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... that's because it's not a career risk when you're a multi millionaire who will just be rehired by your friends if your venture fails.
by earthscienceman 6y ago
... that's because it's not a career risk when you're a multi millionaire who will just be rehired by your friends if your venture fails.
- WalterGR 6y agoWho are these multi millionaires? Clearly I know the wrong people in tech in the Bay Area.
- opportune 6y agoProbably most people I work with in their 30s or 40s are multimillionaires.
- WalterGR 6y agoYeah? On paper, 401k, or elsewhere? Where have they worked and for how long? Because in my experience, the “everyone who works at a FAANG is a multi-millionaire” meme is 100% bullshit. Especially when I read things like https://news.ycombinator.com/item?id=26336029 https://news.ycombinator.com/item?id=26336029
- astrange 6y agoWhat company uses the scale in this comment? (IC5 IC6 IC7 etc)
- opportune 6y agoI never said everybody is, but I do think most people who have been at FAANG or companies that pay in the same ballpark like trendy late stage pre-ipo companies for 10+ years are or are close (especially if we define multimillionaire as >2m networth including 401k and house equity, and include household wealth for married couples). My other comment you linked I still stand by. But you don't need to be IC6/L6/E6, refreshers and equity appreciation are very powerful if you are lucky enough to get both.
- refurb 6y agoDefinite humblebrag here.
- mrgordon 6y agoMaybe you should check what some of their houses are worth lol
- WalterGR 6y agoThe people I know in tech in the Bay Area rent. It’s their parents, who bought their properties in the 1980s or before, who are the land-owners. That said, I’d definitely be interested to see actual statistics about own vs. rent for people in tech in the Bay.
- katbyte 6y agoIf your talented and fail at starting your own company it won’t be very hard to find a job in sv
- notsureaboutpg 6y agoIf you get an entry level TC of 140k and save 50% of it, you'll be a millionaire in 15 years. That's without any kind of growth, investment, stock options growing in value, raises, etc.
- dang 6y agoI don't think that's the primary reason, nor as common as you imply. The old saw about how SV is a place where failure isn't disrespected is closer to the truth.
- shinkim0914 6y agoWhy doesn’t that happen elsewhere?