5 ms·

Anyone that's been in tech at the FAANG tier for two decades and doesn't have at least one to two years of runway not including retirement accounts is observabl

by User23 4y ago

Anyone that's been in tech at the FAANG tier for two decades and doesn't have at least one to two years of runway not including retirement accounts is observably terrible at managing money.

woodruffw 4y ago
People live paycheck-to-paycheck for all sorts of reasons, including long-term medical costs or family support. FAANG salaries certainly make that less common, but I think we can probably be a little more empathetic about life's vagaries.
- scarface74 4y ago
  And what type of “long term medical costs” aren’t covered by the insurance you get from your job?
  - woodruffw 4y ago
    The kind that affect your non-immediate relatives, or require long term physical therapy (many plans will only cover the bare minimum), or really anything else. Medical insurance is not uniform in quality.
    - scarface74 4y ago
      We aren’t talking about non quality plans. We are talking about the plans offered by major technology companies. “My non immediate relatives” can’t be my burden to bare. You have to put your own life jacket on first - my wife and my children
      - woodruffw 4y ago
        Even plans offered by major technology companies vary significantly: I know of at least one person with 5 figure out-of-pocket annual medical costs at a FAANG. I think it would behoove you to think more generally: not everybody has the same familial structure as you. Some people live with their distant relatives because they act as (or need) caretakers, or come from cultures where a single familial household is the norm. "I only care about my and mine" is not an attitude that "works" for billions of people on this planet.
        scarface74 4y ago
        And yet “billions of people” aren’t making anywhere near what tech salaries are and they manage. People are taking care of extended family owning a neighborhood convenience store. By the way, I’m not unsympathetic to people with long term medical conditions. While my situation isn’t serious, I was born with cerebral palsy and my parents put me through every type of therapy that you can imagine - speech, physical and occupational therapy and I went to all types of doctors on the salary of a teacher and a factory worker. They also retired at 53 and 55 and are now 78 and 80 living in the same house they bought in 1978 in South Georgia. My dad owned three cars his entire life and my mom owned 5. They didn’t try to keep up with the Jones This is not a sympathy post. By the time I was in high school I was winning speaking competitions, and I spent a decade as an adult as fitness instructor and a runner up to half marathons. It really only affects my left hand.
        woodruffw 4y ago
        The point about "billions" was about proportions: for everyone like you or me, there are 1-2 other people on this planet living under radically different familial expectations. They don't need to all be working at tech jobs on tech salaries; it only needs to be the case that a substantial proportion are (which is true). I don't know how old you are, but it sounds like your parents benefited from a substantially more worker-friendly economy than most people in my generation do. Put another way: it's fantastic that your family was able to get you the help you needed, but I don't think that you experience is repeatable in 2023 ("keeping up with the Joneses" or not).
fshbbdssbbgdd 4y ago
If you get used to making some money and think you can rely on it, you might make commitments to spend it. Then if your income drops, suddenly you are at risk of breaking those commitments. This can happen at literally any income level.
- scarface74 4y ago
  Then “Don’t do that”. My income has more than doubled since 2016. My commitments haven’t changed nor has my budget. For reference, in 2016 I was making $115K.
- goodpoint 4y ago
  ...or you might choose not to make unreasonable commitments and save aggressively...
  - 8note 4y ago
    "reasonable" is doing a big job there. What's reasonable? Unreasonable? 0 is the only properly reasonable value when you're considering potentially have 0 income. Don't make any commitments
  - fshbbdssbbgdd 4y ago
    “What’s the point of having money if you’re not going to spend it?” Combine that idea with a bit of overconfidence, and you’ll find all sorts of expensive ways to improve the lives of yourself and your family.
wereallterrrist 4y ago
Lol, I worked as a college hire for MS for 4yrs and had 5yrs of runway and still have a couple of years. Between that and even the tiniest bit of class awareness, i just cant with these posts. Holy shit. (No silverspoon here, stock matches and living conservatively)
report-to-trees 4y ago
Most small shop tech jobs in smaller cities pay very little comparatively. The OP said they were currently at FAANG, not that they have been at that level for 2 decades. Having worked with lots of people with over 20 years experience, a lot of them stuck with a single company their entire career and are making nowhere near FAANG.
- scarface74 4y ago
  I just started working for a FAANG at 46. I’ve had three to six months savings in the bank since I was 23 working as a computer operator. There is not a day since then that I have lost sleep about losing my job. I’ve always found jobs quickly. My expenses starting next year should be lower than they were when I was making less than half as much in 2016. I’m voluntarily helping my younger son out in some ways until he turns 22
rcarmo 4y ago
FAANG only pays well in the US. Those of us outside have to do with “above market rate”, which is a fluid concept.
- red-iron-pine 4y ago
  I'm in Canada and cry when I look at levels.fyi

by User23 4y ago

Anyone that's been in tech at the FAANG tier for two decades and doesn't have at least one to two years of runway not including retirement accounts is observably terrible at managing money.

