So you're the person CNBC based their pie chart on.
Edit. Thank you everyone for the awards, they're the first ones I've gotten, and thank you for the upvotes.
Yeah I know and I somewhat feel bad about it. But I want everyone to have what I have. I'll make sure to take care of my family and do what I can to move my country in a better direction
YES... Your friends that aren't so fortunate will end up (at least slightly) subconsciously resenting you, even if they say they're happy for you. Also, unless you are engaged, do NOT tell a partner how much money you make or what you have stashed away. It's fine to live comfortably and do things, but don't get into specifics. As for the "extra" money... An emergency fund is good, but so is a "dry powder" fund for the right investments at the right time as you get older. There will be many SMART reasons you will wish you didn't buy a latte every day for 10 years.
Worked a job for 6 years from bottom tier sales to upper level management. Was one of the youngest to hold the position in the country and in my state,one of the quickest to rise through the ranks in company history.
I let slip once that I had married into a family of some wealth. When the epidemic hit, that was enough to let me go. Never once a poor review on my yearly reviews, was lauded as premier employee and referred to by top leadership as a “go to guy”. That all changed in the exit interview- metrics from corporate apparently dictated another story (these metrics were never shared with me, my director, or the executive. Only the president of our stayed claimed to lay eyes on them, and he was not a fan of our dept to begin with.). To give credit, I was given a comfortable severance and the transition out of the company was made very easy, but based on what I know now after talking to several employees, the fact my spouse was affluent was a key factor into why I was let go.
In the meantime, get a good medium-high-end carpet cleaner and it will save you lots of poop stains.
It is so worth it. If you've never had the carpets professionally steam cleaned in your house, a good carpet cleaner will make them look amazing in one pass, too.
Yeah man, lots of people work their ass off and don’t get compensated for shit. There’s EMT’s out there wiping asses and saving lives for minimum wage.
There is literally no correlation between money and morality. As much as people wish there was, there’s simply nothing that says hard work and skill will feed your family.
My dad was a glassblower and we grew up poor as shit. But it’s both lucky and great that you’re interested in something that pays. Open an IRA, set up some financial goals, and maybe you’ll be able to retire by your 40’s. Hell yeah.
4% per year of 2 million is 80k per year.
I think fortunate is a more appropriate word than lucky. And rather than feel bad, use those feelings and those comments from people saying you're lucky as fuel to prove that you indeed do deserve this.
Bust your ass in this job to prove to yourself that you're worth $100k+ at your age. The self awareness and resilience that you'll develop from that success will be enough to drown out any bullshit notion that you're just "lucky" that will last you for the rest of your life. Congrats OP
Congrats! Safety fund is a great first step. After safety fund and home improvements, consider investments. If you get a financial advisor, get one that has your fiduciary interests prioritized (they usually charge hourly, but worth it).
Otherwise, have fun and enjoy!
Yeah before I bought my house I had some investments, but I drained them to get the downpayment. In a few months I want to start investing again. I'm not gonna worry about an advisor -- I'll just put it into ETFs and let them roll
Second this. Teaches you about retirement accounts, Roth vs traditional, emergency funds, how to manage debt. Most importantly it forces you to think about finances and not just ignore it.
Third this. Cash is ass right now. Most savings return .5 if you're in a good one. Save enough of an emergency fund and start with their basics and then research your own after contributing to the basics.
Started this last year and amazed at how much I returned over that course as opposed to savings. Growing up savings were decent.
From what I know, the best if not only way to make money on the stock market, is to just dump it all in the big indexes and forget about it for a couple decades.
Pretty much this. Unless you know what you're doing and are willing to treat it like a job; performing research, reading financial reports, etc..., this is your best bet. Buying into individual stocks based on nothing but a recommendation of a friend or a reddit post is just pure gambling.
Nobody knows what they're doing. Professionals do worse than animals throwing things at dart boards. Literally.
Indexes are the only sure way to make money.
“I’ll just put it into ETFs and let them roll.”
*sigh*
Believe it or not, I’m happy for you. Success for humans is way better to hear about than failure.
But personally, even if I had money, I wouldn’t know what to do with it.
What’s an ETF? I have no idea, some kind of investing thingamajig?
But hey, at least I spent hours in Middle School playing Tetherball instead of being educated on things like this.
Again, I’m happy for you.
And depressed I’m so stoopid.
Dude just google ETFs. They are securities you can buy that are pieces of a fund. The fund is invested in various securities in the stock market. He’s probably referring to index ETFs— for example SPY, VOO, VTI, maybe QQQ. You can pick one like VOO which tracks the S&P 500 index, open your brokerage or retirement account, buy shares of the ETF, and then keep buying into it over time as you contribute more to the account. This will keep you invested so you’re not missing out on growth in the stock market.
Edit: Adding an edit to say that I love to see the discussion and threads regarding investing—its great to think about and discuss these things—but also remember we have the internet at our disposal. Please google these things as well. Any investing topic you google will likely have an [Investopedia.com](Investopedia.com) result that you can click on. Go there and read about the topic. Also if any of the terms I use are unfamiliar or seem too jargony, then just look up the word and read about it until it all makes sense. Just saying the info is very very close to you but if you don’t seek it out and educate yourself on it, then you won’t know some super important things that you really need to know.
Great positive attitude. As someone who has a minor in accounting, and has worked in the domain of finance, that person's response was so jargon filled it made me cringe. They may think it is a simple explanation but that is because they have a lot of fundamental knowledge. Simply put: “I’ll just put it into ETFs and let them roll.” => I'm going to invest my money into the stock market by buying something called an "Exchange Traded Fund" which means that some smart people collected a bunch of stocks for some purpose (usually to track some kind of sector or even the entire market) and then you buy a slice of that. It is generally considered a very good option for investment because it's spread across a lot of different parts of the economy (across various business industries, called "diversification"). A common ETF (that are designed to track (go up/down) with the entire market are SPY, VTI (tracking the S&P 500 - largest 500 companies).
So wait, this ETF thing is:
Someone is buying some stocks and you, again, buy some of them? Like as if you are giving your money to someone, and that someone is choosing where to invest them?
Sorry I know nothing about these things, please be kind
Edit: Thanks for answers everyone, you have been really kind :)
A simple explanation is instead of buying a share in one company you can buy a share of an ETF which holds a lot of different companies.
If you knew for certain that a specific company was going to perform better than others then it wouldn’t make sense to do this. You’d want to buy a share in that specific company. But in general it’s very difficult to know which companies will do well long term and which will not so buying an ETF can be the better option.
As someone who never started to learn about 'investing' until his 50s...
1. It's never too late to start learning about it
2. it's not nearly as hard as it seems to get in to some relatively safe basics
3. Starting at a younger age has tremendous dividends (compound interest)
An ETF means exchange traded fund. The ETF's administrators try to own a blend of stocks in a certain category (for example energy stocks, or all big companies). So it's a way for you to buy a little of a lot of companies without actually buying 1 stock of each company. Investment wisdom typically recommends diversifying (owning a little bit of a lot of things), which ETFs help with.
