Inflation has hit, $200K is no longer rich. I'm interested in hearing about people who earn more than $300K/year.
What was your journey? How did you get there?
What Jobs Pay $300K a Year?
pollambo on 13/07/2022 - 14:31
Comments
I'm so confused… people above are talking about 300k a year as if it's 30k a year and hard to live on if you have a family…
Others are talking about a couple on 100k a year each being hard to live on too…
Am I the only that sees that as (profanity) up and so dumb? I easily live on 60k a year and at the moment my partner is unemployed…
I mean, my mum wasn't able to get a job for years, as my POS dad wasn't around and she had 5 kids to look after. She had to rely on government support and maintenance payments. She would have been lucky to be getting 20k-30k a year, yet we didn't go without and never felt truly poor!
Some people are just so shit with money!
It's crazy the amount of money that some people earn. The amount of money that people can spend is even crazier. I think it depends on how happy people are in their jobs.
If you enjoy the work you do and earn 300k then you will happily spend those earnings as you are happy to keep working.
If you hate your job and only earn 60k then you will save as much of that income as you can so that you can quit working as soon as possible.You know how it is - we're all human and there's no such thing as "enough" money. When you're on a certain salary, most people will wish they had that little bit more. And then a little more after that. And then some more! I'm guilty of this myself! haha
The government assistance for someone on 60k pretty much brings them in line with someone on $100k without any assistance.
Health care cards and family tax benefits are massive handouts.
Take the tax away from the $100k and paying for the benefits the poor get and you’re hardly better off.
You don't get a health care card on $60k, and no discounts on anything
Yeah, so I guess my brother who earned 120k vs my 60k didn't get much more in the end 🤣
Yeah nah just 50k after tax vs 90k 😂
Congrats on being below the nation median.
I am seriously doubting the $70,000/year median salary. From comments here I would say median salary is $200,000. It seems like everyone in Australia is rich except me.
Everyone seems to own multiple million dollar houses and is continually going on overseas trips, yet they are constantly whining about needing "tax relief". If you own more than 1 house and go on overseas holidays, you are rich and if anything should be paying more in tax. Inflation is "too much money" chasing too few goods. Inflation is happening because people are getting paid far too much for far too little work.
Internet rule #1. Don't believe everything you see on the internet.
It'll be skewed by people who run businesses and how much they actually pay themselves. Also a cash industry that is completely unaccounted for on paper. These are people who are claiming they "get paid" $40K a year from their business yet have $250K of 'cars' that are 100% for business purposes, kids go to $25K/yr private schools, they go on overseas holidays a few times a year, always in business/first class, expensive handbags etc.
A lot of the lower socioeconomic types just don’t frequent Ozbargins. It certainly attracts a “type” though.
If you look at the "bargains" on Ozbargain 99% of the items are luxury items. You'll probably find the truly poor people wouldn't be on here as they wouldn't be worried about trying to save $500 on a $2000 TV. They'll be on gumtree trying to find a second hand $50 32" plasma screen.
ML/AI scientist in companies like amazon.
As a PAYG employee on 300k pa salary you won't be taking home much. What you need is for a PTY LTD company to be making 300k+ and for you to make as many deductions as you can under the business :P
Not much scope of any additional 'deductions' if it's a single employee - single client relationship even in Pty Ltd.
Probably a mid range escort.
$1000 an hour x 2 clients a day (2 hrs a day x 5 days). $10,000 a week for 10 hours of work.
$10,000 x 45 weeks a year, (7 weeks off for annual leave, sick leave etc. even though you’re only working 10hrs a week) $450k per year.
Drop a client or two a week and you’d make as little as $300k.
Intriguing… this all makes sense but I had no idea what the hourly rate was, and I'm afraid of Googling it in case it leads to Google Ads becoming a bit more provocative.
Go Incognito
24 hours plumber and electrician who charges $ 400 an hour by dropping their magnetic card in your mailbox.
If you are going to get $ 300K and more then you have to sacrifice all your personal time and put your head first inside the guillotine when things go down the south.
I know many young executives under 40 are already have high BP, and diabetes and ready for stents on their arteries due to stress, erratic lifestyle and no personal life.
Medical practitioners especially anesthetic and surgeons earn more than $ 500K but for that, you need to spend more than 10 years of your life studying and building your brand in the market and they deserved to be paid.
Medical practitioners especially anesthetic and surgeons earn more than $ 500K but for that, you need to spend more than 10 years of your life studying and building your brand in the market and they deserved to be paid.
But they too have equally high (or higher) stress as you referred to above.
Those medical practitioners do not deserve that much. I heard from my specialist friend on the board who said they purposely limit the number of people who pass the specialist exams every year to ensure supply of specialists are extremely limited and their high salaries are maintained. Examiners were only passing a low percentage because of this quota. Even if someone did perfect in the written exam, they can always find a way to fail them in the oral section. Imagine if other career professional examiners were like that as well, every other salary would sky rocket as well.
