Leveling up to >500k TC

Feb 10 43 Comments

I see all these million dollar houses being bought up by late 20s and 30s people.
This isn't possible as a software engineer. What do we have to do?

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TOP 43 Comments
  • New / Engsparked
    You can always be fiscally irresponsible and over leverage yourself
    Feb 102
    • Microsoft Jeph Bezos
      America!
      Feb 10
    • Intuit b7x1s
      It’s how virtually everyone does it. Most Americans are far from being fiscally responsible.

      Lenders will approve you from amounts much higher than you should probably take.
      Feb 10
  • Amazon kuchnai
    Leeetcode
    Feb 103
    • OP
      Nope
      Feb 10
    • Facebook public2
      That was the answer... don't ask if you are unwilling to believe the answer lol
      Feb 10
    • Uber lasdd
      LC and a.bit luck. Good rsu get u very very far
      Feb 10
  • Oracle not_larry
    Why do you think it’s not possible? They have to have saved 200k. Can’t do it in 5-10 years?
    Feb 106
    • OP
      Mortgage will still be >8k a mo
      Feb 10
    • Facebook Hodinkee
      For 1M house, monthly rate will be less than 5.5k
      Feb 10
    • OP
      In NYC, you have to factor in the condo HOA which will be 1~3k
      Feb 10
    • OP
      And 5.5k/mo would require a 200k salary to live okay
      Feb 10
    • New / Engsparked
      Was considering a condo in NYC for 750k until I found out condo fee was $3.3k...like wtf why would I pay my mortgage twice every month
      Feb 10
    • Cisco hkkbfedvh
      Save more so you can put down more down payment, then your payment will be ‘reasonable’
      Feb 19
  • New ktFx33
    Be born into wealth
    Feb 100
  • Amazon / Engtylium
    Software engineer with million dollar house. Did it when I was making 250k.

    Did it by first buying 400k home. It turned into a 600k home. The sale of the home got me back around 350k. Plus we saved another 300k, lots of which was invested.

    So dont hold cash. Buy assets that appreciate.
    Feb 107
    • HP / Eng
      Brodozer

      HPEng

      PRE
      F5 Networks
      Brodozermore
      What did it take to increase the house value 200k?
      Feb 10
    • Amazon / Engtylium
      Time
      Feb 10
    • Google QNrQ72
      How long?
      Feb 10
    • New Ti81R6
      Timing
      Feb 10
    • Amazon / Engtylium
      Not long. I think it was 2-3 years. Saw lots of appreciation in the cali market.

      Another random fact. My 1.2 mill home is now worth 1.45m in 1.5 years. This is part luck but real estate long term is an amazing investment.
      Feb 10
    • Microsoft msboy
      @Brodozer luck
      Feb 11
    • HP / Eng
      Brodozer

      HPEng

      PRE
      F5 Networks
      Brodozermore
      That's awesome! Fun fact: My home appreciated enough to pay the realitors haha.
      Feb 12
  • Google WuTy28
    Buy the house but live with roommates.
    Feb 103
    • New / Engmichalumni
      This is what I did in 2012 — by 2019 the place is paying for itself and an extra few k a month!
      Feb 10
    • eBay laserpntr
      If you don’t mind having room mates, sure. It can work. But also it’s nice to have privacy.
      Feb 10
    • Apple apbob
      Yeah, I'm not in college any longer, I don't need a gang of roomates, I'm a grown-up. Marry someone with a good TC like any sane person does.
      Feb 11
  • Facebook
    alt_qq

    Facebook

    PRE
    Microsoft
    alt_qqmore
    Theyre mostly software engineers and they had equity that went 3x+

    Also payments on a 1m house while making 300+ per year is perfectly reasonable
    Feb 100
  • While the reason for the question was a bit misguided, does anyone have any actual tips on getting to 500k+ TC?
    Feb 100
  • Facebook
    Instagrаm

    Facebook

    PRE
    Google, Microsoft
    Instagrаmmore
    It’s easy, just move to Seattle and get effectively +30% on top of your TC
    Feb 100
  • Facebook public2
    How is it not possible? Many swes make a couple million a year so buying a million dollar house isn't a big deal. Even if you never get passed a new grad salary 250 to 300k a year starting at age 22 and you can afford a starter home by 30.
    Feb 107
    • OP
      Making million a year doing what?
      Feb 10
    • Facebook public2
      Software engineers design and build software. A senior and/or specialized swe plus appreciating stock or equity can make great money.
      Feb 10
    • New
      nfs

      New

      PRE
      Booking.com
      nfsmore
      Many swes makes 2 million per year? I haven't seen this type TC for ICs even on blind...
      Feb 10
    • Facebook public2
      Not all obviously but a non insignificant amount definitely.
      Feb 10
    • Facebook / Englongyy
      250k-300k new grad salary? Where?
      Feb 11
    • Facebook / Englongyy
      E5 makes $350k ish
      Feb 11
    • Facebook public2
      Where: all top tech companies plus anywhere you negotiate it.
      Feb 11
  • IBM UipK84
    Double income with no kids for a few years.
    Feb 130
  • Amazon / EngjNeo42
    Leveling up? I think you mean “levering” up, or leveraging up. ?
    Feb 110
  • Bank of America / IT
    biggie8

    Bank of AmericaIT

    BIO
    I have 20+ experience in tech and banking
    biggie8more
    My friend bought a 1.5m house in East Bay - they are mid 30s i am guessing they make 300k combined income and gave a kid - daycare etc. It's impossible to afford -- but turns out their dad loaned them 1m for down payment..

    Nothing like family money
    Feb 121
    • Cisco hkkbfedvh
      Lol, people work their entire lives to save $1M, nice to have successful parents I guess....
      Feb 19
  • VMware / EngGpbO62
    RSUs will help you big time.
    Feb 110

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