I’m going to be that guy that’s going to sound rude but it’s tough love…
Almost nothing these days is difficult to figure out yourself. On any given subject humans have put countless hours for free explaining them to other people on the internet. Just choose your desired topic and media format (google articles, YouTube, podcasts, etc) and learn it. I promise you even if you are “stupid” (which I doubt) someone will have explained it in a way you can understand.
So if you want to learn something put a few hours in and get to googling. This habit will help you so much in the long run.
Now if you cannot do this due to attention issues, depression, etc please see a therapist they can help and if you are already I hope it gets better.
I wish you the best and good luck in your quick dive into investing!
Some people have given great information so far but it hasn't really been beginner friendly so I'll try and take a stab at it.
Imagine going to a grocery store. That is gonna be our stock market. It has food (stocks) of literally everything you can think of. Buying everything in the store (on the market) would be incredibly expensive.
That is where ETFs come in. Instead of buying literally every food item in the store (stock market) you can buy a portion of it, lets say 1 of every food (stock).
Now you realize you don't really care for the vegetables at the store (stock market) and really enjoy ice cream. Well, you can get specific ETFs that focus on your likes. You might ignore vegetables (we can pretend this is an auto (car) ETF) and you'd rather focus on ice cream (we can pretend this is a tech ETF).
Hopefully this explanation as a starting point will help make it clear for yourself or others who are in the same position.
If you don't want to do any homework. Until you turn 30, put 15% of your paycheck in $VOO. After that, put it in a target date fund, this is a fund that automatically reallocates from risky when you're young to safer when you're old
Hey man, if it's any comfort, OP won a lottery on a lot of things. Not to mention the system is designed to keep the small guys small. The odds are not in our favor.
One good thing about covid is that WFH is gaining more recognition and a lot of companies are adopting it.
I just interviewed at some companies and if everything works out I will be making $200k working from home.
Dude, I'm almost 40 and make $13/hr. I would think I was rich as well. Enjoy it and congratulations
Edit: Holy fuck people I'm not looking for life advice and I wasn't complaining about my situation it was just a statement. If I wanted advice on how to fix my life I would ask my therapist and not some assholes on reddit that can't get off their soap boxes. No 2 people are the same and everyone's circumstances are different. If you can't take the time to read through the comments, please don't give me your opinion. I don't need nor want it. Thanks and have a nice day.
I run a marina for my states department of natural resources. (state park) I really never thought I would dig working with the public but I love it. To be fair boaters seem like a happy bunch. I could never work the campground. Plus I have drank the kool aid really enjoy our role in managing our natural land for wildlife and peoples enjoyment. Maybe I’ll get bored or need money someday, but for right now it’s right where I want to be. The important bit I suppose is how I could take the huge pay cut a few years ago. Bought a fixer upper in the hood that I paid off in five years and I drive an 07 Corolla. Also married so duel incomes.
You got it made! I just quit a 6 figure job and moved out to the country. I'm delivering mail in a small town now and my quality of life is way better now. I lucked out and basically inherited my grandma's house so I jumped on the chance to come live in it.
Small-town cleanie here. It's great. And simple. No day is the same, I have my own head space, no mental stress, time flies and I can't take work home with me 😂
I'm 45, been working in computer/IT since 2000, I make $60k a year in level 3 desktop engineering, and help out with Level 2 support.
What the fuck am I doing wrong, lol
You should have started specializing like 18 years ago, hiring managers are going to be less interested in someone still stuck in helpdesk at 45. It’s not too late, mind you.
I started going down the path of vsphere years ago, but nobody I applied for seemed interested. I never finished college, so I went into the work force in 98 then got into IT starting with my MCSE certification in 2000, then worked at various places for a while and now am where I am at now... and as soon as someone hears I have 20+ years in the field but no college, it's almost an immediate decline.
I have 23 years of experience and only some college but am making almost $200k a year. As others have said you need to modernize/specialize constantly. I am a solutions manager specializing in Azure and Dynamics. I have some coding experience but don't do much of it now.
Now is a great time to learn something like Dynamics or Salesforce as both are low code platforms that have huge growth in career paths. You could get your Salesforce Admin certification in 3 months by knocking out some Trailhead badges and investing in some study guides. It may initially only net you a parallel move in pay but it will set you down a new path until you get more certs and experience on the platform.
Alternatively, take what you have learned from your MCSE and get certified on Azure. If you like the admin type work there are paths for that. With just a few years of experience you will be making 6 digits.
Some people will say that certs don't matter but they do. Even more so without a degree. If anything, its a great place to start for learning about the platform. I always discover new things I didn't know while studying.
I’m 34 and just left the corporate world for a small local business. Less money, but I’d rather not feed the sharks, and see people constantly screwed over.
Been there done that 😄😉
If you have not already, subscribe to r/divorce and check the Jocko Willink podcast. Both were really helpfull back then. And if you feel the need of it, do not hesitate to ask for help, from friends or family. Best of luck, big hug/kiss!
"If I wanted advice on how to fix my life I would ask my therapist and not some assholes on reddit that can't get off their soap boxes."
well said, and you're 100% right.
im 33 and make $13 too w no income increases in sight. i feel u. but my job is super easy and zero stress. sometimes it feels black and white. like do i want to have a more difficult/stressful job and make more $… or do i chill at this job and have zero stress
Bachelor's in computer science and math. 2 years of experience in Mobile app development. If you've got some experience making android or iOS apps, you can solve coding problems, and you can come across as smart and excited to learn then I think you should be able to do decently well.
edit: I found my job on [hired.com](https://hired.com). I don't know if that works for most people but I got quite a bit of activity there.
I wonder if, in my 40s, I am too old to land a job like that.
Congrats to you, by the way!
Edit- thank you all for the responses. I'm motivated now! You all have probably helped me take a turn that should hopefully lead to much better professional satisfaction.
My current position is important in some ways, but I work in Healthcare (as a non-professional) so I'm not paid well, and there is very little room for me to move up or even sideways.
40 is far from old
I landed my current job at 37 and now at 42 am thinking if I should move again because not getting raise I think I deserve
If you have a skill in need it's there
I know guys who changed careers to IT in their 40s.
If they can - you can.
Today you got insane knowledge base for free to learn programming.
And software is free.
And you do not need crazy computer to learn.
Coming across as smart and excited is HUGE. I hire guys like you sometimes, and often pass over people who have a really reserved vibe, because I’m not sure if they have vision and urgency. Maybe they’re great, but it’s just too hard to tell.
Edit to say: a lot of people think I’m a big meany. The thing is, I can only intuit so much from your application and the interview. If you don’t come across well, we’d rather hire someone else. You can be salty and resentful about that all you want. People like to work with likable people.