A relative recently sat for exams to enter Endocrinology training. The compulsory failure rate was set at 51%. This exam is taken at a minimum 10 years after commencing undergrad medical studies and after 12 months of concentrated study while in full time employment. If successful the training is 3 years. They may argue it's to maintain quality.
Yes, and my friend said to maintain the quota they could just give reasons for failure such as "oh that statement you mentioned during the interview was not what we were looking for or you could approach the diagnosis this way but we were looking for a different methodology". Even if they did perfectly in the written exam, lol what a joke….
What? I'm only on 50k, and it's comfortable. After bills, and putting some away in savings, I still have some left over for luxuries… If I had double the pay, Shit would be easy as (profanity), and I'd certainly call it rich. Maybe some people are just living in really overpriced areas.
overpriced areas.
Correct it as 'overpriced cities'. Almost all areas in Sydney and Melbourne are overpriced to sustain a very comfy life with a low salary.
I admire your cash management skills, i said the same as you when I was making 25k as a grad, now I’m on way more still saying if I had the next salary band life would be easy 😂
Gigilo for sure.
But seriously, Ive turned down promotions and 30% pay rises as I don't want to work till 9pm every night and have to work weekends.
Anyone on $300k as an employee would for sure have to do this. Life is too short for this kinda of stress.
BAE Flight Instructor in Saudi pays $350k tax free. Pretty common job for a lot of RAAFie Flight Instructors to jump over to after leaving. Alternatively, my mate is a second officer on A380 taking home 280k a year which ain’t bad. Captain is over 400k but that’s many years away for him.
Only fans.🤣
Public servants, politicians, CEOs basically the super elite parasites of society
Which public servants? Only the fat cat bureaucrats on executive contracts get that. The rest are mostly $55000-$150000 depending on role.
I don't earn that much.
But friends around me with IT jobs have done well. A consistent theme has been conscientious career improvement - job hopping and ambitiously seeking better roles with more responsibility. Confidence helps (even if not justified), a touch of faking till you make it helps. Senior roles at big important places by 40 years old. They'd get a lot of money, I don't know how much.
IT is still lucrative, we can't hire much of an analyst programmer for $90+super per an hour, around 2 years post uni experience and a can do attitude is best we can hire (Sydney based government work). That gets you around $180k year by 24 years old I suppose.
Team member just left for Amazon in US on $300k USD package, not even managing a team, just mid level software engineering role.
Some in IT get good stock options, but that is luck of the draw, but a big component for some.
We spend a lot on kids special needs therapy, $150-$300 an hour (i.e. $214 per 1 hour psych session) I don't see how psychologist, OTs, and Speechies aren't rolling it in, at the moment, with NDIS. We have to go on waiting lists to get sessions. Especially after they start there own independent practice. Maybe they are underutilized, maybe there are overheads. But if they did 1,800 hours a year as per a full time job (at $214/hr), gross would be $385,000 per year.
Of course doctors, lawyers.
Common theme - stay healthy, work conscientiously, stay interested, seek better opportunities, and get on with people!
Myself, I struggle to stay interested in IT, and I want change to become a teacher - $70k/year - shrug.
That’s some crazy contracting pay for 2 years exp.
Why do you struggle to stay in IT?
No one ever thinks of railway workers. As a track maintainer or signal maintenance tech you can earn six figures on your second year and close to $275-$300k within 5 years as a team leader (that includes pentalties, overtime and allowances and on call).
This is all without a degree or FIFO and is on metropolitan railway networks.
As a contractor or employee of cityrail?
How does a career path of a track maintainer or signal maintenance tech look like? How to become one? If they are one-in-a-thousand opportunities then it's not for everyone. Only a lucky few can grab those.
Don’t believe everything you read
Technology Management Contracting — Many Project roles and Analyst roles pay $1000+ a day across Private and Public as a fairly 'Standard' Rate for experienced BAs, PMs etc.
Medical Specialists - but for the study, work hours and stress, they should have it. I have two friends that are married to each other and are both specialists. They work like crazy. Both are so intelligent. Barely spend any money because they have no time to do anything. They probably are $300K each but you wouldn't know it.
More relevantly the people that I know that earn over $300K are:
1. Engineer - mid-40s basically manages large parts of Snowy Hydro 2 - works heaps - always away from family. Worked up through various roles, closer to home until was offered this and could not say no.
2. Barrister (not all of them) - I have a close friend who I went to uni with. Easily over $300K. I don't ask but could be $500K. Basically he worked for top tier firm for about 8 years, then went to the Bar. Kills himself working, but importantly he is just a really good lawyer. He tells me he wants out within 7 years.All of the above examples, save for one did not come from money and have completely average parents and backgrounds. Largely intelligence has carried them a long way, but so has a lot of work and capacity to absorb stress.
