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If you make the median tech salary of $300k and live on a fraction of that it doesn’t take that long to save $1m... Point is there’s no magic to becoming a mil

If you make the median tech salary of $300k and live on a fraction of that it doesn’t take that long to save $1m... Point is there’s no magic to becoming a millionaire if you have minimal expenses and single.

bredren 7y ago
Yes, you only need to make $300,000 a year. Not a big deal, really.
- randomacct3847 7y ago
  It’s a well known median for technical roles at Bay Area tech companies
SketchySeaBeast 7y ago
What percent of millenials are working in the tech sector and earning the median salary? Also, is that the median salary for all tech workers, or only Silicon Valley big company workers?
- randomacct3847 7y ago
  the median age of a FANG worker is under 30 and median total comp for a technical role in those companies is around $300k all in
  - SketchySeaBeast 7y ago
    And what percent of millenials work in those jobs?
    - randomacct3847 7y ago
      The majority of them? ICs in software skew young.
      - SketchySeaBeast 7y ago
        No, I'm asking what percentage of all the millenials in the US work in those jobs, not what percent of those jobs have millenials working in them.
  - detaro 7y ago
    Misses they key question: What sliver of the overall millennial population is that, compared to the 53%?
RickS 7y ago
> median tech salary of $300k Mean is probably better than median here, right? Because salary isn't quite a normal distribution. The high end is super high. 300k is normal for FAANG, but that class of tech employee is in the top 10% of the wider tech salary pool, at least. Interesting that you call out being single. I've had the opposite experience – the trick seems to be a salary like that and a spouse that is at least pulling down a normal salary as well. If they're also making engineer money, then you're super set. If I'd have been splitting rent and groceries for the past 10 years, my finances would look a lot better. That's not an excuse, I could have gotten a roommate with the same effect. Just to say that it seems being single raises expenses because you lose the little collaborative economies of scale.
- randomacct3847 7y ago
  I would put DINKs in the same group, yes (double income no kids). Kids are a very big expense, even for high earners, and actually especially in pricey areas like Silicon Valley because housing near good schools commands an even higher premium than average for that area.
seishan 7y ago
Where are you getting your median tech salary of $300k from? That figure seems awfully high to me.
loblollyboy 7y ago
I really don’t think that’s the median anywhere
CryoLogic 7y ago
You mean the median of 100k? https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm https://www.bls.gov/ooh/computer-and-information-technology/... Where do you get 300k from?
- randomacct3847 7y ago
  300k is median comp for Bay Area tech companies..
  - CryoLogic 7y ago
    This article is about Americans, not Californians or even more specifically Bay Area tech employees.
  - SketchySeaBeast 7y ago
    I believe you may be not thinking outside your bubble at the rest of the world. You're actually looking at one single vocation in one single area at one single point in time and assuming that therefore all millenials should have no trouble saving that up, totally ignoring that not even most tech sector workers earn that, and the vast vast majority of millenials are not tech workers?
    - randomacct3847 7y ago
      The opportunity to earn that much is available. When I went to college only a few years ago the best paying jobs in consulting and banking were largely gated by what school you went to. Now students from “non-prestigious” schools or no formal schooling at all have a good chance at earning that much.
      - SketchySeaBeast 7y ago
        Again, if you move to the right bubble with the right education at the right time. Are you arguing that any millenial that wanted could get that education and move to SV and get a job that paid that much? Does FAANG have unlimited room for developers?

bredren 7y ago

Yes, you only need to make $300,000 a year. Not a big deal, really.

randomacct3847 7y ago
It’s a well known median for technical roles at Bay Area tech companies

SketchySeaBeast 7y ago

What percent of millenials are working in the tech sector and earning the median salary? Also, is that the median salary for all tech workers, or only Silicon Valley big company workers?

randomacct3847 7y ago
the median age of a FANG worker is under 30 and median total comp for a technical role in those companies is around $300k all in
- SketchySeaBeast 7y ago
  And what percent of millenials work in those jobs?
  - randomacct3847 7y ago
    The majority of them? ICs in software skew young.
    - SketchySeaBeast 7y ago
      No, I'm asking what percentage of all the millenials in the US work in those jobs, not what percent of those jobs have millenials working in them.
- detaro 7y ago
  Misses they key question: What sliver of the overall millennial population is that, compared to the 53%?

RickS 7y ago

> median tech salary of $300k Mean is probably better than median here, right? Because salary isn't quite a normal distribution. The high end is super high. 300k is normal for FAANG, but that class of tech employee is in the top 10% of the wider tech salary pool, at least. Interesting that you call out being single. I've had the opposite experience – the trick seems to be a salary like that and a spouse that is at least pulling down a normal salary as well. If they're also making engineer money, then you're super set. If I'd have been splitting rent and groceries for the past 10 years, my finances would look a lot better. That's not an excuse, I could have gotten a roommate with the same effect. Just to say that it seems being single raises expenses because you lose the little collaborative economies of scale.

randomacct3847 7y ago
I would put DINKs in the same group, yes (double income no kids). Kids are a very big expense, even for high earners, and actually especially in pricey areas like Silicon Valley because housing near good schools commands an even higher premium than average for that area.

seishan 7y ago

Where are you getting your median tech salary of $300k from? That figure seems awfully high to me.

loblollyboy 7y ago

I really don’t think that’s the median anywhere

CryoLogic 7y ago

You mean the median of 100k? https://www.bls.gov/ooh/computer-and-information-technology/software-developers.htm https://www.bls.gov/ooh/computer-and-information-technology/... Where do you get 300k from?

randomacct3847 7y ago
300k is median comp for Bay Area tech companies..
- CryoLogic 7y ago
  This article is about Americans, not Californians or even more specifically Bay Area tech employees.
- SketchySeaBeast 7y ago
  I believe you may be not thinking outside your bubble at the rest of the world. You're actually looking at one single vocation in one single area at one single point in time and assuming that therefore all millenials should have no trouble saving that up, totally ignoring that not even most tech sector workers earn that, and the vast vast majority of millenials are not tech workers?
  - randomacct3847 7y ago
    The opportunity to earn that much is available. When I went to college only a few years ago the best paying jobs in consulting and banking were largely gated by what school you went to. Now students from “non-prestigious” schools or no formal schooling at all have a good chance at earning that much.
    - SketchySeaBeast 7y ago
      Again, if you move to the right bubble with the right education at the right time. Are you arguing that any millenial that wanted could get that education and move to SV and get a job that paid that much? Does FAANG have unlimited room for developers?