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Old 05-20-2015, 10:21 AM
 
Location: Dallas, TX
2,825 posts, read 4,443,361 times
Reputation: 1830

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Quote:
Originally Posted by keribeth818 View Post
120k monthly? For the majority? You are out of your mind. I know plenty of folks at investment firms, lots out of top B schools and NONE come anywhere near this, especially at the ages we are talking about here. Even the best compensated make 300-400/yr, including bonuses. Most are making well below 200/yr. They are also expected to work 80+ hrs/wk. Those are the MBA grads. The folks right out of undergrad work like dogs for less than 100k. This would be in the financial hub cities on the coast. I cant imagine the salaries would be better in Dallas. I'll take my 40 hr/wk straight pay job for the same $/hr and have a life thank you very much.
GS is known to payout better than just about anyone. In 2012 their average comp was 399K. Again, that has pretty much nothing to do with the DFW average 20-30 year old.

Average Goldman Sachs Pay: $399,506 - WSJ
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Old 05-20-2015, 10:23 AM
 
1,167 posts, read 1,807,864 times
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Quote:
Originally Posted by bencronin04 View Post
It's why we have so many millennials running around in 3 series BMWs(that are more than likely leased) and living with multiple room mates.
Since we are in the Dallas forum, people drive 3/5/7 series BMWs in West Plano when they are 16 lol


To everyone else - I 100% agree it's dependent on industry. To be specific, when I made my post about ~70k out of college and 100k by 30, the jobs include, not limited to, all engineering (esp computer), consulting, IB, banking, sales, startups. I learned it doesn't matter what your major is, more of what you do.
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Old 05-20-2015, 11:02 AM
 
5,253 posts, read 6,357,171 times
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Quote:
It's why we have so many millennials running around in 3 series BMWs(that are more than likely leased) and living with multiple room mates.
Man, there's lots of wierdness in this thread. First, median (half earn more, half earn less) household salary for the entire DFW metroplex is around $55k, but that is bouyed by southern Dallas. Many of the northern suburbs are much higher, touching $100k (Allen & Frisco - residents of both are also young comparatively) and a few are much much higher (Southlake, touching $200k).

Also about 65-70% of new BMWs across the entire US are leased (Audi has the highest lease rates - almost nobody buys one of those things new), so it's not crazy that it would be the same for Dallas.

Finally, DFW has had low homeownership rates for a very long time. Here's an article from 1999 about it (warning PDF): http://recenter.tamu.edu/pdf/1324.pdf The findings then are the same as now- relatively young population, influx of minorities, supply/demand apartments vs homes in balance.
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Old 05-20-2015, 02:09 PM
 
Location: Dallas, TX
2,825 posts, read 4,443,361 times
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Quote:
Originally Posted by TheOverdog View Post
Man, there's lots of wierdness in this thread. First, median (half earn more, half earn less) household salary for the entire DFW metroplex is around $55k, but that is bouyed by southern Dallas. Many of the northern suburbs are much higher, touching $100k (Allen & Frisco - residents of both are also young comparatively) and a few are much much higher (Southlake, touching $200k).

Also about 65-70% of new BMWs across the entire US are leased (Audi has the highest lease rates - almost nobody buys one of those things new), so it's not crazy that it would be the same for Dallas.

Finally, DFW has had low homeownership rates for a very long time. Here's an article from 1999 about it (warning PDF): http://recenter.tamu.edu/pdf/1324.pdf The findings then are the same as now- relatively young population, influx of minorities, supply/demand apartments vs homes in balance.
-Yes household income, no individual.

-The article was referring to Dallas as a whole, not a separation of the northern and southern parts of the metro.

-Residents of the northern burbs may be "relatively" young, but they are not going to be a majority of the millennial generations....which again is what the article focuses on. Median age in say Plano is 38, where as in Dallas it's 31.

-I was referencing 3 series BMWs because one can get into them for fairly cheap and exude a "look me at, I'm rich" life style. It's the same thing with the C class mercedes, Lexus IS, etc. (I used to lease a Lexus IS). You don't see many of the 30K millionaires in Dallas rolling around in a 2000 honda civic they own.
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Old 05-20-2015, 03:23 PM
 
1,315 posts, read 2,670,792 times
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Regarding people under say, late 30's and tremendous salaries...Alot of people lie about how much they make. I think it is pretty common, especially in "plastic" metros where materialism runs rampant. While I really live living in the DFW area, it is certainly alot more "plastic" than other metros I have spent time in....Denver, Seattle,Raleigh. If I had to choose one thing that I dislike most about the DFW area that would be it....the materialism here. Not the heat, the lack of scenery or not being near the coast. I can think of about 10 people that we know off the top of my head who I can say with 100 percent certainty have lied about what they make when it comes up in casual converstation or when they are asked directly. Living in an area like DFW can lead to alot of embelishment when it comes to salaries and lifestyle...

