Considering that the forum consensus now is $100k is not considered rich, what jobs pay more than $200k a year?
Interested to hear from people who earn this and how they got there.
What Jobs Pay $200k a Year?
pollambo on 06/02/2021 - 15:01
Last edited 06/02/2021 - 15:08 by 1 other user
Last edited 06/02/2021 - 15:08 by 1 other user
Comments
Generally speaking $100/hr is extraordinarily cheap for a Sparkie, IF you can get a per hour rate. Any that are worth an salt are worth more so yes. Many will take a 20 min job on and charge a little less to fill in the day, but it’s good coin.
The plumbers at my work (there are 3 of them) made $150k each last year. Not 200k, but still bloody good going. Monday to Friday and home every night.
Pretty sure I got told if you working enough as train driver in Melbourne you will be on 200k.
As said. There is no job that will pay 200k unless you spend a little bit effort.
Train driving doesn't sound too bad, how do you become a train driver?
Yeah going 150 all the way! Would need something to do when not fiddling with the levers or buttons…..or else you'll get bored doing this all day….
Learn about Six Sigma and Agile. Stick few post it notes on walls and yell hail agile and you will earn that amount.
Black Belt earns you cult status and assocaiated salary ;)
Oh yeah dont forget about mentioning you have black belt before introducing yourself. The good traditional Lean Six Sigma greeting.
I've earnt 200k per annum 10 years ago implementing sap and mystery shopping.
Worked 80 hrs per week for 6 years.
The issue is when you earn more, you spend more.
It's not earning capacity it's how much you can consistently save month by month and still have a life you enjoy.
Seriously though, how good is SAP?
I don't miss it though, particularly that one time it wigged out and gave me a warning on German for no good reason.
It’s difficult to make $200k working for someone else. Of course it’s possible, but it’s difficult.
I'd argue it's harder to make $200k working for yourself. (Cash in hand tradies excluded.)
Hmmm you have a good point. Owning a business is the easiest way to get to $200K p/a I think, but you are right, those with above-average intelligence and outgoing personalities could get to $200K working for someone… 6 of one, half dozen of the other.
Either way, earning $200K working for someone means they own your @ss :-)
Contracting jobs with the government, esp. senior roles.
Running own IT consultancy (300+).Assassin? Those go for some hefty rates.
Crane operators
Once you have about 5+ years as a lawyer, you can make $200k pretty easily if you're happy to shift to a body shop place where you get seconded to work for different workplaces for 3-4 months at a time and set your hourly wage.
Not sure why you got negged. I've evened you out.
Thanks buddy :)
Contract Project Manager / BA
Engineering, quite a few jobs in IT, BA's, Management positions, Doctors. Tradies in some cities.
Mortgage Broker.
Source: I'm a Mortgage Broker.Ah yes yet another job which involves being a middleman to exploit those who aren't aware enough to do research themselves.
Exploit?
I don't charge.Do research themselves.
Sure, so do I. Then I help them actually get the loan.Or do it all yourself…costs the same.
Commision comes from lenders / banks if I'm not wrong who then lend at favorable rates which in turn comes out of borrowers pockets. If they were doing it for free they wouldn't be making as much. The costs are just hidden.
@earth worm jim: I'm not a mortgage broker and I couldn't care less if they all became jobless, but your intuition is not correct.
The mortgage broker is doing the work a bank employee would otherwise do. The bank is happy to pay the broker out of those savings.
By going to a bank directly you signal that you are not as price conscious. The banks will not give you a better deal if you go direct, in fact they will attempt to take more from you by not passing on discounts, which they reserve for those who are willing to shop around and refinance often - new customers, often represented by brokers.
The banks will not give you a better deal if you go direct
Absolutely not correct. But you do have to know what price you want and not go fishing for one. Once they know you are guessing and have no leverage you won't get a good deal.
A broker can just cut the leg work out for you. But are they worth the money they make? No.
@earth worm jim: True. But do you think a banker in a branch is working for nothing?
Anyway, 60% of Aussies use a broker now, maybe one day you'll see the benefits (free, expert advice, 40+ lenders to choose from…)
@footyboy: I see there is a place for brokers.
But then saying it is free advice isn't true. It is just being paid for by the bank who benefits from the business.
Expert advice. Since mortgage brokers are not financial planners are they giving holistic advice? I believe they are just expert advice given the circumstances presented how much they can borrow.
No brainer.
Actually you do need to use your brain.
