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The AI wildfire is coming. it's going to be painful and healthy

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Re: The AI wildfire is coming. it's going to be painful and healthy

#111

Post by CraigJPerry »

noncoml wrote: post #98
karlgkk wrote: post #78

Earlier quoted context omitted.

I think maybe that was implied, considering the topic of conversation and website we’re on. That said if you’re making $250k+ a year and not on track to retire by 50, seriously please open a retirement calculator and figure out what you need to do to get there.

$250k+ a year means ~$12k monthly salary. A semi decent apartment in SV will cost you ~$3k Bills(phone, internet, electricity, etc) another $1k. If you are married, groceries at least $1k. Even if we assume you don’t do anything else in life, and you are in perfect health best case scenario would be $6k savings a month or $72k a year. It would take you 10 years to save $720k plus whatever you make from investments. T…

6k month over the past decade is circa 1.7m today depending on which index fund you chose.

Assuming a 4% draw down (conventionally agreed to be safe) is over 5.5k a month.

Re: The AI wildfire is coming. it's going to be painful and healthy

#113

Post by karlgkk »

noncoml wrote: post #98
karlgkk wrote: post #78

Earlier quoted context omitted.

I think maybe that was implied, considering the topic of conversation and website we’re on. That said if you’re making $250k+ a year and not on track to retire by 50, seriously please open a retirement calculator and figure out what you need to do to get there.

$250k+ a year means ~$12k monthly salary. A semi decent apartment in SV will cost you ~$3k Bills(phone, internet, electricity, etc) another $1k. If you are married, groceries at least $1k. Even if we assume you don’t do anything else in life, and you are in perfect health best case scenario would be $6k savings a month or $72k a year. It would take you 10 years to save $720k plus whatever you make from investments. T…

Rent? Ever heard of equity? If you make 250k you can afford a nice condo. Right away that blows a huge hole in your math.

Also $1k month on bills? Groceries too?

Judging by your inflated costs for everything, and ann idea that a house (versus more modest accommodations) is what the goal is, you’ve got Lifestyle creep. And, things certainly get a lot easier when your spouse also works.

Re: The AI wildfire is coming. it's going to be painful and healthy

#114

Post by karlgkk »

rkomorn wrote: post #106
PunchyHamster wrote: post #104

Earlier quoted context omitted.

why would you would be saving for house and renting at same time ?

Because you need to have enough saved for a downpayment?

Well, interest rates are high right now, but you’d be surprised at how little down payment you need for purchasing a house or a condo. If you’re a tech worker with a stable career making that kind of money, most underwriters will just give you the loan.

I think people commonly underestimate how accessible this stuff is

It’s easy to make a 40 year forecast spreadsheet for retirement, including housing costs, property, taxes, maintenance. Include vacation, budget, food, general cost of living.

Re: The AI wildfire is coming. it's going to be painful and healthy

#116

Post by rkomorn »

karlgkk wrote: post #114
rkomorn wrote: post #106

Earlier quoted context omitted.

Because you need to have enough saved for a downpayment?

Well, interest rates are high right now, but you’d be surprised at how little down payment you need for purchasing a house or a condo. If you’re a tech worker with a stable career making that kind of money, most underwriters will just give you the loan. I think people commonly underestimate how accessible this stuff is It’s easy to make a 40 year forecast spreadsheet for retirement, including housing costs, property,…

I left Silicon Valley 5 years ago. Are people getting $1M+ loans with zero down these days?

Re: The AI wildfire is coming. it's going to be painful and healthy

#117

Post by bigstrat2003 »

karlgkk wrote: post #78
delfinom wrote: post #72

Earlier quoted context omitted.

> if you’re making engineer money, SV & big tech engineer money. Majority of engineering fields do not make that kind of money to retire at 50. Comfortable compared to the rest of the country, sure.

I think maybe that was implied, considering the topic of conversation and website we’re on. That said if you’re making $250k+ a year and not on track to retire by 50, seriously please open a retirement calculator and figure out what you need to do to get there.

There are a whole lot of people here who work in the tech industry but aren't working in SV. There are even a decent number who aren't in the tech industry at all.

Re: The AI wildfire is coming. it's going to be painful and healthy

#118

Post by reactordev »

delfinom wrote: post #72
karlgkk wrote: post #46

Earlier quoted context omitted.

That “rational move” has always been a good move, regardless of AI. This is a boom/bust industry, and the next boom will come in a few years. While we’re at it, if you’re making engineer money, you should be targeting retirement at 50. I’m not saying you have to do that, but it sure helps to have that option.

> if you’re making engineer money, SV & big tech engineer money. Majority of engineering fields do not make that kind of money to retire at 50. Comfortable compared to the rest of the country, sure.

This. People act like we’ve gotten $200k+ for more than a decade. Most of us haven’t. It wasn’t until 10 year into my career that I hit $100k so this is boomer math that doesn’t account for inflation of everything.

Re: The AI wildfire is coming. it's going to be painful and healthy

#120

Post by reactordev »

karlgkk wrote: post #113
noncoml wrote: post #98

Earlier quoted context omitted.

$250k+ a year means ~$12k monthly salary. A semi decent apartment in SV will cost you ~$3k Bills(phone, internet, electricity, etc) another $1k. If you are married, groceries at least $1k. Even if we assume you don’t do anything else in life, and you are in perfect health best case scenario would be $6k savings a month or $72k a year. It would take you 10 years to save $720k plus whatever you make from investments. T…

Rent? Ever heard of equity? If you make 250k you can afford a nice condo. Right away that blows a huge hole in your math. Also $1k month on bills? Groceries too? Judging by your inflated costs for everything, and ann idea that a house (versus more modest accommodations) is what the goal is, you’ve got Lifestyle creep. And, things certainly get a lot easier when your spouse also works.

Bro, not everyone has daddy to give them the down payment to buy anything remotely affordable in SV.
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