How to get to 100k by 30?

icebeam

I'm just looking for some advice on how to get to that goal.

A little bit about me. From the age of 15 my goal was to make 6 figures by 30. I currently just turned 25 and I'm making $60,000 a year (I just got the bump to 60k). I started at $39,000 and have been working for about 1 and half years and I have had a few raises on the way. I graduated with my B.A in Computer Information Systems in December of 2011 and found a job about 5 months later.

I'm currently the network admin/security engineer for a small private healthcare software as a service company. I mange their AWS domain, all the security reviews for clients, and day to day network operations. My company pays for some nice training and I just got back from the AWS invent conference in las vegas so I have that too.

My question is am I going down the right technical track to be at $100,000 by 30? I don't know if network admins or security professionals can really make 100k?. Everything on pay scale etc is so random depending on the company. Also should I stay here another year and hope for another raise in a year or see if I can job swap and get $70-75k?

Just looking for thoughts of what one would advise me to do to meet my goal.

Thanks,

Random IT Guy.

pram

Find an employer willing to pay you $100k.

RouteMyPacket

To each his own with that obsession. Good luck!

networker050184

You can break the $100k range now. A couple factors are who you work for and where you live. Not every company has a need for someone with $100k level knowledge and experience.

icebeam

I live in Arizona so I have a very low cost of living but I think it would be cheating my goal to move to CA or NY other then that It's fair game. 100k in silicon valley is my 60k here (almost).

It's so true not many companies need a 100K IT guy so many just need someone just smart enough to answer the phone and tell the user to click on x but don't want them any smarter so they can keep them at $35,000 a year. I try to fall into a different boat I can build x

networker050184

I'm not very familiar with the job market in Arizona, but places like service providers, consultants, vendor partners, very large enterprises etc. would be places to get these kind of salaries.

icebeam

networker050184 wrote: »

I'm not very familiar with the job market in Arizona, but places like service providers, consultants, vendor partners, very large enterprises etc. would be places to get these kind of salaries.

That's what I was looking for... I figured I needed to get into enterprise IT. Atleast I got some great experience from this little company.

QHalo

Anyone can make 100k. Whether they're worth it or not is another story. Focus on providing value, expertise and knowledge and the money will come. I try to spend less time worrying about the money and more time worrying about bringing those attributes to my company. It just so happens when I did that, the money came right behind it.

redz

icebeam wrote: »

I don't know if (...) security professionals can really make 100k?

I am a 28 year old security professional, and I make over 100k/year. I, however, opted to join the military immediately out of high school vice attending college, so as opposed to ~5 years of experience, I have 10.

Making more at a young age is about three things, and all require a strong foundation of business knowledge (unless you're a prodigy or whatever)...

1. Understanding business well enough to market yourself to a company - give them a higher bottom line by paying you more than they could hire someone else for.

2. Growing someone else's business (Business Development) - again, give them a higher bottom line by paying you more.

3. Not being a part of someone else's business. Many companies will have an additional 6% in profit (not including their overhead) if you're a billable resource, and they're billing customers additional for your PTO, Holidays, Healthcare, SSTax, etc etc etc. If you are married and can get healthcare through your significant other, you don't need benefits, and the cost is significantly reduced. Basically, the 20-30% of your total compensation package that comes in benefits/etc, and the 15-25% of your billable rate that pays for corporate overhead (HR, BD, etc), comes to you in cash.

Oh, and don't be terrible at negotiating.

Now, all that being said, why focus so heavily on the dollar amount? I understand having goals, but...
- A $4500 per year training package allows you to increase your proficiency and expertise while receiving $4500 in non-taxable compensation. You get better on the company's dime, and they aren't taxed on that compensation (I don't remember if this is the case, but I think it is up to a certain dollar amount), so they spend less to have you around.
- Employer-paid health insurance allows you to have health insurance at no cost to yourself (again, non-taxable compensation)
- PTO allowances. PTO only gets "taxed" if you leave the company and they have to pay it out.
- Even teleworking opportunities have a measurable compensation value... you spend less in gas one to five days per week, you don't have to get your suits dry-cleaned as often... oh, and you can write off the square foot percentage of your house or apartment that is used as your office as a percentage of your rent, as a business expense on your taxes.

Anything can be negotiated to increase a total compensation package. The dollar amount is one thing, but the total compensation is another entirely.

ptilsen

Job mobility is big. You're very unlikely to hit that number quickly without some job-hopping. Getting in at a job that actually offers strong salary growth opportunities works too, but those are rare. Definitely switch and take a 15%+ pay raise as soon as possible. Do you really have any shot at a 10%+ raise where you are now? I doubt it.

I will also say you're unlikely to get there quickly with just a CIS degree. Pursue some certifications, especially if you're getting some specialized knowledge. I doubt they're altogether well-known as of yet, but AWS certifications might be a quick ticket to a salary raise in the near future. Definitely a growth area. Certs are not necessary, of course, but you have to be able to demonstrate some deep skill or find an employer who highly values whatever your particular skills are. Certs can be a great way to show you have some expertise.