If someone wants to sell you a loan contract secured against an asset at 2.5% interest rate for 30 years with monthly payments. You better be sure you have a fair idea where that hard cash month on month is coming from.
Broker advice isn't holistic advice.
It is like going to the casino / pokies. There is responsible gambling laws that is meant to protect the gambler but usually it is too late. Financially you're stuffed but you will live (in poverty).
Well put it this way, it does cost you anything extra to use a broker.
Doesn't cost you any extra to buy a house from a Real Estate Agent but why do we dislike them so much. Understand the free is paid for by someone else with an interest to make as much money from you as possible. Just like Facebook, it is also free where does the profits come from? Magic money tree?
Broker advice isn't holistic advice
Agreed. Just because the mortgage broker and lender says you can take out a $900,000 loan, it doesn't mean you should.
They will always try and squeeze as much out of you as possible for their commissions.
@[Deactivated]: Brokers think they are doing you a favor by getting you maximum limit to borrow so you can achieve your dreams.
At the same time they don't want you to go to some other guy who can wiggle an extra $10k of borrowing.
The flip side of maximum borrowing is it takes away money from doing other things in life you want to do.
Max borrowing for a property also means maximum council tax, land tax, agency letting fees and possibly the cost of maintenance. Even if you try to pay it off and cycle the money into shares to make it tax deductible it is that big harder.
An UX developer guy that I know got $1250 a day for a 6 months contract. I guess it's annualised around 200k++?
That's 250k equivalent salary
Participate in a board discussion 4 times a year.
https://www.abc.net.au/news/2014-04-03/sinodinos-to-give-evi…IT
Doctors (dentists, GPs, etc.)
Lawyers
CEOs
Tradies
Real estate agents.
.
..
…Quant Traders/Traders or Software devs in prop trading
Anything in prop trading really. (Not those arcade shops, the OMM or MM ones)
Source: Am in prop trading
how do i get into this?
Get good grades, grind mental maths, pick up programming, and lastly have a quantitative degree
Hmm, but there aren't that many quant firms I can think of in Sydney?
Plumbers. No wonder they charge you $$$ for the smallest problem + $$$ to drive 10 minutes to your place, more $$$ to get supplies from Bunnings. They make more than most highly qualified / educated professionals, don't have hex to repay, and get away with not declaring a large sum of their income for taxes.
Most tradie jobs are taxing on the body, can't do that forever.
Smart tradies don't tax their bodies. But then smart & tradies in the same sentence is an oxymoron.
Most of them make great money and spend it on utes, beer, boats, trailers, houses and horses. Not in that particular order. Then end up a bit broke and charge customers more money.
Just had a plumber here. Took 5 hours to do a small kitchen job and then look at the shower tap and not fix it. I am preparing myself for a $700-800 bill. The only supplies he used was two connections and a pipe. Siege an hour of that time driving to get a pipe and then also driving to a shop to confirm he couldn't get a part.
Trades people seems to be good at forgetting things, especially small items or not very good using the telephone function of their smart phone. Imagine if they were better organised. Most of them would be making a million a year.
True, a plumber can often earn more in Australia than a Phd qualified mechanical engineer
Youtube - I know someone earning over $400k pa from ad revenue, commentating for 20 minutes a day on a particular/popular subject with around 200k subscribers.
Not sure why you got down voted. Sure it's not "easy" to make $200k+ as a YouTuber but if you have a particular craft & you're passionate & willing to put in the hard yards (like anything), I don't think it's unattainable.
There's plenty of people smashing it. There's also a number of notable YouTubers who are pretty transparent on what they make (just on AdSense alone):
- Graham Stephan: ~$1.5M USD (Jan - Oct 2020)
- Shelby Church: ~$169k USD (2020)
Disclaimer: by watching these you'll (most likely) be contributing to their income :)
I will this year.
Was on $100k as a low level Public Service..
Now i have a cleaning business, 2nd year.
Money is not everything in life. Being content helps.
Crystal Ball, i would've stayed in the Public Service.
Gee, $100k for a “low level” public service role.
What kind of role were you in?
I’m in public service and $100k is what a senior advisor is onIn QLD, that would be anyone at the top of a AO5 ("administration officer") pay band or bottom of the AO6 pay band, four bands in each. From 6 years in the public service, the ones earning that are either degree qualified professionals in their late 20s or early 30s or ~50 year olds who have chopped and changed roles.
