My 25 year old kid has a household income of 300k. AIMA

[ByFirmStork]

Questions welcome. He’s from a poor northern comp.

Why would she need permission? None of us has a clue who she is, or her son.

Is he putting money into a pension and provision for children?

I've got you beat. My 3 year old DD brings in 500k by herself.

Quite an effective method, however.

Suppose it helps if he's pretty; definitely worked for my ex, albeit he was on £120 whilst I was the older girlfriend on £180.

Slight issue with it was that this was per week, but let's not split hairs about it.

What a bizarre response.

I don't think that's usual for a lawyer in a magic circle firm at 25 is it? I work for a national firm but we get a lot of Partners who made the money in the city and sold their soul for it and then come settle down south and work for a national firm once married with children to get a better work life balance. Hardly groundbreaking

Do you think this has improved his quality of life. Does he spend his money wisely?

To be fair I don’t think many people in their early 20s are thinking about pensions and inheritance

My cousin’s stepson works on offshore wind farms and was earning £120k aged 23. He went to a comp and then some sort of college course in Renewables so no uni debt. The downside is they have to work two weeks on and two weeks off so miss special events like weddings, Christmas. If the weather is bad they’re stuck on-site or paid to sit at home so it takes quite a bit of commitment at a young age. He started at entry level but has been promoted a couple of times hence the high salary.

I know several people between the ages of 21- 24 who are earning 70-80k because they are working in the investment banks in London.
As others have pointed out , Magic Circle lawyers can make a huge amount of money particularly those working in Corporate Finance.
I don’t know why people are doubting the Op.
There are many young people making a lot of money

What’s his favourite tea?

@Greeneyegirl is it true when they say you only make Partner on the basis of who you
know and face fits, rather than what you know ?

Don’t worry OP, your DS won’t always be living on Super Noodles. He has plenty of time to build his career and improve his earning potential. You must be very worried though, I hear on MN that it’s impossible to survive on less than £500K a year in that London.

There’s not many answers.

She bought me a nice maid's outfit as she likes her servants to look smart. But that is it.

In my experience these firms are insanely meritocratic actually.

They want the absolute smartest people. They’ll promote the people able to win the most work and generate money for the firm.

@MidnightMusing5no that is not true. Not any more anyway. I’m a partner and in every firm I’ve worked in getting partnership has required a rigorous process of putting together a business plan that demonstrates you can maintain a practice billing a certain amount a year. Obviously, the “better” the firm (in terms of US, magic circle, silver circle etc.), the higher the billings have to be. And the same applies each time you want to move up the lockstep/get more equity points.

Contrast these salaries with the salary of an assistant director of social services in a northern town at just over £100k - a job that takes many years and steps to achieve.

Not everyone wants to work in banking or law or indeed in London (apologies, but I agree with the yawn comment). And the whole thread is a bit crass.

All it does is show how ruthlessly money motivated some people are.

My cousin's stepson's partner's brother earns even more at 22. He never went to school and yet made £ms running a market stall in Wigan.

Is the original point to make us all go, wow, see, even a kid from a poor northern comp can make it big if they have the right attitude and work ethic.

Jesus why do you think anyone cares?! What a bore.

One of the people I worked for was very keen to distinguish between what we were paid and what we earned. A first-year resident doctor in England, also known as an FY1 (Foundation Year 1) doctor, earns a basic salary between £36,616 and £42,008 per year. This salary is for a full-time position, typically 40 hours a week.

Why do we tolerate bankers and lawyers earning more than doctors?

It’s quite interesting that some people on this thread didn’t even know that high salaries are possible for young people who do a fairly standard track of: do well at school, go to top uni, get on top grad scheme.

I wonder if people like the OP’s son were to go and talk to children at underperforming schools whether it would open their eyes to the opportunities they have. After all if they don’t know these paths are available then they may not see the point of doing well at school.

By contrast, there are whole schools of children in the high achieving private schools who are expected to get top grades in every subject so they have the option to go down this sort of path if they choose.

There is a section for AMA rather than cluttering up Chat

Congratulations to them both for all their hard work! You are clearly a proud mama. I wish them both well x