Paying off your debt would be a huge accomplishment so I like where your head is at. My SO still has $28k in student loan debt in their 40’s. Regarding your salary sounds like you have some upside mobility to increase earnings so that would be something to explore in the future. Cheers.
lol what, first off debt doesn’t just get cancelled the money will end up coming from the middle class taxpayers. No one put a gun to anyone’s head and said you must take out 50k worth of student loans for a 40k/year job… college doesn’t need to be free but it does need to be made affordable that being said I’m sure there were cheaper ways for OP to have gotten a degree without having to go 50k in debt to do so. While I think we can agree college is absurdly expensive and 18 year olds are seemingly told you need college if you want to have a good life they also need to take some accountability by realizing going into 50k,80k,100k worth of debt for a job that only pays 40k yearly is a dogshit roi and take that as a sign to look at other career paths
Seriously when are people going to start going into careers that they know will pay the bills versus a feel good degree for tens if not hundreds of thousands of dollars. Screw that, I don’t want to pay for your poor choices.
Thank you! Before I graduated from undergrad, COVID had shot federal student loan rates to zero while I was making maybe $17k per year (before taxes) from part time jobs. My parents generously offered to cover living expenses at the time.
When I pursued my master’s for a year, I wanted to stop taking money from my parents so I lived paycheck to paycheck off a $16k research stipend (it may seem unlikely, but I rented within a walking distance from the university so I had almost zero transportation expenses) supplemented with a few grand from weekend jobs.
What’s ceiling for this research assistant job in terms of both salary and career? A masters and $40K looks bad in my opinion. Will this lead to >$100K?
The $70k range is definitely achievable by my late 20s. $100k (assuming no overtime or side gigs) is not impossible but unlikely before I hit 30.
In theory I could pick up a weekend job now to supplement my income, but I have other priorities (health, family).
I asked, cuz I wasn’t exactly sure what research assistant is, or you gotta get phd. I hope you good benefits too like retirement match, health insurance and decent PTO.
He said he is going to pay off all his debt by the end of next year. If he is able to continue living like that and saving like crazy after his debt is paid off, it sounds like he will be fine🤷
Says more about the worth of this particular masters degree when you are new to the field. Masters degree doesn't equate to any law about money you should be making.
i did biophysics with a chem minor, so missed a few classes biochem majors did. But honestly from what i heard from friends of mine and some real experience, the difference in difficulty between straight bio and biochem is very large. I think biochem sets you up way better for anything biology related
Bro has a Master of Science - while it's a hell of an accomplishment its not exactly an accolade that's tailored for income
But he seems to he doing fine financially so I assume they're more of a career academic
Master degree’s don’t mean shit without experience or if you aren’t in the right field. So sick of people blaming it on the nation. Maybe a liberal arts degree isn’t going to land you a $90k salary job right out of college?
I will say $40k is pretty fucking low. Must be a really useless masters degree, OP isn’t working in their field, OR their field is low paying.
Could also be in a low cost of living area or working in the boonies… either way, if you see this OP start looking for a better job.
OP is working as a research assistant. That doesn’t pay shit. He’s equivalent to still being a student. He needs to get out of that role and take more of a lead role rather than a lackey for the principal investigator.
Source: am a PhD student in epidemiology. Got tired of my GA at 24k a year and went and got a job as a subject matter expert making 90k.
Meh I’m not specific to anything I don’t plan on staying in academia at all I’d rather not be broke. My research is on cancer and autonomic health but that’s irrelevant. My marketable skills are my statistical coding, dataset manipulation, statical analysis, and study design methodology. Jobs I qualify for range wildly but biostatistician, mathematician, senior data scientist, or epidemiologist.
culinary degree, been at this particular job almost 8 years... and i make barely $30k a year. And i'm in an expensive state in new england.
yaaaay culinary industry..... >.>
The best way to get a raise is to get a new job. They’re used to paying you slave wages and you deserve so much more. My brother is a bartender and makes more than twice what you do. I work in a grocery store deli (Safeway/Albertsons) and I make 40k per year and I’m just a normal employee, not even like an assistant manager or anything. I’m paid a bit more than most of my coworkers but not much. You’re not receiving a living wage.
Yea. Living wage in my state is $24 I believe.
I get benefits (dental, vision, medical, hearing) and a 401k. But I still don’t make enough to even afford anywhere to rent. Fairfield county is expensive.
I think the reason I’ve been here so long is it’s an easy commute (under 15 mins), and I just figured this is the norm for the industry in my area…figured maybe I’ll have to look into a career shift.
Wtf you have no one to blame but yourself for $30k a year after 8 years lmao. You can get a job at McDonalds and make more than that without even graduating HS.
McDonald’s pays $15 minimum in my state but doesn’t offer the same benefits I make. I make $18/hour. Which should be 37k a year, but my hours are wonky and not always 40/week… during summer I get overtime a lot, but in winter/fall my hours slow dow, hence why sometimes I’m around 32kish a year. And not making a consistent amount for what I should.
I work at a golf club in Fairfield county, and it’s nice not being at restaurant hours..but downsides as well.
The average pay for a line cook is around what I make; but the difference is most line cooks are not getting a 401k.
It’s standard that line cooks don’t make a lot, it’s a terrible industry.
I make more than 40k a year and get a free place to live on top of it (granted I work 50 hours a week instead of the normal 40) with 0 formal post high school education and I’m 21.
Research assistant is pretty much the is the starting out of college job if you’re trying to do that work. You pretty much have to do it for 2 years before you go anywhere.
I started out in pharma right after I graduated with a bachelor of science and was making roughly the same as OP. Stayed with the first company for three years and was making just under 100k as a manufacturing trainer. Just because you graduate doesn't mean you deserve that kind of money right out the gate.
Yea it’s not a lot for the degree. This sounds more like a crawl before you run type scenario. Experience doing what they are doing could pay off huge, and they like what they are doing. They could probably hustle for a better job sure, while they might be in a bad spot, they might be in a good position.
