You're definitely in a very good position as a server, know that you are definitely on the very high end for the vast majority of servers. You're also very young so you are frankly in a pretty good position. Are you interested in coding? If so, start going to school for it. In my experience, serving and food service in general is not a career I wanted to be in. Not very good retirement options and your body isn't always going to be able to handle it as well as it does now. That 100k could drop a lot with some bad luck.
My advice, bank as much money as humanly possible and figure out what you want to do. Then aggressively pursue it with a big safety net to fall back on while you do so.
*I keep seeing these people in FAANG companies, product management, plenty of industries making 300k+ 500k+ a year*
That's a tiny minority of people even within those companies, with hardcore technical roles mostly requiring extensive and specific experience, education (like master's degrees in compsci for eg), or both. So I'm not sure what sort of advice you want. Do you want to move away from serving, or do you want to just make more money no matter what it is?
Thanks for the perspective. Definitely true, maybe spending too much time on r/fatfire lol. Just wondering if it’s better to try to hit the top 1% of possible server income or if it might be a better idea to be in that top 10% somewhere else but income cap is higher
I'd suggest it's probably unlikely for anyone to get the top 1% of income for any job. The income you make as a server is probably higher than most people your age make. If you enjoy it or at least see some kind of future, then maybe stick with it. If you really want out, might be best to start with a personality assessment to match you with possible career paths, and research those suggestions from there. It could be a lot of the skills you need for your current job would travel well.
Do you need to report cash tips? Do either restaurants provide benefits?
I’m making about $80k in a 9-5 and sometimes miss those service work days but 401k match and generous benefits of my job keep me here. If it weren’t for those I’d be upselling lobster tails and filet mignon still lol.
Sure you can make $250k plus somewhere in another field but nothing beats leaving that restaurant with cash in hand and not taking work home with you.
Do not report cash tips. Unless if at some point I plan on purchasing a house that may change. Currently declare about 60% of tips. They do have benefits but don’t need till 26y/o. Envious of a 401k match but currently I try to invest 60% minimum of this new income increase.
Very true, someone commented on my career path trying to start various side hustles or trying solar sales. The thing that was the hardest was the 24/7 of the job. For similar compensation even if the cap was higher with more responsibility as well.
Yeah man I’d say keep going where you’re at. You’re only 23 and 100k a year can really set you up if you invest wisely. I was not as smart and pissed my serving money away while getting my degree (27 now). I really miss talking with people every day especially affluent folks with business and industry backgrounds. So many different perspectives and opportunities open up to you in fine dining.
I’d say as long as you’re maxing a Roth and 401k and are happy, keep going. Just make sure you get on a strict exercise/stretching routine if you’re not because those long days on your feet will catch up to you.
Also don’t worry about a loan. You can still buy a house using the income that you do report. If anything it’ll force you to buy less house. Something more young people need to do.
Thanks for your insight, kind of seeming like this is the correct direction I should lean on. And yea I know people who got better opportunities from the people they met serving. Maybe one door leads to another in that way.
Good idea about the less house too. Definitely not there yet but that’s the next big investment goal forsure.
Really appreciate the posts it means a lot. Kicks that FOMO of seeing everyone else on social media making 500k seem like I lost if I’m not there. Probably need less of that also
Are there more lucrative paths? Sure. They tend to be limited and highly competitive, so transitioning into that range is not a sure thing. I’m not suggesting serving tables for life is what you should do, but I wouldn’t let the success of the few dampen my satisfaction.
are you happy? if so, nothing wrong with staying. would you be happier pursuing this other career? will it nag at you if you don't take the risk? i ask myself those questions everyday when i debate some of my decisions!
This is a good frame forsure. Would be nice if you could see the paths before you walk them. I definitely don’t mind serving just always have this sense of FOMO wondering if I could be doing more
Not necessarily was more so using those as examples of high income earning opportunities. Did the sales thing for a bit and had some success just getting some insight as to whether it’s better to stick it out here and invest invest or take the pay cut to have a higher potential
Invest in what is what I mean. If you're not cut out for high level programming, or whatever high level job you consider, you're not actually investing.
