, and suddenly 200k doesn’t feel like a lot of money. 30k goes to daycare alone for one kid, and we chose the most affordable option / commute 30m to get her there. My husband and I bring in close to $350k and when we budget out how much we want to save for retirement, college, and other essentials, we don’t have much left to save for shorter term purchases like a second home, etc. it’s wild because on paper we make so much money, but the more we make the more we want. And, while this is probably unpopular to say, the more we feel entitled to want.

Given our current net worth, and shorter term goals, we would like to hit a combined income base of $500/$600k by 40. But as soon as we’ll hit that, we will likely feel like we need to double it.

like

That’s a fair question and something we talk about often. The blessing and curse of our relationship is that we both come from project management backgrounds and over plan/discuss every aspect of our lives as such. As far as what is enough. Ideally, one of us would like to retire by 40. This times with my oldest being 5. We’ve outlined a strategy that will help support that, but it will really depend on certain financial milestones being hit.

We have a great net worth in retirement accounts (thanks to my husband being a savvy investor). Theoretically, we could stop contributing and be all set... however, we won’t do that because of too many variables and there isn’t really a need to stop.

Our next move is to purchase a forever home that we can afford on one income. We are also considering an income property in an area where we would want to vacation occasionally. The house would need to support itself and the area we are considering has that potential... over the last 10 years, a few people in our circle have purchased in this area. Summer rental income pays the mortgage for the year. Houses themselves can be purchased sub 600k yet still net $3500/week from memorial to Labor Day.

If we hit those goals, and one of us has an income of ~400-500k OR investments outside of retirement hit a certain amount and one of us has and income of at least $250k, the other will likely retire. The only caveat is if we are both pulling in substantial incomes (i.e. we both make $300-500k separately), we will re-eval based on resources available and what we feel our children need.

Most of our plan assumes our children are happy and healthy with minimal need for additional support. For example, I worked with a high earning pharmacist. Her husband was an MD. Their first born was diagnosed with Autism and they had to pivot so that one of them could be directly involved with his care and development. She left the workforce and they moved to a very LCOL area near a fantastic medical support team to maintain lifestyle. We would mirror that if need be.

The other piece to this that you can’t solve for in a plan is WLB. It is possible to be a high earner and be the one to put dinner on the table. In my husbands case, his father was able to do it. Since my daughters birth, I’ve been able to draw clear lines at work and I’m fortunate that my current company places a huge focus on employee wellbeing. If that keeps, we might not need to make any changes.

like

At 40 we start to think and compare a lot. There are no set baselines on how much you should make at a certain age. I say whatever you are making is the right money. If you feel that you are underpaid, look for other ways to increase your income or look for another job to see how much more you can get if you switch. I know people at my age who make way less and way more then me. I tell myself that what I’m making now is a blessing and always look to progressing to the next level.

Recent IconRecent

If you’re making $200k at any point in your life, you’re doing fantastic IMO.

I grew up in a working class family so my perspective is obviously skewed.

like

Mid 40s here. I jumped from $174 to $230 base in my early 40s (High COLA) and can honestly say I’ll be happy if I don’t progress much further than that. I never thought I would be making that much and I’m grateful for not having to worry about money on a constant basis

likefunny

I'm 25 and make 165k. I'd be happy making this exact salary at 40. Bc it allows me to afford for things that make me HAPPY, which is what life is about. Being happy and living.

like

SC1 it's my TC. Not my base. But there's ppl that make over 200k at 25 on this app. As C1, said it would be surprising in general society, but not on this app.

Decent - $300
Good - $500
Great - $1m+

likefunny

I agree with Alix numbers for dual income, family of 4 in a high cost of living area.

like

who cares? y'all happy at 40? that's what matters

like

thanks bud

likesmartfunny

It’s crazy how high some people expect as normal. My first year out of college, I make more than my dad does now. He always says he was happy to put me through college to see his son succeed, but I’m eternally grateful. It was mind boggling for me to then get to Deloitte to just hear about how we didn’t make much compared to mbb, pe, ib, etc. I was just like “uh we are all 22 making 75-85k.... chill out guys”

like

SM1 seriously…. If you can’t make your first few promos happen, then realistically your value add may be limited.

At 40 my comp hit $200k.

I never thought I would make anywhere near this much. And, I kind of don’t care if I earn much more

like

This.

like

If you're meeting your goals, you're good!

