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Engineering vs Finance?

GoodOne123

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?
 

speed dawg

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I'm an engineer too. You're right, you can make a good living (better than a lot of people), but you'll never be rich doing only that. Well, unless you save to become a millionaire later in life.

I too also considered swapping fields during the past 10 years (my 30s, when folks go through the mid-life crises I guess), but I ultimately decided to stick it out and just found a job I halfway enjoyed and planning to do something else on the side eventually.
 

GoodOne123

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I'm an engineer too. You're right, you can make a good living (better than a lot of people), but you'll never be rich doing only that. Well, unless you save to become a millionaire later in life.

I too also considered swapping fields during the past 10 years (my 30s, when folks go through the mid-life crises I guess), but I ultimately decided to stick it out and just found a job I halfway enjoyed and planning to do something else on the side eventually.
I fear that even if I swap careers I'll still end up unsatisfied. A job is a job at the end of the day. Funny thing is I was very passionate about my career in the beginning, but now the novelty has worn off and it's just work to me.

I feel like I'm going through a mid life crisis. Aside from changing career I want to travel the world too. I admit my motivations for a career swap aren't the best, mostly because of money haha
 

Bible_Belt

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When I worked at a staffing company, we had engineers with masters degrees making less than their managers, one of whom didnt even have a degree. None of the managers were very technically proficient, but they had people skills. Engineers tend to be bookish introverts. I think the managers did more baby sitting and hand holding than bossing anyone, but they could keep a team together and get the project done.
 

Plinco

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I used to work as a recruiter and saw the same thing.

Honestly I would say do what you do best. There are experienced engineers that do make a lot of money but most make a salary that is modestly above average.
 

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EyeOnThePrize

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I fear that even if I swap careers I'll still end up unsatisfied. A job is a job at the end of the day. Funny thing is I was very passionate about my career in the beginning, but now the novelty has worn off and it's just work to me.

I feel like I'm going through a mid life crisis. Aside from changing career I want to travel the world too. I admit my motivations for a career swap aren't the best, mostly because of money haha
That is a real fear. We can all relate.

Passions grow and change, and you're mindful enough to notice that, so rejoice!

Ideally you get paid to do what you love. Find a new passion and mold income around that. Fund small trips, schedule them out, commit and go, write it off on your taxes. Anything worth having takes risk and consistency.

I'm surprised you haven't mentioned any small business ideas.

At any rate, risk is unavoidable. You could get fired or you can leave and start a multimillion dollar business tomorrow, or rob a bank, or anywhere in between.

Do all your deliberating and worrying before you commit to a decision. Once you commit, there's no longer a point to worrying, you already factored in your odds and decided to go through with it anyway.

True fulfillment comes from within. You simply find the stimulation that awakens it.

Experiment and try new things. The world is crazy beyond imagination.
 

Spaz

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Just do the job that interests you the most, find something that's able to stir up ur passion.

Don't work in something because of what society expects you to do because once u lose ur passion for it then u become like a lazy civil servant going abt doing the same thing day in and day out.

Even if u r not good at something now, but due to passion, you will most certainly find ways to improve until u eventually become great at it.

This is how men achieves greatness.

Of course u need talent too, but that is easily known.
 

King Lion

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You're young and educated, so you've got time to exercise other career options and still have a fallback = Good.

Engineering will allow you opportunities to branch out on your own and start a manufacturing business etc..

A career in Finance or "Investment banking" is a dog eat dog arena and only the most intelligent and hardworking people will succeed the way many believe is possible.

The finance industry is full of arrogant azzholes that are more style than substance. If you learn and really know your sh*t then your work will speak for itself and prove you will be able to succeed.

There a lot of wannabe BSDs in finance, but many don't know sh*t from peanut butter and have never had any real world experience in analysing/investing etc. on their own, or for their own interests - So only a few will actually become a bona-fide BSD.

With investment banking: "Crazy money" = Maybe.

Crazy hours = Certainty.

The Rest Is Up To You!
 
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RickTheToad

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?

Go with engineering. The money is gone in finance unless you're at a top 20 business school.
 

DEEZEDBRAH

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?
Pivot into programming. YouTube Aaron Clarey who went into finance and banking. it's corrupt. engineering is legit.

what about 1. Side hustle 3. New job?
 

Who Dares Win

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?
I suggest you to improve your profile as an engineer if you want a bigger score rather than changing field.

Finance may make you richer but its not a skill you can necessarily spend in the future world, we never know how the economy and the system will change while we know that engineering will always be needed.

Guy working in banks were considered bullet proof before 2008.

If I could back in time I would be an engineer myself, any work that doesnt actually build something but its connected to services doesnt grant you the same certainity.

You could wake up half naked in the other side of the world and still rebuild your wealth if you have useful skills regardless the social and legal setting around you.
 

RickTheToad

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Always get a kick at this video, horrible CEO though.

 

DEEZEDBRAH

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Dudes should always be maxing their earning potential. Side hustle, real estate, programming, etc.
Most fellas are dumb and simping. Cash is king. I have one girl in my rotation talking crypto lulz. mimalist. unheard of which is contradictory to female nature. earning yes but more or less importance on creating their freedom or going out on their shield pursuing purpose.
 

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MrPwr

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?
The OP could be victim to a basic-bunch of colleagues. You become the average of the 5 people you spend the most time with and if that is your work colleagues, and they aren't aggressively seeking excellence/wealth/side hustles etc then you likely won't absorb that energy.

I found this at my first eng firm (I am an engineer in Australia) and they were a small firm,, and I would go as far as calling them cowboys/con-men before bestowing upon them the title "engineer."
Fast forward to where I work now, these guys are the real deal. Everyone has a side hustle/realestate/crypto/etc and some do it all. Just talking **** around the coffee machine we bounce ideas off each other and in some cases find ways to collaborate for mutual benefit.

Engineering will be a great source of income to fund your side projects!
If you're not enjoying it where you are, seek out a new employer based on their projects, not the income. Because engineers typically can negotiate their salary you can find a sweet spot where the pay is to your liking and the work is too!
 

IKO69

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If you are capable of doing either, stick with engineering.
 

Obee1

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So I've been working as an engineer for a few years now. Still young and 26 years old.

My salary is pretty average, but way less than people that work in investment banking or management consulting.

If I stick to engineering I'll afford a decent standard of living, but not amazing. I regret not going into investment banking because of the crazy money you can earn.

Anyone got any insights in this?
As with anything the answer is, it depends. The truth is that you are making someone else rich. If you aren't married and don't have children, you have the opportunity to spend less and save more with the job you have now to put toward investments like real estate, starting your own business, stocks and bonds etc.. Concentrate on monthly income both passive and active and reinvest profits till it meets or exceeds your income as an engineer. Then quit or keep working. But all of a sudden you have options other than relying on someone else's agenda. If you are relying on your employer and your retirement account to make you wealthy, you will probably become wealthy about the time your getting too old to see and do the things you really want to do. I don't have a college degree, but I hire people with college degrees like lawyers and accountants to keep my real estate investments growing and producing. If you want to increase your earning power while working for someone, the investment banking side can be good. You'll network with and have contact with high net worth persons however nothing will be handed to you. You have to go out and kill something, then drag it home to eat. It's very unlike an engineer where you can punch the clock and regardless of how motivated you were, a paycheck still shows up. You need to take calculated risks and have some skin in the game. It's not for the timid. Good luck. Remember the 2 types of pain. The pain of discipline or the pain of regret & disappointment. Pick discipline. (spend less, save more and invest)
 
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