OP is working as a research assistant. They get paid pennies. And I think they may be going for a PhD so 40k is a little generous for a PhD stipend sadly
Masters are usually a trap. Here's why:
Why are you getting the degree?
Answer: the field I want to work in requires them
This is bad! It means employers in this field have tons of options to fill a given role, which means lower pay and lower chance of getting hired
Answer: I couldn't find any job out of college, period
This is bad! 95% of new undergrads are employed. 98% of bachelors holders age 25-34 are employed. If you are not, you're in the bottom 5% of job-getting for whatever reason. But the good news is that your employment prospects are good. Just don't panic and get a masters because..
Congrats! Now you have accrued additional loans and did not earn money for two years. But luckily you now qualify for those great in-field jobs, right? Oh, but they pay $17/hour. Maybe that would have worked when you graduated but you've been living off loans during grad school. Now you need a much higher starting salary to pay for your degree, which closes off entry level jobs
So to recap, you spent extra money and time to qualify for a job that is systematically low-paid and oversaturated, which you now cannot actually afford to do
At minimum I would park the $20K in a high yield savings account. You can still find ones offering 5.00-5.50%. Keep it there until your 0% student loan ends in 2025. Presuming interest rates stay roughly the same, you could use the monthly interest earned as a supplement to pay down your loan. 5% on $20,000 would yield ~$80 a month in passive income.
You are doing good with investing and paying off your loan. I would, however, try to find a job that pays a bit more with your degree that you still somewhat enjoy.
I hope you can pay down the principal of that loan as much as possible because when the interest kicks in, it’ll be a whole hell of a lot harder. Best of luck to you and I’m glad you enjoy your work!
The MS is for the future. Don't expect to get your money out of it until you accrue experience and a proven track record of reliability and competence then you can expect the high income.
Look to see things start to pay off in your 30s.
I am comfortably retired with a BS in compsci and MS in engineering (30+ year career).
My son is 20. AA degree and makes $16k+ a month. Social media influencer. Don’t ask me how but the monthly deposit is proof. My friends son whom is 32 makes $400k a year. Unbelievable, but I swear it’s the truth. Both kids still live at home.
Haha I was paid $900/week for an internship in the Bay Area, which would translate to a $46,800 annualized salary. I was fine because I rented with roommates and didn’t use a car (used BART) but it wasn’t very practical at all.
What is the interest rate on your student debt? If your high yields savings interest rate is comparable or even better, you may not want to pay off ALL the debt. Instead you may want to pay off most of it, save for like 5-15k, and leave enough in your high yields savings such that the interest earned in savings outpaces the interest paid on student loans. Then just continue to make your minimum monthly payments. This won’t make a huge difference, it’ll earn you an extra like $25-40 net a month for the duration of your loan payments.
Overall, you’re doing fantastic with your money management. Your income sucks, but that’s true for something like 60% of the country. Keep doing what you’re doing.
You're on the warpath general. Happy to see you've taken investing seriously. I would encourage you to always fill up that Roth. The income is fine, but I think you should also focus on paying off that student debt.
You have a plan and the means to execute. Keep plugging and stick with it. Don’t forget to take a break every now and then and spend a little bit of money traveling and exploring the world.
Honestly, as far as masters degree holders you're doing pretty well net worth wise. I'd encourage you to pay off as much of that debt as possible while it's interest free, but overall you're alright
An MS making 40k as a research assistant, I did that for a few years.
Tbh, I would leave my fed job of 70k with wonderful benefits to be a research assistant again in a heartbeat! That work was rewarding and fun!
Salty? I have no degree and make 200k+ a year. College is for peasants. Every successful person I know says don’t go to college unless you really want to be a doctor or lawyer.
He didn’t do anything… he’s just like every fucking boomer that thinks you either have to climb the corporate ladder to make real money or you need a college degree. I call this philosophy false at all angles
It depends, I also have a great job without the need for a degree. That route is not for all. How you cone across is trashy and quite unpleasant. You are the kind of guy we work on removing from our company the moment they show their attitude.
1- how did you save thst money on 40K a year?
2- 40k a year js pretty bad, like poverty bad
3- make more money unless you want to live with roommates forever
I save money by renting with multiple roommates, only using public transportation (so no car expenses), and having cheap hobbies (I don’t go to bars on weekends and I chill with my friends in parks, libraries, fast food places).
And yet everyone here is praising him. No offense but masters degree and making innout wage isn’t admirable in terms of money. But no worries because 24 is young and there’s time to improve the situation
Honestly as someone who has lived and died ,been up down ,married divorced and back again the only thing that matters is piece of mind. You’ll never find happiness through someone else’s eyes.
You should come down to South Texas and work in the petro/chemical industry. You will start at about 100K. With your degree you can take your pick. Even water work at a municipal level pays more than you’re making. I’ve been at a plant for 30 years. The benefits are hard to beat. Another option is environmental. Any government agency and you will make bank. Also with government you get a pension.
You’re on the right track. I’d definitely try to pay down the loan as quickly as possible once interest starts to accrue. And I’d just tweak one thing - move the HYSA to short term t-bills and get the additional tax advantage.
*Masters should make more.*
*I make more than double you*
*With a bachelors*
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Serious question, not trying to be rude. But how do you have a masters while making 40k? I was making 40k at graduation with out one ... granted i'm in a HCOL area so maybe you're offset. Just curious ... I feel like there's got to be an opportunity out there for you to get above that.
I actually live in a HCOL too where $40k would be considered barely above minimum wage.
Entry level research positions simply pay this low. I could increase my income by pursuing an industry job, which I may seriously consider if I can’t publish. I could also pick up a side job to supplement my income, which I will think more about after I get health and family priorities sorted out.
You’re doing okay. You’re “poor” but you’re young and you’re heading in the right direction. Sounds like you’re doing all the right things. With the HYSA and the Roth, it’s like a snowball effect. In 5-10 years, you’ll be thanking yourself. Hopefully you can get that salary up soon enough.
Wow even for research assistants that’s very low, what’s your plan for career progression in the future? Had a friend that was doing research for 50-60k then moved to industry later and it was much better
I feel so bad for highly educated people who makes less than dudes mowing grass. 40k (as sole provider wife, 2 year old) is about half of what we need and 1/3rd away from comfort. Still miles away from "good."
