4 ms·

You don’t have to do the entrepreneurial route to become a millionaire. Any tech job will make you a millionaire in your lifetime. If you make 100k/yr and save

by soared 4y ago

You don’t have to do the entrepreneurial route to become a millionaire. Any tech job will make you a millionaire in your lifetime. If you make 100k/yr and save 30% a year from age 21 to 67 you’ll have $2.2MM in savings.

helge9210 4y ago
> and save [...] a year from age 21 to 67 you’ll have [...] in savings Assumption of savings vehicle being available for 46 years sometimes doesn't hold.
- Rastonbury 4y ago
  You mean having a bank account?
  - helge9210 4y ago
    I mean having a concept of private property.
    - Rastonbury 4y ago
      Not sure if there's much overlap between someone who earn 100k/year and someone who doesn't have concept of private property.
      - helge9210 4y ago
        First third of my life I was living in a state that officially refused to recognize private property (USSR). Modern Russia, for example, while officially recognizing private property rights, does not uphold them.
lupire 4y ago
(assuming income growth matches inflation, and 2% real return on investments) https://www.bankrate.com/retirement/retirement-plan-calculator/ https://www.bankrate.com/retirement/retirement-plan-calculat...
saberience 4y ago
Hell of a lot of "ifs" and assertions here. IF you can get a 100k job at age 21 and IF you can save 30% per year (which us a lot) and IF nothing goes wrong with your health, company failing, being laid off, etc etc. It's highly, highly unrealistic to assume 21 year olds earning 100K AND saving 30% of it, have you met many 21 year olds?
- bordercases 4y ago
  I don't get it – the ask is "how to do X?". The answering being, "if you are or you do Q, then you will get X" is perfectly well-formed. The conditions you mention are hazardous but also true for having a career or being materially free in general, rather than just for how to become a millionaire.
- annyeonghada 4y ago
  And IF you work in the US. In certain European country, like mine, teach workers[1] earn less than the average salary while working more hours than the average population. No golden handcuffs or millionaires here. [1]In general every non-medical degree will get you the same pay as a specialized skilled worker but skilled jobs and manifacturing are even less and often with horrible conditions so everyone goes to the degree route and hope to find somwthing or emigrate. I wish I had done Medicine as my mother said.
- nexus2045 4y ago
  No it’s not unrealistic. Any decently bright and hard working college student studying computer science can get that 100k+ even as an intern. So technically this saving can start before age of 21. By age 25 they can already make 300k+. But yes, this is assuming you are in North America.
  - eddyschai 4y ago
    They can, but most don't.
- soared 4y ago
  It’s an oversimplification of my income for clarity. In this scenario you make 100k and never more or less (no raises, no other income sources). If you live outside of California or NYC saving 30% is very doable if you’re fiscally responsible, which if your goal is to be a millionaire is a good prerequisite. I made 36k out of college but now make 135k. I saved 0% at the start and save over 30% now. Assuming I’ll keep getting raises I’ll be a millionaire. My goal was to show OP that you don’t need to start a business to become a millionaire, working in tech for a long career with financial literacy will also get you there.
rootsudo 4y ago
The problem is, - is the time/life/worth balance worth it? I would agree, yes, stick in tech 40 years, you'd be a millionaire, even 5-10, but at that point, I feel you should exit - and live your life and do your "thing." It's one thing to try and succeed, another to try and fail, and ironically, when most people have assets/liquidity, they're in the part of the life that failing and restarting is hard, if not impractical all together. I've seen this many a time, growing up in Florida - and it does make the route of being a "office drone" for 40 years, appeasing, or even getting a 100k+ salary via a public sector job, and a pension to retire on and the ease/slowness of the work. But, then again, this can work for almost "anyone" - meaning the term, millionaire, doesn't mean much what it used too - nor the purchasing power. It comes down really to what you want in life, and even me, in my early 30's makes me wonder what amount of money/security is necessary to have a life I want. Millionaire because you worked 40 years in a company, and took it safe. Millionaire cause you worked in a company, pivioted, and created your own thing and succeeded. While not related to money, I feel a just comparision is this Star Trek scene, where, there is a bit of missing context if you don't know the series but the tone/message should get across: the easier path doesn't always mean the one that's most rewarding: https://www.youtube.com/watch?v=LHoPLhpw2g4 https://www.youtube.com/watch?v=LHoPLhpw2g4 The whole episode is exciting, and considered one of the best - Star Trek, The Next Generation - Tapestry.

by soared 4y ago

helge9210 4y ago

> and save [...] a year from age 21 to 67 you’ll have [...] in savings Assumption of savings vehicle being available for 46 years sometimes doesn't hold.

