On the ground with both feet and running (A+ career right out of college)?

[MrBojangles]

I post this here as it seems that many young folks have had a great start right out of college—I hear whispers of some with six figure salaries not long out of college. This wasn’t available to me, when I graduated almost 3 1/2 decades ago, but anyone is welcome to respond, of any age. Did you hit a home run with your first job as far as pay, flexibility, and lifestyle right out of college or nearly so? Is that possible, or is this a something I desperately wanted but made up in my mind?

A bit of background about me, and why I bring this up. I went to college initially for all the wrong reasons. Thought I was going simply to make a massive income, something no one in my family ever did. I thought simply the desire to do it and a willingness to live in NYC was all it would take. And I was so right about had I pulled that off and invested in Manhattan real estate 30 years ago, what a great investment that was.

A few things before I finish. I didn’t come from money, I saw a lot of money around me (mostly inherited), I attended state university because of the cost (and wanted out as fast as possible and did it in 7 semesters), and started out there contemplating a business major until a guidance counselor gave me literally the worst advice ever when I said my goal was to rise to the top in a major corporation in NYC (so I could get paid a lot). The advice—why study business, corporations love liberal arts graduates. And so, liberal arts it was, a degree that sounds better than English Lit but probably a lot less marketable. And, um, I had no COMPETITIVE it really is out there—reasoning that Baby Boomers would be retiring in huge numbers and no one left to fill their shoes, which, to me, simple supply and demand, meant I could make a whole lot of demands (due to lack of supply). I’m now nearly 55 and, so far, as far as career goes, I have yet to make one demand, even during COVID.

And so, I got my degree, went to NYC, handed out a lot of resumes (to doormen who, I’m sure, promptly filed it right in the trash). Got one interview with a temp agency, offered $12.00 an hour, no benefits, couldn’t even consider that with student loans (of $67 a month). Worked locally for a few years at minimum wage WITH that college degree, and got a job in the DC area as a GS-07. That pay now would be $57k a year (I started at $30,119 and lived in a cheap basement apartment and then an extension on a house) before attending graduate school. Again, not great timing and found my starting pay was less than what I left 4 years previously. Only since switching jobs and COVID has my pay gotten good ( and for that I’m thankful). And, my above experiences are what made me become frugal and why I can at least contemplate retiring at 57 if I want to.

Truth be told, if I had gotten that stellar salary, I probably would have blown right through it (many who are handed a lot for doing very little do just that) and ended up under the front tire of a Rolls Royce at the country club at age 39 and that would have been it .

Okay, now make me drool. Is living like Don Draper in Mad Men, or even far, far better, your reality?

 

[Lorenzo]

I graduated as a computer engineer in the mid-1980s, and while the starting salaries were higher than almost all other bachelor's degrees (Chem E's earned more), I saw friends in other fields--mostly business-related fields--quickly outpacing me with their annual increases. After five years of two percent salary increases, I switched careers entirely. Engineers are treated better nowadays.

 

[Dash man]

No, I’m not reliving my early working years anymore. Life is much better now than the struggles of yesteryear.
Now I have a happy marriage, great sons and grandchildren, a great daughter in law and a great ex DIL who is generous with letting us have time with two grandkids in our home. A great Church and solid finances.

 

[RetiredHappy]

If you want that high paying job, it is a combination of hard work and opportunity. My sister asked me to pursue an Accounting degree, like hers, so that I could re-use her text books. No interest. Then she said why not go into Computer Science and double up with a second major in Economics. After a bunch of aptitude tests, I got accepted into Computer Science program which had a class of only 130 students. I had a second major in Economics. I did get an MBA after working for about 8 years.

To cut a long story short, first job as an Analyst Programmer, left and moved to another multi-national company and got into management shortly after. Another couple of moves later, I was IT manager for Asia-Pacific, and then an expat assignment to China for a couple of years before the company relocated me to the US.

