need advice on choosing a major

 I will be completing high school in May 08 and I will be 17 then.

My interests lie in computing, management, law and biology. I realize
the aim in life should be to do something about one which is truly
passionate and where monetary compensation is fairly high.

Can someone please advise how can I reach the 6 figure salary right
after college in areas like Binghamton, NY where the cost of living is
moderate?

I realize I can finish a B.S. in Computer Science in three years at
20, go for a Ph.D which can be done in another 4 years, then start
with a six figure salary as an Assistant Professor earning 100K or
atleast 95K at 24 if I manage to get a tenure track position by
publishing sufficiently in Ph.D. The advantages are job security as I
plan to go for State universities, high salary of 95-100K at 24-25 in
a area where cost of living is reasonable. The same method can be
adopted if I go for a B.S. in Management, then Ph.D in the same field.
Or, just a B.S. in Management, working for three years for a reputed
company, then a Management degree from the top 10 campuses can make me
eligible for the 100K range at 25.

Getting a general B.S. degree, then a law degree from a good college
can lead me to 100K mark after finishing college.

Some have advised me, I could take the pre-req classes for medicine,
take the MCAT, go to medical college for a surgeon degree at about 19
which hopefully can be done by the time I am 26. Then, I could start
at 100-125K in areas like Binghamton working for a hospital.

Going for a Nursing degree(B.S.+M.S), then become a certified nursing
anesthetistic could enable me to start with 125K or so in an area like
Binghamton at the age of 25, if we consider I finish B.S.+ M.S at same
campus by 22, work for two years and then obtain the certificate. The
advantage is in this field stress seems to be less(40-50hrs/week) as
compared to other fields(70-80hrs/week) which start with a six figure
salary.

Clearly, starting one's own business, entering politics, starting a
real estate business etc. are far more lucrative and can enable one to
reach a 7 figure income before he turns 30 assuming he knows proper
people and works correctly, but I want to reach the 6 figure mark in
middle twenties in a relatively stable way and starting one's business
looks dicy.

http://www.mymoneyblog.com/archives/2007/02/do-you-make-a-six-figure-salary-share-your-story.html
seems to suggest lot of folks achieve the six figure mark and some
don't have a college degree, work as a truck driver, store manager for
a store like Walmart, Home Depot etc. Others are certified nurses
anesthetists, cops, etc. working for State/Fedetal/local govt.
clearing six figures at twenties or in the early thirties. Some are
valet managers and folks seem to suggest 150K is too less at
31(though, it is debatable and depends on person's location etc.) Some
reached the six figure mark with a High School diploma and some
experience at 26.

I am aware that only 10% of folks reach the six figure mark in U.S.
according to general reports, but considering that only 30% of the
population have a B.S. or above, it seems 1/3rd of the folks in our
country who have a degree earn in six figures and average household
income seems about 200K in an area like Binghamton for a family in
twenties having both members of family working, excluding other part
time jobs people do(blogging, selling items on ebay, creating sites
etc.)
but looking at the thread it seems people without a degree can also
make it. Obviously, people having their own businesses have 7 figure
revenues if it pans out well, which are not considered in calculating
the average salary, as it is a business revenue, rather than
salary(sort of fixed income).

As this group has lot of folks who are experienced about many aspects
of life, how to be frugal in life I would sincerely appreciate any
advice.

I have talked to my high school advisor and was advised most folks in
today's age with a proper
degree(medicine,law,nursing,sciences,IT,pharmacy etc.) reach the six
figure mark before they turn 30 and I should aim for that if I am
indeed interested in those fields.

I hope I am not considered a mercenary. I was just trying to weigh my
options, to ensure I don't get into debt at a low salary.

Thanks a lot.

 

I've never agree with that last, I think its MUCH more important
to choose something you like since you will be doing it for a long
time, than to concentrate on fairly high monetary compensation.