I'm glad we're all sharing salaries more -- better for workers at large. But yo - consultants care way too much about this stuff

Pay off debt, plot financial security. Everything else is gravy

like

BCG1 tell em. 🗣🗣🗣

likefunny

it’s all relative, when i was 27yo and earned 67k, my goal was 120k by 40, but when I was 35yo and earned 120k, my goal was 150k by 40, now i’m 38 and earn 310k, so by all previous measures, i should be satisfied, but i’d still like to earn a figure that is marginally higher by the time i turn 40 in 2022

likesmart

So close to me! I was 48 out of University, $67k at age 27 after 3 years experience. Ups and downs, a decade later in consulting and I'm $200+$50k. When I graduated I dreamed of hitting $180...and now over time that has slid to breaking $300k TC (MCOL city).

200 minimum imo

like

Stats say in the US anything above $75k you are good. We all live in a bubble here

like

If I don’t hit 250-300K at 40, I feel like I’m doing something wrong. Looking at everyone in this and exit bowl, anything below it seems low

likefunny

Always this ^. Living within your means is upmost important

like

In consulting? In white collar industry? In tech? In Podunk, USA? In NYC? Etc.

Anywhere from $50-300k+ depending on the variables.

like

Also depends where you live. $250k in Alabama is a fortune compared to Palo Alto.

like

@sm2 what are you talking about lol. Maybe you should have saved more earlier on?

165k is def upper middle class. Better than like 98% of America

like

Yeah I guess I don't have half of those.

Do you have a SO that earns or nah?

like

I was happy with $65k. I knew it wasn't s lot. But enough to be financially secure with a few luxuries if I made that for the rest of my life and lived a modest life.

I was very happy with $100k at age 39.

Once I hit $160k, I knew I was more than set for life.

I make $200k at 35 and I feel like it's so much money, I plan to retire early or go part time in my 40s.

likesmart

$100k at 30

When I was in university I always wanted to hit $180K by mid-career. Having exceeded that with inflation, I think reaching $250K in a tier 2 city will let us have everything we need with some extra security.

I recall somewhere that a better financial goal was your level of debt and savings by 40. The recommendation was:
- Debt free outside a mortgage
- 6 months costs in Emergency Fund
- 2x your salary in retirement savings

likehelpful

Is 250 base good for Deloitte Senior Manager? Need to be both more exclusive than Harvard and well paid

funny

I’m 28 & i make 177K. I didn’t think i would make this much by 28. However, i am eternally grateful that I have come as far as I have. My goal is to make 500K by my 40s. 🙏🏼

like

Oh I was asking @TC1

like

300 avg
400 good year
500+ very good year

like

Related Posts

Firm’s HR has approached me about taking part in OCI (not sure where or when yet). I’m a few years in - what do students these days would like to learn about firms? Diversity policies? Future WFH plans? Maternity/paternity leave? When I got my first job a few years ago I knew I had to ask questions, but people these days seem to be a little different.

like

Please tell me something about Joint MBA/JD and its career. Facts and any reliable stories. I know this is broad. I need some exposure and to know anything I can know about the qualification, jobs, compensation, opportunities, starting your own PE firm, stories you know or have heard, etc.

like

Additional Posts

Please tell me something about Joint MBA/JD and its career. Facts and any reliable stories. I know this is broad. I need some exposure and to know anything I can know about the qualification, jobs, compensation, opportunities, starting your own PE firm, stories you know or have heard, etc.

like

Love him or hate him, Tom Brady has had a great run. Happy retirement, dude.

likesmart

Hi. Can someone refer me a job in Apple?. I am lookung for Senior Data Engineer position. Appreciate your help.

like

Have been trying to hire a Jr Advisor with 1-2 yrs experience. I read on these boards about young advisors that are struggling; however, cant find any in person. We do networking events, ran ads...

like

Sticky situation: my SO’s longtime friend recently moved to town with his wife. He invites my guy over for dinner, but says that I “use words that are too big” and make his wife uncomfortable. Cont..

likefunny

Is it bad that I’ve only been working for 6 months and already want to cut and run? Totally willing to take a 30-50k pay cut to guarantee my weekends and nights free. Thoughts?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

For account settings, visit Fishbowl on Desktop Browser or

General

Legal