Here's the latest in my series of six figure interviews, discussions with everyday people who have grown their incomes to at least $100,000 annually.
My questions are in bold italics and their responses follow in black.
Let's get started...
Tell us a bit about yourself (age, marital status, kids, where you live, etc.)
51, married, three kids, a western suburb of Chicago.
What do you do for a living?
I'm currently Director of Engineering for a manufacturing company.
How much do you earn annually?
Salary is $178k, plus a company car. I also have a nice bonus opportunity and annual stock options. Last ear that all added up to a little under $300k.
Do you receive any additional compensation/benefits from your employer (401k match, stock options, etc)?
Employer 401k match is 5%.
How long have you been working?
29 years.
How long have you earned at least six figures?
Since about 2003.
What have been the key steps you have taken that have allowed you to earn this level of income?
Being a reader and learner. Looking for opportunities to differentiate myself. I've found my "soft" skills (leadership, communication, strategic thinking, etc.) to be more important than my engineering skills, especially the more I've moved up in the company. Being proactive, not reactive. Learning how to ask good questions. Not being scared to convey my value to the company when seeking new responsibilities or promotions.
Which of the following career advancing strategies did you employ (if any) and which were most effective: a. Doing well within your current company and being promoted. b. Jumping around from company to company always seeking a higher salary & responsibility. c. Entirely changing your career path from a lower earning field to a higher earning field (going back to school, etc).
Though I've worked for six different companies, my most effective strategy has been to provide value within my current company.
What are you doing now to keep your income growing?
Regular discussions with my boss (the President of the company) about my future, and what I need to improve in to be ready for the next level of leadership. Being willing to jump in to help in areas of the company that are outside my normal field of expertise.
What are your future career plans?
I'd like to be President of a company one day, but I don't have to get there to be happy.
Have you been able to turn your income into a decent net worth?
Not as much as I should have! I got "smart" about money later than I wish I had! That said, we're maxing out our 401k, and feel pretty good about retirement (but not early retirement).
Why or why not?
We should have maxed out our 401k a lot sooner than we did. We also should have put more aside for college.
What advice do you have for people wanting to grow their incomes?
Follow the "key steps" listed above. Maybe the most important thing - realize that YOU are in charge of your career, not your company.
My questions are in bold italics and their responses follow in black.
Let's get started...
Tell us a bit about yourself (age, marital status, kids, where you live, etc.)
51, married, three kids, a western suburb of Chicago.
What do you do for a living?
I'm currently Director of Engineering for a manufacturing company.
How much do you earn annually?
Salary is $178k, plus a company car. I also have a nice bonus opportunity and annual stock options. Last ear that all added up to a little under $300k.
Do you receive any additional compensation/benefits from your employer (401k match, stock options, etc)?
Employer 401k match is 5%.
How long have you been working?
29 years.
How long have you earned at least six figures?
Since about 2003.
What have been the key steps you have taken that have allowed you to earn this level of income?
Being a reader and learner. Looking for opportunities to differentiate myself. I've found my "soft" skills (leadership, communication, strategic thinking, etc.) to be more important than my engineering skills, especially the more I've moved up in the company. Being proactive, not reactive. Learning how to ask good questions. Not being scared to convey my value to the company when seeking new responsibilities or promotions.
Which of the following career advancing strategies did you employ (if any) and which were most effective: a. Doing well within your current company and being promoted. b. Jumping around from company to company always seeking a higher salary & responsibility. c. Entirely changing your career path from a lower earning field to a higher earning field (going back to school, etc).
Though I've worked for six different companies, my most effective strategy has been to provide value within my current company.
What are you doing now to keep your income growing?
Regular discussions with my boss (the President of the company) about my future, and what I need to improve in to be ready for the next level of leadership. Being willing to jump in to help in areas of the company that are outside my normal field of expertise.
What are your future career plans?
I'd like to be President of a company one day, but I don't have to get there to be happy.
Have you been able to turn your income into a decent net worth?
Not as much as I should have! I got "smart" about money later than I wish I had! That said, we're maxing out our 401k, and feel pretty good about retirement (but not early retirement).
Why or why not?
We should have maxed out our 401k a lot sooner than we did. We also should have put more aside for college.
What advice do you have for people wanting to grow their incomes?
Follow the "key steps" listed above. Maybe the most important thing - realize that YOU are in charge of your career, not your company.
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