Is $79,500 a good salary for a 23 year old?

Mosaud1998 · 07-28-2021, 01:17 PM

Quote:

Originally Posted by CTinline-six

Education is never a bad investment, it's always good to have options.

Yeah, I understand that.

But, I'm not good at it. I hardly pass anything unless I cheat..

With the degree I was thinking of getting, I'll be making around $70k starting.

I make more right now roughly. Plus, I want to become a GM. That degree won't help me get there.

XutvJet · 07-28-2021, 01:17 PM

Quote:

Originally Posted by Mosaud1998

I'm not bragging. I just don't know how to feel about the $59k take home. can't do much with that.

can't buy a decent car without a loan or anything.

You're 23. You have a TON of years to work. You don't get the big money from the start, you have to work up to it. You don't get to buy much of the fancy things either like the new BMW, a huge house, a lake house, etc. Patience and work experience is key. You start small and work your way up.

You haven't make $80k/yr yet. Also, you happened to get into the car sales market at a pretty damn good time. Be prepared for tough times ahead. Being in sales, you'd best be very careful with not expecting to make good money all the time. There are major ups and downs, many of which are out of your control.

Mosaud1998 · 07-28-2021, 01:18 PM

Quote:

Originally Posted by clutchdj

All depends on how much you have to pay in taxes ;-).

Short answer is yes though

$20k in taxes

Mosaud1998 · 07-28-2021, 01:19 PM

Quote:

Originally Posted by XutvJet

You're 23. You have a TON of years to work. You don't get the big money from the start, you have to work up to it. You don't get to buy much of the fancy things either like the new BMW, a huge house, a lake house, etc. Patience and work experience is key. You start small and work your way up.

You haven't make $80k/yr yet. Also, you happened to get into the car sales market at a pretty damn good time. Be prepared for tough times ahead. Being in sales, you'd best be very careful with not expecting to make good money all the time. There are major ups and downs, many of which are out of your control.

Yup, sometimes you'll make $100k/year. Sometimes $35k/year

Mosaud1998 · 07-28-2021, 01:21 PM

Quote:

Originally Posted by TheWatchGuy

save your money and dont buy something you cant afford.

getting a loan on a car isnt a bad thing, and in a lot of instances, is smarter than paying cash with where interest rates are right now.

FWIW, i made right around there out of school at 23, and bought a new car with a similar take home pay on a 3 year, 0% interest loan. it can be done.

I'm cheap as hell

My credit card bills are usually like $100/month. That's just gas for the BMW.

I hardly eat out. Oh I pay my parents $200/month since I live with them.

Forgot I my half of the phone bill and car insurance.

Basically, I don't spend my money on things I don't need.

Run Silent · 07-28-2021, 01:24 PM

I'm pretty sure the best course of action is for me to keep my mouth shut on this one....

Mosaud1998 · 07-28-2021, 01:24 PM

Quote:

Originally Posted by Run Silent

I'm pretty sure the best course of action is for me to keep my mouth shut on this one....

Why? I want to hear your input

chassis · 07-28-2021, 01:33 PM

Mosaud1998 you’re doing fine. Taxes must be paid, it is what it is. Contribute as much as you can to retirement savings now. It may not sound exciting to do this, but you will thank yourself again and again later in life if you take care of your savings and investments now.

cmyx6go · 07-28-2021, 01:34 PM

Quote:

Originally Posted by Mosaud1998

$20k in taxes

The more you make, the more they take... Just saying.

Darth One · 07-28-2021, 01:47 PM

I think you already know that you’re doing well. Have to sustain it over the long run though. Sales is the ultimate “what have you done for me lately” profession. But that’s also some thing you probably already know.

I made $36k gross at a sales job in the late 90’s, i was a year younger than you. I was the top producer in the SoCal region. I wonder how much top car salesmen made in those days…

Also, be prepared for people to start telling you in this thread how to live your life. But maybe you actually don’t mind hearing it

Mosaud1998 · 07-28-2021, 01:49 PM

Quote:

Originally Posted by Darth One

I think you already know that you're doing well. Have to sustain it over the long run though. Sales is the ultimate "what have you done for me lately" profession. But that's also some thing you probably already know.

I made $36k gross at a sales job in the late 90's, i was a year younger than you. I was the top producer in the SoCal region. I wonder how much top car salesmen made in those days…

Also, be prepared for people to start telling you in this thread how to live your life. But maybe you actually don't mind hearing it

Hell I think I know how to live my own life

XutvJet · 07-28-2021, 01:49 PM

Quote:

Originally Posted by Mosaud1998

I'm cheap as hell

My credit card bills are usually like $100/month. That's just gas for the BMW.

I hardly eat out. Oh I pay my parents $200/month since I live with them.

Forgot I my half of the phone bill and car insurance.

Basically, I don't spend my money on things I don't need.

