Try figuring out the hourly wage- hours spent working and the hours/years spent getting educated (studying, partying as above). Include time at home spent job related. Put into perspective I’m sure most would settle for a lesser income and some free time.
I personally know 5 people who make that or above that each year. I know them all well (relatives, DH relatives, best friend of relative and family friend, lifelong friends who are Godparents to my children). Since their work is variable, it does bounce around some years. One is an attorney. The other 4 are blue collar workers - 2 HVAC, 1 plumber, and 1 electrician. All 5 work for themselves.
The 4 in the trades all have their own company The HVAC and plumber have built them into a nice size with multiple employees. The electrician basically works alone and does not have other full time employees. He pulls in friends in the business (who also own their own business) to complete larger jobs that he has bid on and received. He does take a laborer or apprentice along on many jobs and his wife runs the paperwork of billing and bidding. I guess they share the salary but it has been north of $400,000 for the past few years and I would not put her contribution (in terms of hours she works) at anywhere more than $50,000 worth. It is surprising to me how much money they make. They are all sending (or sent) their kids to expensive schools full pay. I don’t think any of their children will make as much money as their parents. So far none have followed their parents into the family business. They all hustle and work long hours. They can also all take off for family events or appointments. It is physically demanding so they can not count on working at their full time level much past their mid 50s but they are making bank now and putting it away. The interesting thing is they have been making lots of money for many years. They were all making over $150,000/yr before leaving their 20s and before their own companies started to grow. Sigh… I wish my kids were interested in the trades!
I know D1’s analyst class (2011), the ones who made it, are making 270-300 in base plus 200+ in bonus. This is in finance.
Senior developers (with certain special skills) I know could make 250-300+ all in, and that may include bonus plus stocks. Department IT heads may do better (15+ yrs experience).
I am in NYC area, where 1.5 mill barely buys you a modest 2 bedroom apartment.
Similar to @doschicos, I think that CC posters with more arrogant spending pattern were either married or born into wealth. This lifestyle is simply not affordable on a high salary. The majority of high earners in my circles climbed their way up through many years of schooling and training. Not personally familiar with any entrepreneurs, let along any wealthy ones, but this must be different for different people.
This morning I heard on the news that some Long Island Rail Road employee is making 300k+ a year through over time and all. They are looking into how that could happen. Get this…They are concerned the employee may be working too long hours. No, I am more concerned about how an hourly employee could be making that much money.
Wellll I’m a teacher, master’s degree plus 30 additional graduate credits and credentialed in 3 areas, so you know I make the big bucks! HAHAHAHHA
My husband does make good money as a management consultant but we aren’t anywhere close to the 300k mark. We also live in a HCOL area and have 4 kids. Our income does not feel like what I thought it would feel like many years ago when we were living in a 2 br apartment with no kids and a room-mate.
Many of the jobs that have such a high base require insane hours (or at least well beyond 40/week).
If you want to reach that level (likely in your 40’s or later) while working 40 hours a week, there really are only 3 options:
- Be an entrepreneur (fraught with risk)
- Get some strong/marketable quantitative/technical skills.
- Make your way up the managerial chain.
Part time Harvard Professors like Elizabeth Warren.
We know people making much more than 300K in commercial real estate and in oil and gas. Specialty docs/surgeons as well. Investment bankers, hedge fund managers, some attorneys.
“more arrogant spending pattern”
“This lifestyle is simply not affordable on a high salary.”
I wouldn’t use the adjective “arrogant”. For many, it is living within their means. They aren’t doing it to show off or put on airs. They do it because they can. I know people who earned it and certainly spend it living a high life style, as well. Lots of finance jobs.
“This morning I heard on the news that some Long Island Rail Road employee is making 300k+ a year through over time and all.”
I believe it. Cops in my area (which is much more affordable than LI) can make $150K or more with detail work. They are often the highest paid public employees in town.
Not base salary and not 300k but I hear union linemen can (do) make around 200k/year.
Lots of overtime, crazy hours and work in dangerous and often terrible conditions.
The ones complaining are usually those referring to not getting financial aid at prestige private schools, rather than in-state public schools (that have significantly lower list prices than prestige private schools).
https://dqydj.com/income-percentile-by-state-calculator/ says that $120k is 72nd percentile household income in California, so if it is in the middle range, it is on the higher side of the middle range. (Median household income in California is $70k.)
People who are risk takers and entrepreneurs and business owners are amongst that group. I rarely see an employee make that kind of money as they aren’t the ones who take the risks or had not only the idea, but the guts to go it alone. People who need partners in the business usually don’t make the big bucks either.
“I wouldn’t use the adjective “arrogant”. For many, it is living within their means. They aren’t doing it to show off or put on airs.”
I agree, but these are not the posters I was referring to 
Management consultants.
Commercial airline pilot (passenger or cargo) for a major. It used to take decades to make captain and earn that, now people are making captain within a few years (if they desire), and even many first officers are earning those kind of salaries. However, it’s feast or famine in the airline industry, timing is everything. Right now are the good times, but often people endure multiple furloughs, paycuts, airline bankruptcies. It’s one of those jobs that has the potential to be very lucrative, however, there is the possibility of being laid off, with few options…so I only suggest it for people who truly enjoy aviation.
As far as major, many people have some sort of technical major, but that’s not required.
H makes that as base salary. Consultant at c-suite level and hedge fund crowd so really only works with people in that salary range.
He was history major at average college, and says top executives come from all kinds of backgrounds. Not where you went, but what you did with it.
He gets paid based on business he brings in. Very competitive, type-A, high energy person.
$300k plus base salary? POTUS.
1 person I know who makes way more than this is the CEO of a Fortune 100 company. Harvard undergrad and grad.
Another I know who makes this is a MLM success story. I wonder how long that can last…but so far it’s 10 years plus.
I know someone who makes $300K+ in MLM, too. Never went to college. Hustles like hell, though, and really skilled at connecting with people.