The jobs at that level are relatively easy to do and people get to accrue time off in lieu for working over 7.25 hours a day thanks to low expectations in the public service…
Sounded like my other manager - he's an EL2, at the top of his pay band, for some weird reason he took the voluntary redundancy when he was offered one, got divorced then open up a laundromat with his new girlfriend. Think he's happier as a laundromat owner than having arrows/knives/swords all over his back.
Surprised no one has mentioned investment banking, hedge funds or private equity.
Easily 200k by mid-20s for IB. Can reach 500k total comp in HF/PE.
IB isn't a job. It is two jobs pretending to be a job. It is 16 hour days 6 days a week.
Can I suggest motivational speaker? Lol
If you want to be 'rich' have a business and employee people instead of being an employee.
Its really not that hard, just head back to 1980 and buy 10 houses, fast forward to 2021 and you'll be on about 200k and not even need a job.
Lots of joke posts, but I'm not funny, so I'll try and actually answer somewhat seriously.
My post will largely be centred around the finance/business industry since that's what I know best. I'll also be leaving aside any entrepreneurial ideas since the spirit of the question seems to be about "jobs", i.e. employment.
1) For the more social people, if you don't want to take many risks, then getting to a director level in Big 4 or other financial services firms should net you a salary of around $200,000. Generally speaking, I think you do have to be ambitious and be good with people to get to this level. In my own experience, most directors and partners are some of the nicest and most likeable people I've met. You don't get to this level without having people by your side. If you're a social, outgoing, charismatic person, I think this would be the easiest way to get to $200,000.
2) For the nerdier people who prefer to let their work do the talking, your best bet is to find a role which has large bonuses tied to performance and do a good job at it. Your base may only be 120k or something in that neighbourhood, but if you're good, you can easily rake in 80k+ worth of bonuses in stock options and the like. The banks tend to be quite generous with these types of bonuses, particularly if you work in a client-facing or markets-based role.
3) For the ones who want to sell their soul to the devil and work ungodly hours, of course, your good old investment banks and management consulting firms will almost guarantee a $200k+ salary if you can last there for a few years. Most I know at these places tend to hit $100k around 1 or 2 years in (basically an Associate level), and will tend to hit $200k around 5 - 6 years in. The good ones do it in even less time. If you can find your way into one of these firms and can survive the culture, the cut-throat competition and the long hours, you'll eventually make $200k.
However, at least for me, one of the toughest things about being in this sort of environment is that everyone else seems rich. You can buy a nice watch, a nice car, a nice house, and you look around you and everyone seems to be doing better than you. At some point, many people (and this is anecdotal amongst my friends) see that it makes much more sense working in an environment where people are just people. Case in point, I had a friend who was making over $300k p.a., but just couldn't stand the constant long hours, travel, high stress work, high pressure social environments…etc. that he decided to jump ship to a role that pays half as much, but where he feels happier and the money he earns goes further.
Lol. I think you're funny.
I would be satisfied with 130-150k and a quality of life/more 'me' time.
Anyone got ideas on that?
Get a good government job. They invest in you.
You will get life and work balance.After contacting/ running IT consultancy for over 13 yrs in Australia, have been in a Government job, and loving it. Can concentrate on development of skills, people really involve you in decisions, get paid leave etc.
All the best in your quest.
Sounds like my boss except he did it in a different order - owned his own consultancy first, sold it, gone govco contracting and turned perm right before defined benefits super was axed.
Being an Academic. Senior lecture/ A. Prof. Pays about that much. There are a lot of perks to this kind of job if you can get it - flexible hours, freedom to work on things you are interested in, being surrounded by intelligent and curious people, positive experiences with students, deep learning, conference travel (in normal times).
Plenty of academics in universities on unstable contracts that can be eliminated at the drop of a hat
The faculty (Lecturer and Prof titles) are not very easy to eliminate as they are commonly in ongoing positions. Definitely the causal staff or even research fellows would be easier to make redundant. It is mostly the admin and technical staff that lost their jobs in COVID, not faculty academics.
IT at a workplace with a strong EBA/union and if possible, no on call requirement eg sane deployment schedule or a role that isn't directly involved with anything outside of work hours. Does really depend on your work place though.
Specialist doctor
I make $100k but thanks to ozB am saving way more and feel better off than my mates on $200k.. oh wait, sorry got that the wrong way around.. I'm on ozB, earn the obligatory avg $200k salary and make sure to spend it on things I don't need
Also obligatory to be in bitcoin, made 400% and still a bit short.