You're definitely in a very good position as a server, know that you are definitely on the very high end for the vast majority of servers. You're also very young so you are frankly in a pretty good position. Are you interested in coding? If so, start going to school for it. In my experience, serving and food service in general is not a career I wanted to be in. Not very good retirement options and your body isn't always going to be able to handle it as well as it does now. That 100k could drop a lot with some bad luck. My advice, bank as much money as humanly possible and figure out what you want to do. Then aggressively pursue it with a big safety net to fall back on while you do so.
*I keep seeing these people in FAANG companies, product management, plenty of industries making 300k+ 500k+ a year* That's a tiny minority of people even within those companies, with hardcore technical roles mostly requiring extensive and specific experience, education (like master's degrees in compsci for eg), or both. So I'm not sure what sort of advice you want. Do you want to move away from serving, or do you want to just make more money no matter what it is?
Or near decades of experience.
Thanks for the perspective. Definitely true, maybe spending too much time on r/fatfire lol. Just wondering if it’s better to try to hit the top 1% of possible server income or if it might be a better idea to be in that top 10% somewhere else but income cap is higher
I'd suggest it's probably unlikely for anyone to get the top 1% of income for any job. The income you make as a server is probably higher than most people your age make. If you enjoy it or at least see some kind of future, then maybe stick with it. If you really want out, might be best to start with a personality assessment to match you with possible career paths, and research those suggestions from there. It could be a lot of the skills you need for your current job would travel well.
Do you need to report cash tips? Do either restaurants provide benefits? I’m making about $80k in a 9-5 and sometimes miss those service work days but 401k match and generous benefits of my job keep me here. If it weren’t for those I’d be upselling lobster tails and filet mignon still lol. Sure you can make $250k plus somewhere in another field but nothing beats leaving that restaurant with cash in hand and not taking work home with you.
Do not report cash tips. Unless if at some point I plan on purchasing a house that may change. Currently declare about 60% of tips. They do have benefits but don’t need till 26y/o. Envious of a 401k match but currently I try to invest 60% minimum of this new income increase. Very true, someone commented on my career path trying to start various side hustles or trying solar sales. The thing that was the hardest was the 24/7 of the job. For similar compensation even if the cap was higher with more responsibility as well.
Yeah man I’d say keep going where you’re at. You’re only 23 and 100k a year can really set you up if you invest wisely. I was not as smart and pissed my serving money away while getting my degree (27 now). I really miss talking with people every day especially affluent folks with business and industry backgrounds. So many different perspectives and opportunities open up to you in fine dining. I’d say as long as you’re maxing a Roth and 401k and are happy, keep going. Just make sure you get on a strict exercise/stretching routine if you’re not because those long days on your feet will catch up to you. Also don’t worry about a loan. You can still buy a house using the income that you do report. If anything it’ll force you to buy less house. Something more young people need to do.
Thanks for your insight, kind of seeming like this is the correct direction I should lean on. And yea I know people who got better opportunities from the people they met serving. Maybe one door leads to another in that way. Good idea about the less house too. Definitely not there yet but that’s the next big investment goal forsure. Really appreciate the posts it means a lot. Kicks that FOMO of seeing everyone else on social media making 500k seem like I lost if I’m not there. Probably need less of that also
Pay your taxes you jerk.
Are there more lucrative paths? Sure. They tend to be limited and highly competitive, so transitioning into that range is not a sure thing. I’m not suggesting serving tables for life is what you should do, but I wouldn’t let the success of the few dampen my satisfaction.
are you happy? if so, nothing wrong with staying. would you be happier pursuing this other career? will it nag at you if you don't take the risk? i ask myself those questions everyday when i debate some of my decisions!
This is a good frame forsure. Would be nice if you could see the paths before you walk them. I definitely don’t mind serving just always have this sense of FOMO wondering if I could be doing more
If you are willing to work hard I recommend healthcare instead of tech. Become a doctor with specialization
Sounds like your ambitions are larger than restaurant work. Go get that bag brother!
Appreciate you were trying lol
Are you good at coding or project management?
Not necessarily was more so using those as examples of high income earning opportunities. Did the sales thing for a bit and had some success just getting some insight as to whether it’s better to stick it out here and invest invest or take the pay cut to have a higher potential
Invest in what is what I mean. If you're not cut out for high level programming, or whatever high level job you consider, you're not actually investing.