3 ms·
I'd like to know what proportion of the working population is in such a strong financial position that they have a year's worth of (nonretirement) living expens
by pnut 3y ago
I'd like to know what proportion of the working population is in such a strong financial position that they have a year's worth of (nonretirement) living expenses sitting around.
If we're off in fantasy land, the real best stress reliever is to have enough money to cover your expenses for the rest of your life, so you don't even have to consider trading your time for money in the first place.
- mewpmewp2 3y agoProbably not that large proportion, but working in tech if you save 50 percentage of your income you should be able to reach that position within a year. Yes, but I think being able to generate savings for a lifetime is a much further out goal than just 1 year which in tech is very realistic to save 50 percent.
- danaris 3y agoFriendly reminder that "working in tech" doesn't mean you're pulling in $250k+/yr. Most people "working in tech" aren't in Silicon Valley, and can't easily save 50% of our income per year and still have enough to pay for both food and the mortgage/rent.
- berdario 3y ago> "working in tech" doesn't mean you're pulling in $250k+/yr. You're of course right > can't easily save 50% of our income Really? Of course people are at different stages in their life (being the sole income earner in a family with 2 kids for example, would easily mean that you cannot save 50% income in lots of locations), but assuming that we're only talking about new grads (for simplicity's sake)... I believe that in virtually all locations, tech pays well enough that you can save 50% of your income. I know it is in London, and believe the same applies in east Europe and India for example? (But truthfully, I only know of FAANG salary data for India, not sure how salaries are in the rest of the industry)