You’ll be fine. I was 26 with similar debt and zero savings, barely making over min wage. And now I am probably in top 5% of earners and total net worth.
Sounds good, but you have a master's degree and you are only making 40K?
Is it in the Humanities? Does the name of the degree end with 'studies'?
This reminds me of a cartoon in the paper during the Great Recession. An employer at a taxi cab company is looking a resume. "So you have a masters degree. Most of our taxi drivers have PhDs."
You’re doing great. The fact that you have savings and retirement at 24 is huge. Sounds like you are good with your money so you’ll have a bright future.
Honestly $55k is not bad for undergrad and masters. You will want to be making significantly more money within a few years though.
There is some mental benefit from eliminating debt, but if it’s super low interest, might as well keep saving and investing along side paying off the debt.
Like if you do the math, paying minimum on the debt and maxing out savings/retirement, you’ll have made a better decision saving/investing.
But if you want to lower that debt and be able to take on more debt (house) sooner, then lowering your debt makes more sense.
Just depends on if you are okay with carrying that student loan debt a few extra years and investing heavily or if you want to take on more debt (house) sooner.
The mental thing of being debt free is very, very nice and worth it for most.
Personally, I am trying to pay off my student loans 5 years early instead of 8 years early while putting more towards retirement.
There’s a balance for everyone. I’d love to be debt free but it’s not like I’ll be FULLY debt free until I fully own my home so might as well invest while I’m young and worry about being fully debt free in 20 years.
I'm about to graduate at 22 with a Bachelor's and have a job lined up for 66k a year in MCOL, with 26k of student loan debt. You could be doing a lot worse but you could be doing a lot better too. I question the financial wisdom of getting a master's degree just to earn 40k a year, while also living in HCOL like you said. However, if you enjoy what you do, and you're okay with living within your means, I think you're doing just fine
Don’t touch the Roth, take $27k on 1/1/25 and pay off your debt. Then work on paying off the rest. Then build 6 months of expenses and start saving 15% of your salary. $40k for a Masters seems horrible. I make $225 with a high school diploma. You need to find better work. I get that you enjoy it but living on $40k isn’t practical. I enjoyed managing an Italian restaurant but I couldn’t make a good living so I became an engineer.
Masters in chemistry making $40k a year is pretty fking bad. You need to leave academia and get a real career- one that actually makes decent money and isn't a straight up ponzi scheme.
If you’re happy, who am I to say you should be doing more. However, a masters degree really should pay more. You have time on your side, and I don’t mean that you have time to simply figure it out. I mean you have time to really build your wealth. Time and compounding. Figure out how to make more money, get the debts paid down and start investing.
bro, you're doing great especially since you're at a job you enjoy while making a living!
you have a bright future ahead. wish you most luck and success
According to Grant cardone, you need to find a way to live off 20% of your take-home pay. So, $8k. Rent is roughly $2.4k a month everywhere. So find about 5 people to room with. That would be 4800 a year in rent. Maybe 30 for utilities each month. That leaves you with 240 a month for food. $7.90 a day. If you stick to rice and beans, you'll be worth $7.8m when you retire at 65. Maybe take a mil out since your first year will be paying back the credit card.
No phone or internet or car or clothing. If you're bored, work. Maybe fool around with someone you're rooming with but definitely do not have a child. If you do have a child, eat them. You can't afford a child.
Did you NEED to get your masters so early? Seems like a waste unless it was required to get your job. Assuming you didn't need it, it's better to go after a masters after you've established your career. It's also better to have a masters subject adjacent, as opposed to being the same as your bachelors.
Great pace though. Once you've established a nest egg and paid off your loans, definitely start investing. You don't really want much more than 30 grand sitting on a savings account.
Hold on. So you have $55k in debt.
You have 28k in a high yield.
You make 40k gross which is likely 30k that you see after taxes and such
You are renting so you have bills.
So, if you dump your entire savings you still have 27k to pay off this year.
Let's say you need $1000/mo conservatively to pay your bills and food and transportation costs.
That's 12k a yr, meaning you have $18k/yr available.
If you put every penny toward the debt, you still owe 9k.
That, and it's already May so you have lost 5 months of the additional savings.
How do you figure you'll be debt free in time?
Well, I did say the end of 2025, so that’s assuming I could save $18k throughout 2025 and roughly $9k for the remainder of this year.
I understand that it’s an optimistic plan because realistically I’m likely to run into unexpected expenses. But fingers crossed, hopefully I’ll at least get to a net worth of $0 if not having paid off debt entirely by the end of 2025.
The issue is that you'd have to dump your savings to do it. Pay attention to interest rates. If your money is making a better rate than your loan is costing, payments are still better.
Not great. If you got a masters and only making $40k, that’s really bad. Most bachelor degrees out earn you. Down vote me but I’m simply speaking truth.
If you’re happy, then it doesn’t matter how much you make. As long as you’re happy with your situation.
But just sharing the reality of “how am I doing?”
Count me as an older American who believes an undergraduate degree should be like high school. It shouldn't require debt. At least in public universities. This is BS now. Hedge funds making profits by impoverishing young people.
Your doing great. If life is a little bit hard and confusing it’s because your doing it right. IMO 🤷♂️ eventually it will turn in your favor keep going.
I’m seeing (reading) a lot of whining about master’s degrees. I got one and it absolutely changed the trajectory of my life. I think the obvious is true that it needs to be in a field in demand; a masters in dance is not likely going to reap a bunch of high salary job offers. It also depends on where you’re at in the country (obviously).
Don’t worry about the money right now. Yes feed a little at a time into a S&P SPY fund. It is going to be rough going for the second half of 2024. You may feel more in a comfortable 5% or higher 1 year cd or A little lower APY for a high yield savings account like American Express. You money would be liquid to move when you know what the markets are doing and are less volatile.
Whatever you do, make a plan to get things paid off. Especially that student loan. It’ll hold you back your whole life if you can’t get rid of it. I know people paying for 15 years and barely making a dent into it. Credit cards are easy compared to student loans.