300k a year
25k a month
5800 a week!Before tax, if you didn't notice that.
800 a day :)
200k income was never "rich" - assets make you rich
We bought a 1m property after saving for 5 years - single income household with 2 kids.
We do OK, but with HECS, works out to just over 2.2k per week, which isnt much when mortgage (or rent) is over 1.1k/week here.Better off than many for sure, but not exactly living a grand lifestyle.
It can make you rich - say you're able to save 50% of it, that's a fair bit of cash saved up to fund other investments.
Tough shit if you decided to blow every single cent and FOMO then buy all the bargains off OzB. I know this dude who's been on 250-300k pretty much forever and he doesn't even own a house. I think recently he's managed to pull in 600k p.a. thanks to WFH and doing 3 jobs but the next thing you know, he went and bought himself a 250k car. He just blows it all.
That is incredibly risky. Hope he has good income insurance.
Does he work in IT?
Better off than like 80-90% of the population, that's a lot more than just 'many'.
Better off than 80-90% of peoples DECLARED income. I bet 80-90% of the population dont have to spend 1k/week on a mortgage or rent. A lot of people are able to reduce their income through businesses, trusts etc.
Also, saving 50% of that is impossible (at least for us). 50% of the after tax income goes to rent or mortgage (sure could move away, but then I wouldnt get 200k). Then you have income protection insurance, private health insurance, food, school care etc…you get the picture. We rarely if ever go out and mostly stay at home.
Don't get me wrong, we don't have to choose between eating and rent like some people doing it tough, but It's not like we're living some extravagant lifestyle. Lost both cars in the flood and we have now some 20 year old bombs to get us around until we can afford something better.
Again, depends on how you define extravagant. Living in a million dollar home is pretty extravagant to me. But then again, so is food and hot water on demand, heating and cooling, owning a car, and being able to save for holidays is pretty extravagant to me.
@[Deactivated]: fair enough, thing is every home is a "million dollar home" here, except townhouses. The house we live in is over 30 years old, and whilst its fine, stuff breaks all the time. If your definition of having food, hot water, heating/cooling and owning a car is extravagant, then I guess I do have an extravagant lifestyle.
@dmcneice: What's your definition of extravagant then? Mines looking at a majority of the world's population + how humanity has lived for the past decade. I feel like you could be a millionaire, live among billionaires and feel like you're not living extravagantly.
@[Deactivated]: depends on where you live, a million dollars in sydney buys you maybe two third of an uninhabitable dump that's rotting away
https://www.realestate.com.au/news/horror-house-with-collaps…@May4th: Yeah, you could also live in the worst house in the richest street in America and feel poor despite having the capacity to pay millions for it. This person had enough money to spend over 1 mil because he liked the land and location, most likely build or renovate after. How many people have that luxury?
@[Deactivated]: the point is if you are 'stuck' in an expensive city due to job/kids schooling/ill family members 1 mil may not mean very much when the average 2 bedder shoe box "luxury" unit within 30kms of cbd sets you back >700k worth of mortgage
leichardt, despite what hipsters like to think is a far cry from the richest street of sydney
@[Deactivated]: Enough to borrow a million, not millions. Nothing left over to build or renovate on top of. And yes we are stuck in an expensive city, definitely not the worst house on the richest street, median house for the suburb (which is actually one of the cheaper suburbs in the area)
Living in a million dollar home is pretty extravagant to me.
Depends if you are talking of a capital city or regional. There's hardly much of a million dollar home in Sydney, for example, leave alone extravagance associated with that living.
True. It's amazing how many people here don't know that.
Any executive director in a Gov agency - or a federal/state MP holding a portfolio (minister)
There are plenty of people ages 50+ on 300k+.
Step 1: make 100k a year aud
Step 2: convert to Malaysian ringgitWife is an author, she made $550k last financial year. After expenses that dropped to $420k. Year before was 350k, year before was 370k.
She is just naturally talented at writing /didn't do a degree, she self publishes her books.
I earn a "average wage" of 200k as an engineer.
Author. Interesting. Was she immediately successful or did it take a while to get to this point. What is she writing?
Took a few years. Her first year was about $30k, then $50k writing young adult. She then changed genres to same sex romance novels, when she did that it just took off. First year (new pen name) was $160k, then it jumped up into the $300ks and been growing as she has been evolving the style. She has just started audio books, which is why it jumped up again last year.
Interesting, what types of books does she write?
Also what sort of engineer are you, thats a good salary. cheersShe writes same sex (male male) romance
And I'm a traffic modeller (civil engineering background) but I am less of the doer now and more of a stream / discipline lead. I also change companies every 3 to 5 years so I chase the money rather than sticking around at a company long term.
