4 ms·
I was under the impression we were discussing the authors position (Very high salary + multimillions in the bank), not just >$1M after 12 years. But in any cas
by ZephyrBlu 5y ago
I was under the impression we were discussing the authors position (Very high salary + multimillions in the bank), not just >$1M after 12 years.
But in any case...
> I'm sure you would agree it's doable
It's literally not doable.
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator https://www.investor.gov/financial-tools-calculators/calcula...
Plug in:
- Initial Investment: $0
- Monthly Contribution: $4200 ($50400 annualized)
- Length of Time in Years: 12 years
- Estimated Interest Rate: 8%
- Interest rate variance range: 0
- Compound Frequency: Monthly
The output is $1,010,135.22
This is with a generous rate of return compounding monthly, very high savings rate and not taking income tax into account.
> you can reasonably assume that landing a job at big tech will lead you to a 300k total comp
Joining Big Tech is already an unreasonable assumption for the vast majority of developers: https://twitter.com/GergelyOrosz/status/1400506450124935171 https://twitter.com/GergelyOrosz/status/1400506450124935171.
Someone's propensity to play the career game doesn't magically increase their capability to do so.