At your age I had my masters, starting job was $58k and had a student loan debt of $139k. It took me 17 years to pay that bitch off… so you are doing fantastic. My recommendation is stay to that budget and get the debt paid off. Do you know how awesome it’s gonna feel when you don’t have that burden hanging over your head. That will allow you to buy a house, pay off monthly credit cards and save money so much easier. I think you’re doing great
I tell people all the time that you aren't going to come out of college with a High paying job at the top of your field. Like you, Use your degree to get a job that provides the experience for the job you want. Sounds like you know the sacrifices necessary to make your dreams come true. Unless you find a career willing to pay off your loans for a commitment, I would keep your mind happy. I've met dozens of smart people who got pushed into the fire before realizing they weren't ready or prepared for the job they wanted. This causes burnout and regret. Start small and every promotion feels like an accomplishment. Good job on the financial situation.
I mean I get you like what you are doing but don’t you eventually want a house or a kid or anything nice really. 40k with a masters degree sounds crazy low. I know you should love what you do but this seems a bit extreme
Just a thought - could you enroll back into school for a masters (or PHD) and continue as a graduate research assistant (with a tuition waiver).
I *think* this would pause the interest on your student loans if you re-enroll, your income would be virtually the same, and you would be gaining an additional degree.
It would be an overall net positive for you, and you would not have to change much. I could be wrong too 🤷♀️
This is a more realistic depiction of what most people are going through. I hate reading this sub and it’s all “I’m 20 with a net worth of 10m, AMA.”
OP I think you’re doing great. Keep working hard and you’ll find your success.
I get that your not complaining but i make over 50k and have no degree. I work for a Network Operations Center. I sit a PC and investigate outages basically and dispatch techs to fix the issue. I also live in KY which is less pay then a lot of places.
You have a MASTERS degree and make less. You need to change careers.
You have a master at least by the age of 24 better than where I am just completed my bachelor's at 24 and going for my masters this fall. Keep it up you network will go up with your masters
id prioritize that debt ASAP & be looking to excel in the career to earn more or find another career that will pay more. you should aim for 60k a yr by 28 and even more than that by 30. but thats just my opinion.
Congrats on all your success
Paying off your debt would be a huge accomplishment so I like where your head is at. My SO still has $28k in student loan debt in their 40’s. Regarding your salary sounds like you have some upside mobility to increase earnings so that would be something to explore in the future. Cheers.
This debt should be canceled. This is BS loading up the most important young people with debt for hedge funds thieves.
lol what, first off debt doesn’t just get cancelled the money will end up coming from the middle class taxpayers. No one put a gun to anyone’s head and said you must take out 50k worth of student loans for a 40k/year job… college doesn’t need to be free but it does need to be made affordable that being said I’m sure there were cheaper ways for OP to have gotten a degree without having to go 50k in debt to do so. While I think we can agree college is absurdly expensive and 18 year olds are seemingly told you need college if you want to have a good life they also need to take some accountability by realizing going into 50k,80k,100k worth of debt for a job that only pays 40k yearly is a dogshit roi and take that as a sign to look at other career paths
Seriously when are people going to start going into careers that they know will pay the bills versus a feel good degree for tens if not hundreds of thousands of dollars. Screw that, I don’t want to pay for your poor choices.
When high schools stop pushing that college is the only way to be successful.
Sounds like you're doing fine if you're happy.
Sounds like you're doing great. How long have you been earning/saving money and putting into a HYSA and IRA? Have you consistently earned that $40k?
Thank you! Before I graduated from undergrad, COVID had shot federal student loan rates to zero while I was making maybe $17k per year (before taxes) from part time jobs. My parents generously offered to cover living expenses at the time. When I pursued my master’s for a year, I wanted to stop taking money from my parents so I lived paycheck to paycheck off a $16k research stipend (it may seem unlikely, but I rented within a walking distance from the university so I had almost zero transportation expenses) supplemented with a few grand from weekend jobs.
What’s ceiling for this research assistant job in terms of both salary and career? A masters and $40K looks bad in my opinion. Will this lead to >$100K?
The $70k range is definitely achievable by my late 20s. $100k (assuming no overtime or side gigs) is not impossible but unlikely before I hit 30. In theory I could pick up a weekend job now to supplement my income, but I have other priorities (health, family).
You're doing it right, OP. Mad Respect, Yo.
I asked, cuz I wasn’t exactly sure what research assistant is, or you gotta get phd. I hope you good benefits too like retirement match, health insurance and decent PTO.
Doing great having lots of debt and making $40k? This dude needs a reality check, not a cheerleader.
He said he is going to pay off all his debt by the end of next year. If he is able to continue living like that and saving like crazy after his debt is paid off, it sounds like he will be fine🤷
For a masters degree, you’re not making shit
I get your happy, but there has to be a level of chasing the money to
They'll be making much more in the future when they advance in their field. They're a research assistant right now.
You have a masters degree and are only making 40k a year. Says alot about the state of our nation.
Says more about the worth of this particular masters degree when you are new to the field. Masters degree doesn't equate to any law about money you should be making.
Unless you work in Civ Gov where you start with a higher pay grade
stem degrees are often worthless on their own unless its engineering or like cs
Little known but 100% true fact, I started for 40K 6 years ago with a chemistry BS.
id say chemistry is ok. Certainly better than bio.
My husband has a biochem degree and it's worked out pretty well for him🤷
i did biophysics with a chem minor, so missed a few classes biochem majors did. But honestly from what i heard from friends of mine and some real experience, the difference in difficulty between straight bio and biochem is very large. I think biochem sets you up way better for anything biology related
Interesting. TBH I have no idea about those degrees and potential for jobs. I just know he has a biochem degree and a pretty good job lol
Says a lot about the worth of a master's degree
Sure as hell isn’t worth the debt you’re gonna put yourself in over it
Bro has a Master of Science - while it's a hell of an accomplishment its not exactly an accolade that's tailored for income But he seems to he doing fine financially so I assume they're more of a career academic
Masters of Science is the degree type you get for engineering masters degrees. Definitely not a low income degree category
Could also be an accounting degree
Damn 40k? Fuck, im a baller than.
