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08-26-2016, 10:38 AM
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Location: Florida
11,669 posts, read 16,941,852 times
Reputation: 8222
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I got a Master's degree in accounting and everything and started making $52K at the age of 22 with my first job. Now, it's ten years later and I'm 32 and I'm only making $70K, still in accounting. But everyone says that your 30's are supposed to be your prime earning years! So, why hasn't it played out that way for me?! Is this common?
What about YOUR prime earning years? Were they great? Or are you still young and expecting to have good prime earning years ahead?
Is "prime" earning years something that everyone is supposed to experience during their lifetime?
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08-26-2016, 10:43 AM
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143 posts, read 206,546 times
Reputation: 175
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You are not doing that bad, but certainly a bit below average. Try switching jobs, it will help.
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08-26-2016, 10:43 AM
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10,075 posts, read 6,773,173 times
Reputation: 15493
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seems like that is your prime, dont you just have unrealistic expectations of how much you should be making?
what, did you expect to make $150,000 in your "prime"?
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08-26-2016, 10:44 AM
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971 posts, read 1,059,055 times
Reputation: 1440
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Are you still with the original company?
To get significant raises you need to be ...
A superstar / hard worker / dynamic person with an upper management mentor.
Or
Willing to change companies every 3 to 5 years.
$52,000 in 2006 equal to $62,000 in 2016 according to the u.s. government inflation calculator, so you're a little bit ahead.
Of course most people are average which means that they don't become the superstars and the top earners in their company. Most people do not become wealthy working for somebody else.
Last edited by Regajohn; 08-26-2016 at 10:59 AM..
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08-26-2016, 10:51 AM
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280 posts, read 228,372 times
Reputation: 351
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There are many factors that go into your salary. Where are you located? Have you been with the same employer for all 10 years? Is the company growing? Is your industry growing? What type of accounting are you in?
Your 30s are the prime income growth years. I learned from a few of my bosses that career momentum is important. If you feel like you are stalling out then you need to do something to move or else your career can very easily flat line.
Im 34 and my income has gone from 40K to 110K in 10 years. I have also taken on 5 different roles in my time which has helped a lot (do not be afraid to switch departments). I NEVER focus on yearly raises as the difference between a 2-3% and 5% raise is minimal but focused on increased responsibilities and promotions as that is where you see the real gains. Going off you salary numbers, you are averaging a 2.6% yearly increase which seems inline with normal wage growth.
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08-26-2016, 10:53 AM
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Location: Florida
11,669 posts, read 16,941,852 times
Reputation: 8222
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Quote:
Originally Posted by player07
You are not doing that bad, but certainly a bit below average. Try switching jobs, it will help.
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I switched jobs 5 times and just started this job five months ago. I'm not going anywhere anytime soon.
My salary changed as follows, over time:
Job 1 - started at $52K, left at $56K
Job 2 - started at $64K, left at $64k
Job 3 - started at $65k, left at $69k
Job 4 - started at $75k, left at $77k
Job 5 - started at $63k, left at $63k
Job 6 - started at $70k |
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08-26-2016, 11:19 AM
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6,040 posts, read 5,604,257 times
Reputation: 16753
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My prime started in my early 40s.
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08-26-2016, 11:20 AM
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Location: southwestern PA
20,416 posts, read 43,912,648 times
Reputation: 40038
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Quote:
Originally Posted by nep321
But everyone says that your 30's are supposed to be your prime earning years! So, why hasn't it played out that way for me?! Is this common?
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Who says that?
That makes no sense.
As you get older, your salary usually increases.
Do you really expect that you will make less through your 40s and 50s? |
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08-26-2016, 11:25 AM
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10,250 posts, read 6,746,831 times
Reputation: 19957
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Quote:
Originally Posted by nep321
I got a Master's degree in accounting and everything and started making $52K at the age of 22 with my first job. Now, it's ten years later and I'm 32 and I'm only making $70K, still in accounting. But everyone says that your 30's are supposed to be your prime earning years! So, why hasn't it played out that way for me?! Is this common?
What about YOUR prime earning years? Were they great? Or are you still young and expecting to have good prime earning years ahead?
Is "prime" earning years something that everyone is supposed to experience during their lifetime?
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Statistics show "prime" earning years begin in ones early 50s. You've got 20+ years to go to get there.
Also, why stay in accounting? Many 20 somethings I know got their Masters in Accounting and CPA, worked at one of the big public accounting firms for a few years and then parleyed that experience into positions as financial analyists. Those positions are MUCH better paid than ones in accounting. |
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08-26-2016, 11:28 AM
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472 posts, read 434,229 times
Reputation: 927
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Quote:
Originally Posted by nep321
I switched jobs 5 times and just started this job five months ago. I'm not going anywhere anytime soon.
My salary changed as follows, over time:
Job 1 - started at $52K, left at $56K
Job 2 - started at $64K, left at $64k
Job 3 - started at $65k, left at $69k
Job 4 - started at $75k, left at $77k
Job 5 - started at $63k, left at $63k
Job 6 - started at $70k
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What happened between job 4 and 5??? |
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