Advice for your child to make money

[kumquat]

My career test came back with "party animal", but somehow I ended up as an engineer and mid level manager.

I started my career as a "party animal" who had to leave the party to shower and go to work. Never took one of those tests, didn't need it.

 

[Nords]

My career test came back with "party animal", but somehow I ended up as an engineer and mid level manager.

That's a distinction without a difference!

 

[glippy]

Be willing to relocate to anywhere in the world. Get into a high-paying blue collar job (oil fields maybe?). Save every dime and work tons of overtime for 4-7 years. Then quit. If you still have the itch for it, go to college and get a few degrees for fun in something you're interested in. Get a part-time job to pay living expenses while in school. Max out the student loans and invest the "living expenses" money they give you into the stock market. Spend another 4-7 years in school while the money from the blue-collar nest egg compounds interest and you bank the student loan money.

Then retire on $30k/year, move to a state/country with free/subsidized low-income healthcare, sign up for IBR, never pay back the student loans, and do whatever you want.

 

[haha]

Be willing to relocate to anywhere in the world. Get into a high-paying blue collar job (oil fields maybe?). Save every dime and work tons of overtime for 4-7 years. Then quit. If you still have the itch for it, go to college and get a few degrees for fun in something you're interested in. Get a part-time job to pay living expenses while in school. Max out the student loans and invest the "living expenses" money they give you into the stock market. Spend another 4-7 years in school while the money from the blue-collar nest egg compounds interest and you bank the student loan money.

Then retire on $30k/year, move to a state/country with free/subsidized low-income healthcare, sign up for IBR, never pay back the student loans, and do whatever you want.

I wish I had this advice when I was young. Great recipe for a confirmed slacker.

What is IBR?

Ha

 

[Meadbh]

My parents advised me "never buy consumer goods on Hire Purchase" (the local term for financing it). That was good advice.

 

[Redbugdave]

My advise from my little world...If your child does not have a burning desire for a special field, (astronomer, etc), then go to school and get a good basic degree...business administration, etc. I would counsel them to go into the military as an officer, (enlisted sucks, been there done that). You can have it all, then. The apron strings get cut, adventure in the real world, good pay and benefits with the chance to even change jobs if you wish. He/she could do a career or get out with some of the best training in the world and go corporate. Or even be frugal...saving dryer sheets and not ever work again after only 20 years or so. Did I mention...benefits for life? While in the service, he/she could drive planes, subs, or blow all sorts of things up. Like a lot of people already did on these forums...

Many kids follow in their parents footsteps if there's a family business involved. The wealth gets passed down to the next generation...and the newest generation has it easier than the past generation. But I think most people on these forums do/did not have that chance and probably had to make it on their own.

 

[rescueme]

This "do what you love" nonsense is way overplayed. I blame it on the baby boomer zeitgeist.

I agree with you somewhat (as an early boomer), but must say that all boomers did not share in this "sham". Who you speak of are those of the "privileged class" (as many on this forum are - sorry, but true).

Sorry, but I received my physical/draft notice at the age of 18 (daddy/mommy had no responsibility nor cared about my "future", during my childhood or after I had my "own life" upon leaving home after leaving for the military, never to return to my "home" for more than a few nights).

For more than 40 years, I was only in it for the money, and how my families (DW/DS) were taken care of. While my mother/father could care less, I leaned from their lack of concern.

I had no time to "do what I love"; I had a real life (and real responsibilities) to take care of. I was (and still am) "the man" for my little family.

BTW, this being "Father’s Day"? Mine sucked. Even though he's been gone for many years, I have no good memories at all; he made my life hell (thanks for letting me vent)…

 

[FUEGO]

What is IBR?

Ha

Income Based Repayment. It is a government program that allows you to repay your loans based on a percentage of income. After 25 years your remaining unpaid indebtedness is forgiven.

We participate (DW and I). Knocks a few thousand a year off our student loan payments while we are both working, and will likely mean we pay nothing when we ER in 4-5 years. Then in 24 more years whatever we haven't paid is forgiven.

Even better is the Public Service Loan Forgiveness. 10 years of income based repayment while working in government or non-profit and then all remaining student loan debt is forgiven.

 

[BizzyC]

Regarding the "Do what you love" advice. . .