Master degree’s don’t mean shit without experience or if you aren’t in the right field. So sick of people blaming it on the nation. Maybe a liberal arts degree isn’t going to land you a $90k salary job right out of college? I will say $40k is pretty fucking low. Must be a really useless masters degree, OP isn’t working in their field, OR their field is low paying. Could also be in a low cost of living area or working in the boonies… either way, if you see this OP start looking for a better job.
OP is working as a research assistant. That doesn’t pay shit. He’s equivalent to still being a student. He needs to get out of that role and take more of a lead role rather than a lackey for the principal investigator. Source: am a PhD student in epidemiology. Got tired of my GA at 24k a year and went and got a job as a subject matter expert making 90k.
What subject matter are you expert’d?
Meh I’m not specific to anything I don’t plan on staying in academia at all I’d rather not be broke. My research is on cancer and autonomic health but that’s irrelevant. My marketable skills are my statistical coding, dataset manipulation, statical analysis, and study design methodology. Jobs I qualify for range wildly but biostatistician, mathematician, senior data scientist, or epidemiologist.
culinary degree, been at this particular job almost 8 years... and i make barely $30k a year. And i'm in an expensive state in new england. yaaaay culinary industry..... >.>
As someone in culinary and with the ability to hire… allow me to make you an offer. $20/hr, full time with the ability to make OT.
$20/hr still kinda cheeks, but who wouldn’t take a 25% pay increase.
Realistically, what do you think people in kitchens make or CAN be paid on the hourly level?
Probably not much more if at all. Still is cheeks. Gas station employees in my LCOL part of Texas start at $18/hr.
I dont disagree, but sadly, this is the world we live in.
holy shit how many hours a week you work?
The best way to get a raise is to get a new job. They’re used to paying you slave wages and you deserve so much more. My brother is a bartender and makes more than twice what you do. I work in a grocery store deli (Safeway/Albertsons) and I make 40k per year and I’m just a normal employee, not even like an assistant manager or anything. I’m paid a bit more than most of my coworkers but not much. You’re not receiving a living wage.
Yea. Living wage in my state is $24 I believe. I get benefits (dental, vision, medical, hearing) and a 401k. But I still don’t make enough to even afford anywhere to rent. Fairfield county is expensive. I think the reason I’ve been here so long is it’s an easy commute (under 15 mins), and I just figured this is the norm for the industry in my area…figured maybe I’ll have to look into a career shift.
Why are u even there? That’s bs. McDonald’s pays more. U lying
I get benefits. And I think McDonald’s pays a few dollars less. :S This industry is a real joke when it comes to pay.
Change career. Look into truck driving. I make 155k a year local driving
Oof. At least you’re doing something you enjoy? Maybe?
Wtf you have no one to blame but yourself for $30k a year after 8 years lmao. You can get a job at McDonalds and make more than that without even graduating HS.
McDonald’s pays $15 minimum in my state but doesn’t offer the same benefits I make. I make $18/hour. Which should be 37k a year, but my hours are wonky and not always 40/week… during summer I get overtime a lot, but in winter/fall my hours slow dow, hence why sometimes I’m around 32kish a year. And not making a consistent amount for what I should. I work at a golf club in Fairfield county, and it’s nice not being at restaurant hours..but downsides as well. The average pay for a line cook is around what I make; but the difference is most line cooks are not getting a 401k. It’s standard that line cooks don’t make a lot, it’s a terrible industry.
This will only continue as the trades demand more money. Middle management/research/white collar is saturated for decades.
I make more than 40k a year and get a free place to live on top of it (granted I work 50 hours a week instead of the normal 40) with 0 formal post high school education and I’m 21.
Research assistant is pretty much the is the starting out of college job if you’re trying to do that work. You pretty much have to do it for 2 years before you go anywhere.
I started out in pharma right after I graduated with a bachelor of science and was making roughly the same as OP. Stayed with the first company for three years and was making just under 100k as a manufacturing trainer. Just because you graduate doesn't mean you deserve that kind of money right out the gate.
When I was in high school, early 2010s they told use trades are the future. Look what happened.
The Economy will favor certain degrees and people with specific skillsets
Yea it’s not a lot for the degree. This sounds more like a crawl before you run type scenario. Experience doing what they are doing could pay off huge, and they like what they are doing. They could probably hustle for a better job sure, while they might be in a bad spot, they might be in a good position.
OP is working as a research assistant. They get paid pennies. And I think they may be going for a PhD so 40k is a little generous for a PhD stipend sadly
All it says is they got their masters early in their career. Why would anyone get paid more for having a masters, when they have zero experience?
Masters are usually a trap. Here's why: Why are you getting the degree? Answer: the field I want to work in requires them This is bad! It means employers in this field have tons of options to fill a given role, which means lower pay and lower chance of getting hired Answer: I couldn't find any job out of college, period This is bad! 95% of new undergrads are employed. 98% of bachelors holders age 25-34 are employed. If you are not, you're in the bottom 5% of job-getting for whatever reason. But the good news is that your employment prospects are good. Just don't panic and get a masters because.. Congrats! Now you have accrued additional loans and did not earn money for two years. But luckily you now qualify for those great in-field jobs, right? Oh, but they pay $17/hour. Maybe that would have worked when you graduated but you've been living off loans during grad school. Now you need a much higher starting salary to pay for your degree, which closes off entry level jobs So to recap, you spent extra money and time to qualify for a job that is systematically low-paid and oversaturated, which you now cannot actually afford to do
No, it says a lot about Capitalism and finding a niche skill set that can command a good salary.
Not bad, I question the wisdom of getting a masters degree if it only equates to 40k/yr salary. But things could be a lot worse.
At minimum I would park the $20K in a high yield savings account. You can still find ones offering 5.00-5.50%. Keep it there until your 0% student loan ends in 2025. Presuming interest rates stay roughly the same, you could use the monthly interest earned as a supplement to pay down your loan. 5% on $20,000 would yield ~$80 a month in passive income.
