Of course this will vary widely, but how much can people living in the bay area, working for FAANGS expect to save every month?
Can somebody share an estimated figure?
Can somebody share an estimated figure?
Once all is said and done (all stock accounted for and distributed on a weekly basis rather than on the vesting cycle) and the expenses above are taken out, there's ~11k left over a month. This is post tax.
lol FML...
The only thing I miss is that there's a lot of diversity in bigger companies you don't find in startups. Here, everyone is like me :D
I'm pretty confident if I was making 2-3x what I am now - I would stay with that. As it stands - I cannot afford to continue living in silicon valley on this current salary.
For me I only spend about $3-3.5k/mo including rent, all bills, flights home and vacations, and other crap. So my savings rate is relatively high
The luxury apartments are so expensive too! Renting one bedroom in a two bedroom is comparable to having a non-luxury one bedroom.
Wrt to luxury apartments the optimal strat is definitely to live in larger units (3+ bedrooms) and preferably a couple or two as well. You can get your rent down pretty low while maintaining a pretty high standard of living
Solitude and your own space comes at an outrageously high price here, sadly. But I pay it cause I can't live any other way sanely.
Note also that "savings" are often strongly tied to share price performance. If you were a mid-career senior engineer who signed a standard $600k/4yr RSU deal at Nvidia in 2014 then by 2018 you were sitting on potentially $8 million.
EDIT: I can't respond to the comment below, so here's the other thing: rent control guarantees no rent changes, but you don't need it. Personal landlords don't change rent that much, often they prefer keeping tenants and handling cost pass-throughs rather than raising rent to maximize revenue. I live 4.5 years on a $1.5k rent / 1 br in Portola that terminated only because I moved away from the Bay (back now).