CAN I GET RICH ON A SALARY

Personal Finance Blog... tips, successes, screw-ups, and musings on wealth accumulation and other financial goals from one-half of a couple that took their net worth from barely over $100k to over $1 million.

Where Can You Make A $100,000 Or Better Salary?  

I heard this story about fourth-hand, which should really make it accurate. A second-grade class is asked by its teacher for a show of hands of everyone who would like to pay less taxes. The hands of every child go up—except one. The teacher asks the boy who didn’t raise his hand if he would like to pay more taxes. He nods. The teacher asks why. The boy responds, “Because it’d mean I was making more money.”

In what I’d call a parallel issue, I’ve been reading some blog posts and discussions about the relative importance of emphasizing frugality versus emphasizing trying to increase your income. My sense is that these discussions go back through many blogs through some time. But for some fairly recent posts, check out: Spend Less Than You Earn Or Earn More Than You Spend? (at The Digerati Life) and Sometimes It Is the Amount of Money You Make (at I’ve Paid For This Twice Already…).

Anyway, my general view is that you have to do both. But I’m more likely to offer two-cents-worth of advice that is worth its face value in the area of increasing income. (For my disclosure of my weakness in frugality, check out my post, Frugality and Chocolate Sundaes.)

So for those for whom this may be useful or just interesting, here’s a look at jobs in which you can earn an annual salary of $100,000 or more.

This past weekend’s Sunday paper came with Parade magazine and its annual look at “What People Earn.” For those of you who have never seen this, it’s a list of actual people with their actual salaries—as well as a few sidebars, which discuss certain industries and representative salary ranges for certain jobs.

I went through the lists to find everyone who was making $100,000 or more—but not $200,000 or more. I eliminated the salaries of $200,000 or more because the corresponding jobs seemed largely (though not entirely) inaccessible for most of us. For example, they listed some well-known show-biz personalities (all making millions), a CEO of a large bank, and so on.

So here’s the $100,000+ list:

  • $100,000—information-technology systems analyst (extrapolated from representative salary given as “more than $91,000”)
  • $100,000—court reporter (stenographer) in St. Louis, MO
  • $103,500—advertising salesperson for new-media website (representative salary)
  • $109,600—school principal in Columbia, IL
  • $110,000—comic book publisher in Oak Park, IL
  • $120,000—gaffer (electrician) in Temecula, CA
  • $120,000—creative director for new-media website (upper end of representative salary range)
  • $125,000—filmmaker in Los Angeles, CA
  • $129,500—civil engineer in Syracuse, UT
  • $137,500—first-year attorney (representative salary at large firm)
  • $143,000—identity-theft consultant in Birmingham, AL
  • $145,200—industrial electrician in Dinwiddie, VA
  • $150,300—corrections officer in Yonkers, NY
  • $165,200—U.S. Senator in Burlington, VT
  • $173,300—real estate broker in Fairbanks, AK
  • $178,000—rodeo steer wrestler in Lance Creek, WY
  • $180,000—pediatrician in Alpharetta, GA

Well, I don’t know how “accessible” it is to think about going out and becoming a U.S. Senator at this point in your life (or at least my life), but it’s an interesting list. The article also noted industry sectors that it considers more “recession-proof”: energy; security; accounting; wireless support; and database administration.

To build on the Parade article, I dug around on the Internet and found an MSN Money article titled, “10 surprising six-figure jobs.” Here’s the list:

  • Court reporter
  • Professional (life or career) coach
  • Mine manager
  • Salesperson
  • Truck driver
  • Pressman
  • Technical writer
  • Restaurant manager
  • Air traffic controller
  • Elementary school principal

Principals and court reporters appear in both lists! No, I don’t know how that helps anyone, but it seemed worthy of an exclamation mark at the time.

Finally, check out Salary.com’s Salary Wizard—and its listing of “Six Figure Income Jobs by Category.”


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7 comments

  • thebaglady  
    April 15, 2008 10:18 AM

    ah, I feel like six figures really isn't much when you live in a high cost area. After taking away 40 to 50% for taxes there is not that much left to save to spend. It is still a psychological achievement to say that you make six figures, though.

  • Andy  
    April 15, 2008 12:56 PM

    Wow, great list and like your all your posts, must have taken some effort to put it together. Always an enjoyable read.

    I was surprised with some of the jobs, $110,000 for a comic book publisher in Oak Park, IL. I missed my calling!

    Cheers,
    Andy

  • David Carter  
    April 15, 2008 1:58 PM

    I'm in school to be a mechanical engineer. Hopefully that will pay me the big bucks. Although I don't want to do that forever... ie: I don't want to get rich off my salary.

    I would ideally like to start my own business sometime. I think I would enjoy that more. Hopefully it works out for me.

  • Funny about Money  
    April 15, 2008 5:21 PM

    Uhm....though tech writing is well paid (as jobs for English majors go), in the absence of a dot-com bubble it's not so easy to get those jobs any more. And I don't know a tech writer anywhere who's earning in the six figures. Which o'course doesn't mean there isn't someone, someplace where it takes six figures to afford an 800-square-foot apartment.

  • Flimjo  
    April 15, 2008 8:45 PM

    I'm an attorney, and I make more than $150K. And it SUCKS. My advice? Become a salesperson. Learn how to sell. Then start your own business, and get rich.

  • Jamy  
    April 16, 2008 9:56 AM

    Hi,
    This is the first time I comment in your blog though I visited often.

    I think they forget to mention about nursing (Register Nurse).

    An RN get about 60k/yr on a 3days(12hrs) shift and can pick up another 2 days (12hrs) travel or PRN shift and that extra 2 days would come up to $50k/yr. A $100k - 110k/yr is a very achievable target.

    Esp now, we are in an acute shortage of nurses, it is easy to get our assignment even in low cost area and yet make that kind of $.

    Not like other job where higher end pay jobs concentrated in high cost areas like Bay, Silicon etc. But, even in the bonnie they require RN.

    If RN are business savy, there are tons of health related business that are waiting to be filled, just look around our baby boomer population.

    An RN only need to work about 7 years and invest in some of the boomer related business, he/she will be multi-millionaire in no time.

    Just my 2cents, it is not even worth it.

    Jamy

  • G Blogmaster  
    April 17, 2008 4:49 AM

    Thanks for all of the comments -- and for the additional details and updates on what's going on with some of these jobs and professions in your experiences.

    A couple of you mention starting your own business. I believe there is quite a bit of data suggesting many self-made millionaires have done it through starting their own business. Someone in a comment thread on another post pointed out that this data is often not accompanied by broader data -- e.g., what the success rate of starting your own business really is. I suspect the failure rate is quite high, but it's nevertheless always been intriguing to me too...

    @Jamy,
    Thanks for visiting and reading -- and now commenting! I am quite happy to have your 2 cents!

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