Pay was very good but not "big bucks". My current spouse also worked the same mega corp. Well, I met him at work. My ex-spouse also worked in the same mega corp and also met him at work.

Left the company and started our own business, sold it after 8 years and retired. We never made that kind of money running our own business compared to what mega corp paid us.

 

[TickTock]

A quick search shows average inflation from 1991 - 2024 is 2.53%, cumulative total 127.85%.

So, $100,000 / 2.28 = $43,860.

I think that was in the range of my first engineering job. Pay wise, I guess that's an equivalent home run. Flexibility? Not so much... Lifestyle - DW and I always LBYM during w*rking years.

Funny story - I *thought* I wanted to get an MBA and shoot up the megacorps ranks. Until DF bought me a book titled something like 'The Insider's Guide to the Top Ten Business Schools'. :shudder: That disabused me of that notion very quickly! (thank goodness)

 

[MrBojangles]

A quick search shows average inflation from 1991 - 2024 is 2.53%, cumulative total 127.85%.

So, $100,000 / 2.28 = $43,860.

I think that was in the range of my first engineering job. Pay wise, I guess that's an equivalent home run. Flexibility? Not so much... Lifestyle - DW and I always LBYM during w*rking years.

Funny story - I *thought* I wanted to get an MBA and shoot up the megacorps ranks. Until DF bought me a book titled something like 'The Insider's Guide to the Top Ten Business Schools'. :shudder: That disabused me of that notion very quickly! (thank goodness)

I looked into an MBA once. The reallly good schools I couldn’t get into, and the folks applying already had the experience I dreamed of having WITH the MBA. The ones I got into folks got out to go manage a Rite-Aid.

 

[MrBojangles]

If you want that high paying job, it is a combination of hard work and opportunity. My sister asked me to pursue an Accounting degree, like hers, so that I could re-use her text books. No interest. Then she said why not go into Computer Science and double up with a second major in Economics. After a bunch of aptitude tests, I got accepted into Computer Science program which had a class of only 130 students. I had a second major in Economics. I did get an MBA after working about 8 years.

To cut a long story short, first job as an Analyst Programmer, left and moved to another multi-national company and got into management shortly after. Another couple of moves later, I was IT manager in Asia-Pacific, and then an expat assignment to China for a couple of years before the company relocated me to the US.

Pay was very good but not "big bucks". My current spouse also worked the same mega corp. Well, I met him at work. My ex-spouse also worked in the same mega corp and also met him at work.

Left the company and started our own business, sold it after 8 years and retired. We never made that kind of money running our own business compared to what mega corp paid us.

Now that’s interesting. I had always thought owning your own company was more lucrative than working for someone else.

Right out of college, I didn’t have the money nor the brains to start my own company.

 

[TickTock]

Now that’s interesting. I had always thought owning your own company was more lucrative than working for someone else.

High risk, high expected reward. Most new businesses fail in the first five years.

Looking at the results of the successful ones can give a distorted view. I think this is a valid criticism of Stanley and Danko's The Millionaire Next Door.

 

[RetiredHappy]

Now that’s interesting. I had always thought owning your own company was more lucrative than working for someone else.

Right out of college, I didn’t have the money nor the brains to start my own company.

90% of all newly formed businesses go belly up within the first couple of years. For the rest that remain in business, less than half a percent actually makes good money. Of course we hear about people who make alot of money who own their own company but that is so miniscule. There are not that many Bill Gates around.

 

[Koolau]

4 year degree and started at $800/month. That seemed like a lot of money since my summer jobs never paid more than $2/hr. I thought I was rich - until the end of the first month.

That's when I started thinking about saving. Investing was "automatic" with Megacorp's plan which was somewhat similar to a 401(k) but long before the tax advantages.

I started out in life being rather poor. My university degree and good staff-level j*b paid enough that I always felt solidly middle class.

Now, because I saved a lot, I feel (almost) rich though I don't live rich.

