I don’t really believe the OP intended this as a serious question. Any kid that doesn’t already know the answer, or cannot find average incomes on the net, is not well suited for college anyway.
I was going to say hold out for $250k and a car.
^^with a chauffeur
Is it a Lambo?
After these questions and comments alongside them, I think I will still do it.
I will be able to work with him, as I have now deeply considered that factor in my decision!
Also, it appears to be a very good salary for someone that age, so that is a plus.
Thanks so much for the comments!
You were all very helpful!
This is definitely an “I’m spoiled and bragging about my possible wealth” thread. Boo to you. :-q
One of the things that also enters into this is where you live, 100k in some markets is a young fortune, in others it is merely an incredible salary. 100k in an area where the median income is 30k is a lot, in an area where it is 90k, it is a decent salary (I am talking the real value of a salary in an area based on cost of living, not talking experience and so forth).
As far as 100k for an information security job out of college, that is a tippy top salary, even in the NYC area coming out of college starting out in information security, the starting pay would likely be 25K less than that roughly. It would depend, of course, if the kid already had experience, coming out with an UG degree only is going to worth less than a kid who has worked at it and displayed real world experience.
I agree with others, you also need to think of some other issues. For one, do you really want to work in the family business? Do you want to work where, for example, fellow coworkers (assuming it is only family), might resent that you are working there, assuming you got hired because you were related. Do you want the complexity of working for someone and then having to deal with them personally, it isn’t all that easy, the separation between work and family will be blurred. Have a fight at the office where you work, and you can leave the office, go home to your friends and family, and that side of things is given distance. Have a fight at work, and it likely will have repurcussions in the family…
There is another side to this to keep in mind. If you go work for a family business and then decide it isn’t for you, will you be able to deal with the hurt feelings? Will your dad understand, or will he as quite honestly a lot of family run business heads think, that it is a betrayal? That salary is pretty decent, there is no doubt, but in a couple of years you could be earning in that range if you are any good, and get into the right kind of environment, it can be very lucrative…so is it worth it? Put it this way, that 100k offer is probably not entirely because you are the owner’s son and he would love to have you on board, in a sense it is a bribe to get you to come on board with his vision, your dad isn’t stupid, a lot of kids would have reservations about working for their parent, not because the parent is a miserable person, hard to deal with, etc, but because they know working for a relative has a lot of issues working for another company would not. Is making a good deal more quickly worth the potential risks? Only you can answer that, but I would tell you to weight it carefully, talk to any therapist and they will tell you volumes about the complexity of family relationships, add a business to it even more so:). In the business world they call salaries like that golden handcuffs, that as hard as the job environment might be, it is just too lucrative to walk away from. The good news is if you accept the job with your dad’s firm, you can gain experience in your field (assuming you like it, that is), and then you always have the option of leaving, it might and will cause family drama, but you’ll survive, I promise, so it isn’t like this decision is life or death, either.
@Brutum consider putting the max $18k into regular or Roth 401k if available and another $5500 into an IRA.
@Madison85 I never thought of putting money into a Roth IRA and 401k!
It’s never too early to start saving for retirement if you have earned income!
OP - It’s a great salary. But… you might be more useful to the family business if you got some experience elsewhere first.