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I'm not doing all my savings in tax-advantaged accounts, but I get a fair bit through backdoor Roth, solo 401k, and HSA savings. Plus, as a small business owne
by morgante 10y ago
I'm not doing all my savings in tax-advantaged accounts, but I get a fair bit through backdoor Roth, solo 401k, and HSA savings.
Plus, as a small business owner I can deduct a lot of my expenses.
- toomuchtodo 10y agoThat's fair, but you should point out that you're using those advantages that aren't available to a typical employee (solo 401k where you can customize the plan, deducting your business expenses, etc).
- morgante 10y agoThat's true, but on the other hand I don't get any free vacation and have to pay for my own insurance. Whether employed or self-employed, you're still financially much better off in the US.
- deleted 10y ago[deleted]
- astrange 10y agoIs your life plan for everyone to start small tech firms outside Silicon Valley and pay themselves $200k/year? Most developers don't make that much - I don't even think they do in SV.
- morgante 10y agoThat sounds like a plan for other people's lives, not a plan for my own. I don't care what you want to do, even if that's working as an underpaid developer in France. My life plan is to continue building my startup mostly remotely while enjoying the high rate I can charge as an American consultant. > Most developers don't make that much - I don't even think they do in SV. $200k is quite standard for a mid-level engineer in SV. If you're not reaching that in total comp, you're probably being underpaid (or being paid in funny money ie. equity).
- mahyarm 10y agoWell you do have several advantages since I'm guessing your probably in texas, nevada, flordia or washington: 1. Your not an immigrant, so you can structure things as a business. 2. You live in a place with a far lower cost of living than NYC or the bay area that would normally give you that kind of income.