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It’s so hard to get $1MM that only about 19% of people age 65 or over ever reach it. Is software overrepresented in that group? Probably. But not to the extent
by sidlls 5y ago
It’s so hard to get $1MM that only about 19% of people age 65 or over ever reach it. Is software overrepresented in that group? Probably. But not to the extent that it’s reasonable to make the claim that it’s common for software developers to reach it in their 20s and 30s.
- cloverich 5y agoNot that they _do_ reach it, but that they can. I think the general argument is that most people are not sufficiently financially literate to appreciate that the path to a million dollars is paved with consistent savings and reasonable budgets.
- sidlls 5y agoIt's a bad argument, though. Financial literacy isn't even necessary, though it may help. Life happens, things occur that make sustained savings impractical or impossible, and so on.
- sanderjd 5y agoI think you misread the comment. Or at least read it differently than I did. I read that most software engineers who work hard in their 20s and 30s can become millionaires at some point. You seem to have read it that they will become millionaires in their 20s or 30s, which I don't think is what it says. My reading is more that putting hard work in early in the career sets you on a path to pay off debts and start saving and also have the experience to get good jobs later, which allow you to save more. This meshes with my experience of the industry.
- maximus-decimus 5y agoDo you include house and pension's worth in those numbers?