November 13, 2009, 5:04 am

Hitting 6 Figures Income at 28!

by: The Financial Blogger    Category: Career
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I remember when I started working at the bank at 22, I was an administrative clerk in the back office of a brokerage company. I was balancing trades on stock options and futures, making $30,000. Back then, I was already thinking about making a 6 figure income. I really wanted to hit the magic $100,000 salary as fast as I could.

Well 6 years later, I can finally say that I have hit my goal in 2009! It is funny how most people would not even disclose their salary to their spouse and I announce it publicly on my blog ;-). I actually don’t really care about how much my neighbour or friends make, it seems that the subject of one’s salary (and money in general) is taboo. I am not writing the article to brag (trust me, a lot of people are making much more than me!), but more to explain how I did it and prove that there is nothing magical or unnatural about reaching a 6 figure income.

Work hard until you get your promotions

For several years, I worked very hard and always did more than what I was asked. Most people won’t do it because they think they are not paid to do extra. While they are right in a way, climbing up the company ladder require sacrifices and extra work. How can you shine if you do exactly what your co-worker does? You do your job right and you are good at it? Congratulations… but you are already paid for doing your job right and for that they let you come to work tomorrow. If you want a promotion, you have to step up and go the extra mile.

Don’t complain

Another important point is to avoid complaints. You can argue, you can debate your point of view (this is another good way to shine) but not in a negative, whining fashion, (want some cheese with that). People don’t like whiners in general, they like winners ;-)

Get your employer to pay for your tuition

My employer paid for my mutual funds licence, my CFP (Certified Financial Planner) designation and my MBA. While I can’t quit my job for the next 3 years without leaving them a big check to reimburse those fees, I have now hold a whack of diplomas to improve my employability and salary (companies tend to pay more money for someone with a lot of paper to put on the wall ;-) ).

Consider fringe benefits

My employer gives me the opportunity to pay less on my mortgage and line of credit along with a share participation program (they add 25% of my deposit amount). Those are calculated in my annual income in order to get to the 6 figures as I would not get a rebate on my mortgage if I worked elsewhere than for this bank ;-). A buck saved, is worth more than a buck earned (due to the tax man) ;-)

Get a sideline

While my company did not earn much income last year (it did pay for my internet bill ;-) ), it is getting bigger and bigger as part of my overall income. This year, I am able to have a few expenses paid (like internet and my laptop) and I am also able to withdraw a small amount out from it.

So I won’t see the 6 figures on my notice of assessment yet, but when I calculate all of my income sources, I am slightly over the mark of $100,000…. Thx to my year end bonus! As you can see, there was nothing extraordinary to be done in order to achieve it. If I did it, I am sure that you can!

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Comments

Congrats man! This is another great anecdote as to why the bull market is really here and back.

You making 6 figures, Goldman Sachs paying each employee on average $650-700,000…. life is good!

Rock on recovery, rock on. Now the next step is to see how you can get to $200,000+ :) It’s easier than you think!

FS

FS,
I don’t know if I’ll reach the 200K, I actually want to keep my 100K with 35 hours of work per week…. or less ;-)

Haha, nice. Just don’t tell your employer you only work 35 hrs!

I’d rather work 5 more hours a week, for 40 hours and make $200K+

I know, I may be overly hungry working 40 hours a week, but I figure hey, why not try and make more, and save 10 years off work so I can retire earlier?

I actually work 30hours a week at my main job ;-)

if I could make 200K with 40hrs, I would consider it seriously ;-)

congratulations.

but who the hell wouldn’t tell their spouse how much they make, how weird is that?

Congratulations on hitting your mark! I believe 6 figure income is a state of mind, so to speak. The post includes several tips on how to achieve such a goal. From my experience, everything amounts to commitment and understanding of the broader picture. Adopting a pragmatic point of view according to which you have to earn rather than hope to get recognized is crucial. Too many employees believe they are entitled to much more than they are getting. This is a self-destructive point of view. The pragmatic approach suggests doing your best in a given job or seeking out alternatives on your way forward. Career management is an active endeavor and one should not hope for things to improve but work to improve those.

Dang, 30 hours a week? SIGN ME UP! Seriously, where do I apply?

by: The Financial Blogger | November 13th, 2009 (3:44 pm)

Ryan,
You would be surprise…. some people are… weird ;-)

by: The Financial Blogger | November 13th, 2009 (5:46 pm)

FS,
most financial planner can work 30 hours a week and get a decent salary. However, you need to be a performer if you want to reach 100K by working 30 hours a week.

Is it possible to make more, if you work more TFB?

What is the upside as a financial planner? Maybe it’s a profession I could go into once I retire.

It’s a little different on Wall St., for example, where the floor is around $100,000 for 22-23 year olds right out of undergraduate, but they have to work 50-70 hours a week.

On the flip side, by the time they are 25-26, they are making $200k+, and by 30 around $350-550,000.