If I had the choice of a job that:
- paid $200k that I didn't enjoy; or
- paid $70k that I enjoyed
I'd take the $70k job any day. Money does not buy happiness, and 70k if plenty to live a great life.
35yo professional, no HECS and own home mortgage free. Earn between 65-75k per year. No interest in big $ jobs. Only interested in work I enjoy and value.
And bitcoin wasn't involved. People are going to come spewing soon.
what job are you doing if you don't mind me asking?
Good on you. Working on making a similar.move myself for enjoyment/change :)
Anesthetist
Some religious leaders can also make a lot of money…
Sales, Home Improvements.
Hedge Fund Manager - its a really tight community that's a hard AF to crack into unless you got the connections and/or are rich.
Hedge Fund Manager
Not after GameStop.
One of our IT firms, all of their leadership team are on 200k+ benefits, all on-shore only 200 odd clients pretty low stress from what I've heard too!
doctor specialising in any area except podiatry
doctor specialising in any area except podiatry
That is because a podiatrist is not a doctor, and certainly not a specialist. They are allied health like chiropractor's and other witch doctors
allied health aren't witch doctors.. or doctors at all but they are an important professionals that provide evidence based treatment..ie. podiatrists/ physiotherapists/dietitians. Naturopath/iridologists/reiki practitioners on the other hand..
they are an important professionals that provide evidence based treatment
They do. I was a bit harsh.
IT has been mentioned a few times.
I'm on around $250k, being $1250/day annualised in government contracting. There's actually a shortage of people among the small community of IT people who work in my area of DevOps - Identity and Access Management.
Sailpoint, Forgerock, Okta etc. Most are Java based and have good communities to draw from when you're stuck on building systems to client specs.
I'm mid 20's with around 7 years experience. No uni, just TAFE and a lot of good references.Had some pretty significant leaps, for others' benefit..
1. Started in a newbie IT role after studying Diploma of IT Systems Admin in TAFE… Involved spreadsheets to manage identity and access for legacy systems at a banking firm… $450/week for 38 hrs.
2. Year later was between two roles, IT Service Desk / Risk and Compliance - earning $45k/yr
3. Onto year 3 went to investment banking doing Identity management, spreadsheets and Sailpoint $80k/yr
4. Year 5 got good at Sailpoint and did a short term gig as developer at a health fund (was blunt in interview that I had NFI but willing to give my best shot - blokes at this role were super and this was a pivotal role, was also a huge success for them because I sponge-learnt everything and produced a tops system for them) $110k
5. Year 5.5 joined one of the big two supermarkets for a similar developer role, and got good experience on operations, training end users etc. $120k/year.
6. Year 6. Joined professional audit/services firm as permanent got a lot of exposure to different companies. $160k/yr
7. Year 8+ Govt role back in contracting DevOps for Sailpoint $250k/yrBurnout is still pretty real as I've just started my own young family, but WFH is excellent, one great thing that's come from COVID. Ultimately have it pretty good, and love what I do. There's several roles offering the 200k+ in my area. Identity and Access Management is a very small community as well so people can probably figure out who I am based on my comment.
My only problems now are tax… Paying around $90k-100k in taxes incl. Medicare Surcharge. Wife isn't working because we've just had a baby, spoke to a tax accountant who said I'm doing all I can correctly, and wasnt helpful, can't 'pay' my wife so to speak to share tax burden. Have junk private health insurance because I don't believe in it, had to be family cover when my wife was working (she was ~20k p.a when working, childcare is so undervalued and underpaid). Can't put more in my super because income at 9.5% almost breaches the confessional cap for super at $25k already. Contributions to wife's account would be after tax $$ so don't really help either.
Aside from the occasional phone upgrade or laptop, headphones, there isn't many deductions. Work pays my educational allowances. Anyone has tips, would love to hear them!
Find a different accountant, there are ways to use some of your missus' tax free zone depending on your structure (are you on the pimps' PAYG, through a payroll company or P/L yourself).
PAYG - Looked into opening my own ABN going as a sole trader, but my understanding from the average accountant was you effectively are taxed the same anyway, likewise managing family trusts etc. as there's only a single source of income. Additional down side is having to cover yourself for insurance, the systems I work with could bring down an entire company, with some being 8000+ staff, so good to have the cover there if needed. I have the option to switch over any time needed, but negligible benefits in doing so. PAYG offers insurance through payroll company.
