BimmerFest BMW Forum banner
1 - 20 of 110 Posts

·
Registered
Joined
·
490 Posts
Discussion Starter · #1 ·
I'm sorry if anyone finds this intrusive (you don't need to answer it then), but how much money are you guys making; what are your professions? I'm asking because I'm 17, I'm looking around at colleges, and I have no idea what I want my career to be.

My dream car (at least right now :) ) is an M6 convertable. I think it is a gorgeous machine-- it is a damn expensive machine too. Basically I just want to have an idea of what I'll need to be doing in 5, 10, 20 years to be able to buy a this car or whatever the new model 6 is in the future. Thanks, Alex
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
Do What You Like...

:)Hello Young Man,:)

First things first, do not try or focus your adult life around money. I know the media impresses upon you and us everyday with materialistic propaganda but you have to be strong and focus on what is more important in life than a BMW M6. Do not get caught up in the mess young man.

You pose a very interesting but personal question to the forum and you may come out knowing less than what you came in with... Before I go into answering your question directly, let me say this, "A BMW is great but it will get you know where quick (Pun intended), if you cannot manage the things/world around you; IMO.

Second, find something you have passion for and do the research to see if this passion will make you money short/long term. You are 17 so focus getting some core skills under your belt. What are they you ask? Well, I am glad you asked!

All of this is my opinion and you have to seek out what works for you in your studies. Core skills: Economics, Financial Management, Mathematics (At least up to Calculus), English writing, Human behavior, and International Cultures and Project management. Some of these terms may be new for you but you can use Google and other search areas are great tools to find out anything nowadays! Again, I point out only a few that you should look into as you enter into college. I do hope you are seeking college because if you want anything close to a BMW M6...You fill in the rest.

In the end, talk with your parents, seek out your counselors, identify a mentor - people you admire and that you believe you like to model their character and give back to your local community, (Volunteer). You will be surprised what you might learn and who you might meet.

Now to answer your question. I work for a Pharmaceutical company. How much money do I earn? Not enough!:rofl: In all honesty, $000,000 fits my annual base. This mean I earn a six figure base salary.:p

I hope you find and get the things you want in life but do not chase the money, let the money do the chasing...:thumbup:
 

·
Registered
Joined
·
135 Posts
I had many dream cars at your age... 928 was at the top of my list.

My suggestions: if you have the grades, go to a good name college first. This will expose you to many careers paths. It's also a good resume builder.

If you are great at what you do.... the money will follow. For example, my next door neighbor is a plumber, who built an empire after starting off with one old truck and no employees. I think he's up to about 75 trucks now.

As for your questions: I'm a dentist. I try to keep my earning private though.

Truly, you could flip burgers at McDonalds and make enough for an M6, assuming someone else is paying for all of your other expenses and is willing to co-sign a long loan. But if you're planning on having a life to go along with your car, study hard now and hold off on expensive cars for a while.
 

·
Banned
Joined
·
6,970 Posts
Would you like us to post our tax returns? You're learning at 17 that along with politics, religion and sex, these are not questions to ask anyone but your closest relatives.

Most of us make a lot of money to afford our cars. Most of us are professionals (doctors, lawyers, Native American tribal leaders) and have gone to college for at least 4 years and post graduate school for at least 3. Those of us who haven't done that have made our money in other ways (I hope legitimately, but I am sure we have some people driving Bimmers out there who fully live up to the :bigpimp: image by their conduct).

There are also a few people who don't make a lot of money but who drive these cars. For them it's a struggle and a sacrifice, and they've given up something else important just so they could be seen in a car they think will provide them with status.

A few years ago there was a report in one of the car magazines -- try :google: -- that said that the average annual income of people who drove new Bentleys and Rollers was $5 million! I don't know if that's still true with the "cheap" Bentley GT, but that's something to think about. (Of course, when you are 35, $5 million could be entry level income.)

I would guesstimate that the average income of 6er owners on this board (not M6 owners), is between $150,000 and $250,000 a year. I'm not turning over my tax returns to you, though.
 

·
Nothing witty here
Joined
·
2,604 Posts
Wow, Mal, I don't make that much a year. Well... my base salary is not that much (low 6 figures), but other income sources make up for a bit of it. I own 2 businesses and the wife is starting a 3rd.

Kid, do what you like, first and foremost. Then find a way to make money out of it. That's the true key to success. Getting paid to do what you like to do is something I strive for. Unfortunately, I don't ride fast enough to get paid to be a professional motorcycle racer so I find other things to do to support the racing habit.

The 6 is just a gift to myself for the years of schooling and Mal is right, I think a lot of 6ers have at least undergrad degrees with a fair amount also possessing a graduate degree of some kind, including myself.

Then again, there are those professions that require no education that make a hell of a lot more money than any of us can imagine, e.g. athlete, rapper, longshoremen, etc. However, only you know if you got enough talent to be able to make it in those fields. Absent that God given talent, education is really the key. For every 1 rapper out there, there's 100 lawyers and doctors. You know what I am saying. Education will get you there.