Its mad to be spending 40+ years doing what you dont like doing
just because it produces a higher income. You'll be spending more
of your hours doing that work than anything else in your life.


The only way to do that with any certainty is prostitution, literally.

And that wont last for very long.


You wont get tenure straight out of college.


Unlikely.


It does however have much more potential income wise.


http://www.mymoneyblog.com/archives/2007/02/do-you-make-a-six-figure-salary-share-your-story.html

Doesnt mean that many/most manage that tho.


And a MUCH smaller percentage get that straight out of college.


Yes, most obviously in small business.


Many of them are more interested in minimising
their costs than producing that sort of income.


That is precisely what you are.


There arent just those two alternatives, 6 figure income straight
out of college and a low income which makes it hard to avoid debt.

And some debt isnt undesirable, most obviously with housing
purchase that is much more frugal than renting most of the time.

 Thanks for your reply.
 > I will be completing high school in May 08 and I will be 17 then.

That is why I stated "the aim in life should be to do something about
one which is truly passionate and where monetary compensation is
fairly high." Perhaps, I should have highlighted the AND. I also don't
intend to go into a field which I don't like for the sake of funds as
in any field to earn quite a bit, you need to be passionate about it,
for which you have to actually like the field.




I was not asking about assurances or certainity. I have met actual
folks who have done that and discussed this with my high school
advisor and those folks were faculties, doctors, lawyers from a good
university. Straight after college does not mean with a undergrad
degree as you seem to have interpreted. Going to get a B.S., then Ph.D
or medicine/law degree means you are still in college(perhaps, I
should have stated grad school to clarify, but still I explained how
others did that, getting a Ph.D, medicine degree, so cannot understand
why you jumped to that conclusion)



Typically, no one gets tenure after college. After a Ph.D, you can
start as a tenure track faculty which I what I stated. Tenure is
Associate Professor or Professor, Assistant Professor means tenure
track. I have met actual people who are like that after their Ph.D.
Again, you misunderstood me or perhaps what is difference between
tenure track and tenured faculty. You seem quite knowledgeable from
your other posts, though, in this and other groups.


I have met actual folks who have done that.
http://www.mymoneyblog.com/archives/2007/02/do-you-make-a-six-figure-salary-share-your-story.html
This link also provides some folks like that, though you have to read
it fully. Someone there states he was earning 120K after his Ph.D in a
management field.


Well, if 10% of folks earn 100K or more and if only 30% have a B.S. or
above it means 33% of folks manage that and that is excluding folks in
small business/truck driver/store manager/real estate/stock market....
etc.




income).

The primary aim of most businesses is to generate revenue while
keeping costs minimal. Walmart, Sams,Microsoft, Walgreens were not
just interested in keeping their costs low, but also expanding.


Again, you err. Each person is brought up in a different financial
situation. Without knowing the reasons for my desire you are hastily
concluding me to be a avaricious person. There are people in the world
who have to live with step parents, who consider such folks a pest/
burden etc. I did not want to bring out my issues as I wanted advice
on choosing a major, not describing my personal issues.


You are correct, though borrowing some funds for education is not that
bad also IMHO.

Thanks for your advice and time. I wish you did not misunderstand me.

- Show quoted text -

 
No problem.


I was referring to that 'where monetary compensation is fairly high' bit.


I would still have said the same thing, and
it isnt necessarily even possible to have both.


Sure, but I was essentially saying that your 6 figures straight out of college is
very unlikely to be achievable at the same time as liking the field, unless you
like almost all the alternatives available to you due to your high school
results.

I'm essentially saying that it makes a lot more sense to choose something
you would be happy to do for free, even if that doesnt produce a 6 figure
income straight after college. And that it isnt the straight after college
income that matters, its actually the total over your working life.


It isnt that common at all.


I doubt too many of those actually told you that a 6 figure
income in your first real full time job is very likely at all.


No, I meant after the formal education, in the first real full time job after
that.


college

Yes.


