How do people draw the incredibly high salaries I see posted

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amother

Linen

Mon, Jun 27 2022, 2:38 pm

amother [ OP ] wrote:

Hi all - I'll start off with saying that I am honestly, totally, confused. We're doing OK financially, but only because we are drawing 2 salaries. We live in Baltimore, we are both college educated, and we have each been working for over 20 years (I realize I'm also saying that we are middle aged Surprised

). We each make mid $60,000. I think that for Baltimore, that's an average salary working for a non-profit, which is what we each do.

How do people, possibly not college educated, make the money they seem to be making? I realize a college degree is almost meaningless nowadays. But people knocking down houses, putting up mansions, going on vacations, driving fancy cars, wearing designer labels (not judging, happy for them, just wondering what I didn't do that I should have done, or can maybe start doing now!), and my husband and I did what we thought we were supposed to do: went to school, got jobs with stability, and now we have (BH we're happy, well, and meeting our expenses. Counting our blessings!) little savings, little left over for vacations, but again, BH happy with what we have (though worried for the future).

Happy for everyone, but any ideas what we should start doing now to save for the future? I'm actually not the fancy type who needs fancy things, but I am the worrying type, worried for my family's financial future. Thanks!

Since you mentioned Baltimore specifically,
I know a lot of people making six figures working in the tech field. Many are government contractors. Some have degrees in the field, but not all. Tech fields tend to have high salaries. I don't know what the other high paying career fields there are, other than Federal jobs in general.

With Federal jobs, it's possible to make six figures, or at least come close, plus they have good benefits.

WITS had a free program for women to get into IT/Cyber. From what I have heard, many women who went through the program were employed in the field within a year, and making between 55-65k starting salary. They could realistically make six figures in a couple of years. Pretty amazing for a free training program that doesn't require a degree.

Most people are not going to have huge salaries working for non-profits. Are you interested in changing careers? Otherwise, side jobs are an option for increasing your income. The only options to improve your finances are the increase your income or decrease spending, which is not always feasible.

amother

Turquoise

Mon, Jun 27 2022, 2:44 pm

amother [ Linen ] wrote:

Is there a free program like WITS in NY? Looks like WITS you need to be a Maryland resident.

amother

Linen

Mon, Jun 27 2022, 2:55 pm

amother [ Turquoise ] wrote:

Is there a free program like WITS in NY? Looks like WITS you need to be a Maryland resident.

The program with WITS was specifically for Maryland residents, but there are similar grant based programs in other states (not specifically Jewish programs that I've heard of, though).

amother

Pumpkin

Mon, Jun 27 2022, 2:56 pm

In NY you can get a job as a wharehouse manager, construction manager etc. for 120-150k
It’s usually more than 8 hours a work a day, very physical hard work with traveling involved.

amother

Turquoise

Mon, Jun 27 2022, 2:57 pm

amother [ Linen ] wrote:

The program with WITS was specifically for Maryland residents, but there are similar grant based programs in other states (not specifically Jewish programs that I've heard of, though).

Interesting. If anyone knows of a NY one, please post(not meaning to highjack the thread) Very Happy

amother

Linen

Mon, Jun 27 2022, 3:25 pm

amother [ Turquoise ] wrote:

Interesting. If anyone knows of a NY one, please post(not meaning to highjack the thread) Very Happy

I will ask my friend.

amother

DarkGray

Mon, Jun 27 2022, 3:32 pm

amother [ Turquoise ] wrote:

Interesting. If anyone knows of a NY one, please post(not meaning to highjack the thread) Very Happy

I'm also Interested, in NY.

amother

Skyblue

Mon, Jun 27 2022, 3:35 pm

We live oot (midwest) and my husband makes low 200s with a degree in finance. Baruch Hashem this is enough where we live. Although we have lots of student debt it was worth every penny. For every guy making 300k in his own start up there are another 10 depressed guys making 50k as a store manager feeling like his upbringing did not prepare him to support a family.

amother

Mustard

Mon, Jun 27 2022, 3:48 pm

The people I know making large salaries;
Business owners
Nursing homes
Medical supplies
Attorneys
Psychologists
Doctors
Professionals in big corporate Manhattan offices

amother

Moonstone

Mon, Jun 27 2022, 3:51 pm

I live in Baltimore as well and sounds like I am a few years older than the OP. We both work full time and I have been working for over 25 years so am now earning around $80,000, although I started much much lower. My husband worked for a non-profit for a very long time, until we couldn't manage anymore on his $60,000 salary, even combined with mine. We have a low mortgage and are living a typical Baltimore lifestyle (old Baltimore!) but as the kids got older it was too tight. My husband switched jobs to a for-profit company and is now making $75,000, with room to grow. It was a necessary change and although we never will be able to afford a mini-mansion (not that I want one!) the extra $$ allows us to scrape together enough for camp, seminary, simchas, etc. OP - would one of you considering switching out of non-profit?

amother

Mocha

Mon, Jun 27 2022, 4:08 pm

amother [ Moonstone ] wrote:

Right, this is pretty typical for Baltimore.

amother

Clear

Mon, Jun 27 2022, 4:30 pm

Moved to s/o

amother

Mocha

Mon, Jun 27 2022, 4:34 pm

amother [ Clear ] wrote:

So as we talk about who draws high salaries, I want to say that we are here temporarily and Hashem knows who is yashar and generous.
I am sure there are many honest NH owners and administrators. I work NH adjacent and I see how some turn a bigger profit than others. In some, they make more money because of how understaffed and poorly the staff is paid. In some there is a lot of therapy fraud and taking advantage of therapist who are afraid to lose their job. I won’t mention the quality of food served -which also impacts the bottom line.