If I recall, we had a what do you do posting a while back and there were a smattering of doctors, lawyers, rocket scientists, businessmen, entertainment folks and 1 Girl Scout Cookie mogul amongst our ranks.
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
Now Don't Forget...

We have some Engineers, Scientists, Software Developers and Chemists too.:D
 

·
Nothing witty here
Joined
·
2,604 Posts
Lions, tigers, bears, OH MY!!!
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
Follow The Lawman Brick Road...

:tsk: Tis funny dooley?
 

·
Banned
Joined
·
8,650 Posts
lex89 said:
I'm sorry if anyone finds this intrusive (you don't need to answer it then), but how much money are you guys making; what are your professions? I'm asking because I'm 17, I'm looking around at colleges, and I have no idea what I want my career to be.

My dream car (at least right now :) ) is an M6 convertable. I think it is a gorgeous machine-- it is a damn expensive machine too. Basically I just want to have an idea of what I'll need to be doing in 5, 10, 20 years to be able to buy a this car or whatever the new model 6 is in the future. Thanks, Alex
You will soon find out income levels have little to do with a person's wealth. I know people who have had modest jobs all their lives, yet by smart investing, they are now multi-millionaires. By the same token, I know folks who make $300-$400k per year, but are heavily in debt, highly leveraged, and not much in savings. These folks are living for the moment.

My advice is to find a job that will make you happy. A job you will enjoy doing. In addition, include some financial classes in your education plan.

At the end of the day, it is not so much how much you make, but how you manage the money you make. :thumbup:
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
chuck92103 said:
You will soon find out income levels have little to do with a person's wealth.
Huh? Wealth as define in the Webster dictionary is: abundance of valuable material possessions or resources or an abundant supply.

Maybe you meant it doesn't matter how much income you have, it's happiness in yourself and family that enriches you. In this case Wealth means happiness.:D

chuck92103 said:
I know people who have had modest jobs all their lives, yet by smart investing, they are now multi-millionaires. By the same token, I know folks who make $300-$400k per year, but are heavily in debt, highly leveraged, and not much in savings. These folks are living for the moment.
But they are Wealthly, No?

chuck92103 said:
At the end of the day, it is not so much how much you make, but how you manage the money you make. :thumbup:
Agreed! Follow your heart and do what makes you happy but have a plan B. Save more than you spend and if you become lucky enough to earn a six figure salary wait five years or so before you take the plunge and buy or lease a 90K car. Buy a house!
 

·
Registered
Joined
·
2,612 Posts
Malbibimmer said:
If you inherit your money you don't have to work
Well, let me offer my half a cent of "wisdom". :p

Do you have an aptitude for tertiary study? University, post graduate, maybe professional qualification etc. take a lot years. That will probably land you an entry job at a good profession. Then you have to prove your merit over some years to earn just enough to afford an M6 convertible (luckily for you it is A LOT CHEAPER in the US than here) assuming you are sacrificing a lot of other things (if you want the car early).

Otherwise, if you don't like studying for all those years, you can think about starting some business. Very tricky here too. You need start up money, experience and lots of other advice. Business acumen is not something that can be taught. I'm still learning it (even though I have a university degree).

Most people my family know and do business with are from the second group above. My parents/family/relatives through diversified investments and businesses have made their money that way. We have a close family friend who was an oil engineer (past away now), he was American and probably the only close family friend who was professionally trained (in the sense "belonging" to the first group I was describing). He made a lot of money developing some oil drilling thing. My point is: you can make it real big either way. My best advice from my parents was to start thinking about your questions at a young age (17 is perfect)! Options/choices are plenty. Getting an education is important but so is being street smart. :thumbup: Overall though, I will repeat what the guys have already said: do what you are best at and what you enjoy.

As for income levels, here in Australia the M6 coupe cost around AUD300,000 (drive away price with tax etc.) (~USD220,000). My 650i cost me AUD235,000 (~USD170,000). So most people driving one here will almost certainly be earning solid money. You are very lucky beastards to drive the E63/E64 at cheaper prices in the US. But you don't get Individual for now. :p
 

·
Banned
Joined
·
6,970 Posts
650iOzBoy said:
Well, let me offer my half a cent of "wisdom". :p

Do you have an aptitude for tertiary study? University, post graduate, maybe professional qualification etc. take a lot years. That will probably land you an entry job at a good profession. Then you have to prove your merit over some years to earn just enough to afford an M6 convertible (luckily for you it is A LOT CHEAPER in the US than here) assuming you are sacrificing a lot of other things (if you want the car early).

Otherwise, if you don't like studying for all those years, you can think about starting some business. Very tricky here too. You need start up money, experience and lots of other advice. Business acumen is not something that can be taught. I'm still learning it (even though I have a university degree).

