Should I move, or am I good where I am?

Epic / R&D
CornOnCob

Epic R&D

PRE
Intel Corporation
CornOnCobmore
Oct 21 16 Comments

Recently I have been talking to few of my friends/colleagues who moved to east/west coast, and they say that I am making very less when compared to tech industry, and am not taking enough risks to raise my TC.

I know that I don't make much when compared to folks from Bay area. There is always going to be some place where we can make more, but I wanted to avoid chasing TC my whole life. So I chose to settle down in Midwest because of factors like COL, WLB, comfort zone etc. Not sure if my thought process was right or not.

I wanted a quick double check from friends here if a move will be worth financially for my family, or if we are just ok where we are. Attached is a snapshot of how much I can save as a household in Midwest (didn't buy a ๐Ÿ  yet).

Note: I am intentionally not disclosing my TC because I want to get feedback mainly on savings rate.

Should I move, or am I good where I am?

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TOP 16 Comments
  • Amazon BkYu88
    Saving $250k in a little over a year seems like a great rate. I think you would have a hard time saving that much in a coastal city, not mention what you did save would not go as far as in Midwest.
    Oct 21 0
  • Google foony
    This is going to be tough because you're going to be comparing to people with completely different experience levels and lifestyles. Your savings there look fuckin great to me, but who knows, maybe you're an expert in your domain and if you came to SF you'd be making quadruple and banking even more.

    If you're curious, you could set aside some time, do some interviewing, do some negotiation, and see what kind of numbers you end up getting. It seems like you have a nice life you're enjoying. You could always choose to keep that, but it would be good to know what your options are.
    Oct 21 0
  • Symantec spidrman
    Op, you are doing pretty well with your finances. I am sure you must have made a conscious choice where you are currently. Donโ€™t compare with others and ruin your life.
    Oct 21 0
  • You can certainly make your bank account grow faster with a high paying job in a hot market, but your quality of life will be lower. If that's not worth it for you, stay where you are and enjoy life.
    Oct 21 0
  • Facebook zuckburger
    Where are you seniority-wise? I think moving to one of the coasts makes a lot more sense when youโ€™re at a senior-level role.
    Oct 21 4
    • Epic / R&D
      CornOnCob

      Epic R&D

      PRE
      Intel Corporation
      CornOnCobmore
      OP
      Senior software Developer. 10 years experience in healthcare industry.
      Oct 21
    • Epic vitcute
      At the risk of sounding cliche, but the work culture shock will be the biggest challenge. Personally I don't think I would find a lot what was mentioned in the ongoing SM that kept me in my seat anywhere else.
      Oct 21
    • Epic / R&D
      CornOnCob

      Epic R&D

      PRE
      Intel Corporation
      CornOnCobmore
      OP
      If I ever switch, the toughest thing for me to adjust would be to not have an individual office and good view outside the window.
      Oct 21
    • Cruise Automation hqudy651
      Keep in mind that the insane salaries are mostly due to the higher CoL.

      I'm in my late 20s and have lived in various parts of California all my life. Even making bay area senior SWE salary, I'm not able to buy a home here -- it will certainly be several years until I can pay the competitive market rate, much less for a home that has land and is in a nice enough, safe enough area.

      It seems like you're doing great financially -- $250k savings annually is awesome (I'm assuming this includes investment growth and is not just cash savings). Don't let the inflated salaries (most of which include a 15-30% performance-based bonus and expected stock value) get to you, I would honestly love to move away from California and would gladly take an equitable salary cut to do that, so long as I'm able to maintain my lifestyle and financial goals. I just can't do that yet -- a few more years.
      Oct 21
  • VMware GDqX68
    Wow your savings rate is amazing! Can you share how are you able to save 250k in a little over a year?
    Oct 21 2
    • ๐Ÿฟ
      Oct 21
    • Epic / R&D
      CornOnCob

      Epic R&D

      PRE
      Intel Corporation
      CornOnCobmore
      OP
      Actually, nothing much special. Both of us are employed with similar TC. With not buying a house yet, salary straight goes into investments. At the beginning of each month, we straight move one of our paychecks into ETFs. The other paycheck (whatever is left after paying bills etc) gets moved to ETFs at the end of the month.

      Expenses wise 1.5k per month rent, and ~1.5k for CC/ utility bills etc. No other expenses other than random ones like car insurance (65 per month for 2 cars).
      Oct 21
  • Clover Light, LLC WhatWeWent
    Your savings look great, but Iโ€™m a little confused. You have 10 YOE and so saved up 300k in the first 9 years and another 250k in this past year? ๐Ÿค”
    Oct 21 1
    • Epic / R&D
      CornOnCob

      Epic R&D

      PRE
      Intel Corporation
      CornOnCobmore
      OP
      Was investing in India till couple years back. Also not married for most of the period.
      Oct 21
  • SAP / R&D
    ninevoltz

    SAP R&D

    PRE
    T-Mobile
    ninevoltzmore
    Incredible net worth growth rate!!! Well done! Combination of your savings and your investments. Hope they continue to grow for you.
    Oct 21 0
  • Indeed / Eng uPrj01
    Your numbers look great. TC does not really matter to me, what matter is how much can you save per year while living a life you enjoy ... Getting those saving numbers in NY or Cali is not easy (I think)
    Oct 21 0

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