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Comment by yunohn | Hacker News Reader

> 28 year old FAANG engineers with 600k in savings and a house

This is truly such an exxagerated strawman. It’s such a minuscule number of people, and they’re definitely not 28. Plus, the sky high salaries are for senior engineers, not juniors.

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600k in savings, not a 600k salary which I agree would be exceptionally rare and not the norm for 28 year olds (but definitely possible in the finance world for the top performers)

A FAANG engineer that joined just out of school (~22 years old) and spent 6 years getting regular promotions, awards, maybe a move into management, etc. and all of their initial stock awards vested could very well have 600k saved over that time. Doubly so if they're married and their spouse is in the same situation.

Yes, I read savings not salary.

I still disagree, there’s so much in income/other taxes that are applied. They spend on exorbitant rents and overpriced goods. Most such people are not frugal by any stretch.

If you could link any survey/study/statistics on the number of such 600k saving individuals, I’d love to see it. Until then, it’s a strawman.

Lowest level Facebook managers are in the 550-600k TC range[0]. Not sure though how that compares to other FAANGs, or how likely it is to get there in your 20s. Honestly I'd expect it to be easier to get to M1 at FB than to get into the upper upper echelons of the technical ladder.

[0] https://www.levels.fyi/company/Facebook/salaries/Software-En...

I know plenty of folks who this describes? FAANG workers who got in at 20, no kids, own homes and have hundreds of thousands in the bank.

Plenty == affect the global/USA economy? Have you considered you live in a bubble?

FAANG don’t even employ enough people for this to make a dent on anything other than housing prices in FAANG commute localities.

The FAANG example was exaggerated, but the core point still stands. Across the board, labor in US has seen sharp income increases the last couple years, and families have had elevated savings rate for a lot longer. Plus, nobody was spending anything in the beginning of COVID. That latent spending power of households is now being deployed, and huge contributor to inflation.

I don't see how Covid savings would increase the price of butter and meat really. Inflation is all over the board and escalated in January (?).

It is just Fed printing money like there is no tomorrow.

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