Earlier quoted context omitted.
Could anyone explain this a little for me, please? Does this mean you save 93% of your income and only use 7%? From the website, there is a graph that shows how many years you supposedly have to save for retirement but it does not take into account the actual amount you make. As a "junior" dev, if you save 97% of X peanuts you still have peanuts.
The 7% is referring to the rate of return on your investments. He is making the assumption that if you invest $100 in the stock market on January 1, then on Dec 31 your account will have $107 in it. This assumption is an average over many years. There is a common rule of thumb in the investing world that you can safely remove 4% a year from your investments and they will continue to grow. (7% return minus 4% withdraw…
Currently working as a junior dev and the senior devs feel I'm making less than I should be. Which is much less than that 80k. The only caveat being that my employer is also paying for part of my tuition (up to a max of $5000 a year). Previously, this seemed like a decent increase with what I was making, but adding that 5k to my wage and I'm still nowhere near the 80k.
I'm throwing out this comment as it seems like it would be beneficial to other junior devs to have a ballpark amount to shoot for. Obviously other factors play into this (e.g. healthcare, location, etc). This just seems like a decent play to ask without breaking taboo with local devs.