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The definition of multimillionaire is a bit vague here, but I would assume the OP was referring to being in deca-millionaire territory. That is much more rare
by speakfreely 4y ago
The definition of multimillionaire is a bit vague here, but I would assume the OP was referring to being in deca-millionaire territory. That is much more rare to accomplish at a FAANG company.
- xvector 4y agoThe average SWE at FAANG can become a deca-millionaire over the course of 20-25 working years. Starting from $0, this requires saving $125k a year for 21 years to reach $10.06M at an 11.88% interest rate, which is the S&P500 average. Well within the capability of any senior SWE @ FAANG, and it only takes 4 years to get to senior. But then capital gains taxes hit. Anyways, yes, a startup employee on the other hand can become a deca-millionaire in a year or two.
- airstrike 4y agoAlso the S&P average is more like 7%. But those SWEs also are issued stock compensation which can accelerate those savings meaningfully