Whilst I'm confident in my ability, don't want to risk the assets I've been building up for my family.
Definitely want to explore ways to leverage my wife being out of work / low income as I see it as an area for the most tax benefit; as I build up assets may look to acquire them in her name, to generate additional income via dividends/rent and manage those on her behalf; but thats a whole different playing field.
Wish there were some simpler ways, I may be looking in all the wrong spots though - wish the accountant was half decent, they were rated well by the community but probably are managing families in the area who may have combined average $80-120k income stream. Will try another at this years' tax - previous to last year; did them all myself, but realize now my income is too high to handle it myself, just need a better accountant, downside is the gamble they just offer the same advise to keep doing what I'm doing and just pay up full income tax… Not sure how these people earning $500k+ pay no income tax… Consider myself lucky when I can balance the sheet (no more to pay on top of the $100k or whichever it'll be this year already deducted) at the end of the year despite PAYG and holding private health.I thought if you have a family trust, then you and your wife can then be the unitholders. Then any profits can be distributed to both of you thereby reducing your tax burden and increasing hers, assuming of course your employer will pay into your ABN account not as an employee.
Set yourself up as a business. Employ your wife as admin, just pay her whatever gets you under 180k or wherever the top bracket pays these days.
Otherwise just pay the tax. Also nothing wrong with doing this. Focus more on investing.
Yeah you get caught in the PSI net and that diminishes what you're allowed to claim ie no better off than pure PAYG kinda setup. Again, speak to a different accountant who's a bit more switched on re contracting. I've found most run of the mill suburban accountants probably don't know half as much as some of us because this isn't their money that's going to the ATO.
On the liability, if you had a company - rather than being a sole trader- that would shield your family assets and you could also get insurance and deduct that as well. However, with the PSI rules, I don't think this would make a difference.
Pretty sure the ATO takes a pretty dim view on the suggestion of having your wife as an 'assistant' and paying her. You'd want to be able to show she actually is helping, and her salary is reasonable. There literally an example on the ATO's website of this scenario with them cracking down on these sort of set ups.
Thanks for the detailed post!
I believe you can contribute after tax to your wife's super and get some back (upto $540). https://www.ato.gov.au/individuals/income-and-deductions/off…
It's not a ton but better than nothing.
I'm not sure that you are missing anything, there is probably more expenses you can claim from working at home. With the PSI rules I think you are right that many other structures wouldnt help you. You are paying tax as the system is designed, its a lot, but you are also making a lot. Compared to another family where both parties are making 120k each, they are likely paying less overall tax, but your wife out of work is likely temporary, and remember that other family will also face a similar issue when they have or had children etc.
No harm in trying another accountant, their advice is tax deductable the following year anyway.
I guess you could consider buying income earning assets in your wife's name. While it would be after tax now, the tax on the future earnings going to her would be taxed at her tax rate (or refunded if her total income is below the tax free threshold). Don't worry about a divorce scenario, all assets are pooled so it really doesnt make a difference in that scenario whose name they are in.
The people earning 500k usually aren't making it as a pure salary, the truth is its just not an efficient way to pay people at the top end with the tax rates, so the businesses find otherways to give the remuneration and packaging.
My only other suggestion is to try working less. If you were able to work say 4 days a week, and be the primary care giver that day, and your wife could work that day. Then depending on how much she earned for a day's work ($150 would be min wage for 7.5 hour day), you might come ahead financially. However, would only be likely if she was on a decent wage, and from your comments doesnt seem so. You could also consider investing in your wife so that when she's no longer needed to be the primary carer she can earn more income (whether this is further study, helping her set up a business or a franchise), or if she loves what she currently does even it it doesnt pay well, so be it that's a choice for your family.
I think its also worth keeping in mind that you have a had a very fortunate journey, no doubt working hard, but that's rarely enough to end up earning 250k in your mid 20s. Get some investments going now while you are young, see another accountant and maybe a financial planner, and just pay the tax you owe. You should not be struggling to support your family (sounds like 3 of you) on that income, if you are, then you probably need to look at any lifestyle creep that's resulted from your sudden rise in income.
It's not easy to earn 200k. I made it to 200k after a specialist nursing role with a tonne of OT because I was only one of the three that could do the job in the entire health district. My mental health suffered alot during that year.
DIY. It's piss easy - and you can buy everything at Bunnings
And ignore that bullshit that it has to be done by a licenced electrician - that's just job protection - and I'm a qualified (non-practicing) electrician