How much money do you think you'd save/invest annually if you earned $60k/year? In other words how long before you reach your financial goal of $1mil USD?
Starting a new career...
- Thread starter peetscoffee
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CFA, MBA, law school are all hugely expensive and time consuming, and the latter 2 aren't worth doing unless you get into the top schools. These credentials are also becoming increasingly common in Canada (in no small part to the fact that we import people with any or all 3 of these credentials by the 1000's, while the number of jobs shrinks) and at the end of the day, they really mean nothing without the applicable career experience on your resume.
Personally, I know he said he didn't want to do labor, but I would recommend the OP consider a trade. Ontario power generation is booming right now. If you get into a pipefitting apprenticeship working at the nukes, you will easily hit $80K your first year, $100K plus soon after that. There is easily 10-15 years work on the OPG nuclear refurbishments alone, and it is not hard (working at a nuke job involves sitting in a trailer waiting for permits 3/4 of the day, and then maybe tightening 1 flange). Once you get your journeyman ticket, you can combine that with your engineering degree and you will be a project superintendent/coordinator making $250K+. I know a guy who did this, except he got his mech eng after his pipefitting ticket. Hands-on credentials + your engineering degree would make you a god in the industrial construction world.
I disagree with the top schools part. In America that is true but not so much in Canada unless it’s some small university in yellow knife or something. A person just has to be one of the top students to really get something great out of it.
People have a misconception about Law school. It’s worth it if you have connections. rich parents who can pay for it and the you are one of the top students. Otherwise you’re not making much with over 100k in debt. Otherwise I would not recommend lawschool if the person doesn’t love law.
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My reply was purely in response to the OPs question on how to get a trading job making a low 6 figure salary a year as opposed to other career options. There are many other ways to make $80-$100k with little stress as compared to minimum credentials required to trade.
Hey OP. I have a question for you.
Are you saying an aerospace engineer only makes $60k after 12 years of experience? Maybe I am reading your posts incorrectly.
I’m trying to reconcile what you are indicating ($60k/yr) with what I have heard in terms of new engineering grads making $90k right out of school.
My son is applying for engineering school in the field of mechatronics. If the pay is crap, then I might as well save myself the $120k tuition/housing and steer him towards something else.
Are you saying an aerospace engineer only makes $60k after 12 years of experience? Maybe I am reading your posts incorrectly.
I’m trying to reconcile what you are indicating ($60k/yr) with what I have heard in terms of new engineering grads making $90k right out of school.
My son is applying for engineering school in the field of mechatronics. If the pay is crap, then I might as well save myself the $120k tuition/housing and steer him towards something else.
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I think OP is just looking for a job that pays at least $60k/year. To cover living expenses and hobbying.
Personally, I don't think $60K is enough in Toronto to acheive those goals. Rent is $1500+, car is expensive and food prices will only get higher.
He can continue to live with his parents after working for a $60k job. So he saves from paying the $1,500+ rent per month. Also, lots of young generation in 20s and 30s no longer want to have a car because the expenses such as car loan, insurance, gas and maintenance. Many of them use Uber / Lyft or public transportation whenever they go out.
As you know, car insurance for young people (20s and 30s) in the GTA is easily $250 - $350 per month LOL.
Young (teens, 20s and 30s) and old people (50++) are seeing the world different these days. They are also thinking differently now.
OP doesn't want live with his parents...
" I need a place to live too. I think I got 10 more days max at my parents place before I look for an Airbnb.... "
Isn't Airbnb more expensive long term???
Anything that requires I go get unpaid training to have a shot at a career which I may never have. My main interest is immediate work which is why my salary expectations are "low". I really don't want to go into my savings. That's the most important part. Pay bills and live an easy, low stress life.
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Aerospace makes about $110 with 12years experience assuming there is work. Right now there is no work, so it pays $0. I'd imagine mechatronics maxing out at $135k ish if your son becomes a manager at a company that has lucrative contracts.
Yes, I just want a $60k or higher job fast till I figure out other ways to make a living that can help me save towards $1m. It won't happen with 60K but at least I won't go into savings.
$1500 rent + utilities + cell + internet (is this realistic?)
$600 food
$300 car (my car is paid off)
$480 (3x 160) hobbying (should go down, I'm getting peeled again for fun, means free hookups in summer)
Dividends for travel cash
So... $2880 cost of living unless I'm off about rent
I really don't think any new grad makes 90k right out of school for an engineering job. My brother is 22 and he just graduated from Waterloo and he's getting 65k.
The point is, after so many suggestions I don't think anybody will come up with a suggestion that you'll be happy with and/or act upon.
I liked the Finance suggestions and started applying for Project Coordinator roles (BMO). Still researching other Finance suggestions (Operations, Risk Mgmt).
That sounds about right, make it an even $3K...Find a roommate/friend to room with and share expenses etc.
Thanks for clarifying. $135k is good money, but not enough to buy a house in Toronto. Ill have a chat with my son and help set his expectations.
There are also free intro courses from Coursera and Udemy. Just check out Redflagdeals for free codes or check the respective websites.
