My friend is the senior staff accountant for a regional fast casual chain. He clears about $65k. He just found out one of his coworkers who is 5-6 years younger who works in social media marketing makes $120k.
All he does is basically post Facebook ads. My friend busts his ass crunching numbers all day and makes half of what this guy does, pretty ridiculous.
What are some other examples of this?
I’d say most professionals are fairly reasonably compensated; doctors, lawyers etc.
Many CEOs make way more than they probably should for the amount of work they do, but that horse has been beaten dead.
Teachers are probably the most underpaid for what they do.
Most lawyers charge way too much and half of them are either incompetent or lazy. I've seen many lawyers charge .10 billable hours for every single email and when you are charging $200-$500/hour the work does not meet the cost. I've seen so many lawyers try to file the incorrect paperwork, fill out the paperwork incorrectly, or ask for interpretations of court rules and statutes it boggles my mind. Don't get me wrong, the attorneys that know what they are doing are worth every penny, the problem is that there are so many bad attorneys out there.
Totally agree with teachers as underpaid, CEO's overpaid.
I honestly think family doctors are overpaid. I mean if they find something questionable, they send you to a specialist. Most of the time the nurse is the one examining you anyway, but they can't diagnose. Family docs can prescribe medication, but pharmacist should be allowed to do it. Used to work at a pharmacy and many times docs would prescribe wrong medication and the pharmacist would have to call the doc and explain it all to them.
Nurses, linemen/utility workers, are underpaid. College administrators are overpaid.
From the College of Pharmacist ;
Pharmacists may prescribe all Schedule 1 drugs and blood products. There are no lists of drugs; instead, all pharmacists are expected to limit their prescribing to situations where they have an adequate understanding of the patient, the condition being treated, and the drug being prescribed.
By this same rationale, some actors get paid way too much. Entertainment is great and everything, but how significant of contribution is that in comparison to someone who teaches kids to read? As far as actors, it's really only the top tier that's making ridiculous money, whereas I feel like sports stars are a bit more consistently overpaid.
It's stupid that in a lot of hollywood movies the A lister gets say $20 million or more, and the rest of the cast gets the minimum industry standard. I understand the thought behind it, but I think it's wrong.
It is worth remembering though that if nobody wanted to see athletes and actors perform, they wouldn't be paid as much.
It is the audiences, who will pay their high salaries.
I just don’t get why people care SO much about who wins. I know that’s the whole point and I’m sure that’s why I don’t find sports that interesting, I just don’t care who wins.
not knowing the details of what the guy working in social marketing is doing, i may be on shaky grounds in saying that it's not crazy to me that he'd make a lot more than an accountant.
accounting is certainly a good, steady profession, and it pays pretty well. but there are a lot of us. if one of us goes away, there are plenty of perfectly competent people ready to take our place. you can't throw a brick without hitting an accredited accountant.
but if you're a creative person who can make an interesting ad that will get people's attention, you can do something that not many people can do.
i don't know that this is what the guy in media marketing is doing, but if he's pulling in 120k, i'd expect he's overseeing something that not very many people can do.
it's always worth remembering that salaries are just prices, and prices contain information - they're reflections of how much something is needed, and how much of that thing exists.
there's an almost limitless number of people who can stock shelves in a store or push a broom.
almost nobody can play tennis like roger federer!
so you'll get a bit of a gap in how much you'll have to pay for an hour of time for those categories.
Yeah, but...
If you happen to not care about sports, you have no need for a professional tennis player.
(And that I never heard about Roger Federer just proves this.)
But all of us need the people, who work in grocery stores or clean floors in hospitals.
but there are millions and millions of people who do care about roger federer, and who will watch him play, will pay a lot of money for the chance to see him play live.
nobody will pay to watch me play tennis.
it's absolutely true that cleaners and janitors and stockers are needed. but it's also true that essentially anyone could do that job.
nobody besides roger federer can be roger federer.
that may not be fair. to lots of people it can feel like an injustice, i guess. but it's just a reflection of the availability of a product.
if there is a limitless supply of something - anything...labour, salt, sand, whatever... - you aren't going to be able to ask for a big price for it.
if there is a very limited supply of something - in this case, one person who can do something lots of people want to see - you're gonna pay a lot.
I know, but I guess I have a bit of a problem with the fairness issue.
I would have loved to see a world, where we all have the same salary.
However, that is not likely to ever happen.
I heard an entrepreneur who had dabbled in everything from a restaurant to an ad agency say that the dumbest rich people were those who worked in advertising.