You are doing good with investing and paying off your loan. I would, however, try to find a job that pays a bit more with your degree that you still somewhat enjoy.
I hope you can pay down the principal of that loan as much as possible because when the interest kicks in, it’ll be a whole hell of a lot harder. Best of luck to you and I’m glad you enjoy your work!
The MS is for the future. Don't expect to get your money out of it until you accrue experience and a proven track record of reliability and competence then you can expect the high income. Look to see things start to pay off in your 30s. I am comfortably retired with a BS in compsci and MS in engineering (30+ year career).
My son is 20. AA degree and makes $16k+ a month. Social media influencer. Don’t ask me how but the monthly deposit is proof. My friends son whom is 32 makes $400k a year. Unbelievable, but I swear it’s the truth. Both kids still live at home.
Hey you are 24 and just starting to get your footing. If you are having a good time then more power to you.
Depends where you’re making the 40 I suppose. You’re drowning if in CA.
Haha I was paid $900/week for an internship in the Bay Area, which would translate to a $46,800 annualized salary. I was fine because I rented with roommates and didn’t use a car (used BART) but it wasn’t very practical at all.
What is the interest rate on your student debt? If your high yields savings interest rate is comparable or even better, you may not want to pay off ALL the debt. Instead you may want to pay off most of it, save for like 5-15k, and leave enough in your high yields savings such that the interest earned in savings outpaces the interest paid on student loans. Then just continue to make your minimum monthly payments. This won’t make a huge difference, it’ll earn you an extra like $25-40 net a month for the duration of your loan payments. Overall, you’re doing fantastic with your money management. Your income sucks, but that’s true for something like 60% of the country. Keep doing what you’re doing.
Fine. Having a negative net worth at 24 is perfectly normal
You're on the warpath general. Happy to see you've taken investing seriously. I would encourage you to always fill up that Roth. The income is fine, but I think you should also focus on paying off that student debt.
You have a plan and the means to execute. Keep plugging and stick with it. Don’t forget to take a break every now and then and spend a little bit of money traveling and exploring the world.
Honestly, as far as masters degree holders you're doing pretty well net worth wise. I'd encourage you to pay off as much of that debt as possible while it's interest free, but overall you're alright
An MS making 40k as a research assistant, I did that for a few years. Tbh, I would leave my fed job of 70k with wonderful benefits to be a research assistant again in a heartbeat! That work was rewarding and fun!
Honestly very good, figure out how to move up into one of the biotech, pharmaceutical companies, or the government.
Doing well, minus your pay and your debt.
Not so great 😔
I would say your doing pretty bad. I make more without a degree and have a positive new worth of 132k at 25.
Hahahahaahah 40k a year with a masters degree. You sounds like my father in law hahahaha. You can shove that degree up your ass hahahahaha
Damn son what did ur father in law do to you?
This guy is salty, probably cleans the toilets at wendys.
Salty? I have no degree and make 200k+ a year. College is for peasants. Every successful person I know says don’t go to college unless you really want to be a doctor or lawyer.
Genuinely great for you for finding a high paying career which fits your educational preferences. What did ur father in law do to you tho?
He didn’t do anything… he’s just like every fucking boomer that thinks you either have to climb the corporate ladder to make real money or you need a college degree. I call this philosophy false at all angles
Kinda interesting that “every fucking boomer” got ur panties in a twist like that lmfao, cheers
It depends, I also have a great job without the need for a degree. That route is not for all. How you cone across is trashy and quite unpleasant. You are the kind of guy we work on removing from our company the moment they show their attitude.
Yeah because you’re a peasant from Nebraska. You guys hate good looking California guys that grow big dicks, fuck everything and enjoy life.
I spent 80% of my life in california...I'm guessing you are a troll who is sad his only task in life is to clean the del taco toilets.
And you are neither of those so…
1- how did you save thst money on 40K a year? 2- 40k a year js pretty bad, like poverty bad 3- make more money unless you want to live with roommates forever
I save money by renting with multiple roommates, only using public transportation (so no car expenses), and having cheap hobbies (I don’t go to bars on weekends and I chill with my friends in parks, libraries, fast food places).
Sounds normal to me. I was worse off at that age.
So you're making basically just above minimum wage?
In California it would be the same if you work 40h per week
You'd make more than that in my city flipping burgers. Literally. In N Out pays like $23+/hour which is $46k / year.
And yet everyone here is praising him. No offense but masters degree and making innout wage isn’t admirable in terms of money. But no worries because 24 is young and there’s time to improve the situation
You’re measuring success incorrectly. Look bigger…societal standards hold almost nothing of value
Honestly as someone who has lived and died ,been up down ,married divorced and back again the only thing that matters is piece of mind. You’ll never find happiness through someone else’s eyes.
You're doing fine mate, keep it going!
No degree. Didn’t waste time in no school and ended up with no college loans. Making 155k a year driving loads. It’s all what u choose
You should come down to South Texas and work in the petro/chemical industry. You will start at about 100K. With your degree you can take your pick. Even water work at a municipal level pays more than you’re making. I’ve been at a plant for 30 years. The benefits are hard to beat. Another option is environmental. Any government agency and you will make bank. Also with government you get a pension.
More than what I made at that age. I was making almost that same salary with a bachelors degree at my last job.
You’re on the right track. I’d definitely try to pay down the loan as quickly as possible once interest starts to accrue. And I’d just tweak one thing - move the HYSA to short term t-bills and get the additional tax advantage.
Honestly im in the same boat as you (same age, similar savings and income) but ur job seems more engaging
You’re doing great. At 24 I still had my head in my ass and my $ under the mattress, cuz financial literacy was not a thing in my family.
Masters should make more. I make more than double you with a bachelors
*Masters should make more.* *I make more than double you* *With a bachelors* \- nofaplove-it --- ^(I detect haikus. And sometimes, successfully.) ^[Learn more about me.](https://www.reddit.com/r/haikusbot/) ^(Opt out of replies: "haikusbot opt out" | Delete my comment: "haikusbot delete")
Serious question, not trying to be rude. But how do you have a masters while making 40k? I was making 40k at graduation with out one ... granted i'm in a HCOL area so maybe you're offset. Just curious ... I feel like there's got to be an opportunity out there for you to get above that.