Most people my family know and do business with are from the second group above. My parents/family/relatives through diversified investments and businesses have made their money that way. We have a close family friend who was an oil engineer (past away now), he was American and probably the only close family friend who was professionally trained (in the sense "belonging" to the first group I was describing). He made a lot of money developing some oil drilling thing. My point is: you can make it real big either way. My best advice from my parents was to start thinking about your questions at a young age (17 is perfect)! Options/choices are plenty. Getting an education is important but so is being street smart. :thumbup: Overall though, I will repeat what the guys have already said: do what you are best at and what you enjoy.

As for income levels, here in Australia the M6 coupe cost around AUD300,000 (drive away price with tax etc.) (~USD220,000). My 650i cost me AUD235,000 (~USD170,000). So most people driving one here will almost certainly be earning solid money. You are very lucky beastards to drive the E63/E64 at cheaper prices in the US. But you don't get Individual for now. :p
OzBoy - a beginning lawyer in one of the large markets in the US (New York City, Washington, DC, L.A., Houston, Chicago, San Francisco, Dallas, Boston) who is hired by a big firm will take home anywhere from $125,000 to $175,000 - his first year. It's even more amazing that this first year associate will be making more money than all of the judges he or she won't be allowed to appear before for 3-4 years, except as a brief case carrier.

So, if this young lawyer doesn't have crushing law school debt (went to one of the 3 or 4 top rung law schools supported by state funds and concomitant lower tuition), and wants an M6, he (or she) can get one. (Of course, he or she won't be driving it very much, since he or she will be billing 65 hours a week.)
 

·
Banned
Joined
·
8,650 Posts
Malibubimmer said:
OzBoy - a beginning lawyer in one of the large markets in the US (New York City, Washington, DC, L.A., Houston, Chicago, San Francisco, Dallas, Boston) who is hired by a big firm will take home anywhere from $125,000 to $175,000 - his first year. It's even more amazing that this first year associate will be making more money than all of the judges he or she won't be allowed to appear before for 3-4 years, except as a brief case carrier.

So, if this young lawyer doesn't have crushing law school debt (went to one of the 3 or 4 top rung law schools supported by state funds and concomitant lower tuition), and wants an M6, he (or she) can get one. (Of course, he or she won't be driving it very much, since he or she will be billing 65 hours a week.)
So true. If you make $200k a year, but work 80 hours per week, well you can do the math. :eek:
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
The Life of a Consultant

Yep, this is the life of a consultant. You can afford it but you will not have time to drive it.:cry:
 

·
Nothing witty here
Joined
·
2,604 Posts
Malibubimmer said:
OzBoy - a beginning lawyer in one of the large markets in the US (New York City, Washington, DC, L.A., Houston, Chicago, San Francisco, Dallas, Boston) who is hired by a big firm will take home anywhere from $125,000 to $175,000 - his first year. It's even more amazing that this first year associate will be making more money than all of the judges he or she won't be allowed to appear before for 3-4 years, except as a brief case carrier.

So, if this young lawyer doesn't have crushing law school debt (went to one of the 3 or 4 top rung law schools supported by state funds and concomitant lower tuition), and wants an M6, he (or she) can get one. (Of course, he or she won't be driving it very much, since he or she will be billing 65 hours a week.)
1st year associate salaries have been falling since the 90s when they did start people at around $125k in the top LA firms. My buddy started at $125k with a top firm but he had to work 7am-9pm (M-F), 8am-5pm (Sa), and 8am-12pm (Su). I think he did that for at least 4 years. Not sure if he ever made partner but that's all he wanted out of life and he didn't mind the grind. I did the math and he makes about $35/hr. at those hours even though his firm bills him out at $250/hr. to the clients.

Getting into a big firm is also not the easiest thing to do, with all the interviewing that takes place. You have to fit their profile as well as have top 10% academic standing. One guy I know played it very well. He's not top 10% at all, maybe top 25% but he is a golf instructor. During his interviews, he harped on the golfing and promised to teach all the partners golfing. Guess what? He got a big firm job over other top 10% students.

Those that take out full rides (~$110k) over 3 years to finance their law school education will also be paying about $1,100 a month on the loans for 25 years. That's a 650i payment there.

Then there are those people who did not get a big firm job but a public sector job or medium to small firm job. They get the standard $45k-$60k a year starting. Law does not guarantee wealth.
 

·
Registered
Joined
·
2,612 Posts
Malibubimmer said:
OzBoy - a beginning lawyer in one of the large markets in the US (New York City, Washington, DC, L.A., Houston, Chicago, San Francisco, Dallas, Boston) who is hired by a big firm will take home anywhere from $125,000 to $175,000 - his first year.
Not bad! Maybe I should have studied Law. But I wasn't that smart enough to get into law school. I don't think they get paid that type of income here though, as first year graduates. My dad's legal friends are plenty, so I don't think he would have encouraged me much. :tsk:
 

·
///M for Motor Sports!
Joined
·
2,946 Posts
Law as a Profession

I bet M&A and Contract law pays the best...

What do you say Mal?
 
1 - 20 of 110 Posts
Top