Earlier quoted context omitted.
> millionaire is a common outcome for software developers who work hard through their 20s and 30s now. No, it's not. It's common for some FAANG engineers. It's not common at all for the industry as a whole. Look at all these comments doubling-down on the "7%/$10k-per-year" arithmetic, as if the only thing that affects savings rates is knowledge of this basic math. For a data driven community there sure are a lot of p…
The Millionaire Next Door concepts are still as relevant as ever, albeit the specifics are a bit dated. Millionaire status is reasonably achievable for someone whose income and cost of basics allow for modest discretionary income. This is certainly the case for the majority of software developers https://en.wikipedia.org/wiki/The_Millionaire_Next_Door
In the mid 1990's, the top 20% could get to $1M with some good financial discipline and hard work. Today? Maybe the top 1% could save $1M, and unless you inherited the family home, you're still living a lifestyle that is somewhat median in 1995 terms.
The fact that $1M is still some kind of mental benchmark that we hold up for being "rich" tells us everything we need to know about today's economic conditions.
So the principles of the book may still apply, but the outcomes are worlds away from reality.