And as pointed out, do look beyond base salary. My base is in the 80s, but my total compensation package is easily worth over $100K, probably close to $110K. Bonus, ESPP, 401(k), tuition and training reimbursement, telecommute, etc. It all adds up.

GAngel

Unique skill set
Luck & timing
Move to an area/country with a huge need
Move to a big market
Work crazy overtime.
Move into management with reports at a mid size firm

I've done each and everyone one of those and have made 100k base since i was 22. I'm 30 now and honestly after about 90k taxes take such a big chunk unless you're up past 140k its not really worth the time and effort. The perks will be what make a job worth going too not the money.

asurania

contract work and get certified at a more advance level
for example, CCIE, VCAP etc

LarryDaMan

100K, 200K... it's all relative. I make well over 100 and my wife is almost there and we still don't 'make it rain' everyday. The more you make, the more you tend to spend. If I lived now like I did when I was making very little, I would have Scrooge McDuck stacks of fat cash left over.

The goal is to make enough so that you don't ever have to worry about it again.

YFZblu

networker050184 wrote: »

I'm not very familiar with the job market in Arizona, but places like service providers, consultants, vendor partners, very large enterprises etc. would be places to get these kind of salaries.

There is a good amount of IT work to be had in Phoenix, lots of data center work as well. Additionally, Arizona passed a bill this year which provides tax exemptions for those who build datacenters / infrastructure here - so hopefully more is to come.

OP, I think one of the more tried and true methods to making a lot of money is to specialize.

RouteMyPacket

LarryDaMan wrote: »

The more you make, the more you tend to spend.

One of the biggest mistakes people make, thankfully not my line of thinking. With you have dual income, there is no reason you shouldn't be rolling in benjies homie.

beads

401k is pretax as well. I wouldn't get too hung up on a number as much as planning ahead. To that, create a 3-5 year career plan as to where you think the market will be that far out and train/study to that goal. Watch your overall expenses unless your an entrepreneurial genius about to launch the next Google. Perhaps your hidden talent is Rock-n-roll and your about to release the next biggest album since Green Day's American Idiot. If so, perhaps your set. The rest of us well we plan and try to anticipate the market as best we can.

Personally, I am just waiting for my shot to get back to Novell 5. Yeah, that was such a money maker! Woot! Can't wait. LOL.

- B Eads

Akaricloud

Ah, someone who shares the same goal as myself!

Pretty much just try to become specialized and an expert in an area that you enjoy. Never pass up opportunities to expand your knowledge in this area and don't be afraid to change jobs when you're no longer learning. Keep a well updated LinkedIn and make positive connections with everyone you come in contact with.

Personally I've started specializing in big data systems and am up to around $85k(base salary) having just turned 24. I've been getting plenty of recruiters wanting to interview me for six-figure jobs but none with positions I feel are the right fit.

LarryDaMan

RouteMyPacket wrote: »

One of the biggest mistakes people make, thankfully not my line of thinking. With you have dual income, there is no reason you shouldn't be rolling in benjies homie.

You're absolutely right, but you can't enjoy life after you're dead either. I enjoy being able to sit in good seats at a sporting events/concerts, being able to eat at nice restaurants, having 2 decent new cars, living in a neighborhood with a low crime rate, and not having to do creative budgeting or sacrifice something when I want to buy something.

I have had the one hooptie car, fast food restaurant budget, and cheap bleacher seat income....and I like this better.

ptilsen

It's all about balance. I sock away most of my money into various investment vehicles, but if I really want to go do something or buy something, I do it or buy it. I just very carefully consider whether something will bring me enjoyment commensurate with its cost. I'm only one one income, FWIW, but that also means no kids or anything.

SteveFT

LarryDaMan wrote: »

100K, 200K... it's all relative. I make well over 100 and my wife is almost there and we still don't 'make it rain' everyday. The more you make, the more you tend to spend. If I lived now like I did when I was making very little, I would have Scrooge McDuck stacks of fat cash left over.

The goal is to make enough so that you don't ever have to worry about it again.

This is a very true statement. Although I don't have actual statistics, you often find that those with higher salaries actually have more debt. They may or may not be better off than individuals that practice some frugality. I consider myself relatively frugal. That being said, I recently went from making ~$20k/yr to ~$60k/yr (contract, not that impressive). When you go from making $12/hr to $30/hr, you can start to justify things.

For example, I used to bring home ~$55/day (terrible part-time, non-IT job). Now, I bring home nearly $200/day. A nice dinner used to cost me a day and a half of work. Now it costs me 1/3 of a day of work. However, this is dangerous because I might end up spending my money on things that I don't need.

In any case, my response has nothing to do with helping you get to $100k. However, I do suggest that you consider why you want to reach $100k. Will this goal be beneficial to your long-term health, happiness, and career? Believe me, I'd like to make $100k too. That being said, I'd like to maintain my happiness and continue to live a frugal lifestyle so that I don't have to worry about money later in life. My goal is to not have a lot of bills to pay at the end of each month and to not have to worry about money. Out of work for a year? No problem. Our goals might differ, so I will end this drawn out post.

