Ever thought about making so much money that you can play with the big boys (I am talking about say 500K+ per annum). I know a couple of desi docs who do it and are able to have so many more options in their lifes just cause of that. I would say with most desi students taking the standard track from college to steady work, they probably top off somewhere around 100-150K mark if they are decently good at their job and have been working for over 10 to 15 yrs. With Docs that number tends to be a starting point for their careers but its after a lot more studying.
However, moving from there to the half a million mark is quite difficult and only a few people (relatively speaking) probably make it and most of them in the business field. Thats the point I have seen people inviting politicians to their homes and all the fancy shmancy stuff :). Would be interesting to see whats it like up there.
Personally I think there are three ways to make that much money at jobs:
1)Become a specialist doctor
2)Go into the financial sector as an investment banker
3)Start your own business
I dont think you only need to start your own business. I think you can get there by being a Vice Pres. etc, of a business. I also think you can do it just by being a very successful salesperson, if your product line is $$.
However, you can lead a decent life without having to make that much $$, which is why I guess many people dont reach for that goal.
You don't have to be a vp or an investment banker either. Consultants in the oil business make a wad of money charging by the day. It's not uncommon for salaries to be $1500 a day over extended periods relatively early on in their careers.
Actually, plumbers dont make 500k! yes if you own a plumbling business, just like any other business and if ur really successful then u can get to 500k level. Anyhow, some of these dentist that i work with, make quiet good money, in the border line of 300k+ or more specially the maxillofacial Surgeons.
But overall, id say Business is the way to go, if you want to get to 500k level faster then spending 9 years in becoming a surgeon. You can spend 9 years in a business and make ur business BOOM!
^I believe that was a different kind of playing :)
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Thap Yes expats/Consultants may make that are the higher levels when they are out in the field or off on the rig but I havent seen a lot of them make over 500K per annumm (btw 500K means making over $2,000 per day working 5 days per week for 50 weeks per year).
A plumber would need to make on average around 20 visits every working day to make that amount so I dont see them making that much money either. Sure they do make very comfortable pays but not really at the level I was thinking about.
VPs and CEOs of most smaller companies are generally starting out their salaries in the 200K+ range with bonuses which may add up another 100-200K on top, now that the stock option days are gone for a while. Of course the big firms are pay their senior staff a lot more but its extremely difficult to get to those positions (imagine the number of people who make it to been Senior VPs a IBM or GE).
Sales people would need to make a $5M sales per year (assuming a generous 10% commission based salary) to earn that much. Unless they are at the very top and working completely alone (almost like owning their own sales firm), I doubt if a lot of them make that much.
Investment bankers get paid huge amounts of money starting out and also get a lot of bonuses so they can easily reach that number if they worked for a couple of years. Which in a way almost sounds bad because they are supposed to be making money for their clients and not themselves :). Same thing applies to the other financial sector jobs,
Docs and dentists (the specialists and not the general) start out making over 200K is most areas and generally can easily make 400-500K steadily at least in the US after a couple of years. Since they focus only on referals and special proceedures (which generally are over a 1000 per patient) even with collection rates of only 70% they can easily make those amounts, especially if they work in more then one hospital. And for docs who start by own hospitals and just managing them (more of a business thing) can easily collect about 30% of the salary of a doc they employ.
Compared to these professions, teachers make menial amounts and Profs do only slightly better considering the tenure track and relative small increases in academia.
I used to want to be like this until earlier this year, when I started going to dinner parties hosted by some of my dad's friends who are what you described as "big boys". When you arrive at a house to find the driveway packed with Rolls-Royces and Ferraris, you know the big boys have come to play.
But after speaking to these people, I'm shocked at the effect that money has had on them. It's very tricky for me to describe, but after meeting them I have dropped any aspirations of mine to be that wealthy, and instead I just want to be able to earn enough to provide a comfortable life for my family, and a good education for my children.
No you don't have to be in the field or on a rig. Once you factor in the share plans and project completion bonuses $500k no probs that’s less than £300k!
I think many careers are very commendable, but none if it's just the money that attracts someone into them, this way there's little chance of doing anything 'special' as this usually takes that extra mile of determination and most of all enjoyment in what you’re doing and not always having your eye on the economic payoff.
Of course money is important a fool would work for nothing, but to get the maximum back from any effort put into a job I need more than just money.
I could never have been a doctor I know I didn't have the selfless commitment needed, I knew what I enjoyed doing and the money is literally a bonus.
I don't know about 'playing with the big boys' though, this never did sound appealing to me, hence my heterosexual lifestyle choice.
And then there is the working just for the money or love there of :).
Madhanee... if you notice engineers got little attention in my post. They dont quite make that much - since I am one I should know :). But docs definately do pretty well just cause of where they start off albet much later on in life.
This post though is just about been at an earning stage where you can make real difference just cause you have such financial leverage.It doesnt mean that earning less doesnt make someone happier or help in lead a more fruitful life or make more changes in others lifes, but in a captalist world, money allows for a greater number of opportunities.
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*Originally posted by hmcq: *
This post though is just about been at an earning stage where you can make real difference just cause you have such financial leverage..
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Entertaining political big wigs is made easier yes, but at the same time one can make a real difference even if one is not rolling in green