Things I would suggest to any young person in the current time we live in....

- Get your education. Attain at least a bachelors degree in something that has decent job prospects and take it from there. You will probably be more regretful about not attaining your degree than having student loans.

- Be true to yourself and live authentically. Leasing a luxury car if you can't afford to or living beyond your means will catch up to you. Develop hobbies and interests that will assist in your growth as a person. The smarter you are, the easier it will be to maintain perspective and remember what is relevant to you no matter what environment you live in.

- Do not over extend the "college lifestyle" too long. I remember speaking to many friends throught the years who have said 22-32 was kind of a blur. 32 rolled around and they realized how much time had passed....at that they were kind of at the same point as they were at 22.

- When you can eventually qualify to purchase a home, whether married or single, do not over extend yourself. Especially in the DFW area. You will regret buying a 5,000 square foot house if you can't afford the taxes and electricity costs...and you never needed the space to begin with.

- Build credit. Try as hard as possible to not carry any balances on cards, use them for the sole purpose of garnering credit card points and building credit. Pay them off every month. While some people shun the idea of building credit and having any credit cards, I believe that in the time we live in, learning how to be responsible with credit is important. You will need excellent credit to qualify for a mortgage with a great rate unless you are a cash buyer.

- Keep your resume updated, avoid burning bridges and develop a thick skin. You never know when you may run into a former co-worker or cross paths with someone again. The world can be a small place. Learn from mistakes,improve from them and move on.

Last edited by CREW747; 05-20-2015 at 03:45 PM..
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Old 05-20-2015, 06:11 PM
 
Location: North Texas
24,561 posts, read 40,147,614 times
Reputation: 28547
Quote:
Originally Posted by CREW747 View Post
Regarding people under say, late 30's and tremendous salaries...Alot of people lie about how much they make. I think it is pretty common, especially in "plastic" metros where materialism runs rampant. While I really live living in the DFW area, it is certainly alot more "plastic" than other metros I have spent time in....Denver, Seattle,Raleigh. If I had to choose one thing that I dislike most about the DFW area that would be it....the materialism here. Not the heat, the lack of scenery or not being near the coast. I can think of about 10 people that we know off the top of my head who I can say with 100 percent certainty have lied about what they make when it comes up in casual converstation or when they are asked directly. Living in an area like DFW can lead to alot of embelishment when it comes to salaries and lifestyle...
I think a lot of people do exaggerate about the amount of money they make.

I'd be willing to post my paycheck with personal details redacted, though. Or my tax return. I have nothing to hide.
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Old 05-20-2015, 06:43 PM
 
1,167 posts, read 1,807,864 times
Reputation: 829
Quote:
Originally Posted by BigDGeek View Post
I think a lot of people do exaggerate about the amount of money they make.

I'd be willing to post my paycheck with personal details redacted, though. Or my tax return. I have nothing to hide.
Let's see it
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Old 05-20-2015, 06:47 PM
 
Location: Southlake. Don't judge me.
2,885 posts, read 4,630,026 times
Reputation: 3776
Quote:
Originally Posted by TheOverdog View Post
Man, there's lots of wierdness in this thread. First, median (half earn more, half earn less) household salary for the entire DFW metroplex is around $55k, but that is bouyed by southern Dallas. Many of the northern suburbs are much higher, touching $100k (Allen & Frisco - residents of both are also young comparatively) and a few are much much higher (Southlake, touching $200k).

Also about 65-70% of new BMWs across the entire US are leased (Audi has the highest lease rates - almost nobody buys one of those things new), so it's not crazy that it would be the same for Dallas.

Finally, DFW has had low homeownership rates for a very long time. Here's an article from 1999 about it (warning PDF): http://recenter.tamu.edu/pdf/1324.pdf The findings then are the same as now- relatively young population, influx of minorities, supply/demand apartments vs homes in balance.
^^^ThisX2 This thread reinforces that A) income skews WAY high on this forum relative to the norm, and 2) many people seemingly have no clue what the "average" person is really at.