Good luck!

Dakinggamer87

My goal is to hit the 100k mark by hopefully 28 or 29.. My advice is to keep studying and continue to better yourself and the money will come!!

Dakinggamer87

SteveFT wrote: »

In any case, my response has nothing to do with helping you get to $100k. However, I do suggest that you consider why you want to reach $100k. Will this goal be beneficial to your long-term health, happiness, and career? Believe me, I'd like to make $100k too. That being said, I'd like to maintain my happiness and continue to live a frugal lifestyle so that I don't have to worry about money later in life. My goal is to not have a lot of bills to pay at the end of each month and to not have to worry about money. Out of work for a year? No problem. Our goals might differ, so I will end this drawn out post.

I totally agree I think the exact same way as long as I can pay my bills, maybe travel here and there, enjoy some luxuries in life like the Corvette Stingray I've got my eye on I'm content. Money is important but it's not everything. As long as I don't have to worry about money is when I'll be like I'm good to go. Work and life balance is important too.

LeifAlire

Get a secret clearance > Take a OCONUS job middle east, afghanistan somewhere along those lines make 100K,200k, 300k easy that is what i did and alot of other contractors did also. Get a Top Secret clearance and take a job back in the US near DC make very good money or stay OCONUS.

dave330i

Here's how I've done it:
1. Become an expert in highly sought skill.
2. Be great at selling yourself. This is in resume and interview.
3. Switch jobs.

j23evan

dave330i wrote: »

Here's how I've done it:
1. Become an expert in highly sought skill.
2. Be great at selling yourself. This is in resume and interview.
3. Leapfrog jobs.

​Fixteded

nestech

You can change jobs every six months at the rate of 10% increase. If you do that in three years you should be there (106K). What I do is this. I don’t take less than 15% – 20% pay increase on any new position I accept. Just know this more money more problems…

idr0p

I think it matters with cost of living.

If you are talented and have the right resume bling it is easy to hit 100k in the right market. But i often see people who are overqualified and underpaid in their current job roles just because of the industry or market they are in.

Anonymouse

nestech wrote: »

You can change jobs every six months at the rate of 10% increase. If you do that in three years you should be there (106K). What I do is this. I don’t take less than 15% – 20% pay increase on any new position I accept. Just know this more money more problems…

Doesn't this look bad to potential employers when you switch jobs often?

darkerz

Anonymouse wrote: »

Doesn't this look bad to potential employers when you switch jobs often?

I started my career with 2 solid years of interning from my college, and work studies while there at 3 companies.

Then 3 '1 year hop's. Landed on #4, making 6 figures. Employers don't care if you leap, as long as you leave good references, finish******* your projects/initiatives and justify your need for career development.

Needless to say, no more leaping. I'd rather study and learn the insides and outs of my CCNP-CCIE level material before even trying for a more Sr. title. Maybe even enjoy stability - but that's not fun now is it?

ptilsen

Some employers definitely care, and a history of frequent hopping can be harmful. However, it won't necessarily hurt you overall. Getting the pay raise, new experiences, and new responsibilities can easily make it worth it. I've done well with 1.5-2-year stints, myself.

kenop

People say money isn't everything, but once you've decided you're going to work in a certain field, why wouldn't you want to push for the most money possible? I had the exact same goal (salary wise) and met it just in time.

In some areas of the country, this is easier than in others. Cost of living is so high in VA/DC area where I am that $100k really isn't much, sadly, and the county I live in has the highest average salary in the country I believe).

But the trick to quickly accelerating is to:

1. Be outstanding at what you are hired to do.

2. Never, ever say "that's not my job." Be the one employee that takes on any new project or direction that the company is looking for, no questions asked, and learn as you go along. Don't know how to do something they want a volunteer for? SAY YES, and learn it because you now HAVE to. Push yourself.

3. Never, ever give ALL of your effort. If you can do your 40 hours of weekly work in 20? Do it in 40, but do it perfectly. Take the spare time to identify problems in the processes, procedures, and architecture. Think like your boss. He isn't worried about the technical details. He wants the business to make more money with less effort. He wants new ways to allow his EXISTING employees to perform better or more efficiently. He's looking for the employee who is on HIS side. Show him that you are one of these people and you will move up.

4. Speaking of moving up, in my experience it has always been easier to move to other, bigger jobs than to climb the ladder in one place. Your mileage may vary. I chose to learn everything I could at one job, and look for the next step. It's easier to justify a large increase in salary when the new company doesn't know what you were making before, or even if they know, the new job has more responsibilities. Again, you need to AIM high, and let the pressure of failure push you to learn. Don't lie to employers, but always say YES, I will do it. I won't stop until it's done. I will research that and make it happen.

Having too much confidence makes you come off like a jerk in the real world. But behind closed doors, with your boss or interviewer, it is EXACTLY what you need.

I used this simple formula to get to and smash well past the 100k mark by 30, with just a high school degree and a few certs. And you'll quickly set new goals above that and reach them.

Good luck.