201–207 of 207 posts
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They pay significantly more. Microsoft is another that pays a lot, especially to poach from those three. It is not uncommon for a very good engineer with 5+ years experience to earn above $400K / year (total = base + bonus (if issued) + stocks).
But only in US.
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Keep in mind software dev salaries often aren't as high in states outside of CA and NY, especially when working for smaller companies and companies that aren't tech-centered. Saving $2750 per month would be far too difficult for many software devs in other parts of the US. I do agree that saving a lot early on is a good idea though.
One big life hack is to learn to balance salary with cost of living. It isn't always about pursuing the highest possible salary, because that might mean you're paying most of it in rent. Consider a $75k salary in Texas. That's $4766/month net (or thereabout), due to lack of state income tax. Let's say you pay $1k/month in rent (very realistic for most of Texas). That leaves you with $3766. That $2750/month figure won…
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Young developers should save 50% of their after tax income. In some ways, this industry is awesome: to be able to make six figures in your early 20s is an incredible benefit and potential head start on financial independence. In other ways, this industry is incredibly cruel: you will run into age discrimination and the other headwinds mentioned in your mid 30s, if not earlier. I tell the folks I mentor to think of th…
People should try to save early however for most people working a "normal" software development job being able to retire after working for 15 years is unrealistic. Learning to live frugally and to invest wisely are useful traits though. I've never switched jobs to make more money. In every situation where I switched a job my current employer was willing to match my offer. I will switch jobs to work with smarter peopl…
For sure, that's one of the prime reasons I moved to a tech megacorp from the startup world, I wanted to be at a place where I wasn't the "senior developer" at the age of 30. Smart companies value experienced engineers.
I think a lot of the people who got the short end of the stick are the ones who followed the traditional path of staying in a single company forever and developing their skills in a single area - specialization is a blessing and a curse.
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Absolutely. Unfortunately, I live in a state where housing costs tend to be unusually high, with salary not that much higher than average to compensate (Maryland).
What stops you from moving to Texas (or someplace else)?
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One big life hack is to learn to balance salary with cost of living. It isn't always about pursuing the highest possible salary, because that might mean you're paying most of it in rent. Consider a $75k salary in Texas. That's $4766/month net (or thereabout), due to lack of state income tax. Let's say you pay $1k/month in rent (very realistic for most of Texas). That leaves you with $3766. That $2750/month figure won…
That take-home isn't realistic. Even in Texas, you are still paying substantial federal taxes.
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"I tell the folks I mentor to think of themselves as professional athletes with a 15, maybe 20 year career." what terrible advice! Please stop "mentoring" "Young developers should save 50% of their after tax income." I wonder how long it's been since you were young. While saving early is likely a good idea, it's also the time that student loans, young families, buying houses etc are all huge costs that very likely ma…
I appreciate your interest in this topic and don't mind the personal criticism. I am sure some younger developers will read this, so for that reason I will respond to some of your points. > These are all great excuses for not saving. Life doesn't care about your excuses. You either find a way to do it, or you don't. Some people will have such severe extenuating circumstances that saving much or anything is impossible…
Many people retire at 50 or 60 and don't die until 80 or 90 these days. Thats 20 - 30 years of living often while dealing with very high medical bills and health problems which can make work impossible. Everyone (not just programmers) should realize that their retirement situation is similar to professional athletes.
Programming is a hot field now and won't be in 20 years. Everyone in every country in the world is learning to program. Thanks to the internet its going to be a global employment market. Competition is going to go up. Salaries are going to go down.
Movies and popular culture say you have to enjoy your youth. I can sympathize with that, but as much as it sucks to work hard during your twenties, it would suck a lot more to work hard during your 60s or 70s when you are less healthy. Don't procrastinate.
If you save 60% of your salary you can retire in 13 years. If you save 80% of your salary you can retire in 6 years.
I built a tool that does this math for you: http://networthify.com/calculator/earlyretirement