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> 28 year old FAANG engineers with 600k in savings and a house This is truly such an exxagerated strawman. It’s such a minuscule number of people, and they’re

by yunohn 4y ago

> 28 year old FAANG engineers with 600k in savings and a house This is truly such an exxagerated strawman. It’s such a minuscule number of people, and they’re definitely not 28. Plus, the sky high salaries are for senior engineers, not juniors.

carbadtraingood 4y ago
I know plenty of folks who this describes? FAANG workers who got in at 20, no kids, own homes and have hundreds of thousands in the bank.
- yunohn 4y ago
  Plenty == affect the global/USA economy? Have you considered you live in a bubble? FAANG don’t even employ enough people for this to make a dent on anything other than housing prices in FAANG commute localities.
  - trgn 4y ago
    The FAANG example was exaggerated, but the core point still stands. Across the board, labor in US has seen sharp income increases the last couple years, and families have had elevated savings rate for a lot longer. Plus, nobody was spending anything in the beginning of COVID. That latent spending power of households is now being deployed, and huge contributor to inflation.
    - rightbyte 4y ago
      I don't see how Covid savings would increase the price of butter and meat really. Inflation is all over the board and escalated in January (?).
      - slaw 4y ago
        It is just Fed printing money like there is no tomorrow.
qbasic_forever 4y ago
600k in savings, not a 600k salary which I agree would be exceptionally rare and not the norm for 28 year olds (but definitely possible in the finance world for the top performers) A FAANG engineer that joined just out of school (~22 years old) and spent 6 years getting regular promotions, awards, maybe a move into management, etc. and all of their initial stock awards vested could very well have 600k saved over that time. Doubly so if they're married and their spouse is in the same situation.
- yunohn 4y ago
  Yes, I read savings not salary. I still disagree, there’s so much in income/other taxes that are applied. They spend on exorbitant rents and overpriced goods. Most such people are not frugal by any stretch. If you could link any survey/study/statistics on the number of such 600k saving individuals, I’d love to see it. Until then, it’s a strawman.
- pc86 4y ago
  Lowest level Facebook managers are in the 550-600k TC range[0]. Not sure though how that compares to other FAANGs, or how likely it is to get there in your 20s. Honestly I'd expect it to be easier to get to M1 at FB than to get into the upper upper echelons of the technical ladder. [0] https://www.levels.fyi/company/Facebook/salaries/Software-Engineering-Manager/ https://www.levels.fyi/company/Facebook/salaries/Software-En...

by yunohn 4y ago

carbadtraingood 4y ago

I know plenty of folks who this describes? FAANG workers who got in at 20, no kids, own homes and have hundreds of thousands in the bank.

yunohn 4y ago
Plenty == affect the global/USA economy? Have you considered you live in a bubble? FAANG don’t even employ enough people for this to make a dent on anything other than housing prices in FAANG commute localities.
- trgn 4y ago
  The FAANG example was exaggerated, but the core point still stands. Across the board, labor in US has seen sharp income increases the last couple years, and families have had elevated savings rate for a lot longer. Plus, nobody was spending anything in the beginning of COVID. That latent spending power of households is now being deployed, and huge contributor to inflation.
  - rightbyte 4y ago
    I don't see how Covid savings would increase the price of butter and meat really. Inflation is all over the board and escalated in January (?).
    - slaw 4y ago
      It is just Fed printing money like there is no tomorrow.

qbasic_forever 4y ago

600k in savings, not a 600k salary which I agree would be exceptionally rare and not the norm for 28 year olds (but definitely possible in the finance world for the top performers) A FAANG engineer that joined just out of school (~22 years old) and spent 6 years getting regular promotions, awards, maybe a move into management, etc. and all of their initial stock awards vested could very well have 600k saved over that time. Doubly so if they're married and their spouse is in the same situation.

yunohn 4y ago
Yes, I read savings not salary. I still disagree, there’s so much in income/other taxes that are applied. They spend on exorbitant rents and overpriced goods. Most such people are not frugal by any stretch. If you could link any survey/study/statistics on the number of such 600k saving individuals, I’d love to see it. Until then, it’s a strawman.
pc86 4y ago
Lowest level Facebook managers are in the 550-600k TC range[0]. Not sure though how that compares to other FAANGs, or how likely it is to get there in your 20s. Honestly I'd expect it to be easier to get to M1 at FB than to get into the upper upper echelons of the technical ladder. [0] https://www.levels.fyi/company/Facebook/salaries/Software-Engineering-Manager/ https://www.levels.fyi/company/Facebook/salaries/Software-En...