Ok. Hold on. You live with your parents and grossing over $6,600/mo and say it's not enough money? Dude, come on. What are you doing with all that money? I hope you're saving and investing nearly all of it.

I was making $80K/yr in a very nice area of Kansas City back in 2011. I was a 37 y/o white collar, college educated professional with 17 years of work experience. I was married and had two kids (9 and 3 at the time). My wife didn't work at the time. We had a mortgage, insurance on cars/house, food and common living expenses, home improvement/repairs, vacations, etc. etc. and still was putting away 10% to my investments and 401K. Financially, wife and I were very happy where we were at and money wasn't an issue for us.

Point being, you've got it pretty damn good bringing in that kind of cash with hardly any living expenses. You're in for a world of hurt once you move out as expenses go through the roof. So many things you're not thinking of now will chomp at the income.

RelaxIN2 · 07-28-2021, 01:54 PM

Do yourself a favor... Something I wish my parents would have shared with me at your age... Buy/Download/Read or Audiobook a book called Rich Dad Poor Dad by Robert Kiyosaki. Read and/or listen to it about 3 times. I'm sure you'll thank me for it later...

If my parents would have taught me about investing at an early age, you and I wouldn't be having this conversation right now. For whatever reason my parents were big on having Life Insurance... I had freaking life insurance since I was 22... if I had invested that $42 a month back then...ugh.. I dont even want to think about it, it gets me sick... but in all fairness they didn't know, and, the internet and information age wasn't around then to self educate...

I was very much like you... I HATED school. I was a jock so I got by...My grades were very poor and I only excelled in a few classes such as Math/Science/Lunch and Sports..lol. I graduated and went to tech school to become a mechanic. I worked for Ford Motor Company as an electronics specialist. I did that for a few years and decided that's not what I wanted to do for the rest of my life, however, I enjoyed doing the electronics portion of the work. I quit and took an 18 month course at a Computer Learning school.. I graduated and pursued my IT career and haven't looked back.

My advice to you is...be around people that you inspire to be... shut your pie-hole and listen and learn. Your ONLY limitation is YOURSELF..!! dont let anyone else tell you otherwise..!

leopard print · 07-28-2021, 01:56 PM

Quote:

Originally Posted by Mosaud1998

$20k in taxes

Welcome to adulthood.

Tommy-G · 07-28-2021, 02:02 PM

I think wanting to be a GM is a great aspiration. Learn everything you can about parts and service b/c the sales department can tend to run itself to an extent but you wont succeed as a GM if you dont "understand" parts, service and the financial statements.

upstatedoc · 07-28-2021, 02:04 PM

Quote:

Originally Posted by Run Silent

I'm pretty sure the best course of action is for me to keep my mouth shut on this one....

Tough love. Let him have it!

King Rudi · 07-28-2021, 02:05 PM

Quote:

Originally Posted by Run Silent

I'm pretty sure the best course of action is for me to keep my mouth shut on this one....

oh......I'm dying over here. Thank you.....

I've been hanging on each response and trying to determine how to form a response.

Mosaud1998 I have some bad news for you.....life is going to be way more difficult than you can possibly imagine. Enjoy the time you are having now. At one time, and not too long ago, I made half of that, as an adult, with two children at home and I didn't live with my parents. Life has a way of dropping you on your face. Prepare for it.

ky0u · 07-28-2021, 02:07 PM

Quote:

Originally Posted by Mosaud1998

The average American made about $94k/year in 2020.

Be careful with this metric. Depending on how it's data is sourced/processed, it could be severely skewed resulting in unrealistic expectations. For example, if 10 people have 1 apple, and 1 person has 100 apples, then the statistic technically becomes, "a person has on average 10 apples." But that's not exactly "accurate" either

tdott · 07-28-2021, 02:08 PM

You'll soon realize past 3 months in sales, doesn't mean you can multiply to give you full year salary.

You are counting May - July which are busy months. What happens when/if you sell 0 cars in Jan? or etc.

dtox9 · 07-28-2021, 02:12 PM

Quote:

Originally Posted by King Rudi

Life has a way of dropping you on your face. Prepare for it.

THIS X1000
(if I only knew then what I know now)

damnitBobby · 07-28-2021, 02:16 PM

Learn the difference between average and median. The latter is more relevant in this topic.

You're doing just fine especially since you live with your parents. You save a lot of money by simply having little to no overhead costs.

My advice is to make sure your career path is reliable and something that you see yourself doing 10-15 years down the road.

CTinline-six · 07-28-2021, 02:16 PM

Quote:

Originally Posted by Mosaud1998

Yeah, I understand that.

But, I'm not good at it. I hardly pass anything unless I cheat..

With the degree I was thinking of getting, I'll be making around $70k starting.

I make more right now roughly. Plus, I want to become a GM. That degree won't help me get there.

Don't necessarily have to be a degree, get some certs in a trade or something. If you like your current job, what would allow you to advance in the ranks to say a management position?

