£25k at 24

I wouldn't like to see how far £24k would get me in London, but then everyone is different. My girlfriend manages to save about the save as me each month even though she earns around £10k less. It's as much about how you spend/budget as it is about how you save.

Reply 21

Reue

Depends on experience. First ever job so 0 experience? Good starting salary.

Reply 22

Original post by inhuman

Sorry but so what?

The OP's question was completely general. You can have a bar chart showing wages by age. You can have one by sector. You can have one combing the two.

I am not saying you are wrong, but in the grand scheme of things, earning almost 20% more than the median income at age 24 is "good", considering that in all likelihood OP will earn as his career progresses.

https://en.wikipedia.org/wiki/Income_in_the_United_Kingdom

Depends on how you define 'good'. It's a relative term, which is what J-SP is trying to get across. The given example of someone heading into a career (with all the relevant experience, skills, qualifications etc) with high compensation acceleration vs a 24 year old who hasn't really bothered to do anything at all and hasn't put much thought into their career, is a great example. The latter individual, notwithstanding a lucky break from entrepreneurship, will have a lower trajectory (and expectations) than the former.

You might peg 'good' as some percentile of the entire 24 year old population but in practice that doesn't work. If you're going to draw conparisons, you may as well compare similar populations - adjusted for education, job, industry and location. Case in point, the job you do and where is A LOT more of an indicator than 'age'.

Reply 23

Original post by inhuman

They are banks. Hence they are shitty.

Oh and I still somewhere have a GS contract lying around :wink:

How come aha? Banks are just financial services firms, I see no intrinsic shittiness.. :')

GS contract for?

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Reply 24

Daniel9998

Original post by Princepieman

How come aha? Banks are just financial services firms, I see no intrinsic shittiness.. :' :wink:

GS contract for?

Posted from TSR Mobile

LOL how do you manage to turn every single thread on TSR into an IB related discussion

Reply 25

Original post by Daniel9998

LOL how do you manage to turn every single thread on TSR into an IB related discussion

Didn't bring it up, the guy I replied to did lmao

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Reply 26

Original post by Princepieman

How come aha? Banks are just financial services firms, I see no intrinsic shittiness.. :' :wink:

GS contract for?

Posted from TSR Mobile

Because most are just there for the money. Many will tell you it's because it's "interesting" or "dynamic" but again that is mostly just bs. Because while banks are essential to the system, they are in no shape or form essential in the way they operate now, nor have the problems of moral hazard been been addressed properly. Nor do nearly as many as should go to prison for crimes, except of course it's better for the US government to fine them (in fact the Treasury sees fines as a source of income I am sure). I could go on. In short, admitting to generalizing, it is not a good industry with good people.

Oh, nothing special, I just mentioned that to indicate that I am not the typical working class goon who thinks "banker ******" and doesn't really have a clue. And that I do have personal experience (and can say that I did not enjoy the atmosphere).

Reply 27

Original post by inhuman

You did say it yourself :rolleyes:

It's interesting how the actions of a few mischievous bankers have tainted the whole profession in such a bad light. Do you see all Doctors being vilified when one goes on a berserk killing spree, in the name of 'malpractice'? I think not.

It's just another standard industry sector with its fair share of dimwits, normal folk and wrongdoers.

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Reply 28

Original post by J-SP

Is jt really the median salary once we consider age (considering that's what you are gunning for), as well as location occupation and gender (considering that's what is highlighted in the article you provided)? Probably not.

And even if they do progress, going by your argument they will be older and so relatively what will be the difference?

Posted from TSR Mobile

I never said you are wrong. I am just pointing out that saying age is irrelevant is naive. And considering OP's very open-ended question it is in fact relevant, and not some sort of benchmarking which is essentially what you are suggesting. He didn't ask is £25k at 24 good for a [profession] or good in [job]. I totally agree that the thread could eventually have evolved there, but not as a starting point. Because the first reply to the thread was yours and started: "Your age doesn't really factor in to whether it is good enough or not." And sorry, but I maintain that that is not really true to begin with, nor what OP was asking.

Age is not irrelevant (as that would imply there is no correlation, which there clearly is).

Reply 29

Original post by Princepieman

You did say it yourself :rolleyes:

No, I only said that because up to that point it sounded like I said all of them are like that.

Do you know what a generalization is? How it comes about? How about a stereotype? You think they are made for fun? Have no basis whatsoever?

Not to mention these dimwits and wrongdoers can be found right at the top, and the culture goes top down.

And yes, there actually many doctors that are just in it for the money. Do you have any idea how many surgeries are performed that are unnecessary? How many procedures are told to the insurance have been performed but haven't? I think if we ever found out the truth, it would be shocking. (Note I am of course not speaking for the UK here since the NHS works differently).

Reply 30

Original post by inhuman

No, sometimes they are made up to justify persecution, discrimination and genocide. Many have a vague basis in truth, but the existence of a stereotype can mean a lot or it can mean absolutely nothing.

Not to mention these dimwits and wrongdoers can be found right at the top, and the culture goes top down.

And yes, there actually many doctors that are just in it for the money. Do you have any idea how many surgeries are performed that are unnecessary? How many procedures are told to the insurance have been performed but haven't? I think if we ever found out the truth, it would be shocking. (Note I am of course not speaking for the UK here since the NHS works differently).

How many are performed unecessarily each year?

Reply 31

Original post by J-SP

Age is a by-product of experience - that's why there is (in part) a correlation. Age is used as a measure as it is not subjective and can be easily and consistently measured. In comparison experience can not.

Does age impact the salary you command? Only rarely, and this is when the exception will be with minimum wage bands.

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Nothing you have just said is new. I have said everything in my previous posts.

Reply 32

Original post by offhegoes

I don't know.

I just said if we were to find the truth I think many would be shocked.

Reply 33

Original post by inhuman

I don't know.

I just said if we were to find the truth I think many would be shocked.

At how few it is?

Reply 34

Original post by offhegoes

At how few it is?

Reply 35

Original post by J-SP

Plenty of what I said hadn't been said previously. But nevermind, you're reading what you want into things not what is actually being said.

Posted from TSR Mobile

Stop projecting, it's unbecoming.

Reply 36

Original post by inhuman

I don't know.

I just said if we were to find the truth I think many would be shocked.

So you don't know, but you think many people would be shocked? Well, this leads to a couple of pretty spectacular conclusions:

A) You believe that, whatever people think the number is, the true number would shock them. So you, not knowing anything about what the number might be, still consider that you are likely to know more than most people about the true number. Fascinating.

B) Again, without knowing what the number is or what other people think the number is, you have speculated on all of this and still managed, without external influence, to make your judgement to be unsupported in your own mind. You have essentially already decided, apropos of basically nothing, that your view is a minority one.

You may follow all, or none of those. Either way, congratulations. I am amused.

Reply 37

Original post by offhegoes

I have spent the last minutes looking through your post history.

In German we have a word for people like you, Klugscheisser.

Google it and have a good night :wink:

Reply 38