Here's what you can learn about electricians, lawyers (and other career paths) by running some comparisons with the Wealth Meta Income and Spending Simulator.
When you picture someone who is accumulating a lot of wealth, do you typically think of a doctor or lawyer, or someone who has less formal education like an electrician or plumber?
Depending on what stage of their career they are in, an electrician may have a significantly higher net worth than a lawyer. Read on to see how the numbers may work in either profession’s favor.
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Here’s what you can learn about electricians, lawyers (and other career paths) by running some comparisons on the Wealth Meta Income and Spending Simulator.
We ran a simulation using a 47 year timeline. This timeline ranges between ages 18 and 65 years old. In order to keep things consistent, we are going to assume the lawyer and electrician have the same living expenses and budget. This makes it a lot easier to compare their salary differences. In this simulation, both the layer and electrician will get a monthly budget of $1500, which will increase with inflation. Of course in reality their spending many differ wildly. So what we are really computing is potential net worth, or the difference between their incomes.
Typically, there are two training routes an electrician can take. They can choose to attend trade school or apprentice with an experienced electrician. As an electrician, you can start working once you graduate high school. The apprentice route allows the electrician to avoid student loan debt, although in many states mandatory classes are required to become licensed.
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The average electrician earns $59, 190 per year according the US Bureau of Labor Statistics. Keep in mind, salaries vary depending on experience, the type of work, and the state of residence. Electricians in the top 75% make $72k / year and those in the top 90% make $94k / year.
Assuming the electrician starts in an entry level job and moves up to a journeyman in 4 years, and then a master in another 4, this leaves the electrician with $5.0 million by the time they retire. View Electrician’s simulation here.
In order to become a lawyer, you will first have to receive a bachelors’ degree in any subject. On average, this degree takes about four years and $29, 900 in student loan debt.
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Next, they will have to pass the LSAT in order to get accepted into law school. Law school will cost about $78, 792 for an in-state public education. There is also the lesser known option of reading the law, which bypasses law school (and associated expenses) entirely.
After they graduate they can choose to complete a clerkship at a law firm to gain experience or take the bar exam. According to the US Bureau of Labor statistics, the average lawyer makes $141, 890 / year. Attorney's in the top 75% make $178k / year and those in the top 90% make in excess of $208k / year.
Assuming the lawyer goes straight to college after high school, then straight to law school, then immediately lands a job as an associate, and after 4 years becomes a partner they will end up with nearly $13.7 million when they retire. View Lawyer’s simulation here.
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The lawyer clearly accumulates significantly more than the electrician. However, there’s a point of time where the lawyer has a negative net worth of $205k due to student load debt. That is a lot of money to pay back for a career they have not worked in yet and may not enjoy.
This analysis only looks at the pure numbers you can expect when pursuing a career as an electrician or lawyer. But the numbers don’t account for any bumps along the way. For example, even if someone attends law school, that doesn’t mean that they will pass the bar exam or find employment in the area they want.
Another example is if the electrician was unable to work due to a disability. Since they must use their bodies for their practice, any injury could set them back.
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The post Being a Lawyer vs Being an Electrician: Net Worth Simulations is part of a series on personal finances and financial literacy published at Wealth Meta. This entry was posted in Personal FinanceEveryone is aware that choosing to be a lawyer can eventually give you a massive net worth. People are paying their lawyers on an hourly rate for things they probably don’t even understand very well, but a lawyer is something that everyone needs to have. Regardless, the lawyers that are really doing their job are making the most money, so here are the richest lawyers in the world.
Felipe Gozon graduated from Yale as a lawyer, but has used his education to spread himself across multiple other areas that have earned him a nice amount of money. His biggest flow of income came when stepped into the role as chairman and CEO of a top media network in the Philippines, GMA Network. Gozon has held the position since way back in 2000 and has established a very stable and successful company going forward.
Judy Sheindlin a.k.a. the famous Judge Judy has pretty much collected her massive net worth from her hit daytime TV show. Judge Judy received her law degree from New York Law School although she originally started at Washington College of Law but was the only female in her entire class. She’s been working her way through the court system since and eventually became a judge in criminal court and eventually moving into family court.
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Neukom is a California kid who received his undergraduate degree from Dartmouth College and then returning west to earn his law degree from Stanford. He was the top defense attorney for Microsoft and was even promoted to Executive Vice President in the company and was constantly defending their property as the technological swing arrived. Neukom has done many things, including founding the World Justice Project back in ’06 and has always had a hand in beloved San Francisco Giants over the years.
William Lerach is worth $900 million and has made that all off of private class action cases. His big claim to fame and money came from being the head plaintiff attorney in the Enron lawsuit which came with a $7.1 billion settlement (the largest in history). Since then, Lerach was actually caught and admitted to obstruction of justice relating to another case which caused him to lose his license to practice law in California.
Wichai is a Thai lawyer who got his start by representing all of the largest figureheads in his country. He actually began to get into the real estate business because certain clients could only pay him with property, but this has translated into gaining lots of stock and power by being on the boards for certain companies and managing his money well.
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Joe Jamail is a Texas native that completed all of his schooling in the same state. He generated a lot of buzz by winning large case for Pennzoil against Texaco, which earned him $335 million in the process. Otherwise, the man has been smart with his money and built up a nice net worth of $1.6 billion.Products on this page may be from affiliate partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners.
Are lawyers rich? People will automatically bring up lawyers when describing “successful, wealthy people.” But if you look at Forbes wealthiest people list , there are relatively few, if any, lawyers among them. Instead, investors, business leaders, property owners, and oligarchs fill the ranks.
Most lawyers are not rich. But they do make almost three times as much as the average American. The median annual pay of a lawyer is $127, 990. So not exactly rich, but comfortable.
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Lawyers can have a high net worth and many legal professionals make 6-figures a year. However, it’s important to remember that it can also be extremely expensive to become a lawyer.
But if you Google “are lawyers rich?” or “how much does a lawyer really make”, you’ll find that more often than not, many are average earners or have a smaller net worth.
This profession requires a higher education degree, test fees, and so much more to even get your foot in the door. In fact, the average debt for law school alone is about $180, 000.
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Lawyers can be high earners, especially the farther they get in their career. But, the majority of them have about the same net worth as the average American, even well into their 50s.
This Harvard Law graduate worked as a real estate attorney before becoming an investor. He is a vice chairman of Berkshire Hathaway, the chairman of Daily Journal, and a prolific philanthropist. Not only is he the wealthiest lawyer in the world, but at 98 he is also the oldest person on this list.
Peter Angelos is a trial lawyer and baseball executive. He represented over 8, 000 workers in the asbestos-poisoning suit of 1992, as well as the state of Maryland in
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