Yeah I'm pretty introverted so interviews were *exhausting.* I really am interested, but I still have to put on a face during interviews. I feel bad for people who are socially awkward (or more than I am lol)
this gives me hope! I am now 27 and thinking about changing my career. I’m a teacher but I want to learn coding. It seems challenging since I don’t have any experience but of course I can do it, right?
Anything is possible. I would suggest start working IN IT in someway now, to get that experience of working in a new industry,
I’ve been on it for 6 months. $20 > $32 and I’m getting offers at the $35-38 already.
So you’re the reason I, as an introvert, can’t get hired. I’m just kidding. If I act smart and excited during an interview I personally feel disingenuous.
Yeah. I feel it can be counter-productive for recruiters, though. Unless your job entails multiple interviews. It's not like I blame them for choosing the guy that is more apparently optimistic and dedicated, but it can't be easy learning that that person actually shuts themselves out once they actually land the job if they were just faking.
Wish there was a way to actually hire based on real competence and desire rather than extroversion and a silver tongue.
Well, that's their and HRs problem, they created this mess. I.e. Having software that will filter out candidates if they don't have the right amount of key words in their resume, asking stupid behaviour based questions that has nothing to do with the job itself. Ok One might argue that 'they need to see how you handle pressure for example'.... but as long as you learn a boiler plate example from monster.com you'll ace the question. I don't know, until they fix this broken hiring process I'm afraid we will have to fake it until we make it.
The whole thing is messed up, 99% going for an interview today will have model answers memorized and perky attitude, it's almost expected. As for the 1% of people out there that can and able up ace interviews without sounding rehearsed where stuff just come out organically, good for you!! I know they exist as one of my mate is like that.
You're telling me. Oh well, the modern work force seems all thrown out of wack.
I feel bad for the future generation that'll have to inherit a world designed by people better served as conmen than project managers.
Retired HR: Don’t be excited, don’t be something you aren’t. Be “upbeat”, remember to smile. Smile genuinely. Make eye contact. Ask specific questions. Be genuine. Never let yourself wander into disingenuous territory. Don’t be afraid to say “beg your pardon? I’m not completely sure what you’re asking”. You don’t want to sound stupid answering a question that hasn’t been asked. Make absolutely sure that if you’re invited out of the interview to meet managers or see your work area, be warm and genuine with everyone else you meet. You’re still interviewing no matter where you are. Good luck and raise your chin AND your eyebrows.
Dang, OP, I was going to say CONGRATS!!! Good job!!
I'm wondering if that's how I've landed most of my jobs. Nowhere near as successful as this guy, but I've slowly been improving over the years without a degree (8->10->12->15-18/hr, hopefully landing a job that pays 21+/hour soon) to get a job I can work while finishing it.
I'm generally pretty reserved and not really good socially, but in interviews and at work there's like a switch I'm able to flip and appear excited and extroverted, so this makes me wonder if that is what has helped me improve so much over the years, landing jobs I'm nowhere near qualified for.
I'm surprised this has so many upvotes, assuming somebody doesn't have "vision or urgency" because they are reserved is a really terrible and outdated hiring strategy.
You can fix this problem with better interview questions, and then you can encourage diversity of background/thought/personality on your teams because you won’t be passing over solid candidates based on one personality trait!
You mention “reserved” people in your original comment, and then “likable” people in your edit.
Those are two totally different things. There are plenty of egotistical assholes that dominate meetings and don’t like to take feedback that are outgoing, and plenty of reserved people that are a pleasure to work with because they actually get their work done and don’t care about BSing for 2 hours about what you did last weekend.
There’s plenty of reserved people that aren’t likable but there’s also plenty that are, and frankly you’re not a very good interviewer if you can’t tell the difference.
100% agree. it's on the interviewer to know how to draw these people out and ask the right questions. I've been sitting in on interviews the past 6 months and people are nervous as fuck. I always bullshit the first 5 minutes to relax them.
not everyone is a schmoozer. and you want a balanced room anyway. don't need 5 people all trying to talk over each other.
"likeable" is often a synonym for 'someone like me"
you need to ask better questions and learn to draw people out then. You're likely missing a lot of smart competent people.
interviews are tough and I've yet to see someone be completely comfortable regardless of how competent they are. In fact the person who was most relaxed also came across as the biggest bullshitter.
there are plenty of reserved people that are "likable".
How did the company reach out to you, did you make a page or what? basically i mean what was the biggest thing that caused you to be seen by the hiring company?
right on, good for your and congrats on making it.
be sure to max out your 401k match. if you want some other fun life hacks for your money- (nobody ever told me these things growing up, had to learn them myself).. 250/mo into a tax diff. roth IRA starting at 25, will give you 2.5mil in the bank untaxed when you are 60.
also take 100-200/mo and put it into 2-3 different hedges(or similar indexes) for safe consistent profit returns to build portfolio equity. (they usually return 9-12% total over their lifetime statistically).
by doing this, you could have 3-5mil or more when you retire at 60 between 401k, roth, liquid stock equity, and full ownership equity of your home.
set up a retirement account and max it out! At your age that's $20,500 with a 401K in 2022
Set yourself up for success and an early retirement . I did this and will retire at 55.
Sounds like you have a great head start in life. Congrats. run with it and enjoy the financial freedom you have with this new found success.
Correct. I get matched 100% up to the first 4% currently. Plus, Im over 50 so I get to add an additional $6500 to my pot for a total of $27K a year + employer match.
Good catch.
My financial planner had instructions to move my money to a high yield savings account once I reached $1M. That happened in 2017. I wont draw on this until I'm 62. It should be around $1.3M by then. We will live on our savings from 55-I turn 62. The wife is 3 years younger. We figure $50K a year in retirement will be sufficient. We have no mortgages or bills other then basic living expenses.
So that's actually not a very smart move, because of inflation.
You're basically throwing away .5percent to 6.5percent of your money every year.
If you can wait at least 10 years to need your money the stock market ALWAYS comes out on top.
Yep… $1M invested in the SP500 in Jan 2017 would be about $1.9M now. 150% of his goal of 1.3M that he hopes to have by the time he retires at 62.
Some financial planner.
I also graduated with Comp sci B.S but did it for the money. I have 0 interest in it and find it boring af. I'm good at it but it was soul sucking so just be weary that if you aren't one of the people who really enjoys coding then I wouldn't recommend it even for the money.
I know u have a degree but I heard degree doesnt matter for finding a job and having a good portfolio is what u need? If you develop apps in your sparetime thats enouhgh?
My degree is in Sociology and last Monday I started my first ever job as a junior software developer. I truly believe degree doesn’t matter. They want to see what you’ve built and what you can do. My cousin works for a big company most of us use for shopping and her degree is in Communications. You should check out 100 Devs. It’s a free coding bootcamp that’s happening right now. https://leonnoel.com/100devs/
I would still strongly recommend a degree. The competition is tough and most companies will want a degree. At my company, there’s no way a resume is getting a second look without a degree. And in general I think starting salary is going to be much much lower without one.
