AI obsolescence is “coming for basically everyone in due time,” says one engineer who went from earning $150k to being locked out of the workforce for over a year.
What I don’t understand: He writes about 21 years of experience and having made 150k/year. Where is all that money?
How can you make 150k and work for two decades and not have any savings/investments to stay afloat even if that means moving to a more remote and cheaper area?
I don’t know, it just goes out faster than it comes in, no matter what you earn. I think it’s usually an accumulation of decisions, not a single poor choice.
However there’s also high cost of living areas. I’m sure $150k seems like a lot to most people, but around here it would be a struggle to buy even a starter home if that’s all you earned. And renting can easily be more per month than a mortgage so you’re never getting ahead
Then there’s college. Not only does FAFSA no longer account for multiple kids, but they assume you use all your savings and get loans. One college asked me to reverse mortgage my house, rather than help with financial aid
I make 25k a year which is huge for me. It took me 2 years of buying all the shit i wanted and then i started saving up and investing. My goal is to have 10k in savings every year, because who knows how long it’s gonna last.
I live with my nan. Yes the 25k a year is enough to make local reddit mad jelly and the .ml tankies want me tortured to death but reality is its not enough to even get you your own living space and remain financially secure.
I know several software devs who cannot save a dime and live paycheck to paycheck on around $2k a week.
$2,000. I used to get less than that a month at my first job.
just because you have to be smart doesn’t mean you’re brilliant. these devs failed to understand what budgeting was and would literally piss their paycheck away by eating out 3-4 times a day, bars, women, toys, etc.
I maxed out my 401k contributions every year. I saved half my check. I was able to save a lot, but recently I’ve been living paycheck to paycheck because everything is so damn expensive.
my point is, some of it is because of poor financial decisions. some of it is because COL is out of control. it’s hard to pass judgment on others when you don’t know their story.
The wisest thing I did was save a lot of money in my 20s and 30s, and then buy and pay off a place to live. I always knew the 150k a year salary days were likely to end one way or another. Now I at least have a pretty controlled cost of living if I have to take a huge salary hit.
The widest thing I did was save a lot of money on my 20s and 30s. Arguably the stupidest thing I ever did was spend it all on the wedding my ex wanted, then indulge her for way too long so I could never make that back
Faux rich. You don’t get rich by blowing all your money.
Your well placed savings paired with reliable income make you rich. Nobody ever got rich by paying the bank all their money so the bank could own their fucking vw touareg with a lamborghini logo.
What I don’t understand: He writes about 21 years of experience and having made 150k/year. Where is all that money? How can you make 150k and work for two decades and not have any savings/investments to stay afloat even if that means moving to a more remote and cheaper area?
I don’t know, it just goes out faster than it comes in, no matter what you earn. I think it’s usually an accumulation of decisions, not a single poor choice.
However there’s also high cost of living areas. I’m sure $150k seems like a lot to most people, but around here it would be a struggle to buy even a starter home if that’s all you earned. And renting can easily be more per month than a mortgage so you’re never getting ahead
Then there’s college. Not only does FAFSA no longer account for multiple kids, but they assume you use all your savings and get loans. One college asked me to reverse mortgage my house, rather than help with financial aid
I make 25k a year which is huge for me. It took me 2 years of buying all the shit i wanted and then i started saving up and investing. My goal is to have 10k in savings every year, because who knows how long it’s gonna last.
I make about the same and save less than you each year - but I can only do it because I live in a van. How do you keep your housing costs so low?
I live with my nan. Yes the 25k a year is enough to make local reddit mad jelly and the .ml tankies want me tortured to death but reality is its not enough to even get you your own living space and remain financially secure.
I know several software devs who cannot save a dime and live paycheck to paycheck on around $2k a week.
$2,000. I used to get less than that a month at my first job.
just because you have to be smart doesn’t mean you’re brilliant. these devs failed to understand what budgeting was and would literally piss their paycheck away by eating out 3-4 times a day, bars, women, toys, etc.
I maxed out my 401k contributions every year. I saved half my check. I was able to save a lot, but recently I’ve been living paycheck to paycheck because everything is so damn expensive.
my point is, some of it is because of poor financial decisions. some of it is because COL is out of control. it’s hard to pass judgment on others when you don’t know their story.
The wisest thing I did was save a lot of money in my 20s and 30s, and then buy and pay off a place to live. I always knew the 150k a year salary days were likely to end one way or another. Now I at least have a pretty controlled cost of living if I have to take a huge salary hit.
The widest thing I did was save a lot of money on my 20s and 30s. Arguably the stupidest thing I ever did was spend it all on the wedding my ex wanted, then indulge her for way too long so I could never make that back
Rent, eat out every day, spend money on toys, drive an expensive car and so forth. It is surprisingly common.
You don’t know enough rich people.
Faux rich. You don’t get rich by blowing all your money. Your well placed savings paired with reliable income make you rich. Nobody ever got rich by paying the bank all their money so the bank could own their fucking vw touareg with a lamborghini logo.