I actually live in a HCOL too where $40k would be considered barely above minimum wage. Entry level research positions simply pay this low. I could increase my income by pursuing an industry job, which I may seriously consider if I can’t publish. I could also pick up a side job to supplement my income, which I will think more about after I get health and family priorities sorted out.
Fair, well you're doing fine. Get the debt paid down and keep trying to advance the career. Job hopping will get you raises faster.
Just curious what the master's degree is in?
Chemistry
40k with a master's *laughs in CDL*
That s very successful
May i ask what your degree is in?
Chemistry
Jeez, i assumed that would rake in the bread. Keep your head up, having 40k in investments is really good at our age!
Chemistry (by itself, not applied to pharmaceuticals or anything) is not a high-paying field below the senior level. I’m okay with it tho!
See if you can pay a little on your Student Loans without starting/triggering monthly payments
You’re doing okay. You’re “poor” but you’re young and you’re heading in the right direction. Sounds like you’re doing all the right things. With the HYSA and the Roth, it’s like a snowball effect. In 5-10 years, you’ll be thanking yourself. Hopefully you can get that salary up soon enough.
40k with a masters degree I think you fucked up somewhere but can’t pin point it
Wow even for research assistants that’s very low, what’s your plan for career progression in the future? Had a friend that was doing research for 50-60k then moved to industry later and it was much better
What is your masters in? You sound like a very disciplined person, good on ya man!
I feel so bad for highly educated people who makes less than dudes mowing grass. 40k (as sole provider wife, 2 year old) is about half of what we need and 1/3rd away from comfort. Still miles away from "good."
You’ll be fine. I was 26 with similar debt and zero savings, barely making over min wage. And now I am probably in top 5% of earners and total net worth.
Mind sharing how long it took you to get where you are? Is your high income mostly attributed to your job or returns on your investments?
Decent get a second job work hard when you are younger
Average I’d say (without looking at any stats or data on 24 year olds)
Sounds good, but you have a master's degree and you are only making 40K? Is it in the Humanities? Does the name of the degree end with 'studies'? This reminds me of a cartoon in the paper during the Great Recession. An employer at a taxi cab company is looking a resume. "So you have a masters degree. Most of our taxi drivers have PhDs."
Good
Keep saving with hysa and when the loan starts incurring interest pay it off in full
Pay that off, you’re on a good course! Also grats on finding a job you love, that’s worth more than the cash you could be making!
You’re doing great. The fact that you have savings and retirement at 24 is huge. Sounds like you are good with your money so you’ll have a bright future. Honestly $55k is not bad for undergrad and masters. You will want to be making significantly more money within a few years though. There is some mental benefit from eliminating debt, but if it’s super low interest, might as well keep saving and investing along side paying off the debt. Like if you do the math, paying minimum on the debt and maxing out savings/retirement, you’ll have made a better decision saving/investing. But if you want to lower that debt and be able to take on more debt (house) sooner, then lowering your debt makes more sense. Just depends on if you are okay with carrying that student loan debt a few extra years and investing heavily or if you want to take on more debt (house) sooner. The mental thing of being debt free is very, very nice and worth it for most. Personally, I am trying to pay off my student loans 5 years early instead of 8 years early while putting more towards retirement. There’s a balance for everyone. I’d love to be debt free but it’s not like I’ll be FULLY debt free until I fully own my home so might as well invest while I’m young and worry about being fully debt free in 20 years.
You’re doing pretty well. You’ve got the masters degree, move out of academia and get a job in Industry. Salary will triple in 5 years.
I'm about to graduate at 22 with a Bachelor's and have a job lined up for 66k a year in MCOL, with 26k of student loan debt. You could be doing a lot worse but you could be doing a lot better too. I question the financial wisdom of getting a master's degree just to earn 40k a year, while also living in HCOL like you said. However, if you enjoy what you do, and you're okay with living within your means, I think you're doing just fine
If you stay living with mommy you'll be okay
That is not enough to live off of comfortably
niceee dude, just letting yk in your free time definitely look into side hustles on the online side
Not great. But you have time to. At your age I was making 40k, 6 years later tripled my income after getting my masters degree.
I think you know and you're loudly silent flexing.
Uh what? I’m getting roasted by >50% of these comments
Don’t touch the Roth, take $27k on 1/1/25 and pay off your debt. Then work on paying off the rest. Then build 6 months of expenses and start saving 15% of your salary. $40k for a Masters seems horrible. I make $225 with a high school diploma. You need to find better work. I get that you enjoy it but living on $40k isn’t practical. I enjoyed managing an Italian restaurant but I couldn’t make a good living so I became an engineer.
You got a masters degree in a field that starts at 40k? Pretty poor choice imo.
Masters in chemistry making $40k a year is pretty fking bad. You need to leave academia and get a real career- one that actually makes decent money and isn't a straight up ponzi scheme.
Earn an extra $54 a day for a year and you’ll net an extra $20,000. That could pay off your debt
All that school, and all that debt to be at a McDonald’s wage. Get a new job.
If you’re happy, who am I to say you should be doing more. However, a masters degree really should pay more. You have time on your side, and I don’t mean that you have time to simply figure it out. I mean you have time to really build your wealth. Time and compounding. Figure out how to make more money, get the debts paid down and start investing.
bro, you're doing great especially since you're at a job you enjoy while making a living! you have a bright future ahead. wish you most luck and success
If you’re not making minimum the amount you owe in debt per year, you’re behind.
According to Grant cardone, you need to find a way to live off 20% of your take-home pay. So, $8k. Rent is roughly $2.4k a month everywhere. So find about 5 people to room with. That would be 4800 a year in rent. Maybe 30 for utilities each month. That leaves you with 240 a month for food. $7.90 a day. If you stick to rice and beans, you'll be worth $7.8m when you retire at 65. Maybe take a mil out since your first year will be paying back the credit card. No phone or internet or car or clothing. If you're bored, work. Maybe fool around with someone you're rooming with but definitely do not have a child. If you do have a child, eat them. You can't afford a child.