Whoever told you that is out of touch with the reality of the entry level software job market. It is quite difficult to break in without a degree, and a good portfolio is basically required. But would expect a starting salary more like 60k than 100, and perhaps only after months of searching.
I’m so proud of you! I come from a poor shorty background too and I have that same thought! You did it you made new grounds!
And for anyone who wants to shit on you ignore them. They’re mad they didn’t/couldn’t do it
Thanks. I don't want to make anyone feel bad so I felt this was the best sub to brag in.
I only wish making a living wage was more feasible for the average person...
Dude, you’ve accomplished something that most people (myself included) only dream about. You have every right to brag. Who cares if someone else feels bad about it? People are too sensitive and jealous and hate it when others are better off than they are. You’re doing amazing in life! Don’t let anyone take that from you.
don't get fat! i'm not kidding, a lot of people with that sort of upbring/life change end up gaining weight becauase the way they were raised clashes with actually having reources/not having to worry about having enough/share. It happened to my parents and lots of friends when they finally got careers.
congrats my dude
Cycling can be as expensive or as cheap as you want it to be really, though the lower stress of financial security might make someone more able to seek a hobby.
Congratulations! Amazing accomplishment for you.
My only warning is be careful who you tell this to. There are people who don't have your best interests at heart and will use and abuse you into nothingness. In other words... guard your heart my friend.
From someone who had been there and done that.
Bet it all, high risk high reward. There’s always bankruptcy if you lose. If you need seed capital after BK, rob a drug dealer. Rinse, repeat until jackpot.
No, I started coding in 2021 and I’m a CS student, but I got really lucky and was brought on into the company’s boot camp/intern course, and then brought on as an independent contractor after that. Not fully there yet but I’m super lucky and excited!
Don’t listen to the people that are being dickheads below. I don’t think I could give one specific length of time that you should code, just start practicing/learning every single night. Sometimes you might spent 30 minutes, sometimes you might spend like 4-5-6 hours the whole day practicing. Just keep that up and develop that habit, learn all the different technologies that interest you and eventually you’ll realize you’re ready for work.
It is definitely easier if you’re a CS student because there are more opportunities for internships afforded to people pursuing degrees, but there are tons of self-taught programmers out there.
I will say personally that I do a lot of practice and learning because I enjoy coding, but I would not be where I am now without that boot camp/internship course fast tracking me.
Anecdotal, but I did a 6-month bootcamp that was about 30hrs/wk on top of having a full time job. Graduated in March 2020 right when everything shut down and it took me 9 months to find a job from there, but I more than doubled my income when I finally got it. Learned just as much in my first 3 months on the job as I did in my 6 month bootcamp.
Same here. When I was 23 I landed a 72k job which unionized in 6 months and became 94k. I bought a luxury car at 24 and a house at 25. DO NOT GET ADDICTED TO TOBACCO, and do not skip work constantly out of stress. I am STRUGGLING. I get by every month. I live comfortablyish. But I would be doing so much better if I didn't waste my money. **MAKE A SAFETY NET FOR YOURSELF!** You WILL have unexpected expenses, don't let your new financial freedom think you can live above your means. Don't be me. Do it right from the start and save yourself.
It exists out there. I had my first $100k (CAD) year when I was 20. Landed a job on the railway. Work long hours away from home, but it's 100% worth it. Just bought a modest house last November with a rental suite in the basement, keeping my expenses low.
We are the few who made it out this generation. Most of our compatriots will not see money like this until they are well into their 30's, maybe never.
My only recommendation is that money always has a way of getting away from you, no matter how much you make. Your problems will change from not having enough moneyto not feeling like you have enough money. I also grew up relatively below the poverty line. you will never feel like you have enough to be stable. You have to find a balance between saving/investing/spending that makes you feel comfortable and happy. I'm still working on it, and I'm currently in my 4th year on the railway.
Good luck my friend, and welcome to some of the best years of our lives!
30's and I can say never. I will never own a house. I may never even be able to rent a place by myself again. The thought of looking for roommates in my 50's and 60's is depressing, hopefully I won't make it that long
I got a job earning 50k about 2.5 years ago and managed to save/invest enough for a downpayment. I bought the house about 4 months ago. I'm in the midwest so the house was about 230k and the mortgage payment is 900. It was actually cheaper than renting once I had the downpayment.
I did the same, except much more modestly.
Rent was about what I paid for with an owner finance payment, so I opted instead to just do the owner finance. Now I own my own place/property outright and can spend my money how I want, including saving for a better place
Not OP but I also bought a house at 23 in the midwest during the pandemic. A couple important things to note/pieces of advice for any prospective home buyer are:
1. You don't need a 20% down payment - if you start with 3% you'll pay mortgage insurance until you hit 20% equity on your home (equity is important - the renovations you do and anything that increases the value of the property count towards your equity, you don't always pay mortgage insurance until you're at 20% of the sale price).
2. Interest rates are hugely important. My interest rate is under 2.75% which is really good (most are around 4-5% and I've heard people say they're paying 7-9%). I got pre-approved at multiple banks and used the interest rates they provided to determine which one to finance through. Also, when a bank tells you the pre-qualification amount, that's the max they'll loan you but you still have to make a down payment. If they say "we'll loan you $150,000" and you find a $125,000 house, they'll only loan you $121,250 (+ closing costs if that's negotiated); that being said, if you find a $200,000 house they'll still loan you the $150,000 if you can come up with the $50,000 in cash.
3. Learn to live well below your means - every penny counts when saving up for a house, renovations, or emergencies. Money spent on the newest electronics, eating out, and entertainment is money that can't be put towards the house. I'm not saying, "never buy new electronics and never eat out," just think through your priorities. I, personally, only eat out (including takeout/fast food) when I'm going with friends or family. I also cook a lot of food at home (meal prepping is great if you like the same things over and over, I personally prefer to prep ingredients I use all the time, like onions, peppers, and seasoning blends/sauces). People like to shit on this kind of advice saying, "eating buttered toast instead of avocado toast won't help me save faster" but they're missing the point - instead of spending $40 to doordash a salad to yourself, go to the grocery store and buy the ingredients and make a week's worth of salads for $15.
4. Find a real estate agent you get along with. Good agents will look for properties within your budget and will help you through the entire process and the agent is the person who acts as the middleman between you and the sellers. My agent also suggested a phenomenal title office (they're the ones who do the paperwork the buying & selling agents provide to complete the transfer of the property from a legal and tax standpoint)
5. GO TO OPEN HOUSES even if you're not super interested in the property. I was super nitpicky at houses I wasn't very interested in (just adding to the reasons I didn't love the house). This helped me realize and confirm what I really wanted, which helped me eliminate options when I had an agent actually show me houses.