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congratulations man. I also in a somewhat similar path to financial success but in the entrepreneurship lane. I hope to have milestones like this in my financial/investing life

A six figure income does not come at a young age accidentally; it is obvious that working hard (and being receptive to professional development from an educational standpoint) and having the ability to handle and effectively time-manage multiple tasks is what you have. – even if you only clock 35hrs a week! :0)
Congrats are in order!!

P.S How come The Rat’s never on your Financial Rambings? Guess I gotta earn it! :)

by: The Financial Blogger | November 15th, 2009 (9:25 am)

Hey The Rat!

the best way to be somewhere is to ask for it ;-)

I’ll take a closer look!

Have a great weekend!

[...] to TFB for hitting 100K in income at age 28! -Limiting beliefs about money @ MillionDollarJourney -Are you as leveraged as Goldman Sachs @ [...]

I have 6 figure income from different sources passive, portfolio, business, and salary. My goal is to reduce the tax I pay rather than increasing my salary.

Jess – I’m with you. All about figuring out a way to reduce taxes!

TFB – Congrats again. It is awesome you have tripled your earnings since first starting!

Great job! The smartest thing is continuing to invest in yourself and upgrading like you did with the CFP then an MBA. $100K is just the beginning!

Congratulations on your six figures — I trust you love your job, too? ;)

by: The Financial Blogger | November 19th, 2009 (6:55 am)

Definitely, this is the #1 requirement to make money ;-)

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You = The man!

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I think you are lucky to be in the right profession and industry. I an in the IT industry… have been working hard and studying on my own outside office hours. Right now, I am 32 and working 40-50 hours a week, but still have not reached $100,000. I am really seriously thinking of changing my profession, where my hard work is rewarded with higher income.

Congratulations on breaking the hallmark number! Don’t stop there though, continue to fight on towards even higher goals.

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Congrats! You’ve done it the right way. My wife and I followed somewhat similar paths in different industries and it’s a cool feeling to reach a milestone.
I can’t imagine not knowing/telling your spouse your income. That’s not a marriage. After being a recruiter for years and now an Investment Advisor I guess I’m just used to talking salaries/finances with people. I’ve found if you don’t feel uneasy, neither does the other person. Good post!

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Making 6 figures is great, at any age. Especially at 28, it’s something you should be proud of. However, I must say making $100k as a Financial Planner or in a sales job as such (Insurance Salesman, etc), isn’t that serious. Yes it means you hustled to some degree and I hope you enjoy that money but I’m in the field of Finance in banking and I hope to hit 100k before I”m there. I’m only at 50k at 25 years of age but I think you have a career as such it’s much more commendable, it’s something that no one can take away from you. I can move 1,000 miles away and still make the same. You can’t…you’re tied to your clients, when the market goes down, so does your pay. If one of your major clients leave you, you lose money. Just my opinion but you should still be proud of yourself.

I don’t want to sound like a bitter man. Just wanted to add that I appreciate your advice and think a lot of it’s great. I have my employer paying for my CFA certification and plan on obtaining that before I’m 30, which should solidify my salary goal. Cheers.

by: The Financial Blogger | August 31st, 2010 (6:55 pm)

@T,

Technically, I would make the same amount of money anywhere since I can offer financial products to any clients anywhere (as long as my liscense is valid in this country, if not, only a few classes will do).

CFA will limit you to big cities (I doubht you can find a CFA position in a small city) where I can work anywhere. there is always good and bad sides of a job ;-)

congrats on yoour acccomplishement. I just got a 6 figure position this year (2011). I hit job market just 2.5 years ago and have to say that with hard work it is indeed possible.
The only advice i would tell ppl is that they should be honest with themselves and admit that money is a primary motivator in professional decisions. I started working with my first company a month after graduation at about 60k and moved within 16 months to a 90k package. I have just been promoted for a new position with a compensation package of 115k. I am 26 at the moment and have a graduate degree but the fact that I never hid that money motivated me has allowed to navigate though my industry quickly.
The only i would tell young ppl like myself that are rising quickly is to not forget that the rise to big paychecks can be quick when u work hard but the fall can be quicker.

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6 figure mark ate the age of 28 just wao.. good going buddy.I really hope that you go to step ahead and achieve some thing new every year :)

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by: Danielle Champagne | July 10th, 2012 (10:58 pm)

@$motivated

What kind of job do you do, $motivated?

[...] My goal was to make a low six figure income and work less than 35 hours per week. I’ve reached a 6 figure income at 28, and have been working four days a week for a while now. But if I can find a way to make a few [...]

by: YoungProfessional | August 27th, 2012 (10:48 am)

How old were you when you received your CFP?

by: The Financial Blogger | August 28th, 2012 (11:07 am)

I was 27 ;-)

by: YoungProfessional | August 28th, 2012 (11:28 am)

I am very interested in getting Certified in Financial Planning. Do you have an email address that you don’t sharing for more information and advice?

I make a six figure income since I was 28. I just hit it last year. I am self employed & run a business out of my home. My only problem is I don’t think 100,000 is enough. I work too damn hard and too damn much. I am aiming for my 250,000 mark in less than a year. For some reason I just can’t be happy making that much, I feel almost disappointed —I still feel like I am just starting out. Has anyone else felt these same struggles?