- May 5, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Personal Finance Journey of a ChemEng Professional Living in Houston
## Introduction
I am a 32-year-old Chemical Engineer residing in Houston for the past few years. I work in the industry, not in Oil & Gas. Upon starting my career, I was diligent about creating a budget to ensure financial discipline. However, as my income grew, I became lax in tracking individual expenses. This year, I revisited my budgeting habits and utilized Fidelity’s FullView tool, which provided a comprehensive breakdown of my spending habits, especially considering my linked 401k account.
## Lifestyle Changes and Financial Adjustments
This year, I decided to relax a bit on my spending and indulge in lifestyle upgrades such as food delivery services and luxurious vacations. These enhancements have been rewarding but have also impacted my financial allocations.
## Real Estate Investment
In 2022, amidst rising interest rates at around 3%, I purchased a house for approximately $350,000. The property boasts 3 bedrooms, 3.5 bathrooms, and spans 1650 square feet. This investment reflects my commitment to long-term financial stability and growth.
## Professional Journey and Income Progression
Following a challenging post-college period marked by unemployment due to academic struggles and a low GPA of around 2.6, I secured a position at a small engineering consulting firm with fewer than 20 employees. Despite feeling potentially underpaid, I recognized the opportunity and persevered through initial setbacks.
## Income Progression Chart
| Year | Salary |
|——|———————————————|
| 0 | $0 |
| 1 | $60,000 |
| 2 | $66,000 |
| 3 | $84,000 |
| 4 | $89,000 |
| 5 | $99,000 (Company acquisition, no stocks) |
| 6 | $105,000 |
| 7 | $105,000 (Job transition, slight salary loss) |
| 8 | $109,000 |
| 9 | $114,000 |
| 10 | $130,000 (Job switch) |
| 11 | $142,000 |
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****** just grabbed a
Nice man, we’re pretty similar, I think I’m just in a much more LCOL area. Just grinding it out. I’m 33, started at like maybe 30-40k? Somewhere in there after college. Up to 120k now.
I was also actually expelled from college due to issues with alcohol. Took a year to refocus, reapplied to a new school, started over.
Just gotta keep climbing up man. Best of luck!
It’s CRAZY to me the difference between how much you pay in taxes being self employed vs w2 and using some of the tax loopholes.
Man, how are you spending $5k annually on food? My family’s budget is $1.5k/month for food.
Man, I have a tech degree, but I’m in O&G in the PNW, and your COL makes my extra $90k/year look small. Might have to look into gulf coast jobs.
Have you thought about investing in an IRA? Or is your investments tab also contributing to one?
Also 3,500 towards charity? I’m really impressed. I wish I could give that much. Just don’t have the mean at the moment, unfortunately.
Tax plan my friend, getting absolutely crushed.
Net worth via cash flowing investments greater than giving irs money today
Went to college. Didn’t like it, would rather work instead.
Worked my way up from $8.25/hr in 2014 to just over $50/hr now.
It is very possible if you DO work.
150K ain’t upper middle class but congrats.
Damn that’s expensive for a house that size.
College has no correlation to success it’s just a lie fed to us by the 1%.
Hello, fellow ChemE
Can I ask what kind of chem E you do? I have a PhD in a very small
Niche and still make less than you with the same experience…
Nice! I dropped out of high school, last year made $139k at my job. I’m a couple years older than you though
Nice! I’m a Chem E in Houston as well and you are almost exactly where I was at 32. About the same GPA as well and I moved to Chicago to avoid what should have been my layoff my first year out of school. Recruiters have been crazy as of late. I’m not really looking at the moment but let me know if you’d like me to send you anything I’ve gotten on linked in over the last two months.
Is this what we consider upper middle class now? In my mind this is just regular middle class. Upper middle class in my opinion is professionals that are making 300-500k a year.