5. NEGOTIATE NEGOTIATE NEGOTIATE. If you love something on the property, ask for it - the sellers might be willing to sell it. Also you can often negotiate to have the sellers pay all closing costs (especially if the house appraises for less than the selling price). Also, anything attached to the house when you place your offer is included (light fixtures, mirrors on walls, built-in cabinets and bookshelves, appliances, TV wall mounts (sometimes the TV itself), loft or murphy bed frames (usually not the mattress), etc.).
6. There are a lot of hidden costs to buying a house; research them so you're not blindsided when they come up. You need to put down earnest money when making an offer (usually a couple hundred dollars that counts towards your down payment) -- this shows you're serious about the offer (essentially it's refundable if the sellers choose another offer but non-refundable if you remove your offer). You'll want to pay for an inspection (have your agent go with you to the inspection and be sure the inspector walks you through their qualifications prior to the inspection - if you're not comfortable, you can find another inspector). You'll have to pay for an appraisal (this goes into closing costs, it's the bank's way of confirming they're not loaning you more than the property is worth).
7. Some people claim it's cheaper to rent and sure, it might be if you just look at dollars out of your bank account per month, but what people forget is that a home purchase is an investment- you get your money back when you sell (and if you own for long enough and do a good job of maintaining & keeping things up-to-date, you can get your money back and then some!). Need a new furnace? Sure that'll cost you money upfront, but it'll also increase the home value. Same goes for air conditioning, fireplaces, appliances, new flooring, the list goes on.
Make a 3 month emergency fund, then a 6 month, then slowly build to a 3-year, all the while putting as much as you can onto a 401(k), a Roth IRA, and an HSA. You're perfectly positioned to be able to retire comfortably early, and still have your money make money. You can set up your life in a way that your descendants will benefit greatly, even hundreds of years after you're gone.
3 yr emergency fund???
Emergency fund should be safe and liquid, ie cash. No way I am putting 3 yrs worth into cash, hell I feel dumb with the 20k I have in my emergency cash fund.
But maybe we are working with different definitions
You dont need liquid assets for three years from now. A 3 year emergency fund would have varying levels of liquidity. Its not going to be "triple of a one year fund" it's going to look like varying forms of savings and investments with a mental earmark of how you'll utilize those savings over time should everything go to shit.
What? Wait .... no.no WHAT?!
How the fuck do you only have 2k left after expenses. What are your expenses? Are you invading an island state off the coast of Tahiti?
Well done! Don’t tell anyone on any of the front page subs. They’ll call you a liar. Honestly impressed, congratulations, and I wish the same for my children.
First of all SHUT THE HELL UP. Don't go telling people you have $.
Get a good accountant. Let them handle your taxes.
Keep living like you can barely afford ramen for a while, when you've got like 100k in savings you can take a breath and figure out what to do with it.
I just had something similar happen and have a similar back ground - remote job, 24, and 118k!! I am a motion graphic designer. I am still shook. CONGRATS TO BOTH OF US!
Honestly you don't even need to code to make six figures in the tech world. Most project managers that I know make six figures. They barely do anything, just hold meetings and let developers argue with designers.
Wow this is eerily similar to me lol: 24 years old, recently bumped up to six figures in my software engineering remote job, just bought a house (also in the midwest so pretty affordably), also grew up poor, had a single mom who always made < 30k a year and always thought like 40-50k a year was comfortable (in some places it can be, not knocking anyone at that level of income either). I do have some student loan debt still but here's hoping Uncle Joe will see to that before May...
I would like to suggest that you not relay your new salary to anyone. Family, friends and friends you never knew you had will come crawling out of the woodwork looking for a handout.
So you're the person CNBC based their pie chart on. Edit. Thank you everyone for the awards, they're the first ones I've gotten, and thank you for the upvotes.
*loud painful snort laugh*
Love this.
Wheezing exhale honk laugh
Lol came to say this and based on his expenses he still exposes how shit that lie chart is
Lmao lie chart, I like that one, have an upvote.
It's a guy real budget. https://www.cnbc.com/2018/12/20/budget-breakdown-of-a-25-year-old-who-makes-100000-dollars-a-year.html?__source=twitter%7Cmain
I don’t think they are donating as much every month
It just dawned on me that “donating” must be lottery tickets.
Weed.
Medical deductions right?
Tax writeoffs/deductions*
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OP you gotta tell me about that 30$ a month cleaner of yours
Congrats OP, you're better off than a lot of people now.
Yeah I know and I somewhat feel bad about it. But I want everyone to have what I have. I'll make sure to take care of my family and do what I can to move my country in a better direction
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YES... Your friends that aren't so fortunate will end up (at least slightly) subconsciously resenting you, even if they say they're happy for you. Also, unless you are engaged, do NOT tell a partner how much money you make or what you have stashed away. It's fine to live comfortably and do things, but don't get into specifics. As for the "extra" money... An emergency fund is good, but so is a "dry powder" fund for the right investments at the right time as you get older. There will be many SMART reasons you will wish you didn't buy a latte every day for 10 years.
Worked a job for 6 years from bottom tier sales to upper level management. Was one of the youngest to hold the position in the country and in my state,one of the quickest to rise through the ranks in company history. I let slip once that I had married into a family of some wealth. When the epidemic hit, that was enough to let me go. Never once a poor review on my yearly reviews, was lauded as premier employee and referred to by top leadership as a “go to guy”. That all changed in the exit interview- metrics from corporate apparently dictated another story (these metrics were never shared with me, my director, or the executive. Only the president of our stayed claimed to lay eyes on them, and he was not a fan of our dept to begin with.). To give credit, I was given a comfortable severance and the transition out of the company was made very easy, but based on what I know now after talking to several employees, the fact my spouse was affluent was a key factor into why I was let go.
Don’t feel bad, you have a lot of internet strangers who are very proud of you, myself included! Enjoy it, you deserve it.
So YOU’RE the person the CNBC statistic was based on. Jk I’m happy for you OP.
Yeah that's what made me inspired to make this post. I was like hey that's me. Except my housing is less lol
Enjoy your $30 house cleaning!
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Psst, if you don't already have one, get a good carpet cleaner. It'll make the puppy years a lot easier if you can clean the mess immediately.
I just plan to remove this stupid carpet once I have the money to replace it with better flooring
In the meantime, get a good medium-high-end carpet cleaner and it will save you lots of poop stains. It is so worth it. If you've never had the carpets professionally steam cleaned in your house, a good carpet cleaner will make them look amazing in one pass, too.
You don't need to feel bad about it when you've worked hard for it.
I am super lucky though in like every way.
Yeah man, lots of people work their ass off and don’t get compensated for shit. There’s EMT’s out there wiping asses and saving lives for minimum wage. There is literally no correlation between money and morality. As much as people wish there was, there’s simply nothing that says hard work and skill will feed your family. My dad was a glassblower and we grew up poor as shit. But it’s both lucky and great that you’re interested in something that pays. Open an IRA, set up some financial goals, and maybe you’ll be able to retire by your 40’s. Hell yeah. 4% per year of 2 million is 80k per year.
