Many (especially young folks) engineers want to know how to become wealthy. They think that increasing TC is how to get rich - but that’s not the only formula. A plumber can actually end up with more wealth than an engineer. In order to become rich, you need to do three things: Avoid debt, Get a high TC job, and Earn money while you sleep (passive income). A plumber that makes $50k a year but saves $30k is more wealthy (long term) than an engineer making $100k but saving $10k. I made this video for folks that are interested in this subject. Keep in mind that it’s a long video (~30 min) so be sure to grab your popcorn before watching it. https://www.youtube.com/watch?v=0ScITp-jW-s
Tldw?
Be smart with your money.
You hade to make a 30 minute video titled “3 things that make software engineers rich?” I could answer this question in one word. LeetCode. Lol jk. Good job!
I think the single biggest and predictable way to get rich is this: Delayed Gratification If you have it, you will become rich. All other behaviors will come from that single trait: - Work hard - Invest for long term - Take risks
Did you follow your own advice? If yes, how rich are you?
You ship a product that pays you for decades. Passive income.
Or you buy a piece of a business (ie stocks) that produces great products and hold it for a long time.
The business will have a price that is already high though. But yes it is an option especially if held long time. In 2-3 decades a yearly dividend can be more than the original price paid for it.
You need to HODL more
Why are you at DoorDash with that funny money, op? Get that real TC
Why is it funny money? I’d much rather work at a (relatively) smaller, rapidly growing company than a bigger public company. Imagine joining Dropbox 5 or 6 years ago :)
Hate to break it to you. But even a single plumber in a van will dwarf 50k.
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TC progression. Estimated to hit $1M+ this year. AMA
Nah you gotta buy high and sell low 🤦♂️
Time in the market beats timing the market.
Watch me time the market and reap these tendies