First off, among people 25 years or older in the US, under 30% have bachelor's degrees or higher: American FactFinder - Results Yes, I get that some percentage of the population is developmentally disabled in some fashion, but the point is that WELL under half of the population has graduated from college. So on here, when we talk about what "college graduates just out of school" make, we're already talking a group that is "above average". Now, you might say that the percentage has been increasing recently, and among 18-24 year olds almost 55% have at least "some college", but among 25+ the percentage with at least "some college" is just over 57%, so it's likely not increasing THAT much.

Yes, that's US as a whole, not DFW, but I doubt DFW rates are THAT much higher than the entire country, and I'm too lazy to put the MSA data in the American Factfinder for that table. If someone else wants to, be my guest.

Second, as pointed out by others, actual "median" household income in DFW is well below 60K. Now, again, this includes retirees, people who are disabled in one form or another, 18 year olds just setting out on their own, etc. It's not just "25 to 60 year old married couples". Even so, among that latter demographic, you're not going to see "average" household incomes of 100K.

Third, as happens All The Time on this board, we talk about 250K+ homes in only Certain Areas. How often do people talk about Farmer's Branch (without dismissing most of it), and of course Lancaster and De Soto often get short shrift save from a few dedicated defenders. Or Grand Prairie. Or Euless. We're not even talking about areas like South Dallas (ACTUAL South Dallas, not "the suburbs south OF Dallas") or certain parts of Fort Worth. I believe Haltom City has a bad rep as well. I get that we all "know" that Frisco and Plano and Coppell and all those are "nice", but most of us forget that the vast majority of people can't live in most or all parts of those 'burbs.

If you're ANY age and your household is pulling down 100K, you're doing "well". No, it's not Lifestyles of the Rich and Famous "well", but it's pretty darn good. If you're doing much better than that, you're doing quite well. Yes, it means you still have to "budget" and might want to nurse your car along for a few more years or worry about paying for Junior's college or have to figure out when and how to take vacation and buy el cheapo plane tickets for that and all...

But even if you can't buy in one of those nicer burbs at 25, you probably will be able to at 35, and you have a plan to pay for at least part of college for kids if/when they arrive, and can actually FLY somewhere for vacation, and yes the student loans stink but you're paying them off, slower than you'd like but it's happening (and you HAVE A DEGREE, unlike 2/3rds or more of the population), and so on and so on.

I remember years ago when, if I wanted to buy some soda, I'd have to buy a 2 liter bottle only, and only when they were on sale, and would still have to justify the purchase. Now I can buy cans, individually from convenience stores if I want, and not fret paying an entire dollar for the privilege (for ONE LITTLE CAN). Yes, there are bigger things that have happened over the years, but sometimes the small ones stand out.

And I assume, even if one has been fortunate enough to avoid some lean times, that most if not all of the posters here have at least a few friends struggling, who would love to have "gee, I can't afford a 250K house before age 30" as their biggest problem.
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Old 05-20-2015, 07:19 PM
 
Location: Nashville, TN
1,951 posts, read 1,628,464 times
Reputation: 1577
Quote:
Originally Posted by bencronin04 View Post
-I was referencing 3 series BMWs because one can get into them for fairly cheap and exude a "look me at, I'm rich" life style. It's the same thing with the C class mercedes, Lexus IS, etc. (I used to lease a Lexus IS). You don't see many of the 30K millionaires in Dallas rolling around in a 2000 honda civic they own.
Just curious, have you read The Millionaire Next Door? It will open your eyes to what the financial habits are of millionaires, and it's often very different from what your preconceived notions might be.

For example, the majority of millionaires don't buy new cars. They buy used, and don't spend over $30,000 on them. The people leasing high-end cars typically have an embarrassingly low net worth. In other words, the people that want to look like millionaires are usually the poorest.

"It's not what you earn, it's what you save".
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Old 05-20-2015, 08:19 PM
 
Location: Southlake. Don't judge me.
2,885 posts, read 4,630,026 times
Reputation: 3776
Quote:
Originally Posted by numberfive View Post
Just curious, have you read The Millionaire Next Door? It will open your eyes to what the financial habits are of millionaires, and it's often very different from what your preconceived notions might be.

For example, the majority of millionaires don't buy new cars. They buy used, and don't spend over $30,000 on them. The people leasing high-end cars typically have an embarrassingly low net worth. In other words, the people that want to look like millionaires are usually the poorest.

"It's not what you earn, it's what you save".
I think that was his entire point - people in various ways "looking" better off than they actually are.

Heck, for all anyone knows I might actually be renting a 2BR scruffy apt. for under $700/month.
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