07-28-2021, 01:24 PM	#28
Run Silent Run Deep 15088 Rep 4,123 Posts Drives: Back and Forth To Work Join Date: Mar 2017 Location: The Mountains iTrader: (0) Garage List 2018 Alfa Romeo Giu ... [0.00] 2022 Ford Bronco 2d ... [0.00] 2016 Alfa Romeo 4C [8.50] 2019 BMW i8 Roadster [10.00]	I'm pretty sure the best course of action is for me to keep my mouth shut on this one.... __________________ *Don't sweat petty things....or pet sweaty things.*
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07-28-2021, 01:33 PM	#30
chassis Colonel 7959 Rep 2,491 Posts Drives: 9Y0 Cayenne S Join Date: Mar 2019 Location: Einbahnstraße iTrader: (0) Garage List 2020 Porsche Cayenne S [7.69]	Mosaud1998 you’re doing fine. Taxes must be paid, it is what it is. Contribute as much as you can to retirement savings now. It may not sound exciting to do this, but you will thank yourself again and again later in life if you take care of your savings and investments now.
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07-28-2021, 01:47 PM	#32
Darth One drunk poster 6608 Rep 3,649 Posts Drives: M4 GTS \| E46 M3 Join Date: Jul 2008 Location: FL iTrader: (0)	I think you already know that you’re doing well. Have to sustain it over the long run though. Sales is the ultimate “what have you done for me lately” profession. But that’s also some thing you probably already know. I made $36k gross at a sales job in the late 90’s, i was a year younger than you. I was the top producer in the SoCal region. I wonder how much top car salesmen made in those days… Also, be prepared for people to start telling you in this thread how to live your life. But maybe you actually don’t mind hearing it
	Appreciate 2 Mosaud19984125.00 King Rudi13070.50 Quote

07-28-2021, 01:54 PM	#35
RelaxIN2 Second Lieutenant 515 Rep 230 Posts Drives: 2012 BMW M3 E93 Join Date: Mar 2016 Location: Bucks County Pa iTrader: (0) Garage List 2012 BMW M3 - E93 V ... [0.00] 2003 Cobra - SVT Vert. [0.00] 2011 F-150 FX4 [0.00] 2014 KTM EXC-F 350 ... [0.00] 2016 Stealth Bomber ... [0.00]	Do yourself a favor... Something I wish my parents would have shared with me at your age... Buy/Download/Read or Audiobook a book called Rich Dad Poor Dad by Robert Kiyosaki. Read and/or listen to it about 3 times. I'm sure you'll thank me for it later... If my parents would have taught me about investing at an early age, you and I wouldn't be having this conversation right now. For whatever reason my parents were big on having Life Insurance... I had freaking life insurance since I was 22... if I had invested that $42 a month back then...ugh.. I dont even want to think about it, it gets me sick... but in all fairness they didn't know, and, the internet and information age wasn't around then to self educate... I was very much like you... I HATED school. I was a jock so I got by...My grades were very poor and I only excelled in a few classes such as Math/Science/Lunch and Sports..lol. I graduated and went to tech school to become a mechanic. I worked for Ford Motor Company as an electronics specialist. I did that for a few years and decided that's not what I wanted to do for the rest of my life, however, I enjoyed doing the electronics portion of the work. I quit and took an 18 month course at a Computer Learning school.. I graduated and pursued my IT career and haven't looked back. My advice to you is...be around people that you inspire to be... shut your pie-hole and listen and learn. Your ONLY limitation is YOURSELF..!! dont let anyone else tell you otherwise..!
	Appreciate 1 Mosaud19984125.00 Quote

07-28-2021, 02:02 PM	#37
Tommy-G Captain 4605 Rep 694 Posts Drives: 2015 435 Vert Alpine White Join Date: Apr 2010 Location: Bradenton FL iTrader: (0)	I think wanting to be a GM is a great aspiration. Learn everything you can about parts and service b/c the sales department can tend to run itself to an extent but you wont succeed as a GM if you dont "understand" parts, service and the financial statements.
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07-28-2021, 02:08 PM	#41
tdott Brigadier General 4057 Rep 4,094 Posts Drives: M3 Join Date: Nov 2010 Location: South FL / 6ix iTrader: (4)	You'll soon realize past 3 months in sales, doesn't mean you can multiply to give you full year salary. You are counting May - July which are busy months. What happens when/if you sell 0 cars in Jan? or etc. __________________ N/A S65 Headers Before/After Dyno Results
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07-28-2021, 02:16 PM	#43
damnitBobby Major 1003 Rep 1,374 Posts Drives: 2018 M3 ZCP Join Date: Jan 2014 Location: Houston iTrader: (0)	Learn the difference between average and median. The latter is more relevant in this topic. You're doing just fine especially since you live with your parents. You save a lot of money by simply having little to no overhead costs. My advice is to make sure your career path is reliable and something that you see yourself doing 10-15 years down the road.
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