What you earn in your 20s predicts your salary for the rest of your career

[Street Knowledge]

http://www.businessinsider.com/your-20s-may-predict-your-lifelong-earnings-2015-2

Your personality takes shape, plus you make choices about your career, marriage, and where you're going to live.

It's also the time when you set your earning trajectory, according to a report released by the Federal Reserve Bank of New York.

"Across the board, the bulk of earnings growth happens during the first decade," write authors Fatih Guvenen, Fatih Karahan, Serdar Ozkan, and Jae Song.

The report — which we originally spotted on the Washington Post's Wonkblog — is the result of the economists' studying the career paths of 5 million workers over nearly 40 years.

"Workers projected to earn the median lifetime amount will see pay swell 38% from age 25 to 55, with the strongest upswing in the first decade," the Post reports.

The plateau is profound: For the median group of lifetime earners, the average earnings increase from age 35 to 55 is zero.

This makes the 20s look even more crucial than before.

It's where you choose your trajectory, then maximize it as best you can.

 

[futuretrunks]

Guess it now or never

 

[*L*E*G*A*C*Y*]

Damn...I fukked up in my 20s....but to be honest I was just fukking around...coasting through life. I didn't care about a job or career...and shyt I absolutely hated college for the most part. Spent so much time in school...didn't even get a chance to start a career.

My saving grace is the thought in the back of my mind I figure I'll beat the odds and one of my talents will help me to generate the income I so rightfully deserve.

 

[*L*E*G*A*C*Y*]

Then again I was a late bloomer...and as a first gen...I'll admit I had no clue about the career world or the wprkforce. I feel like I caught on to everything late.

 

[Dank Hill]

My 20s are on point

 

[the artist known az]

 

[TooLazyToMakeUp1]

I can be happy at 48-50 k for the rest of my life. It stretched pretty far last year

 

[mamba]

Play around in your 20s, brehs and brehettes.

Especially as a Black man or woman in America.

 

[intruder]

My 20s are on point

How so?

 

[Dank Hill]

How so?

Mostly everything I ever wanted to do. I've already done and I'm 27

 

[Rack4K]

 

[AtomicUse]

I've been seeing these same articles since I was in High School and they all parrot the same points, and I could have written them in high school, because it's common sense. These authors are just rehashing the same points to sell ad space

There have been studies done that earning over 70k reallydoesn't drastically Improve the quality of ones life and as someone earning over 70k in my 20's I can see the validity of that assumption. Other than doing some extravagant shyt there's really nothing I'm hard pressed for.

It doesn't cost that much for one person to live a decent life on their own, but people fall for the bs about how they need to get married, have kids, buy a bigger house, newer cars, furniture and designer clothes and all if he sudden that 70k is gone because of debt.

If you come outnofncollege making 40k in your 20's and top out making 70k as you approach retirement, you shouldn't be hurting for money if you budget well and live within your means.

 

[MJ Freedom]

That's just an average, any single individual can change their whole life trajectory if they really want to.

 

[iBrowse]

My 20s are on point

Turning 26 in a couple months and I'm still moving on up :totheeastside:

 

[Dank Hill]

Turning 26 in a a couple months and I'm still moving on up :totheeastside:

nothing wrong with having goals and dreams breh