Ask the Readers: Is it possible to earn $90,000 in salary by age 30?
There is a debate on Canadian Money Forum about teens expectations of earning $90,000 per year by the age of 30. The debate stems from an article in the Moneyville and it appears the argument is fairly balanced. Moneyville surveyed over 3,000 recent Canadian high school students, most of which were planning post secondary education, about what their salary expectations were in 10 years. On average, the students expected to earn about $90,000 by the time they were of the age 28 or 29. Lets round to age 30 as it’s a nice round number and a milestone age. Adjusting for 2.5% annual inflation over the 10 years, and it’s buying power of about $115,000 in todays dollars.
Reading through the thread on Canadian Money forum, I was surprised at how many believed that it was unrealistic to achieve such a salary by the 30 year milestone. Yes, $90k for a 30 year old is above average, but it’s certainly achievable by making the right choices and by thinking a little bigger. To me, if the goal of the student is to have a higher than average salary, then create a plan and go for it.
I know many 28-30 year old’s who make low six figure salaries by making particular career choices and/or by enduring a bit of sacrifice. One sure fire way is to find a career in the oil patch. From my own experiences, an Engineer in the Oil and Gas industry can certainly make six figures with a bit of experience. Although the lifestyle typically involves a fair bit of travel, the compensation is typically higher than average. I also have friends who are pharmacists, and they can make $50/hr in the retail environment relatively easily. Other career choices with higher salaries include trades that are in demand, dental hygienists, or commission based sales positions.
What are your thoughts? Is it realistic for a young student to expect to make $90k by the age of 30?