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0 pointsWalterGR5y ago0 comments

Who are these multi millionaires? Clearly I know the wrong people in tech in the Bay Area.

0 comments

Probably most people I work with in their 30s or 40s are multimillionaires.

Yeah? On paper, 401k, or elsewhere? Where have they worked and for how long?

Because in my experience, the “everyone who works at a FAANG is a multi-millionaire” meme is 100% bullshit. Especially when I read things like https://news.ycombinator.com/item?id=26336029

opportune5y ago

I never said everybody is, but I do think most people who have been at FAANG or companies that pay in the same ballpark like trendy late stage pre-ipo companies for 10+ years are or are close (especially if we define multimillionaire as >2m networth including 401k and house equity, and include household wealth for married couples).

My other comment you linked I still stand by. But you don't need to be IC6/L6/E6, refreshers and equity appreciation are very powerful if you are lucky enough to get both.

astrange5y ago

What company uses the scale in this comment? (IC5 IC6 IC7 etc)

1 more reply

refurb5y ago

Definite humblebrag here.

mrgordon5y ago

Maybe you should check what some of their houses are worth lol

WalterGROP5y ago

The people I know in tech in the Bay Area rent. It’s their parents, who bought their properties in the 1980s or before, who are the land-owners.

That said, I’d definitely be interested to see actual statistics about own vs. rent for people in tech in the Bay.

katbyte5y ago

If your talented and fail at starting your own company it won’t be very hard to find a job in sv

notsureaboutpg5y ago

If you get an entry level TC of 140k and save 50% of it, you'll be a millionaire in 15 years.

That's without any kind of growth, investment, stock options growing in value, raises, etc.

WalterGROP5y ago

And if you make $65,000 a year and save 100% of it, you’ll be a millionaire in 15 years.

Nobody is arguing that it’s possible.

WalterGROP5y ago

Whoops, missed a word. I meant not possible.

j / k navigate · click thread line to collapse

0 comments

opportune5y ago

Probably most people I work with in their 30s or 40s are multimillionaires.

WalterGROP5y ago

Yeah? On paper, 401k, or elsewhere? Where have they worked and for how long?

Because in my experience, the “everyone who works at a FAANG is a multi-millionaire” meme is 100% bullshit. Especially when I read things like https://news.ycombinator.com/item?id=26336029

opportune5y ago

My other comment you linked I still stand by. But you don't need to be IC6/L6/E6, refreshers and equity appreciation are very powerful if you are lucky enough to get both.

astrange5y ago

What company uses the scale in this comment? (IC5 IC6 IC7 etc)

1 more reply

refurb5y ago

Definite humblebrag here.

mrgordon5y ago

Maybe you should check what some of their houses are worth lol

WalterGROP5y ago

The people I know in tech in the Bay Area rent. It’s their parents, who bought their properties in the 1980s or before, who are the land-owners.

That said, I’d definitely be interested to see actual statistics about own vs. rent for people in tech in the Bay.

katbyte5y ago

If your talented and fail at starting your own company it won’t be very hard to find a job in sv

notsureaboutpg5y ago

If you get an entry level TC of 140k and save 50% of it, you'll be a millionaire in 15 years.

That's without any kind of growth, investment, stock options growing in value, raises, etc.

WalterGROP5y ago

And if you make $65,000 a year and save 100% of it, you’ll be a millionaire in 15 years.

Nobody is arguing that it’s possible.

WalterGROP5y ago

Whoops, missed a word. I meant not possible.

j / k navigate · click thread line to collapse