FAANG (London) -> Self Employed (Not-London)
Worked at FAANG in London. Started interviewing elsewhere but most TC packages are around the 100k mark (+/-10k). After tax that is 65k. Assuming I continue living off 2.5k-3k a month (rent, food, travel etc) that leaves 30k ish a year in savings (non ISA). Tbh the quality of my life isnt great so I am re-evaluating. My comp packages have always been <80k post graduation.
(1) Take up freelance work and build my client base for myself (NOT office based contract work). I can do the accounting myself. I can earn the same net monthly pay I did from FAANG through 20 hours of work a week. (I have secured contracts like this and its fairly stable). This also means I can leave London as I can WFH. If I worked 40 hours/week therefore, assuming my pay doesnt decrease (realistically it is going up if anything), I would be putting away 65-70k a year in savings which is repectable. In 2-3 years I could buy a non-London flat and basically live life freely. (I could also move to Barcelona where rent is cheaper and the taxes for self employed are less for 2 years).
(2) Join another FAANG and try to relocate to the US. I’ve not completed my Masters (but have a BSc and 5 years experience) but didnt see a way of relocating to the US in my current company (most roles in the field either didnt sponsor a VISA or required many more years experience/higher level). I have seen better salaries (150-250k USD) for engineers there but these numbers are not possible in the UK unless...
(3) I focus on getting into finance (bank, hedge funds, asset management etc) who are dishing out 150k base comp and bonuses. This means staying in the UK and I can always do plan (1) while preparing for plan (3).
I am unlikely to want to be a traditional Software Engineer (no disrepect) making VISA sponsorship harder. I have a data background so Data Engineering or Analytics seems like my best shot. Data Science may be possible but FAANG often ask for PHDs.
I basically dont understand how remaining at FAANG or moving to another company with a TC of 100k makes sense in London. I dont want to do anything else though as I enjoy deta stuff but the FAANG/office job path seems to leave me kinda stuck.