I have seen MDs who make a fortune because of how many patients they pack into their day. Are they extra hard working or do they rush their patients and are not as thorough?

Therapists who don’t take insurance-which is there prerogative of course, but how many people course there help but they are not willing to help?

Is it nice if a manufacturer makes something really needed but then, as is his right, prices it so that it is a tiercha for others to buy when they really need (or have been convinced they need) it?

I’m surprised nobody here bought up all the baby formula they could find and then sold it for $100 a can-look how much they could make.

Look, they’re are many people who earn a very, very nice living doing very honest work and not taking advantage of others, just saying that it is not always the case.

Tomato time!!! 🍅

What does this have to do with salaries in Baltimore? This comes across as a post just trying to stir the pot...how is is helpful to OP in any way??

amother

Clear

Mon, Jun 27 2022, 4:36 pm

amother [ Mocha ] wrote:

What does this have to do with salaries in Baltimore? This comes across as a post just trying to stir the pot...how is is helpful to OP in any way??

You are correct, it is not fair to OP. Moving it to a S/O.

amother

Foxglove

Mon, Jun 27 2022, 5:15 pm

Baltimore has changed. Salaries haven’t kept up. Many many many people work for the government and most of them bought houses for 1/3 of what they’re going for now. Working for the government has its benefits but some people make more not working for the government. And now that tons of jobs are remote people can work anywhere. And we pay so much more for food and tuition than in town, and for lots of other things too.
If you can switch to a company that isn’t not profits you will probably make more. Good luck!

amother

Floralwhite

Mon, Jun 27 2022, 6:07 pm

I live in Baltimore in an area where there’s lots of houses being torn down and then huge houses going up, and am if similar age.

90% of these men (don’t know why it’s always the men rather than women!) are in real estate in some capacity. They own properties, are partners with those who manage properties, develop properties, flip properties etc. One guy has an insurance business full time, and invests a lot in real estate on the side.

90% of them also come from family money. Or, in one case I’m thinking of, the husband came from average means and now works in his FIL’s massive real estate business. One guy grew up with zero money on Yeshiva lane and made it big. Everyone else that I can think of did not start their business from ground zero, the way DH did because his father is a rebbi with no investments.

amother

Wheat

Mon, Jun 27 2022, 7:10 pm

Op, read Poor Dad, Rich Dad for some insight into different money mindsets.

amother

Mon, Jun 27 2022, 7:11 pm

OP here, thank you for your replies. My husband and I both actually love our jobs, but I’m the one concerned about saving for our future. How does one go about switching out of non-profit? I feel like I have soft skills. Nothing specifically geared to a particular market. My degree is in psychology, just a BA. I’m good at leading teams, creating programming, creating budgets, that type of thing, generic things, things everyone knows like Microsoft Suite, QB, nothing specific to any area. Any ideas how to switch out of non-profit? Thanks!!

amother

Mocha

Mon, Jun 27 2022, 7:38 pm

amother [ OP ] wrote:

A BA is enough for a government job, FYI.

You can also start looking in the university system, lots of frum people work there too, and your skills are very transferable. A good perk is free or at least majorly reduced tuition for your kids if they end up going to college in MD.

amother

Aster

Mon, Jun 27 2022, 8:32 pm

I cannot yell it louder - Selling On Amazon!!

Done paralegal, been to nursing school. Come from both sides of the family where mostly everyone is either a Lawyer or Doctor or Real Estate or owns their own private business. But that's it, it doesn't grow and you do that 40/50 years down the road and can't reduce your time at work or hours because that means less pay. Doesn't matter if you're a working mom or wife, you still have to put in the hours out of the house, especially as women, come 5, 10, 15 years down the road where we'll be wishing we can still earn financially the same, but stay more at home, it's not possible.
Plus, all these years we're putting into school and getting a degree, most positions are anyways being taken away or computer run or pay is less/fewer employers needed because these past two years everyone realized that most out-of-office work can be done via computer.

Unfortunately, even I who is not an internet-savy/Instagram Facebook person, b'h realized a long time ago that most income now needs to suit the "online" options

Bez'h more women or pre-married women will know about this direction rather than tell us to spend years and hours at school or full time work to be stuck in the end with no savings or breakthrough

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