The feeling that your current career path will not lead to upper echelon of financial stability...

[pete6032]

Has anyone else had this feeling before? I'm in my 30's, highly educated, with a good paying consulting job (not big 4 but a very large firm) with health care benefits and paid time off. Since I have been in a "career" job for about a decade now, I can see the future career path laid out before me. I currently have a decent salary and own a home, but when I think of my career trajectory from here on out I don't ever see myself breaking into that "upper echelon" of wealth where I could buy a home with 50%-100% down, or even get a home with an extra bedroom for future kids, drive a new car, get a bonus large enough that it wouldn't all go into retirement fund or home maintenance (A/C, kitchen appliances, roof, etc.). It's kind of a sobering realization because I've lived the exact post-college life and career that I want. I just have this feeling that I made lesser choices with my education, and decided to go into a career field that will never pay as well as I need for good financial security. Don't get me wrong, I am double paying the mortgage, no debt other than mortgage. Car is completely paid off, my partner can stay home with baby, etc., but none of this brings a feeling of security like those in my social network have. Anyone else experienced this before? Curious to hear how you felt about things.

 

[lxskllr]

LoL! The story of my life is no financial stability. It was semi planned. The work I do doesn't pay great, and neither does the company I work for. I like the work as far as work goes, and I like small companies that allow more freedom than money. There's been a lot of paths towards greater wealth I could have taken, but rejected due to the effects on my personal life and happiness. I wouldn't change much of anything.

 

[Hoober]

Are those in your immediate social network materially better off than you? Why do you believe they feel more financially secure?

I work for a big 4, and I've been reasonably successful in my career. It sounds like I'm probably a bit older than you. I worry about financial security to an unhealthy degree. After a recent health issue, though, I've begun to seriously look at doing something else. The more I work, the more I believe I'll never, personally, feel financially 'secure.'

 

[uclaLabrat]

Has anyone else had this feeling before? I'm in my 30's, highly educated, with a good paying consulting job (not big 4 but a very large firm) with health care benefits and paid time off. Since I have been in a "career" job for about a decade now, I can see the future career path laid out before me. I currently have a decent salary and own a home, but when I think of my career trajectory from here on out I don't ever see myself breaking into that "upper echelon" of wealth where I could buy a home with 50%-100% down, or even get a home with an extra bedroom for future kids, drive a new car, get a bonus large enough that it wouldn't all go into retirement fund or home maintenance (A/C, kitchen appliances, roof, etc.). It's kind of a sobering realization because I've lived the exact post-college life and career that I want. I just have this feeling that I made lesser choices with my education, and decided to go into a career field that will never pay as well as I need for good financial security. Don't get me wrong, I am double paying the mortgage, no debt other than mortgage. Car is completely paid off, my partner can stay home with baby, etc., but none of this brings a feeling of security like those in my social network have. Anyone else experienced this before? Curious to hear how you felt about things.

Assuming you took your mortgage out more than 4 months ago, why in gods name are you double paying it? If its in the 3% range thats free money, especially right now.

 

[Spacehead]

I've never had a realistic dream of being in the "upper echelon". I make decent money but not great money, decent for my area i guess.
I don't feel the anxiety of financial distress, everything's paid off currently except my car & i have a decent "emergency fund" i think. My biggest concern is making sure i have enough to retire when the time comes.
All this is barring a major heath issue too.

 

[Mai72]

Has anyone else had this feeling before? I'm in my 30's, highly educated, with a good paying consulting job (not big 4 but a very large firm) with health care benefits and paid time off. Since I have been in a "career" job for about a decade now, I can see the future career path laid out before me. I currently have a decent salary and own a home, but when I think of my career trajectory from here on out I don't ever see myself breaking into that "upper echelon" of wealth where I could buy a home with 50%-100% down, or even get a home with an extra bedroom for future kids, drive a new car, get a bonus large enough that it wouldn't all go into retirement fund or home maintenance (A/C, kitchen appliances, roof, etc.). It's kind of a sobering realization because I've lived the exact post-college life and career that I want. I just have this feeling that I made lesser choices with my education, and decided to go into a career field that will never pay as well as I need for good financial security. Don't get me wrong, I am double paying the mortgage, no debt other than mortgage. Car is completely paid off, my partner can stay home with baby, etc., but none of this brings a feeling of security like those in my social network have. Anyone else experienced this before? Curious to hear how you felt about things.

That's because a college eduication doesn't usually mean that you'll be wealthy, or even close to being financially free. The people whom I met who had at least a $1m net worth all had businesses. My uncle who imigrated from France had a $5m net worth, and no college education. He was in the restaurant business. One of the wealthiest people in my city is this old guy who owns land. A lot of land. You'd never be able to tell that he's worth in the tens of millions. He drives an old car, and he lives in an old home. But, he has more money than 99% of the people who look wealthy. Looking wealthy, and actually being wealthy are not related.

 

[Dr. Detroit]

What is the "upper echelon"?

