Ask HN: How to make 250K+/yr. What are my career options?

[throwaway314]

Hi, I'm in my late 20s. I'm a software engineer and work for one of the biggest software companies in bay area. I make about 115k/yr + maybe 10-20K bonus depending on the year. Its not a bad pay, but not great either. I like coding and one of the things I enjoy. But, I'm not able to see any growth both in terms of career satisfaction and most importantly to me - money. What are my career options to make more than 250K/yr in the next say 3-4 years? Why this arbitrary figure? There are no reasons really, but this is just a "target" figure and I know I want to be making more money. While there are no reasons, I'm very much motivated by the fact of making money than to live a lifestyle which needs this kind of money. It maybe a wrong approach, but like I said, money is a great motivator for me. I don't have any commitments like mortgage and don't see anything coming up in the next few years.

Right now, my options seem to be either:

1) Do a MBA and get into investment banking. Probably finance is the only thing I might be interested in (hence Investment Banking). Not sure, how hard it is to get a 250K job these days given the lot of MBAs laid off last year. I've really not researched this option well, but it just seems "Wall street" is a lucrative option. Don't know how hard it is land a lucrative job.

2) Try to do projects/web apps on the side which may bring additional income and/or try to do consulting on the side. However this is not a sure thing, unlike MBA.

I've gone mostly along #2 so far - tried hacking projects on the side for couple of years, but I've not made any money. Either the projects failed to complete or the ones that I persisted, I wasn't able to achieve any traction.

ps: This is a throwaway account for obvious reasons of mentioning my salary etc.

[byoung2]

most importantly to me - money

I hope this post isn't serious. If money for money's sake is your primary motivation, you're setting yourself up for a big disappointment. With no commitments like a mortgage, and none coming up, what can you do with $250k that you can't do with $115k?

As for #1, an MBA to go work on Wall Street in this financial climate is a hard way to go, and you have clearly "not researched this option well" as you say. An MBA is most certainly not a sure thing.

As for #2, this is probably the better bet in the long run, but you are likely going to have to suffer through some long years of "not great" pay in the sub-$115k range before the moneybags come rolling in.

[throwaway314 → byoung2]

No, this is a very honest question which has been lurking my mind for a while. Sorry, if I had worded it badly. Its not like money is my only motivation. I definitely do want to things I enjoy (coding/math/statistics/entrepreneurship) or at least as close to it as possible. I would never compromise that. But to answer your question "what can you do with $250k that you can't do with $115k?" -- I have thought about this for a long time. In fact I use this argument to suppress my dissatisfaction of not making enough money. I guess I'm not a content person when it comes to money and I guess I feel it is a measure of career progress and that I'm moving forward rather than being stagnant. Of course I would be kidding myself, if I say its the only measure of progress, there is always the value produced for obtaining that money.

[byoung2 → throwaway314]

Since $250k is an arbitrary number, when you reach it, what's to stop you from writing this same post asking how you can make $500k?

[starkfist → byoung2]

There are a lot of things you can do with $250K that you can't with $115K. For instance, after two years you qualify as an accredited investor and could form your own hedge fund or seed fund.

[philiphodgen]

As someone older than you whose income well exceeds your target, here is the advice. Deliver value to the universe first. In at least an order of magnitude larger than your target. In other words, make people really really happy and they will vote for you with little green pieces of paper.

Job description is not so important, though I probBly would stay away from poetry. :-) Go find and listen to the Merlin Mann/John Gruber panel at SXSW where they talk about what made them successful. Obsession plus voice. This Concept works with my wife's clothing business. It works with my international tax lawyering. It works for Gruber. It will work for you.

Find an obsession. I backed into mine by a process of elimination - discarding things I did not like. Then give. Listen to that panel where they talk about how much they give away. Then reap the harvest.

When the harvest comes you will be a different man. Long ago I was whining to a wise old man about wanting a big black Benz. He said "When you can afford it you won't want it."

I drive a Honda.

[carbocation → philiphodgen]

>I probBly would stay away from poetry ... I drive a Honda.

And, based on the structure of that typo (missed the 'a' key, hit uppercase key instead, followed by a now-capitalized 'B'), you almost certainly own an iPhone :-)

[philiphodgen → carbocation]

Bingo! :-)

in my own defense I have not purchased the new one. Yet.

[throwaway314 → philiphodgen]

Thanks for the advice. I'll definitely listen to the Merlin Mann/John Gruber talk. I agree that money doesn't come without producing value first. I guess I was just a confused engineer frustrated at the slow growth rate rather than thinking about the value I can produce.

[starkfist]

Become a dermatologist.