 

[pacergal]

First formal nursing job was night shift at a major hospital 11pm-7am for about $9, if I remember correctly. Did that before I stumbled into public health where I stayed for 38 years. Significantly lower pay than my colleagues in private nursing jobs, but have a good pension, 100% lifetime for both myself and DH and small cola.

Parents taught LBYM and save some from every paycheck ever since I was young. That lifestyle followed me and still does. We don't have millions saved, probably much less than most folks here. But the pension is priceless.

 

[TickTock]

Now, because I saved a lot, I feel (almost) rich though I don't live rich.

Don't remember where I first saw this - You can *look* rich or *be* rich. It takes a **lot** of money to do both!


My typical garb is jeans and a t-shirt. I've always said that I don't want to walk down the street and have people recognize me; I just want to be rich enough to buy the street if I want to. Well, people don't recognize me, so half of the goal realized...

 

[MC Rider]

Graduated with a business admin BS degree in 1981. Also that year I had 7 W2 forms, and all those jobs were crap. Finally found a decent one in 1982. Never did administer a business or want to be in management. Working as a 1 man band real estate appraiser was pretty good though. Except when it was slow.

 

[wrigley]

Joined the military right out of HS. Even though I attended a "college preparatory HS" I had zero desire to go to college. The money I made in the military at first sucked, but they fed me, gave me a place to sleep/shower, provided medical and dental care, and offered tuition assistance for college classes.....all of this at no cost to me. I learned a valuable skill and 20 years later at the ripe old age of 38, I started drawing a pension and was still young enough to pursue another career if I desired. College just wasn't in my plans, but doing something productive with my life was!

 

[Koolau]

Joined the military right out of HS. Even though I attended a "college preparatory HS" I had zero desire to go to college. The money I made in the military at first sucked, but they fed me, gave me a place to sleep/shower, provided medical and dental care, and offered tuition assistance for college classes.....all of this at no cost to me. I learned a valuable skill and 20 years later at the ripe old age of 38, I started drawing a pension and was still young enough to pursue another career if I desired. College just wasn't in my plans, but doing something productive with my life was!

Thanks for your service!

No, college isn't for everyone. I love watching Mike Rowe talk about all the opportunities that exist for those without college degrees.

College was a good fit for me, but I'm convinced way too many young people believe it's the only way to a good life. There are so many other ways to achieve one's dreams.

 

[MC Rider]

There are so many other ways to achieve one's dreams.

Yes to that. My Dad was an HVAC guy and did quite well. Has more than he needs and everything he wants, more or less. Just not his youth.

 

[RetiredHappy]

Love going to school, well maybe not. I was not very good but did well enough to get into a top university, got into a prestigious major during my time, graduated, well kind of scrap by on my grades. Did very well in my GMAT and with a solid work resume, it got me I to a top MBA program. Graduated with kind of scrap by grades again. Education opens up the mind but what you do with it is up to you.

My son who has high functioning autism has 2 Bachelor Degrees, including one in Accounting, but prefers to work in blue collar jobs. I don't consider his education a waste. If I had known that he is more comfortable in blue collar jobs, would I have paid for his education? Absolutely yes. It is not about financial returns. It broadens the mind and that is priceless. Now if I could not afford to pay for his university education, which totalled about 8 years and over 15 years, then I probably would not have pushed him into getting his Bachelor Degrees.

 

[MrBojangles]

Thanks for your service!

No, college isn't for everyone. I love watching Mike Rowe talk about all the opportunities that exist for those without college degrees.

College was a good fit for me, but I'm convinced way too many young people believe it's the only way to a good life. There are so many other ways to achieve one's dreams.

Right! In the late 80s, it was presented as about the only option. There were few good jobs in the area I grew up in to begin with, let alone without a college degree. If it wasn’t for hearing deficiencies, the Navy is where I should have gone. But, I had this idea that a college degree was the ticket to fabulous wealth with very little effort, and had I not attended, I’d probably be saying now, if only I had gone to college, I would have become incredibly wealthy…

Today, with what college costs, it’s a poor ROI. Better served going into the military or pursuing a trade.

