If you make the median tech salary of $300k and live on a fraction of that it doesn’t take that long to save $1m...
Point is there’s no magic to becoming a millionaire if you have minimal expenses and single.
Point is there’s no magic to becoming a millionaire if you have minimal expenses and single.
Mean is probably better than median here, right? Because salary isn't quite a normal distribution. The high end is super high. 300k is normal for FAANG, but that class of tech employee is in the top 10% of the wider tech salary pool, at least.
Interesting that you call out being single. I've had the opposite experience – the trick seems to be a salary like that and a spouse that is at least pulling down a normal salary as well. If they're also making engineer money, then you're super set. If I'd have been splitting rent and groceries for the past 10 years, my finances would look a lot better.
That's not an excuse, I could have gotten a roommate with the same effect. Just to say that it seems being single raises expenses because you lose the little collaborative economies of scale.
Where do you get 300k from?
When I went to college only a few years ago the best paying jobs in consulting and banking were largely gated by what school you went to. Now students from “non-prestigious” schools or no formal schooling at all have a good chance at earning that much.