I have a friend who has a 16 yr old son. The son was having a bad day (or maybe really just having a "16 yr old boy" kind of day) and was ranting about how he hated everything and everyone.

My friend asked him to think about what he loved.

His answer was "Getting stoned and playing video games".

I don't think that field actually pays very well.

 

[clifp]

Further, the advice I'd give is that it's not about what you make, but what you keep and save.

Teaching him to spend less than he earns and have a healthy savings rate, regardless of chosen profession, will eventually make him wealthy.

I think this is really the key. Or my favorite Hawaiian saying "two ways to be rich earn more desire less."

As for following your passion, I'm going to disagree with Steve Jobs et al.

Let's face it a lot of fun jobs don't pay very well. In some case like writing, acting, rock bands, they don't even pay starvation wages unless you are near the top. Even superstar social workers or horse trainers don't make a ton of money.

On the other hand there a lot of mundane jobs that pay very well. I doubt there are many teenagers that want to grow up to be middle managers at GE, or WalMart.

My dad spent most of his career as pharmaceutical salesman . Whatever passion he had for the job evaporated after his firm was bought out by Bristol Myer and he got a couple of young ambitious bosses. I think he was a decent salesman and able to turn on the charm but he was basically an introvert and I think sales and corporate politics were tough for him.

His real passions were woodworking and flying. My dad was real handyman able to add rooms to our house and friends and relatives and even build whole house. He also was master craftsman able to turn out beautiful custom furniture rapidly. By the time he was 50, he had managed to get his sales job down to something he could do in 6 hours a day. This gave him time to combine both his passions and start building a beautiful wooden aircraft. At 55 he took an early retirement and more or less did built the airplane full time for 5 years.

He didn't really retire with enough money (certainly by forum standards). He reluctantly took my money when I had make some furniture for me. Several times I urged to get in the custom furniture business since several my Silicon Valley friends had admired his work and wanted him to make furniture for the. I figure if just charged what the high end furniture stores charge he could make a decent living. Finally he told that he really had no interest in doing so because he was sure the pressure of turning his passion into a business would ruin the fun.

I also know of plenty of folks that started out in high tech and now have a side business/career involved with music. I think we have some on the forum also. I think for most of these guys it is probably better they earned money first which allowed them the freedom to pursue their passion.

I think it is truly a fortune person who can combine both.

 

[JDARNELL]

I am a few years behind this with my kids however my oldest who is going into high school this year is beginning to think about what he wants to do. And he is noticing the things that I do. My tactic with him is to talk about functional skills that would apply to multiple areas. For example when we see the kid at the fast food I ask my son “what is that kid doing”. Answer usually involves something like “taking my order Dad.” I then dive into the 2nd order tasks and what the kid has to know take the order. I sometimes get questions like “Dad is that a good job.”
I talk to him about what type of life he wants to have and what type of interaction he wants to have with people. I also ask him what type of stuff he likes and what type of environment he wants to spend his time. And I think he is listening. In fact he is listening too much and really thumps me in the chest from time to time. For example, A few months ago he picked up that I was really struggling with a work issue. He asked me “if you don’t like it why do you do it?” “Seems to me that Dad you should do something you enjoy.”
Recently I received a job offer utilizing my skills in a completely different area. When I told him about it and asked him what he thought he replied, “I think that would be important Dad as you would be helping people.” My thoughts to that point were more about the logistical side and what subset of my skills I would be improving. In his mind it is real simple. Geez how did I miss that!
JDARNELL

 

[Brat]

My son enjoyed sailing. He noticed that adults in his moorage used their boat on the weekend and then spent time cleaning it. He realized that there were opportunities for cabin cleaning, a business he could do after school.

Leaving out several years (graduating from Cal Maritime, sailing merchant ships) he and his wife own and operate a boat yard.

 

[Snoozie]

I agree with many others - tell him to find his passion, something he enjoys learning about.. My nephew was involved with 4H and began raising/showing pigs. He loved the animals and learning, reading about them. He is now at Ohio State Vet school on a full scholarship - it's something he's always loved and is so excited about his future career of caring for farm animals.

And I'd suggest you teach your son to become financially responsible early on in life (while still a youngster). Let him EARN an allowance and save part, spend part. Doesn't matter how much you make if you can't manage and budget what you do have.

