Do you expect to make significantly more money?

[dixeedeluxe]

Aside from cost of living increases, are you at a point in your life where you expect to make more money, eventually?

I'm trying to figure out how some people have a whole buncha money in their late life.  As in, enough to loan/give their children enough to buy a house, pay for college, etc. 

I've pretty much maxed out.  If a miracle happens and I get promoted, then I stand to make about $8K/year more than I do now.  But I don't see that money buying someone a whole 'nother house! 

[irishsara]

I don't. But, I think a lot has to do with stock and investments.

[biblionerd]

We will because DH is still in the earlier stages of his career with a lot of room for advancement or change. I will go back to work eventually. We'll never be self-made millionaires lol, but we'd BETTER be in a significantly better position than right now. We're definitely sacrificing a lot to live how we're living right now.

ETA: and morbidly, the inheritance we will receive from the inlaws will be significant. I mean, I'd like to not have to live on that and save it, invest it, etc.,but it will probably be more money than we'd ever save on our own. 

[fusion]

I hope so! H is seriously starting the process of opening his own start-up that could be lucrative, and if that happens then I want to really fund my own business ventures when the kids are older. Even if that doesn't happen then he is in a field that will continue to make him more money, and my own business will naturally grow as the years go by and I have more time for it.

[irishsara]

Aug 27, 2013 11:55:42 GMT -5 irishsara said:

I don't. But, I think a lot has to do with stock and investments.

ETA: I, personally, won't.

DH might.  If he becomes a principal in a firm or starts his own, he stands to make more.  However, it takes money to make it, and we don't have that right now.  (Money to start his own firm).

[dixeedeluxe]

People (boomers) who are in leadership roles here now started out in positions like typists, mailroom, etc. They've come SO FAR in their careers! But I started out just one position below where I am now right out of college and there's really nowhere else to go!

[musiclover]

We are moving up the ladder so to speak. DH took a new job 3 years ago that had a nice 5 year plan so we are seeing more money every year. Once we move so he is not driving 3 hours a day, we can save all of that money.

I hope to get a better paying job next year maybe, so that should help. If anything I am making less now than usual because health insurance and income tax went up, ugh.

I would just love to own a home someday that actually appreciates in value....womp womp.

[Deleted]

Yes. So help me, yes.


But I am currently paid crappy adjunct money so it wouldn't be hard. I expect to make 60k more than I do now.

[jaime183]

I won't because I'm already as far over on the payscale as I can go, now I just get increases based on years experience but it isn't much per year.
DH should. He has the potential to get into leadership roles in his company and they increase salary as you've worked there much more. However, we won't be self made millionaires or anything exciting like that- just small incremental increases and promotions for him

[musiclover]

I'm so jealous of my parent's generation.  My mom and her siblings all grew up with little money, but all bought homes that were dirt cheap in the 70s.  Our family home was like $40,000 or something and even though the economy sucks right now, I think that the home is worth $350,000, there was a time before the economy went to shit that the home was maybe worht double.  I bought a home in 2006 and my home's value has dropped $55,000 ( Had the apprisal last week).

RAGE I SAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[sunshineluv]

Yes, I don't think I will ever have loads and loads of money, but in the past 6 years at my job, my salary has nearly doubled, if you include an annual bonus. It won't double every 6 years or anything, but it will continue to grow. DH is young in his career, he will advance quickly at this stage.

[Deleted]

We will make more money with time but not save millions money. DH is probably at 60-70% of potential pay depending on the career track he takes, technical or management. He's in computer website stuff and they are pretty competitive with pay and raises. I will probably work again sometime which would also help.

[jaime183]

Aug 27, 2013 12:01:12 GMT -5 jamaicam said:

I have the potential to earn more in my current job but not shitloads more. DH is similar.

I think the potential to pass on money/own second houses etc comes from 2 things -

1. Cumulative wealth Eg. I bought my apartment in my 20s, which is now rented out and which I'll have paid off before I'm 50. I intend to just keep it forever! We also have a mortgage on our house and when that is paid off, it will make a huge difference to the amount we are able to save etc. I have also been saving for my retirement since my 20s and that will add up over time.

2. Inheritance - even if your parents don't have a load of money, if they own a house and that comes to you (or 50% of it does), that will make a difference to your savings/ability to pay for your child's house downpayment etc. A lot of my friends got their house downpayment when their grandparents' died.

Yes, if we can pay off our mortgage before our kid(s) are in college, we would have that money freed up to help them since it is a fixed expense we are used to now. But I don't know if that will get them very far these days!

[dixeedeluxe]

Oh, and my husband definitely maxed out. I guess that is a drawback to trade type work? After his "helper" phase, that was it. In order to make more money, he just has to work more hours.

[Deleted]

Yes. I sure hope so. It's really looking like its happening but I don't want to count my chickens before they hatch. Dh is a business owner and is in the works of opening another store and plans to do several more after that.