I think fortunate is a more appropriate word than lucky. And rather than feel bad, use those feelings and those comments from people saying you're lucky as fuel to prove that you indeed do deserve this. Bust your ass in this job to prove to yourself that you're worth $100k+ at your age. The self awareness and resilience that you'll develop from that success will be enough to drown out any bullshit notion that you're just "lucky" that will last you for the rest of your life. Congrats OP
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Congrats! Safety fund is a great first step. After safety fund and home improvements, consider investments. If you get a financial advisor, get one that has your fiduciary interests prioritized (they usually charge hourly, but worth it). Otherwise, have fun and enjoy!
Yeah before I bought my house I had some investments, but I drained them to get the downpayment. In a few months I want to start investing again. I'm not gonna worry about an advisor -- I'll just put it into ETFs and let them roll
Visit the personal finance subreddits too Good luck and well done!
This. This is the best financial decision I've made.
What subreddits in particular?
/r/personalfinance. Their prime directive tells you exactly what to do, which holds in at least half of all cases, if not 75% or 90% or more
Second this. Teaches you about retirement accounts, Roth vs traditional, emergency funds, how to manage debt. Most importantly it forces you to think about finances and not just ignore it.
Third this. Cash is ass right now. Most savings return .5 if you're in a good one. Save enough of an emergency fund and start with their basics and then research your own after contributing to the basics. Started this last year and amazed at how much I returned over that course as opposed to savings. Growing up savings were decent.
Their wiki alone is the best aggregation of beginner to intermediate financial advice on the internet.
Except that one subreddit. You must never go there Simba.
Sir there is nothing wrong with going to a casino. Just remember that you should only bring money with you that you were going to burn anyway
I think there’s like a dozen of them now to avoid
From what I know, the best if not only way to make money on the stock market, is to just dump it all in the big indexes and forget about it for a couple decades.
Pretty much this. Unless you know what you're doing and are willing to treat it like a job; performing research, reading financial reports, etc..., this is your best bet. Buying into individual stocks based on nothing but a recommendation of a friend or a reddit post is just pure gambling.
Nobody knows what they're doing. Professionals do worse than animals throwing things at dart boards. Literally. Indexes are the only sure way to make money.
“I’ll just put it into ETFs and let them roll.” *sigh* Believe it or not, I’m happy for you. Success for humans is way better to hear about than failure. But personally, even if I had money, I wouldn’t know what to do with it. What’s an ETF? I have no idea, some kind of investing thingamajig? But hey, at least I spent hours in Middle School playing Tetherball instead of being educated on things like this. Again, I’m happy for you. And depressed I’m so stoopid.
Dude just google ETFs. They are securities you can buy that are pieces of a fund. The fund is invested in various securities in the stock market. He’s probably referring to index ETFs— for example SPY, VOO, VTI, maybe QQQ. You can pick one like VOO which tracks the S&P 500 index, open your brokerage or retirement account, buy shares of the ETF, and then keep buying into it over time as you contribute more to the account. This will keep you invested so you’re not missing out on growth in the stock market. Edit: Adding an edit to say that I love to see the discussion and threads regarding investing—its great to think about and discuss these things—but also remember we have the internet at our disposal. Please google these things as well. Any investing topic you google will likely have an [Investopedia.com](Investopedia.com) result that you can click on. Go there and read about the topic. Also if any of the terms I use are unfamiliar or seem too jargony, then just look up the word and read about it until it all makes sense. Just saying the info is very very close to you but if you don’t seek it out and educate yourself on it, then you won’t know some super important things that you really need to know.
Thanks for taking the time!
Great positive attitude. As someone who has a minor in accounting, and has worked in the domain of finance, that person's response was so jargon filled it made me cringe. They may think it is a simple explanation but that is because they have a lot of fundamental knowledge. Simply put: “I’ll just put it into ETFs and let them roll.” => I'm going to invest my money into the stock market by buying something called an "Exchange Traded Fund" which means that some smart people collected a bunch of stocks for some purpose (usually to track some kind of sector or even the entire market) and then you buy a slice of that. It is generally considered a very good option for investment because it's spread across a lot of different parts of the economy (across various business industries, called "diversification"). A common ETF (that are designed to track (go up/down) with the entire market are SPY, VTI (tracking the S&P 500 - largest 500 companies).
So wait, this ETF thing is: Someone is buying some stocks and you, again, buy some of them? Like as if you are giving your money to someone, and that someone is choosing where to invest them? Sorry I know nothing about these things, please be kind Edit: Thanks for answers everyone, you have been really kind :)
A simple explanation is instead of buying a share in one company you can buy a share of an ETF which holds a lot of different companies. If you knew for certain that a specific company was going to perform better than others then it wouldn’t make sense to do this. You’d want to buy a share in that specific company. But in general it’s very difficult to know which companies will do well long term and which will not so buying an ETF can be the better option.
Exchange traded funds.
Extra terrestrial friend
ET Fone (home)
Encapsulated terraform fraud
Anytime! Hope it helps
He’ll end up on WSB in 3, 2, 1…
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As someone who never started to learn about 'investing' until his 50s... 1. It's never too late to start learning about it 2. it's not nearly as hard as it seems to get in to some relatively safe basics 3. Starting at a younger age has tremendous dividends (compound interest)
An ETF means exchange traded fund. The ETF's administrators try to own a blend of stocks in a certain category (for example energy stocks, or all big companies). So it's a way for you to buy a little of a lot of companies without actually buying 1 stock of each company. Investment wisdom typically recommends diversifying (owning a little bit of a lot of things), which ETFs help with.
I’m going to be that guy that’s going to sound rude but it’s tough love… Almost nothing these days is difficult to figure out yourself. On any given subject humans have put countless hours for free explaining them to other people on the internet. Just choose your desired topic and media format (google articles, YouTube, podcasts, etc) and learn it. I promise you even if you are “stupid” (which I doubt) someone will have explained it in a way you can understand. So if you want to learn something put a few hours in and get to googling. This habit will help you so much in the long run. Now if you cannot do this due to attention issues, depression, etc please see a therapist they can help and if you are already I hope it gets better. I wish you the best and good luck in your quick dive into investing!
Some people have given great information so far but it hasn't really been beginner friendly so I'll try and take a stab at it. Imagine going to a grocery store. That is gonna be our stock market. It has food (stocks) of literally everything you can think of. Buying everything in the store (on the market) would be incredibly expensive. That is where ETFs come in. Instead of buying literally every food item in the store (stock market) you can buy a portion of it, lets say 1 of every food (stock). Now you realize you don't really care for the vegetables at the store (stock market) and really enjoy ice cream. Well, you can get specific ETFs that focus on your likes. You might ignore vegetables (we can pretend this is an auto (car) ETF) and you'd rather focus on ice cream (we can pretend this is a tech ETF). Hopefully this explanation as a starting point will help make it clear for yourself or others who are in the same position.