With State & Fed taxes taking a combined 45-50% of dollars above $400K. I'm starting to think that number is $600K+ in VHCOL California. Especially when factoring in a $1.5M home purchase price and $2K/month property taxes for said home.

 

[biostud]

Is doing a career still a thing?

 

[mztykal]

What is this stability you speak of?

 

[sdifox]

Look at the income stats and just be happy you are in the better off deciles.

 

[Exterous]

Has anyone else had this feeling before? I'm in my 30's, highly educated, with a good paying consulting job (not big 4 but a very large firm) with health care benefits and paid time off. Since I have been in a "career" job for about a decade now, I can see the future career path laid out before me. I currently have a decent salary and own a home, but when I think of my career trajectory from here on out I don't ever see myself breaking into that "upper echelon" of wealth where I could buy a home with 50%-100% down, or even get a home with an extra bedroom for future kids, drive a new car, get a bonus large enough that it wouldn't all go into retirement fund or home maintenance (A/C, kitchen appliances, roof, etc.). It's kind of a sobering realization because I've lived the exact post-college life and career that I want. I just have this feeling that I made lesser choices with my education, and decided to go into a career field that will never pay as well as I need for good financial security. Don't get me wrong, I am double paying the mortgage, no debt other than mortgage. Car is completely paid off, my partner can stay home with baby, etc., but none of this brings a feeling of security like those in my social network have. Anyone else experienced this before? Curious to hear how you felt about things.

How do you know they feel security? And how do you know its warranted? The percentages of people living paycheck to paycheck changes less than you might think as income increases. I've heard more than a few stories about people with high income or even seven figures of wealth who have zero financial security and are actively on the path to financial destruction (let alone the more public stories of actors\athletes etc going broke). A huge percentage of the population can't or can't be bothered to plan towards the statistically significant ways to built and keep wealth. And the culture is to keep quiet about what we're doing and project an aura of comfort and success regardless of reality.

If you've lived the life and career you want (and I might suggest a careful review to ensure what you want hasn't changed), find joy and success in that. Harder to do than say I know. Personally I'm still working through a change like that myself. Entire career was about progression and that next step. Well now I've gotten to the point where I've seen the current next step and I don't like the trade offs of stress and time for more money. So I said No. Sounded good but recently a friend and peer got a new job in that logical next step somewhere else and I realized I was jealous. Even as he described the job and my thought was "Oh hell no that sounds terrible" I was still jealous of his advancement. Apparently I derive some validation from job title (and age title was achieved) which I didn't realize, is an annoying logical disconnect for me, and doesn't feel good.

So work to decouple that external validation of your life choices and focus on the internal. If I happen to find an easy off switch for that external validation I'll let you know

 

[brianmanahan]

i have financial stability only because i have no life, live like a college student but without the fun, and save and invest %80 of my after-tax income

i'll probably never spend it and end up leaving it to my nieces and nephews instead (some during my life and some after i croak)

my goal is for them to make it to the upper echelon of financial stability if they so choose

 

[KB]

Don't get me wrong, I am double paying the mortgage, no debt other than mortgage. Car is completely paid off, my partner can stay home with baby, etc., but none of this brings a feeling of security like those in my social network have. Anyone else experienced this before? Curious to hear how you felt about things.

You are doing just fine and it sounds like you have more financial stability than most Americans.
Your problem is you are trying to "keep up with the Joneses". You should not be comparing yourself to others as they might be in massive debt, spending all their money, not have kids or they could have inherited money.
You should be investing more. Move some of that double-mortgage payment to stocks. Having your partner work and becoming a two income household would also help you feel more stable.

I think its pretty common in your 30s and 40s, to say, "is this it?" Is this all I will make, no mansion, no lambo and I will be working for 40 years. Then you get hobbies and travel and you don't need the mansion.

 

[IronWing]

Stability is mostly a fantasy in a system where one severe illness or accident can wipe you out even with "good" insurance.

 

[pmv]

Only way to achieve such stability is to violently take over the state and then rise to the top of the state apparatus and impose despotic rule. And maybe not even then. Even Putin probably feels insecure.

 

[pmv]

Best thing is to make sure you are born to rich parents.

 

[Fritzo]

I had that epiphany at the job I was at for 17 years. I realized I was just comfortable working there because I mastered everything, but in reality the company itself was a dead-end industry, we weren't getting raises, we weren't growing, and with heath care increases my pay was actually DECREASING every year.

I finally plugged my nose and jumped off the cliff into the job market. Turns out I got a job that I thought was too good to be true, and here I am 7 years later making twice what I was pulling in back then with steady annual raises and an in-demand position. I could see myself retiring here. Hope everyone gets to this point

 

[nakedfrog]

I don't see any attraction from the "upper echelon" of financial stability, I already have everything I really want in life, everything from here out is gravy. I may have a different perspective, coming from humble beginnings, and spending a little time homeless. I have no interest in ever owning a new car, I'd rather keep the two I have for a very long time (and eventually convert the Miata to electric--which is just gravy, I love it as-is too).

 

[biostud]

Maybe take a year off spend it with your kid and let the wife go to work?
Could put some perspective into your life.