Can you be rich by working?

Intuit
vsfspid

Go to company page Intuit

vsfspid
Apr 17, 2019 23 Comments

I have been working for over 17 years, and have had decent career / financial growth. I have saved about 250k and have about the same amount left to pay off in my mortgage. Have done a good job at work and been the top engineer of my team wherever I worked.

I feel I am no longer motivated to work the same way and looking for something exciting. I am not sure another job in a FAANG company is going to make a substantial difference in my pay/quality of work. I get paid ~220k. Is it worth moving to another company so that I can pay off my mortgage sooner and be free to go after something exciting? Heard companies like Netflix and FB pay lot more and have exciting work. Is it true that Netflix/FB engineers get paid 450k? Glassdoor couldn’t help much.

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TOP 23 Comments
  • PTC
    bGuR03

    Go to company page PTC

    bGuR03
    You get paid 220k and saved only 250k in 17 years? How long have you been actually saving or earning that well?
    And yes L5 at G or L6 at fb can make half million a year.
    Apr 17, 2019 3
    • Google / Eng
      poogers

      Go to company page Google Eng

      poogers
      He said he also has about that much remaining on a mortgage, meaning he could have anywhere from $0 to $1M in home equity depending on what sort of house they have.

      Still low for someone who's been in tech 17 years, of course.
      Apr 17, 2019
    • SAP
      kimsoo

      Go to company page SAP

      kimsoo
      Dude, is your current TC the same as when you graduate? He worked 17 years and do you know how much a new graduate’s TC 17 years ago?
      Apr 17, 2019
  • Facebook
    HolidayCat

    Go to company page Facebook

    HolidayCat
    Yes, but only if you get hired as E6+ and can keep up that level of productivity, which isn’t exactly a walk in the park.

    As an even bigger outlier, I personally know someone that just got a ~1.5M refresher RSU grant a few months ago.
    Apr 17, 2019 3
    • New
      wrab

      New

      wrab
      What does it take to keep up with productivity? Is it really that bad? Would appreciate some insights from someone who is living it.
      Apr 17, 2019
    • Facebook
      HolidayCat

      Go to company page Facebook

      HolidayCat
      By productivity I don’t necessarily mean hours or even how many things shipped, but just performing at an E6+ level in terms of scope to begin with.
      Apr 18, 2019
  • Amazon
    ChivalryAF

    Go to company page Amazon

    ChivalryAF
    The answer is no. You will never get rich working for someone else. This is of course excluding outliers such as people who initially founded a company.

    Get rich by these methods:

    1. Entrepreneurship (doesn’t have to be tech) father does import/export and clears $4 million annually. His “TC” was already $1m at 29. Anecdotal evidence but many get rich in business.

    2. Sales, mainly high ticket items like expensive software or things like MRI machines, Ships/Yachts, Planes, etc. commission let’s you clear $1m easily.

    3. Investment banking (not recommended): yes tech tc is decent but banking salaries soar past $1m for mid level management (they call it Vice President in banking) and easily $5m-$50m+ for Managing Director). I put this career last because it’s not really an efficient way you sell your soul by putting in insane hours for the paycheck.
    Apr 17, 2019 2
    • Google
      tsukino

      Go to company page Google

      BIO
      w
      tsukino
      $1m is not "easy" in sales, nor "easily" $5m-50m+ for MDs in banking
      Apr 17, 2019
    • Amazon
      ChivalryAF

      Go to company page Amazon

      ChivalryAF
      tsukino: I completely agree with you and I didn’t mean to say the work is easy but the potential to esrn that amount of you’re good is there.

      A good SDE can get into FAANG. Someone with similar skill level can clear $1m in tc in sales. If not that much, approaching that amount.
      Apr 17, 2019
  • No, never. The definition of rich (at least to me) is when your passive income exceeds your earned income. You can work to earn money to create passive income but working forever alone will never make you rich.
    Apr 17, 2019 0
  • I've been working about 24 years. Always in tech. Always in the bay area. Never for FAANG. I don't feel like I ever made any real money in tech. I made paper millions, but it never panned out. Any net worth I have today is all from real estate appreciation and speculation.
    Apr 17, 2019 0