woodruffw 4y ago

People live paycheck-to-paycheck for all sorts of reasons, including long-term medical costs or family support. FAANG salaries certainly make that less common, but I think we can probably be a little more empathetic about life's vagaries.

scarface74 4y ago
And what type of “long term medical costs” aren’t covered by the insurance you get from your job?
- woodruffw 4y ago
  The kind that affect your non-immediate relatives, or require long term physical therapy (many plans will only cover the bare minimum), or really anything else. Medical insurance is not uniform in quality.
  - scarface74 4y ago
    We aren’t talking about non quality plans. We are talking about the plans offered by major technology companies. “My non immediate relatives” can’t be my burden to bare. You have to put your own life jacket on first - my wife and my children
    - woodruffw 4y ago
      Even plans offered by major technology companies vary significantly: I know of at least one person with 5 figure out-of-pocket annual medical costs at a FAANG. I think it would behoove you to think more generally: not everybody has the same familial structure as you. Some people live with their distant relatives because they act as (or need) caretakers, or come from cultures where a single familial household is the norm. "I only care about my and mine" is not an attitude that "works" for billions of people on this planet.
      - scarface74 4y ago
        And yet “billions of people” aren’t making anywhere near what tech salaries are and they manage. People are taking care of extended family owning a neighborhood convenience store. By the way, I’m not unsympathetic to people with long term medical conditions. While my situation isn’t serious, I was born with cerebral palsy and my parents put me through every type of therapy that you can imagine - speech, physical and occupational therapy and I went to all types of doctors on the salary of a teacher and a factory worker. They also retired at 53 and 55 and are now 78 and 80 living in the same house they bought in 1978 in South Georgia. My dad owned three cars his entire life and my mom owned 5. They didn’t try to keep up with the Jones This is not a sympathy post. By the time I was in high school I was winning speaking competitions, and I spent a decade as an adult as fitness instructor and a runner up to half marathons. It really only affects my left hand.
        woodruffw 4y ago
        The point about "billions" was about proportions: for everyone like you or me, there are 1-2 other people on this planet living under radically different familial expectations. They don't need to all be working at tech jobs on tech salaries; it only needs to be the case that a substantial proportion are (which is true). I don't know how old you are, but it sounds like your parents benefited from a substantially more worker-friendly economy than most people in my generation do. Put another way: it's fantastic that your family was able to get you the help you needed, but I don't think that you experience is repeatable in 2023 ("keeping up with the Joneses" or not).

fshbbdssbbgdd 4y ago

If you get used to making some money and think you can rely on it, you might make commitments to spend it. Then if your income drops, suddenly you are at risk of breaking those commitments. This can happen at literally any income level.

scarface74 4y ago
Then “Don’t do that”. My income has more than doubled since 2016. My commitments haven’t changed nor has my budget. For reference, in 2016 I was making $115K.
goodpoint 4y ago
...or you might choose not to make unreasonable commitments and save aggressively...
- 8note 4y ago
  "reasonable" is doing a big job there. What's reasonable? Unreasonable? 0 is the only properly reasonable value when you're considering potentially have 0 income. Don't make any commitments
- fshbbdssbbgdd 4y ago
  “What’s the point of having money if you’re not going to spend it?” Combine that idea with a bit of overconfidence, and you’ll find all sorts of expensive ways to improve the lives of yourself and your family.

wereallterrrist 4y ago

Lol, I worked as a college hire for MS for 4yrs and had 5yrs of runway and still have a couple of years. Between that and even the tiniest bit of class awareness, i just cant with these posts. Holy shit. (No silverspoon here, stock matches and living conservatively)

report-to-trees 4y ago

Most small shop tech jobs in smaller cities pay very little comparatively. The OP said they were currently at FAANG, not that they have been at that level for 2 decades. Having worked with lots of people with over 20 years experience, a lot of them stuck with a single company their entire career and are making nowhere near FAANG.

scarface74 4y ago
I just started working for a FAANG at 46. I’ve had three to six months savings in the bank since I was 23 working as a computer operator. There is not a day since then that I have lost sleep about losing my job. I’ve always found jobs quickly. My expenses starting next year should be lower than they were when I was making less than half as much in 2016. I’m voluntarily helping my younger son out in some ways until he turns 22

rcarmo 4y ago

FAANG only pays well in the US. Those of us outside have to do with “above market rate”, which is a fluid concept.

red-iron-pine 4y ago
I'm in Canada and cry when I look at levels.fyi