 

[CyclingInvestor]

Computer Science degree from a state school in '79, $18k starting salary as a programmer 1 week later (good at the time), standard almost linear raises for 27 years at 4 jobs.

The "home run" was choosing the right field in college - it led to a very relaxing, stress-free career, much better for me than any other. Bicycled to work most days (5 to 23 miles), mostly shorts and tshirts, usually worked alone.

 

[ncbill]

Joined the military right out of HS. Even though I attended a "college preparatory HS" I had zero desire to go to college. The money I made in the military at first sucked, but they fed me, gave me a place to sleep/shower, provided medical and dental care, and offered tuition assistance for college classes.....all of this at no cost to me. I learned a valuable skill and 20 years later at the ripe old age of 38, I started drawing a pension and was still young enough to pursue another career if I desired. College just wasn't in my plans, but doing something productive with my life was!

Thanks for your service!

Military as well for my kids...active & reserve...after first paying for most of their college.

Active duty will be eligible for military retirement early 40s, reserve officially age 60 but that can be bought down via deployments.

 

[corn18]

I just wanted to be a pilot. Couldn't afford the civilian path so joined the military. Got an electrical engineering degree from the Naval Academy and then flew F/A-18's for 20 years (became a test pilot). What a blast! Retired @ 42, started drawing a pension and got a follow on job with a defense contractor that paid a metric boatload of $$$ for my experience and Rolodex. Retired from that 4 years ago @ 55. Never used my electrical engineering degree, but always thought and wrote like an engineer.

 

[MrBojangles]

I just wanted to be a pilot. Couldn't afford the civilian path so joined the military. Got an electrical engineering degree from the Naval Academy and then flew F/A-18's for 20 years (became a test pilot). What a blast! Retired @ 42, started drawing a pension and got a follow on job with a defense contractor that paid a metric boatload of $$$ for my experience and Rolodex. Retired from that 4 years ago @ 55. Never used my electrical engineering degree, but always thought and wrote like an engineer.

This is why the military is such a valuable experience. I don’t know if tubes in my ears and hearing deficiencies would have made military experience impossible, but, if I had to do it over again, I would have tried for the Navy. I couldn’t get into the Coast Guard.

One reason why I didn’t try hard to get into the military is because you have to move all over, something I thought I would never do. That’s been the end result once I got my college degree, anyway.

 

[planuntilthefisthits]

Right out of college for me was after getting my MA and Ph D. It took me a while to find my niche because I decided to pursue the public and private sector rather than academia, where I was quite successful. The money was good from the start, but way below my aspirations. I had years of self-doubt. In time, and with self-reflection, a good business and personal plan developed. Hard work created a viable business which I eventually sold. Working through all the hard times to find financial success was a success itself. Funny how from the outside, people don’t see the struggles.

 

[Oakster]

I graduated with an Engineering degree. I went to work with the state DOT and it didnt pay that great. Actually, I was putting about $10k a year on my credit card more than I was earning, including overtime. I eventually went to the private industry and my salary doubled in short order and the work was much more enjoyable. It has been a strong market since the day I graduated and never a scare of a lay off or lack of work. It was a wonderful choice for me and it has provided me with most of the things I really want to do.

 

[timbervest]

Came out of graduate school in '78 fortunately with no debt but in the depths of the stagflation 70's. Jobs in the financial industry were few and far between. Got lucky and landed a job with an insurance company working in the pension department. They liked a guy with a Masters Degree in Economics (my boss said "like getting an MBA at a cheaper price" -- seriously said that with me standing there) and then started me out at $13K / year. Fortunately this was just as the whole CAPM/diversification investment model started taking hold in the industry and opportunity took off after that. Started saving from day one, LBYM, and got a little lucky along the way. 46 years and one more job later I found myself very FI and although not RE happy for the journey.