 

[Free To Canoe]

Tell him to pursue a career that he likes that will bring dignity to himself and his family.

 

[FUEGO]

Tell him to pursue a career that he likes that will bring dignity to himself and his family.

Yeah, but what if he chooses to be a lawyer or a politician?

 

[Free To Canoe]

Yeah, but what if he chooses to be a lawyer or a politician?

Then he will be a standout because of his uniqueness.

Also, it depends on how one defines dignity.

 

[Nords]

Also, it depends on how one defines dignity.

So we're no longer discussing the occupation, but rather haggling over the price?

 

[Free To Canoe]

So we're no longer discussing the occupation, but rather haggling over the price?

This is how I see it. In one family being a lawyer may be the noblest of professions. In another, it may be considered an undignified one. The specifics will vary.

 

[brewer12345]

So we're no longer discussing the occupation, but rather haggling over the price?

Reminds me of the old joke where a billionaire propositions a married woman. When she refuses, he says "how about for a million?" She demurs and he ups his offers until she finally agrees. When he starts ordering her around to do this and that she asks,"what do you think I am, a whore?" Answer: We already established that, it was just a matter of price.

 

[Free To Canoe]

So we're no longer discussing the occupation, but rather haggling over the price?

Got that quick enough. Had trouble with there is no dignity in any work implications. Is this what you mean?

 

[freebird5825]

My suggestion would be to sit down at a regional Help Wanted site like this
Central New York Area job search and jobs posting. Find a high quality employee. Find the perfect job.

and have your son look at various detailed job descriptions by category.

Another possibility is for him to register with a Temp agency (I am assuming he is 18 or older) and see what they think he would be good at. If he is not in a tough financial position, he could try a few different PT or FT j*bs in various fields/different employers and see what clicks.

 

[kyounge1956]

I just don't understand why people advise doing what you love as a way to choose a career. It isn't always possible to earn enough to live on, doing what you love.

I don't have any children, but if I did, I'd advise them to learn a trade, then earn, save and invest to achieve financial independence no later than age 50. A trade, because plumbers, carpenters, electricians, mechanics and the like have to be physically present to do the work, which makes it harder for your employer to offshore your job. If you're of an entrepreneurial bent, you can have your own business in a trade; if not, you can work for someone else as an employee. Financially independent by age 50, because of age discrimination--if you lose your job after that age, you may never find another that pays as well, so be prepared not to need to.

I do think Freebird's idea of working temporary jobs is a good one. Even though I don't think it's practical to choose your work by what you love, it makes sense to pick one that won't make you miserable, and you can find that out by working a variety of temp or PT assignments.

 

[Free To Canoe]

I just don't understand why people advise doing what you love as a way to choose a career. It isn't always possible to earn enough to live on, doing what you love.

I don't have any children, but if I did, I'd advise them to learn a trade, then earn, save and invest to achieve financial independence no later than age 50. A trade, because plumbers, carpenters, electricians, mechanics and the like have to be physically present to do the work, which makes it harder for your employer to offshore your job. If you're of an entrepreneurial bent, you can have your own business in a trade; if not, you can work for someone else as an employee. Financially independent by age 50, because of age discrimination--if you lose your job after that age, you may never find another that pays as well, so be prepared not to need to.

I do think Freebird's idea of working temporary jobs is a good one. Even though I don't think it's practical to choose your work by what you love, it makes sense to pick one that won't make you miserable, and you can find that out by working a variety of temp or PT assignments.

+1 This provides a much better alternative for most young people to the college situation IMHO and is almost universally overlooked. The only down side is that just like some people are not cut out to go to college, so it is that some people are not cut out for the trades.

 

[leftbucket]

Ok, I'll make it easy for everyone who may still be coming back to this thread.

Here's the self-proclaimed "best job in the world"
with the "best benefits in the world"

Firefighter Benefits and Salary

Yes, I am biased.

R/
LB

 

[Meadbh]

Ok, I'll make it easy for everyone who may still be coming back to this thread.

Here's the self-proclaimed "best job in the world"
with the "best benefits in the world"

Firefighter Benefits and Salary

Yes, I am biased.

R/
LB

Firefighters deserve every benefit they can get because they take tremendous risks on behalf of the rest of us!