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My Path to Financial Independence as a Software Engineer

software.rajivprab.com

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Re: My Path to Financial Independence as a Software Engineer

#211

Post by throwaway6734 »

georgeburdell wrote: post #148
lordnacho wrote: post #64

Earlier quoted context omitted.

I think the real luck is getting on the ladder in the first place, where you have a prestigious job that is a natural step to even more prestigious jobs, ie you are always a likely candidate for the job above. Most hedge funds and FAANG employers get a lot of resumes that will never even be read. Also you really don't know what you're actually applying for when you're a graduate. You think you know but only those who…

True in my experience. The path is set long before you think it is. Yes, you can jump on the prestige track later on (in my field, this means joining Apple after 5-10 years of working), but a Stanford grad naturally walks into these jobs. My spouse and I have the same degree and background, aside from alma mater, but they joined a FAANG, in a design role, out of school because that’s where everyone in their Stanford…

Absolutely. What's incredibly frustrating is that as I've moved up the employer prestige ladder, the level of talent definitely goes up, but so much of it is just a rise in credentials (e.g., better schools, better past jobs). Levels of motivation/effort don't seem too different: there are still the same groups of lazy people that put in the bare minimum and others that do a great job.

Each hop up takes a good mix of hard work and luck but it always results in a massive jump in pay

Re: My Path to Financial Independence as a Software Engineer

#212

Post by amelius »

Invictus0 wrote: post #194
bjornsing wrote: post #51

> Disclaimer: I acknowledge that I’ve been very privileged, especially in the educational opportunities I’ve had. This might sound reasonable from a US-centric perspective, but to me it reads like utter nonsense. The main privilege here is access to the US labor market and tax policy. There are no stories like this one where I live (in Sweden). Absolutely none.

Just move then, your feet aren't bolted to the ground.

https://en.wikipedia.org/wiki/Ergo_decedo

Re: My Path to Financial Independence as a Software Engineer

#213

Post by senko »

For anyone interested in this or being skeptical it's achievable on a non-US-FAANG salary, check out: Common Sense Investing (https://m.youtube.com/c/BenFelixCSI) and The Plain Bagel (https://m.youtube.com/c/ThePlainBagel).

Both channels are by Canadians so have a world focus (not just US), and talk about financial literacy in general.

Re: My Path to Financial Independence as a Software Engineer

#214

Post by refurb »

whimsicalism wrote: post #133
marcellus23 wrote: post #128

Earlier quoted context omitted.

It’s also not his fault at all.

Nobody said it was "his fault" and that is obviously not the point of the acknowledgement starting the post.

So you agree he shouldn’t feel guilty.

Re: My Path to Financial Independence as a Software Engineer

#215

Post by mgaunard »

WastingMyTime89 wrote: post #176
mgaunard wrote: post #91

Earlier quoted context omitted.

The good jobs aren't going to be advertised on whatever website this is, they use headhunters. Also at this level you enter into a negotiation with the business stakeholders, compensation package is tailored to each profile and opportunity.

I like how people always feel the need to shift a discussion on actual salary that normal people experience to a few job mostly in finance negotiated directly with key stack holders to pretend things are comparable. Let’s forget that salaries in Europe are ridiculously low to focus on the handful of people who might get an extraordinary position - still paid less than an equivalent one in North America nevertheless -…

While London is a finance hot spot, jobs from Google, Facebook or similarly competing company will also be in that range.

And that's not even the top salaries, there are also jobs that pay in millions.

You'll also find similar salaries in Amsterdam, Paris, Zurich...

I'm just stating that jobs that pay the same as in the article do exist in Europe, and I don't believe they're as exceptional as you suggest.

There just is a large spectrum of salaries for software engineering, and as we all know, 90% of everything is crud, so of course the median will be much lower.

Re: My Path to Financial Independence as a Software Engineer

#216

Post by Sholmesy »

dogma1138 wrote: post #163
cutler wrote: post #151

Earlier quoted context omitted.

It's the other way round. The London wage differential is much higher than the rent differential outside London.

Not any more I’m on £150K base and total cash comp of around £200K with bonus, car allowance and some other perks. Whilst it’s true that I probably won’t find a pay like this outside of London it’s also quite hard to get it within London if I lose my job it’s more likely that I’ll have to take a pay cut than not. In fact once you get to 6 figures in the UK outside of contracting it’s not uncommon to essentially bounc…

That's really good comp for the UK. Well done!

Do you mind me asking what industry you're in?

Re: My Path to Financial Independence as a Software Engineer

#217

Post by secondo »

bjornsing wrote: post #51

> Disclaimer: I acknowledge that I’ve been very privileged, especially in the educational opportunities I’ve had. This might sound reasonable from a US-centric perspective, but to me it reads like utter nonsense. The main privilege here is access to the US labor market and tax policy. There are no stories like this one where I live (in Sweden). Absolutely none.

> There are no stories like this one where I live (in Sweden). Absolutely none.

Swedish tax rates on income makes this two to three times as difficult (approaches 60% plus 30% social paid by the employer this includes RSUs as well, plus 25% VAT) but it’s nonsense to claim this doesn’t happen. I am Swedish and have made significantly more in tech than the author. So has many of my friends.

With that said, the only reason I’m still in Sweden is family. The public sentiment about the future is uncomfortably racist and increasingly hostile about fortune making. If you have the mobility my advice is to move. Good luck.

Re: My Path to Financial Independence as a Software Engineer

#218

Post by thisistheend123 »

I have a noob question:

If everyone thought and lived like this. Save everything, don't spend too much, don't have kids etc. Would it not lead us into a world where there is not enough economic activity and growth.

And the money that you do have in that case would not be worth much anyway..

Re: My Path to Financial Independence as a Software Engineer

#219

Post by Sholmesy »

dogma1138 wrote: post #114
Sholmesy wrote: post #92

Earlier quoted context omitted.

Maybe. We own our flat in Zone 1 (Soho, 48k down payment, 12k closing costs) after 5 years saving, mortgage is 2.29% ~ 1900 a month. Save about 2500 a month. The one thing I will say is that the "single tax" certainly exists in London, and I find my situation affordable because I have no kids, and my partner brings in an other £35k or so. If we wanted a 3 bedroom or something, forget about it. That's when it becomes…

What flat did you buy in Soho for 480K assuming that it was a 10% deposit, or a better question would be when…

I've said way too much PII already, but it's on HMRC/Land Registry if you want to look it up. Bought in 2019. Non-council.

Re: My Path to Financial Independence as a Software Engineer

#220

Post by driverdan »

supernova87a wrote: post #109

Here's 2 questions for the "FIRE" crowd. 1) To stop working when you hit a certain number seems to me to be falling into the faulty logic illustrated in Freakonomics -- when a taxi driver works every day towards a certain $ figure, he suffers on crappy days (keeps on driving to little benefit) when fares are just not coming, and cuts off his earnings on great days where business is pouring in like crazy. Instead, you…

Those questions reflect your life more than OP's. Is your life so meaningless and boring outside work that you'd have nothing to do when you retire? If the answer is yes you should seriously re-evaluate your approach to life. At least get some hobbies!
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