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Are tech workers as rich as they think we are?
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How do you guys manage your salary? I make 5.6k a month after tax and struggling to make ends meet after marriage 2.3k rent for 1b1b 0.7k car loan for a Toyota 1.5k credit card bill 4.4k for survival. I’m saving/investing around 1k a month apart from ESPP and 401k I’m from India and I think this savings is possible working from India. Do you guys see a point of staying in the Bay Area From a financial perspective? Or am I underpaid 🤔🤔 Base: 150k TC: 190k #Apple #BayArea
I am not sure if this is a troll post or a serious post. Anyways, your real savings is more like 2.4k/month accounting for ESPP. This isn’t too bad but in Bay area it should be obvious that your HH TC needs to be >300k to feel comfortable. Even this may not be enough to afford townhomes at current real estate pricing. But atleast you will be able to save around 80-100k a year and in a few years take a call on whether you want to relocate to India or move to somewhere cheaper in US.
Or be the true blinder and embrace the TC 🚀🚀to 🌕 ethos! Once there, zip code, weather or immigration status is a don't care 😂
That’s one of the downsides of being in Bay Area. Need higher TC and real motivation to keep growing TC/jumping ships. If you can get good at it or have double income scenarios, there is no other place like Bay Area. This game is not ideal, but if you are in it, better learn the rules and enjoy the ride 😊
So, what are the rules or methods you suggest? Keep jumping ships ?? Or double income is necessary
Best rule is a combination of both 😊 Don’t want to discourage you but there is a limit to how much u can save but no limit to how much you can earn!
Move to mcol. Unless you have an upside in your current job or have external offers that you can land with higher pay. I’m a similar boat in seattle with 250k TC and my NW/savings has remained stagnant.
No, not with that salary.
You are already saving, focus on your work and get a promo, bulk up those yearly refreshers at Apple and you will be good in 2 years. This is not a race, it's a marathon. Build credibility, deliver results, get promoted and grow, your savings will naturally grow. If you still feel the same after doing this in 2 years, you can hop and maximize your TC. You might save the same in Bangalore, but you will not have the same life experiences.
@cook-king please help me understand how 150k base becomes 5.6k per month in hand. For a conservative estimate, the total tax on 150k gross in California amounts to ~51k. Which extra deductions bring down the remaining 99k (8.2k p.m) to 5.6k p.m.? (ESPP + 401k)? P.S. - I don't have in-depth knowledge of US finances, as I work in Bangalore (and do invest a little under 1k USD p.m).
Reason to stay in bay area is simple: p( future TC >> current TC) >> 0. If you and/or your SO are both willing to play the game of changing jobs every few years and moving up the ladder, Bay area is the place to be, no need to also relocate. Also nice weather. One would argue you can play the same game in Bangalore if you are in software and I imagine the weather isn't quite as nice as the bay area but you can be closer to family.
So here’s where I’m coming from. Spouse not working as H4 dependent cannot work until I get i140. I’m from Bangalore and if I settle there, I’ll be close to family, no need to pay rent and I feel Bangalore has same weather as Bay Area 😜 Probably changing job is the best option