I have friends who work very boring jobs in the gov't or non-profits (who make 90K but have a 10% 403b matching or pension; a 750K house; and a 1 million liquid investment account of CAGR of 20%), drive beater cars but through shrewd investments and frugality are multi-millionaires. I also have friends who flex in fancy cars, fancy luxury downtown condos and fancy jobs (who make 200K+ but never contribute to 401K, no house b/c lives in HCoL and only a ~150K in savings b/c travels, eat out etc.) but spend it all and when I talk to them in confidence, am shocked they have a fraction of what I think they are worth net-worth in the bank.
I used to think these stories were some kind of Suzy Orman/Dave Ramsey made-up morality tales or exceptional one-off stories - but older I get, I realize they are not. It's just most people start off the same - and it's only after years, people's money habits dramatically compound over the years that these differences become exponentially large and comical.
And yes, savings and savings rate is the biggest determinant in eventual net worth. I know bond traders and FAANG engineers that make $200K+/year and live paycheck to paycheck because their expenses eat up all of that and then some. One guy literally blew it all on hookers & blow and then died of a fentanyl OD. I also know people that saved about 1/3 of their take-home on a grad student or Whole Foods salary and are now living a reasonable life as a homeowning family despite never breaking $100K/year in income.
No... You really don't wanna work for less than $150k at a startup, at least on the west coast.
The compensation though makes take home pay far better than anywhere else even omitting that if you’re at a well compensating place (i.e. FAANG), even for just single individuals.
None of my friends in their 40s have trouble getting jobs. This includes software jobs that tend to skew young, such as game dev and startups.
I wouldn't doubt it exists, but anecdotally it doesn't seem to be such a huge problem that you can't continue coding until a standard retirement age.
