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Even in the most expensive cities like NYC, San Francisco or London that is still a lot of money to have sitting around, enough money that I think qualifies one

Even in the most expensive cities like NYC, San Francisco or London that is still a lot of money to have sitting around, enough money that I think qualifies one as rich (if that was all your savings it puts you near the 80th percentile of wealth holders in the U.S., but he likely owns a house, and other assets). And as it turns out they're company is near the dead-center of Pennsylvania, in between Philadelphia and Pittsburgh, where cost of living is pretty low.

zanny 10y ago
Its only about two years living expenses in most major cities. People have mostly forgotten, but traditionally having the ability to survive at your standard of living for a year or so (ie, having some wealth, just not enough to live off exclusively) was defining of the middle class. Its tangential, but it is very interesting that even in developer circles devs think they are middle class when they make $130-150k a year even if their cost of living is ~100k which means their total savings even after a decade (and something eating into their rainy day fund, including vehicle / home purchases and such) they still don't have two years living expenses saved up, you are still definitively working class. Very few people today are actual middle class anymore, by reasonable standards of what to define it as, since cost of living has gotten so absurdly high relative to income compared to what it was decades ago.
- shams93 10y ago
  Thats a really great point in cal8fornia even 6 figures is poverty the cost of living is incredible. Taxes on singles in california are sky high as well
- dmoy 10y ago
  350k is two years of living expenses? Can you break that down?
- whamlastxmas 10y ago
  If you had 350k in savings and decided to quit your job and take a break, you would probably move out of your $2 million NYC apartment. 350k would easily last you a decade in a smaller, low cost of living town. You'll be driving a 2011 Honda Civic, limiting how often you eat out at nice restaurants, and not buying name brand, but you won't exactly be struggling.
icedchai 10y ago
It is a lot of money, no disagreement. I know developers who have saved up that kind of cash in about 6 or 7 years, working in relatively low cost of living areas. You simply have to save and invest half your income. ;)

zanny 10y ago

Its only about two years living expenses in most major cities. People have mostly forgotten, but traditionally having the ability to survive at your standard of living for a year or so (ie, having some wealth, just not enough to live off exclusively) was defining of the middle class. Its tangential, but it is very interesting that even in developer circles devs think they are middle class when they make $130-150k a year even if their cost of living is ~100k which means their total savings even after a decade (and something eating into their rainy day fund, including vehicle / home purchases and such) they still don't have two years living expenses saved up, you are still definitively working class. Very few people today are actual middle class anymore, by reasonable standards of what to define it as, since cost of living has gotten so absurdly high relative to income compared to what it was decades ago.

shams93 10y ago
Thats a really great point in cal8fornia even 6 figures is poverty the cost of living is incredible. Taxes on singles in california are sky high as well
dmoy 10y ago
350k is two years of living expenses? Can you break that down?
whamlastxmas 10y ago
If you had 350k in savings and decided to quit your job and take a break, you would probably move out of your $2 million NYC apartment. 350k would easily last you a decade in a smaller, low cost of living town. You'll be driving a 2011 Honda Civic, limiting how often you eat out at nice restaurants, and not buying name brand, but you won't exactly be struggling.

icedchai 10y ago

It is a lot of money, no disagreement. I know developers who have saved up that kind of cash in about 6 or 7 years, working in relatively low cost of living areas. You simply have to save and invest half your income. ;)