Rastonbury 4y ago
You mean having a bank account?
- helge9210 4y ago
  I mean having a concept of private property.
  - Rastonbury 4y ago
    Not sure if there's much overlap between someone who earn 100k/year and someone who doesn't have concept of private property.
    - helge9210 4y ago
      First third of my life I was living in a state that officially refused to recognize private property (USSR). Modern Russia, for example, while officially recognizing private property rights, does not uphold them.

lupire 4y ago

(assuming income growth matches inflation, and 2% real return on investments) https://www.bankrate.com/retirement/retirement-plan-calculator/ https://www.bankrate.com/retirement/retirement-plan-calculat...

saberience 4y ago

Hell of a lot of "ifs" and assertions here. IF you can get a 100k job at age 21 and IF you can save 30% per year (which us a lot) and IF nothing goes wrong with your health, company failing, being laid off, etc etc. It's highly, highly unrealistic to assume 21 year olds earning 100K AND saving 30% of it, have you met many 21 year olds?

bordercases 4y ago
I don't get it – the ask is "how to do X?". The answering being, "if you are or you do Q, then you will get X" is perfectly well-formed. The conditions you mention are hazardous but also true for having a career or being materially free in general, rather than just for how to become a millionaire.
annyeonghada 4y ago
And IF you work in the US. In certain European country, like mine, teach workers[1] earn less than the average salary while working more hours than the average population. No golden handcuffs or millionaires here. [1]In general every non-medical degree will get you the same pay as a specialized skilled worker but skilled jobs and manifacturing are even less and often with horrible conditions so everyone goes to the degree route and hope to find somwthing or emigrate. I wish I had done Medicine as my mother said.
nexus2045 4y ago
No it’s not unrealistic. Any decently bright and hard working college student studying computer science can get that 100k+ even as an intern. So technically this saving can start before age of 21. By age 25 they can already make 300k+. But yes, this is assuming you are in North America.
- eddyschai 4y ago
  They can, but most don't.
soared 4y ago
It’s an oversimplification of my income for clarity. In this scenario you make 100k and never more or less (no raises, no other income sources). If you live outside of California or NYC saving 30% is very doable if you’re fiscally responsible, which if your goal is to be a millionaire is a good prerequisite. I made 36k out of college but now make 135k. I saved 0% at the start and save over 30% now. Assuming I’ll keep getting raises I’ll be a millionaire. My goal was to show OP that you don’t need to start a business to become a millionaire, working in tech for a long career with financial literacy will also get you there.

rootsudo 4y ago

The problem is, - is the time/life/worth balance worth it? I would agree, yes, stick in tech 40 years, you'd be a millionaire, even 5-10, but at that point, I feel you should exit - and live your life and do your "thing." It's one thing to try and succeed, another to try and fail, and ironically, when most people have assets/liquidity, they're in the part of the life that failing and restarting is hard, if not impractical all together. I've seen this many a time, growing up in Florida - and it does make the route of being a "office drone" for 40 years, appeasing, or even getting a 100k+ salary via a public sector job, and a pension to retire on and the ease/slowness of the work. But, then again, this can work for almost "anyone" - meaning the term, millionaire, doesn't mean much what it used too - nor the purchasing power. It comes down really to what you want in life, and even me, in my early 30's makes me wonder what amount of money/security is necessary to have a life I want. Millionaire because you worked 40 years in a company, and took it safe. Millionaire cause you worked in a company, pivioted, and created your own thing and succeeded. While not related to money, I feel a just comparision is this Star Trek scene, where, there is a bit of missing context if you don't know the series but the tone/message should get across: the easier path doesn't always mean the one that's most rewarding: https://www.youtube.com/watch?v=LHoPLhpw2g4 https://www.youtube.com/watch?v=LHoPLhpw2g4 The whole episode is exciting, and considered one of the best - Star Trek, The Next Generation - Tapestry.