Leveling up to >500k TC
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?
Be born into wealth
You can always be fiscally irresponsible and over leverage yourself
America!
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.
Why do you think it’s not possible? They have to have saved 200k. Can’t do it in 5-10 years?
Mortgage will still be >8k a mo
For 1M house, monthly rate will be less than 5.5k
Buy the house but live with roommates.
This is what I did in 2012 — by 2019 the place is paying for itself and an extra few k a month!
If you don’t mind having room mates, sure. It can work. But also it’s nice to have privacy.
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
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.
What did it take to increase the house value 200k?
Time
It’s easy, just move to Seattle and get effectively +30% on top of your TC
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.
Making million a year doing what?
Software engineers design and build software. A senior and/or specialized swe plus appreciating stock or equity can make great money.
RSUs will help you big time.
Leeetcode
Nope
That was the answer... don't ask if you are unwilling to believe the answer lol