I didnt jump to any conclusion and was discussing what you were discussing.


And this is where its completely clear what you meant time of 6 figure income
wise.


It isnt that common at all anymore.


Nope, again, you have got my position completely wrong.


I said UNLIKELY, not impossible.


http://www.mymoneyblog.com/archives/2007/02/do-you-make-a-six-figure-salary-share-your-story.html

Trouble is that its impossible to actually check the claim made there.


Easy to claim, lot harder to actually substantiate the claim.

And I doubt that was immediately after completing the PhD.


Thats not the same thing as 6 figures straight after college
in the sense that you mean straight after college tho.

Yes, its much more feasible when you are talking about the
maximum income they ever manage, but you werent saying that.


How most do their personal situation is quite different to that.

Its only a small subset that choose to live frugally.


Nope, havent erred once.


Irrelevant to whether you are a mercenary.


I didnt even mention avaricious, I clearly said mercenary.

The two words have different meanings.


That does not mean that you actually need a 6 figure income
straight out of college in your sense, its quite feasible to live
quite well on a decent 5 figure income in that situation.


It is however relevant to the desire for a 6 figure income
straight out of college in your sense. That stuff about
the step parents isnt relevant to that. A decent 5 figure
income straight out of college would be quite adequate
and that is likely to be better in the long term because
you are more likely to be able to find something you
enjoy doing more if you dont need the 6 figure income
straight out of college.

There's plenty of fields that wont deliver that straight out
of college and those that do often have other undesirable
associated things as a result of that 6 figure income.

A good example of that is the legal system where there
are real downsides in legal jobs that pay people just out
of college that much. It would make a lot more sense to
avoid that type of legal employment just because few
actually enjoy that very demanding situation for long.


also IMHO.

Sure, particularly with the rather generous repayment conditions available with
those.


I didnt misunderstand anything you said.

 Thanks again for your reply.

Agreed, it is rare, but not that rare also.


that.

Then, why did you state "The only way to do that with any certainty is
prostitution, literally."


Again, then  why did you mention "The only way to do that with any
certainty is prostitution, literally."



Well quite a bit of of folks who finish Ph.D start as a tenure track
faculty assuming they choose to go academia and if they have done
proper work during their doctoral program.


You mentioned  "You wont get tenure straight out of college. "

There are two opinions. One you thought I was stating I would start as
a Associate Professor(or above) as getting
tenure means only that, IMHO, though I mentioned Assistant Professor
which is a tenure track not tenured faculty.

Or you got the definition of tenure improperly. You are indeed
knowledgeable and willing to aid others in many groups
which is noble of you, but we all being can make errors. Anyway, that
is irrelevant to the questions and your answers are
appreciated.






If I have met actual folks who have done that, it does not seem that
unlikely and neither did I mention impossible.


Not quite. The people in that link are lawyers, doctors, certified
nurse anesthetists,small business owners etc. Even if
you don't believe them salary.com indicates those folks might be in
that range.


I know someone from college with a Ph.D starting at 100K in
Binghamton, NY after his Ph.D. The person who claimed
120K might be in NYC, CA,  Washington D.C. etc.  There are some folks
who state after a Ph.D in hard sciences they were hired for 100K by
some tech company. Possible, considering computational biology and
other research scientist
openings required for tech labs, in an area like NYC.


Well, some people don't like to mention, some don't, but if 1/3 people
in our country with a degree mention it,
it doesn't seem that rare also, even if we are excluding tv/radio/
sports stars... etc


Well, http://dictionary.reference.com/browse/mercenary  lists mercenary
as a synonym for avaricious. The meanings are not that different.
Avaricious means someone who is greedy(can be funds, materials, food
etc.) and mercenary means
someone whose main motivation is funds. They are fairly close, though,
you were using them in the same meaning while
referring to me.


How about the differences I stated above?

Thanks again for your advice and time. Few give time and advice as
liberally as you do which is deeply appreciated.