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"If you're in the IT space, live way below your means." That translates to: "If you're in a high paying, in demand field, save more aggressively than if you're
by standardUser 8y ago
"If you're in the IT space, live way below your means."
That translates to: "If you're in a high paying, in demand field, save more aggressively than if you're in a low paying field with limited opportunities"
Honestly, those in the IT field should be able to get away with saving a bit below recommended levels, in part because pay is higher, in part because demand is growing with no signs of slowing down. It's all those other people who should be saving more aggressively!
- solveit 8y agoI think what was meant was "If you're in a high paying, in demand field, save more aggressively (in absolute terms) than if you're in a low paying field with limited opportunities." Since you're getting paid more, you can put away more money while saving a smaller fraction of your paycheck.
- chiph 8y agoYou don't have to save as aggressively as the people working towards FIRE (financially independent, retire early) but given that the future is unknown, and that the industry does have ageism - saving as hard as you can from the day you graduate isn't a bad thing.
- dmoy 8y agoI very much agree with this. We save >>50% of take-home in large part because I'm paranoid/convinced that this gravy train is going to make an unceremonious crash in the future.