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I agree, it's basically risk-free here with paid education and the social safety net. I’m also from Germany. There is significant wealth inequality, but making
by mockingbirdy 6y ago
I agree, it's basically risk-free here with paid education and the social safety net.
I’m also from Germany. There is significant wealth inequality, but making €40-60k pre-tax a year is very attainable for most developers here. In Switzerland, it’s even higher (€60-70k+) and they have to pay fewer taxes (with a higher cost of living).
But the „average life“ in Germany for a developer is very good. About 4-5 weeks of vacation every year, no expectations of working more than 9-5 (at the average employer), and after 1 year working at a job you’re eligible for unemployment insurance which means you get 60% of your net salary for 1 year if you’re unemployed.
With regards to attaining riches:
You can live comfortably with €2000/month net as a single (and easily with €3-4k with two incomes and two small kids in a smaller city), so for most people, it’s possible to save 500+€/month (most don’t because of lifestyle inflation, but that’s a different matter). With side hustles (small freelance work) you can easily save €500-1000/month which means that after 5-7 years you are able to save €80,000. Continuously investing in stocks, pension plans and ETFs (what most Germans also don’t do) means that you can accumulate half a million euros by the age of 45-50.
And this is the average developer, no 10x rockstar. Having a net worth of €700k to one million euros when you’re 67 years old with a very good work-life-balance is nothing to be ashamed of. With more ambition, you can freelance for €75/h which translates to a six-figure income. With that, it’s possible to build a net worth of 2-3 million over 20-30 years.
For people who want to be a millionaire in 10-15 years, this is not very attractive. But when you consider the work-life-balance and the labor rights, it's easy to see how people would choose that. For high-achievers, I would also recommend working in the US or Switzerland. But for average developers, it's not that bad of a deal.