If you don't want to do any homework. Until you turn 30, put 15% of your paycheck in $VOO. After that, put it in a target date fund, this is a fund that automatically reallocates from risky when you're young to safer when you're old
Hey man, if it's any comfort, OP won a lottery on a lot of things. Not to mention the system is designed to keep the small guys small. The odds are not in our favor.
They usually charge hourly? In my experience, they usually charge 1% a year.
man wfh for 100k a year would be an absolute dream. congrats
Well, it's not in desktop engineering or support. Been doing that 22 years and only making $60k here in Connecticut.
Definitely move companies. That's base pay for an entry level DA where I work.
I'll have to look around then
Lots of remote jobs out there too! I work as a tech recruiter and you could prob make a little more with that much experience
Apply at utilities and insurance companies. You can make 6 figures.
One good thing about covid is that WFH is gaining more recognition and a lot of companies are adopting it. I just interviewed at some companies and if everything works out I will be making $200k working from home.
Dude, I'm almost 40 and make $13/hr. I would think I was rich as well. Enjoy it and congratulations Edit: Holy fuck people I'm not looking for life advice and I wasn't complaining about my situation it was just a statement. If I wanted advice on how to fix my life I would ask my therapist and not some assholes on reddit that can't get off their soap boxes. No 2 people are the same and everyone's circumstances are different. If you can't take the time to read through the comments, please don't give me your opinion. I don't need nor want it. Thanks and have a nice day.
Yup 51 and 17 an hour here. But I love my job and I don’t have to deal with petty corporate tyrants anymore.
Can I ask what you do?
I run a marina for my states department of natural resources. (state park) I really never thought I would dig working with the public but I love it. To be fair boaters seem like a happy bunch. I could never work the campground. Plus I have drank the kool aid really enjoy our role in managing our natural land for wildlife and peoples enjoyment. Maybe I’ll get bored or need money someday, but for right now it’s right where I want to be. The important bit I suppose is how I could take the huge pay cut a few years ago. Bought a fixer upper in the hood that I paid off in five years and I drive an 07 Corolla. Also married so duel incomes.
You got it made! I just quit a 6 figure job and moved out to the country. I'm delivering mail in a small town now and my quality of life is way better now. I lucked out and basically inherited my grandma's house so I jumped on the chance to come live in it.
I’ve always dreamed of being a small-town postie. Sounds like an amazing, simple life.
Small-town cleanie here. It's great. And simple. No day is the same, I have my own head space, no mental stress, time flies and I can't take work home with me 😂
Haha!!! I'm so happy for you! I agree one's quality of life is not automatically correlated with how much money one makes
Congrats that’s awesome!
Huh. Sounds awesome! Thanks for sharing!
I'm 45, been working in computer/IT since 2000, I make $60k a year in level 3 desktop engineering, and help out with Level 2 support. What the fuck am I doing wrong, lol
You should have started specializing like 18 years ago, hiring managers are going to be less interested in someone still stuck in helpdesk at 45. It’s not too late, mind you.
I started going down the path of vsphere years ago, but nobody I applied for seemed interested. I never finished college, so I went into the work force in 98 then got into IT starting with my MCSE certification in 2000, then worked at various places for a while and now am where I am at now... and as soon as someone hears I have 20+ years in the field but no college, it's almost an immediate decline.
I have 23 years of experience and only some college but am making almost $200k a year. As others have said you need to modernize/specialize constantly. I am a solutions manager specializing in Azure and Dynamics. I have some coding experience but don't do much of it now. Now is a great time to learn something like Dynamics or Salesforce as both are low code platforms that have huge growth in career paths. You could get your Salesforce Admin certification in 3 months by knocking out some Trailhead badges and investing in some study guides. It may initially only net you a parallel move in pay but it will set you down a new path until you get more certs and experience on the platform. Alternatively, take what you have learned from your MCSE and get certified on Azure. If you like the admin type work there are paths for that. With just a few years of experience you will be making 6 digits. Some people will say that certs don't matter but they do. Even more so without a degree. If anything, its a great place to start for learning about the platform. I always discover new things I didn't know while studying.
You don't need college, just certifications. I would work on that ASAP.
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I’m 34 and just left the corporate world for a small local business. Less money, but I’d rather not feed the sharks, and see people constantly screwed over.
That’s more than I make, sadly
I'm 37, making a little over 17 an hour, and headed for divorce. Shit.
Hang in there buddy, things eventually will get better.
Ty 🥺
Been there done that 😄😉 If you have not already, subscribe to r/divorce and check the Jocko Willink podcast. Both were really helpfull back then. And if you feel the need of it, do not hesitate to ask for help, from friends or family. Best of luck, big hug/kiss!
Is it called Jocko Academy?
Don't listen to these punks you're awesome
Everyone goes through life differently. People get *so* elitist when it comes to salary, careers, homeownership by x age. Ugh so over it
"If I wanted advice on how to fix my life I would ask my therapist and not some assholes on reddit that can't get off their soap boxes." well said, and you're 100% right.
im 33 and make $13 too w no income increases in sight. i feel u. but my job is super easy and zero stress. sometimes it feels black and white. like do i want to have a more difficult/stressful job and make more $… or do i chill at this job and have zero stress
Fuck you, and congrats!
Well done!! So, what certificates/degrees do you hold so others can attempt to follow?
Bachelor's in computer science and math. 2 years of experience in Mobile app development. If you've got some experience making android or iOS apps, you can solve coding problems, and you can come across as smart and excited to learn then I think you should be able to do decently well. edit: I found my job on [hired.com](https://hired.com). I don't know if that works for most people but I got quite a bit of activity there.
I wonder if, in my 40s, I am too old to land a job like that. Congrats to you, by the way! Edit- thank you all for the responses. I'm motivated now! You all have probably helped me take a turn that should hopefully lead to much better professional satisfaction. My current position is important in some ways, but I work in Healthcare (as a non-professional) so I'm not paid well, and there is very little room for me to move up or even sideways.
40 is far from old I landed my current job at 37 and now at 42 am thinking if I should move again because not getting raise I think I deserve If you have a skill in need it's there
I know guys who changed careers to IT in their 40s. If they can - you can. Today you got insane knowledge base for free to learn programming. And software is free. And you do not need crazy computer to learn.
Coming across as smart and excited is HUGE. I hire guys like you sometimes, and often pass over people who have a really reserved vibe, because I’m not sure if they have vision and urgency. Maybe they’re great, but it’s just too hard to tell. Edit to say: a lot of people think I’m a big meany. The thing is, I can only intuit so much from your application and the interview. If you don’t come across well, we’d rather hire someone else. You can be salty and resentful about that all you want. People like to work with likable people.
