Will graduate in December 2020. Got responsibilities, family health problems etc. Want my student loan to be cleared ASAP. What's the preferred minimum TC for 70k savings in 1 year depending upon New Grad SDE role, COL and which company? Edit: (as people were expecting profile info) Undergrad : 3.77 GPA in CS from non-target school 2 Research internships (non-FAANG) 1 year as undergrad RA with 3 research publications Multiple projects, Leadership roles etc. Grad : 3.2 GPA , MS in CS at USC (Dec '20) Currently AI Research Assistant at the uni's top research institute. Multiple projects, 1 leadership role etc. Leetcode : 78 YOE : 0 TC : 20hrs/week - 2k/month TLDR ; Decent profile, a hard-working student Edit 2 : After reading the comments, realized that now I will have to target for as High TC as possible and grind the hell out of LC! Thanks guys!
Not to be an ass but if you want to save 70k in one year. Unless your cost of living is nothing you'd have to calculate the minimum you're willing to live on and then tack on like 75k. Which for most people is gonna look like at MINIMUM 100k-150k and you're only gonna find that with minimal to no experience as a new grad in a part of the US where 100k-150k really isn't shit to begin with. But even THEN if you have no connects and no internship to bridge the gap I don't think anyone that pays that much in that area is going to hire you.
Update my post, added my profile info to give you a better insight on the scenario. Thanks anyways!
I think you can do it man! You have a solid background!
I don’t care about money but I need 70k? Then looks like u care about money after all eh? I doubt as a new graduate you can get a job that lets you save 70k in a year
not money but 'high TC' as in whatever highest TC New Grads target! 170k etc. I dunno.
Even with $170k, you won’t be able to save $70k. You seems to forget about tax & living expenses. 2 years is possible
First off where did you go to school? What’s your major and gpa and where did you intern?
Updated my info, thanks for asking. Gotta work on LC n GPA a bit more.
TC or gtfo. Oh wait, GPA or gtfo.
TC n GPA both added!
What are your expenses? Can you live free (family, etc.) in Bay, NYC, Seattle, Austin, or some other “hub”? If you can live free in the Bay or NYC then you should be able to get a higher TC without dealing with higher cost of living, but you will be paying state income tax. Seattle is expensive, but had no state income tax. Austin or Dallas (I’m sure there are other no-income tax states) have relatively low cost of living and no state income tax. Your TC will likely be 150k or near. Maybe you’re exceptional or find a company that will go higher, but I would not set expectations much higher than that. This probably means about 100k takehome. This means you need expenses to be below 30k, so 2.5k per month. If you can stay with someone free this is doable, otherwise it will be a real stretch.
Thanks a lot for your insight!
You're not going to be able to do it in one year. You're gonna have to grind LC, work your way up the ladder, and focus on getting higher TC over the course of multiple years. Welcome to the rat race 🐀 🧀
Depends where your from. In my state they have a new initiative where if you graduate from stem degree and work in tech in the state after you graduate, then the state will pay your debt.
What state?
Utah
My annual salary was lower than 70k coming out of college
I was at $34k
1 year seems unrealistic. This may give you ideas: https://www.news10.com/news/couple-pays-off-6-figure-debt-in-under-3-years/amp/
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I think your title contradicts itself. You’ll have to care about TC to save 70k in one year as new grad after tax
edited