Thanks for the reply
She writes same sex (male male) romance
That's a bit of a niche, I suspect it's a fairly untapped market (no pun intended lol)
thank you for sharing, can you let us know how many changes took you to get to your current level? I am working in the same field, so will be very interesting to know.
Ah interesting. Will your wife be at the book fair later this year? the exhibitors are just being rolled out now.
https://bookfairaustralia.com/exhibitors
Only $300k 🤣
Not sure why you want to be so poor. Just be a CEO of a large company, can easily make millions.
news.com.au said it, so it must be true!
Marry someone with 150k. You make 150k. Pool in all the funds. Easy. Better than earning 300k alone from tax perspective.
It is better if you're the one at home doing nothing and just spend the after tax of the $300k the other person makes then take half of what is left on divorce. I put up two people working is a lot easier but obviously either a lot of people on these boards are spongers or they like the idea of working their back side off.
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300k ez flipping ps3's and 80k high-yield investment cars
Jokes on us. Cars are a high yield investment now.
I do it by having a $250k job and then 2 more part time jobs paying $50k or so each.
It's easy to get to $300k pa if you just keep adding more jobs.
If you have 6 x $50k pa jobs that is $300k pa right there.Some people here are on 50k on a full time job. How do you get part time 50k jobs and the time to do them?
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Just wanted to say this as money is not everything. A mate of a mate who earned $280k a year, his wife earned $250k a year, both work in the construction industry, well known fancy rockstar couple…..they recently got a divorce, guy was devastated. 60 years old, lost half of his investments and assets. He committed suicide soon after, father of 4, all he had was money but no ‘real’ friends.
It's definitely not everything, but same could happen to someone who hypothetically earned $20k a year? So I'm not sure why earning $280k matters?
Maybe if you are only earning $20k you are either part-time and/or in a very low stress job that you don't need to think about when you go home, so you have time to have friends and a social life. If you are on $280k you are probably working 12 hour days and still thinking about work when you're home and have no time for anything else. If you lose your job or lose your partner you have lost everything in your life. Whereas someone in a less pressured role has lots of good things in their life not just their job.
There's a lot of assumptions there, low income does not automatically mean low stress so I'm just saying that that's no direct correlation between income and stress levels/free time.
When I was earning minimum wage my job was more junior and more stressful than my current job.
A lot of it depends on your field and employer. It's not like oh you earn 300k so you must work 100hr weeks and no life.@immrnonamehello: It is true that low income doesn't mean low stress but if someone doesn't like the stress there are other low income jobs they can change to, so they wouldn't need to be both highly pressured and lowly paid. Eg be a Woolies shelf stacker. If their job is more specialised and not a minimum wage job then they must be working part-time maybe 1-2 days a week to earn that little, in which case they have 5-6 days to not worry about work and do other things, even if that 1-2 days is stressful. If they are in the introductory phase of their career and only earning little because they are junior, that won't last very long so they have plenty of years to later be earning more (or earn the same in less hours worked). Plus if you're junior you don't have responsibility - there's no reason why you'd still be thinking about work after going home, that's your boss' job. I can't imagine someone would make a career in permanently earning very little in a high pressure high responsibility job, they would realise it is a bad idea and work somewhere else.
How did he lose half of his investments and assets when his wife also had a high income and contributed to creating these investments and assets. And even if she did not she would have contributed by raising 4 children. So he lost half of their investments and assets. He may not have had friends but he still had 4 children no one should do that to their children but I am sure they are not thinking properly.
they recently got a divorce, guy was devastated. 60 years old, lost half of his investments and assets. He committed suicide soon after, father of 4, all he had was money but no ‘real’ friends.
Hard to fathom. It isn't like you make $50k and on divorce lost half of everything and basically destitute. $280k after losing half of everything is still very liveable.
Self employed. Hard to get there working for others.
How much do you earn currently, let's go from there.
I really should stop clicking and reading on these threads.. I'm happy with my career and life but these posts are the same BS as spending time on Facebook. Okay, I'll show myself out.
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Broden for sure is on 300k plus
Officers and directors in my company (ASX20) are in that range and above
Tradies asking cash in hand to the tune of $200k/year is $300k/year "pre-tax" since everyone knows they don't pay any taxes.
If only Australia has a flat 15% tax rate no deductions that would be save honest taxpayers a lot of stress, but the accountants/ATO will never support anything that threaten their jobs.
Tradies asking cash in hand to the tune of $200k/year
Don't forget they pay their spouse, buy expensive work cars and job materials disappear into their place of residence.
Work for yourself - learn to sell your own product. Pretty easy to hit 300K and beyond.
It’s pretty easy to become rich!
- Be born in the right family
- Have connections
- find a niche to start up the initial investment.
- Aquire the loans for said start up
- Pray and hope it works :)
- If it fails back to square one
Sounds like you're describing Pixie Curtis.
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