[musiclover]

Aug 27, 2013 12:05:15 GMT -5 @sprinkles said:

Aug 27, 2013 12:02:09 GMT -5 musiclover said:

I'm so jealous of my parent's generation.  My mom and her siblings all grew up with little money, but all bought homes that were dirt cheap in the 70s.  Our family home was like $40,000 or something and even though the economy sucks right now, I think that the home is worth $350,000, there was a time before the economy went to shit that the home was maybe worht double.  I bought a home in 2006 and my home's value has dropped $55,000 ( Had the apprisal last week).

RAGE I SAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I know, we just went through all the horrible house crap and losing so much money. IT SUCKS! 

Right?, that money was supposed to help us move onto a larger home. Not fair

[katfco]

If I can ever manage to get a job, I would expect to eventually be comfortable, depending on what college/university I ended up at. However, if we moved, DH's career path might take a hit, so we'd have to balance it out some.

[Faevantastic]

I'm expecting to make at least 20k more than I do now. Maybe I'll get lucky and get this position I have applied for.

[Deleted]

We plan in buying a new house in a years time, then hopefully paying it off in 5 years time, give or take. Then we will be living debt free which would be amazing. I would have never dreamed of something like that growing up. We were always so poor.

[formerlyllizzyb]

That's a big fat LOL for me as a teacher.

DH has room for advancement and promotions, but not wild room.

I agree with jamaicam's post. People have different ways of receiving money later in life that are not necessarily related to their career income at all.

[lolaburns]

I hope so. My H retires in 3 years and we are moving to a lower COL state. He will get another job and I hope to expand my business or start a new one.

[Deleted]

If I stay on the track I am on (but in a different place) I can make up to 20-30K more than I am making now, which would be pretty comfy.

Jake can easily make 6 figures by the time he's 50 if he stays in his general industry. Which is pretty cool, I think. We aren't banking on it, though, if that makes sense.

[dixeedeluxe]

Aug 27, 2013 12:13:20 GMT -5 formerlyllizzyb said:

That's a big fat LOL for me as a teacher.

DH has room for advancement and promotions, but not wild room.

I agree with jamaicam's post. People have different ways of receiving money later in life that are not necessarily related to their career income at all.

Obviously, staying in the same position, one wouldn't expect to make more money.  But, I assume that you'd make more if you moved up the chain, right? 

[TrudyCampbell]

I hope so, but not counting on it.

[raynes]

I expect to make more down the road. I'm underpaid now, so even just moving jobs would probably get me at least 7-10k more/year.

H is determined to make more. He's being paid crap right now, and being treated like crap, but he's hesitant to take the step to being totally on his own.

I hope to over time save some money to help pay for school for the kids, but just "oh, hey, I've got this sitting around" is probably never going to happen.

[fryjack2]

It depends on what we decide we want out of life. If we moved to a lower cost of living and didn't work in an academic institution, then yes. Although H will continue to make more and more money as he moves up in title.

I will make more when I go back full time. If I move within my field I can make more, but I kind of want to move on to a different type of career.

If H or I go work in house for a drug company, we will be filthy rich! Ha, kidding. But there is some truth to that.

I ask H to decide to go back and do a fellowship in a different type of medicine all the time but he doesn't want do it because he is selfish and doesn't think about my high maintenance needs I'm trying to convince him its worth it. Maybe one day!

[spaghetticat]

Nope. Never. I'm a teacher, so it's not like I could make more if I worked more hours or something.

[formerlyllizzyb]

Aug 27, 2013 12:21:58 GMT -5 dixeedeluxe said:

Aug 27, 2013 12:13:20 GMT -5 formerlyllizzyb said:

That's a big fat LOL for me as a teacher.

DH has room for advancement and promotions, but not wild room.

I agree with jamaicam's post. People have different ways of receiving money later in life that are not necessarily related to their career income at all.

Obviously, staying in the same position, one wouldn't expect to make more money.  But, I assume that you'd make more if you moved up the chain, right? 

Moving up the chain isn't really an option. Sure, I could become a department head, but that's maybe a $1000 increase in pay a year. A teacher can leave the classroom and work in curriculum, but the pay difference is pretty minimal there, too. I would have to get an advanced degree to work in administration, and then yes, there is a more substantial pay increase. But that's returning to school and essentially a career change. Classroom teachers here can only get cost of living raises or see an increase whenever the state board of ed decides to raise teacher pay across the board.

There's just not upward mobility for a classroom teacher. At least here.

[dixeedeluxe]

Aug 27, 2013 12:25:27 GMT -5 spaghetticat said:

Nope. Never. I'm a teacher, so it's not like I could make more if I worked more hours or something.

Right, but you could get promoted if that was your goal. 

When looking at what H does vs a teaching job, I'd say a teacher has more opportunity to make more money than an autobody tech/painter. 

Know what I mean?  Like your job as a teacher sets you up to apply for jobs in administration (if that's what you want) but H will only ever be an autobody tech/painter.

[Deleted]

I could make about 50% more if I wanted to be a principal of a firm (more at a larger firm). However, my career ambition has taken a bit of a nosedive, and am actually planning on cutting hours when M starts actual school. So, long term I am probably looking at about 25% increase.

My husband will make significantly more.