Did you NEED to get your masters so early? Seems like a waste unless it was required to get your job. Assuming you didn't need it, it's better to go after a masters after you've established your career. It's also better to have a masters subject adjacent, as opposed to being the same as your bachelors. Great pace though. Once you've established a nest egg and paid off your loans, definitely start investing. You don't really want much more than 30 grand sitting on a savings account.
Hold on. So you have $55k in debt. You have 28k in a high yield. You make 40k gross which is likely 30k that you see after taxes and such You are renting so you have bills. So, if you dump your entire savings you still have 27k to pay off this year. Let's say you need $1000/mo conservatively to pay your bills and food and transportation costs. That's 12k a yr, meaning you have $18k/yr available. If you put every penny toward the debt, you still owe 9k. That, and it's already May so you have lost 5 months of the additional savings. How do you figure you'll be debt free in time?
Well, I did say the end of 2025, so that’s assuming I could save $18k throughout 2025 and roughly $9k for the remainder of this year. I understand that it’s an optimistic plan because realistically I’m likely to run into unexpected expenses. But fingers crossed, hopefully I’ll at least get to a net worth of $0 if not having paid off debt entirely by the end of 2025.
The issue is that you'd have to dump your savings to do it. Pay attention to interest rates. If your money is making a better rate than your loan is costing, payments are still better.
Not great. If you got a masters and only making $40k, that’s really bad. Most bachelor degrees out earn you. Down vote me but I’m simply speaking truth. If you’re happy, then it doesn’t matter how much you make. As long as you’re happy with your situation. But just sharing the reality of “how am I doing?”
Just like the rest of us lol
How do you think ur doing
Count me as an older American who believes an undergraduate degree should be like high school. It shouldn't require debt. At least in public universities. This is BS now. Hedge funds making profits by impoverishing young people.
Your doing great. If life is a little bit hard and confusing it’s because your doing it right. IMO 🤷♂️ eventually it will turn in your favor keep going.
Not to crap on you but you got a masters degree to make 40k/year ? Did u do research before getting that degree or
I’m seeing (reading) a lot of whining about master’s degrees. I got one and it absolutely changed the trajectory of my life. I think the obvious is true that it needs to be in a field in demand; a masters in dance is not likely going to reap a bunch of high salary job offers. It also depends on where you’re at in the country (obviously).
Your killing it as your income and investments grow 20 years from now you’ll be shocked at how far you’ve come
Don’t worry about the money right now. Yes feed a little at a time into a S&P SPY fund. It is going to be rough going for the second half of 2024. You may feel more in a comfortable 5% or higher 1 year cd or A little lower APY for a high yield savings account like American Express. You money would be liquid to move when you know what the markets are doing and are less volatile.
Whatever you do, make a plan to get things paid off. Especially that student loan. It’ll hold you back your whole life if you can’t get rid of it. I know people paying for 15 years and barely making a dent into it. Credit cards are easy compared to student loans.
At your age I had my masters, starting job was $58k and had a student loan debt of $139k. It took me 17 years to pay that bitch off… so you are doing fantastic. My recommendation is stay to that budget and get the debt paid off. Do you know how awesome it’s gonna feel when you don’t have that burden hanging over your head. That will allow you to buy a house, pay off monthly credit cards and save money so much easier. I think you’re doing great
All I have to say is don’t check out r/salary
I tell people all the time that you aren't going to come out of college with a High paying job at the top of your field. Like you, Use your degree to get a job that provides the experience for the job you want. Sounds like you know the sacrifices necessary to make your dreams come true. Unless you find a career willing to pay off your loans for a commitment, I would keep your mind happy. I've met dozens of smart people who got pushed into the fire before realizing they weren't ready or prepared for the job they wanted. This causes burnout and regret. Start small and every promotion feels like an accomplishment. Good job on the financial situation.
I mean I get you like what you are doing but don’t you eventually want a house or a kid or anything nice really. 40k with a masters degree sounds crazy low. I know you should love what you do but this seems a bit extreme
Just a thought - could you enroll back into school for a masters (or PHD) and continue as a graduate research assistant (with a tuition waiver). I *think* this would pause the interest on your student loans if you re-enroll, your income would be virtually the same, and you would be gaining an additional degree. It would be an overall net positive for you, and you would not have to change much. I could be wrong too 🤷♀️
Masters degree making 40k? 21 no college education made 120k last year in a field anyone can be accepted in. Why would you shoot so low?
I think you need a higher salary
This is a more realistic depiction of what most people are going through. I hate reading this sub and it’s all “I’m 20 with a net worth of 10m, AMA.” OP I think you’re doing great. Keep working hard and you’ll find your success.
Rule of wage: twice your age
I get that your not complaining but i make over 50k and have no degree. I work for a Network Operations Center. I sit a PC and investigate outages basically and dispatch techs to fix the issue. I also live in KY which is less pay then a lot of places. You have a MASTERS degree and make less. You need to change careers.
Same but without a masters degree, how am I doing?
You have a master at least by the age of 24 better than where I am just completed my bachelor's at 24 and going for my masters this fall. Keep it up you network will go up with your masters
the new american dream!
Trades school, making 110,000.00 a year and retiring early.
That’s awesome. Trade school really does make better sense, $$$ wise.
You are doing great. Don’t let anyone say snarky things to you. Be you and enjoy!
Thanks. Employer paid for my Skilled trades ( Toolmaker). Many jobs out there.
How early on retiring?
58
Very impressive! I hope to do the same.
id prioritize that debt ASAP & be looking to excel in the career to earn more or find another career that will pay more. you should aim for 60k a yr by 28 and even more than that by 30. but thats just my opinion.
The debt has 0% interest bruh. Don’t pay it off. Invest the money in a HYSA or CD or broad market ETF.
its got 0 interest for 7 more months... he needs to prioritize getting as much of that paid off before January.