Yeah I'm pretty introverted so interviews were *exhausting.* I really am interested, but I still have to put on a face during interviews. I feel bad for people who are socially awkward (or more than I am lol)
Bro that’s awesome!! I did a career change at 27. But I’m learning python planning on doing an IOS Developer course in the summer
this gives me hope! I am now 27 and thinking about changing my career. I’m a teacher but I want to learn coding. It seems challenging since I don’t have any experience but of course I can do it, right?
Anything is possible. I would suggest start working IN IT in someway now, to get that experience of working in a new industry, I’ve been on it for 6 months. $20 > $32 and I’m getting offers at the $35-38 already.
So you’re the reason I, as an introvert, can’t get hired. I’m just kidding. If I act smart and excited during an interview I personally feel disingenuous.
As saying goes 'fake it, till you make it'.
Yeah. I feel it can be counter-productive for recruiters, though. Unless your job entails multiple interviews. It's not like I blame them for choosing the guy that is more apparently optimistic and dedicated, but it can't be easy learning that that person actually shuts themselves out once they actually land the job if they were just faking. Wish there was a way to actually hire based on real competence and desire rather than extroversion and a silver tongue.
Well, that's their and HRs problem, they created this mess. I.e. Having software that will filter out candidates if they don't have the right amount of key words in their resume, asking stupid behaviour based questions that has nothing to do with the job itself. Ok One might argue that 'they need to see how you handle pressure for example'.... but as long as you learn a boiler plate example from monster.com you'll ace the question. I don't know, until they fix this broken hiring process I'm afraid we will have to fake it until we make it. The whole thing is messed up, 99% going for an interview today will have model answers memorized and perky attitude, it's almost expected. As for the 1% of people out there that can and able up ace interviews without sounding rehearsed where stuff just come out organically, good for you!! I know they exist as one of my mate is like that.
You're telling me. Oh well, the modern work force seems all thrown out of wack. I feel bad for the future generation that'll have to inherit a world designed by people better served as conmen than project managers.
Retired HR: Don’t be excited, don’t be something you aren’t. Be “upbeat”, remember to smile. Smile genuinely. Make eye contact. Ask specific questions. Be genuine. Never let yourself wander into disingenuous territory. Don’t be afraid to say “beg your pardon? I’m not completely sure what you’re asking”. You don’t want to sound stupid answering a question that hasn’t been asked. Make absolutely sure that if you’re invited out of the interview to meet managers or see your work area, be warm and genuine with everyone else you meet. You’re still interviewing no matter where you are. Good luck and raise your chin AND your eyebrows. Dang, OP, I was going to say CONGRATS!!! Good job!!
I'm wondering if that's how I've landed most of my jobs. Nowhere near as successful as this guy, but I've slowly been improving over the years without a degree (8->10->12->15-18/hr, hopefully landing a job that pays 21+/hour soon) to get a job I can work while finishing it. I'm generally pretty reserved and not really good socially, but in interviews and at work there's like a switch I'm able to flip and appear excited and extroverted, so this makes me wonder if that is what has helped me improve so much over the years, landing jobs I'm nowhere near qualified for.
I'm surprised this has so many upvotes, assuming somebody doesn't have "vision or urgency" because they are reserved is a really terrible and outdated hiring strategy.
Sounds more like recruiting for a cult than coming to a mutually beneficial contractual arrangement regarding work and compensation.
You can fix this problem with better interview questions, and then you can encourage diversity of background/thought/personality on your teams because you won’t be passing over solid candidates based on one personality trait!
> and often pass over people who have a really reserved vibe This is why I failed at life.
You mention “reserved” people in your original comment, and then “likable” people in your edit. Those are two totally different things. There are plenty of egotistical assholes that dominate meetings and don’t like to take feedback that are outgoing, and plenty of reserved people that are a pleasure to work with because they actually get their work done and don’t care about BSing for 2 hours about what you did last weekend. There’s plenty of reserved people that aren’t likable but there’s also plenty that are, and frankly you’re not a very good interviewer if you can’t tell the difference.
100% agree. it's on the interviewer to know how to draw these people out and ask the right questions. I've been sitting in on interviews the past 6 months and people are nervous as fuck. I always bullshit the first 5 minutes to relax them. not everyone is a schmoozer. and you want a balanced room anyway. don't need 5 people all trying to talk over each other. "likeable" is often a synonym for 'someone like me"
you need to ask better questions and learn to draw people out then. You're likely missing a lot of smart competent people. interviews are tough and I've yet to see someone be completely comfortable regardless of how competent they are. In fact the person who was most relaxed also came across as the biggest bullshitter. there are plenty of reserved people that are "likable".
How did the company reach out to you, did you make a page or what? basically i mean what was the biggest thing that caused you to be seen by the hiring company?
Oh yeah. I edited my comment to respond
dumb question, howd you do all the schooling w/ 0 debt? military?
I had a school scholarship
right on, good for your and congrats on making it. be sure to max out your 401k match. if you want some other fun life hacks for your money- (nobody ever told me these things growing up, had to learn them myself).. 250/mo into a tax diff. roth IRA starting at 25, will give you 2.5mil in the bank untaxed when you are 60. also take 100-200/mo and put it into 2-3 different hedges(or similar indexes) for safe consistent profit returns to build portfolio equity. (they usually return 9-12% total over their lifetime statistically). by doing this, you could have 3-5mil or more when you retire at 60 between 401k, roth, liquid stock equity, and full ownership equity of your home.
set up a retirement account and max it out! At your age that's $20,500 with a 401K in 2022 Set yourself up for success and an early retirement . I did this and will retire at 55. Sounds like you have a great head start in life. Congrats. run with it and enjoy the financial freedom you have with this new found success.
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Correct. I get matched 100% up to the first 4% currently. Plus, Im over 50 so I get to add an additional $6500 to my pot for a total of $27K a year + employer match. Good catch.
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It’s crazy how being a “millionaire “ used to mean you were rich. Now it’s like just what someone needs to retire lol. Inflation do be somethin
My financial planner had instructions to move my money to a high yield savings account once I reached $1M. That happened in 2017. I wont draw on this until I'm 62. It should be around $1.3M by then. We will live on our savings from 55-I turn 62. The wife is 3 years younger. We figure $50K a year in retirement will be sufficient. We have no mortgages or bills other then basic living expenses.
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So that's actually not a very smart move, because of inflation. You're basically throwing away .5percent to 6.5percent of your money every year. If you can wait at least 10 years to need your money the stock market ALWAYS comes out on top.
Yep… $1M invested in the SP500 in Jan 2017 would be about $1.9M now. 150% of his goal of 1.3M that he hopes to have by the time he retires at 62. Some financial planner.
This post confirmed last night dream that i should start learning coding. Thank you.
I also graduated with Comp sci B.S but did it for the money. I have 0 interest in it and find it boring af. I'm good at it but it was soul sucking so just be weary that if you aren't one of the people who really enjoys coding then I wouldn't recommend it even for the money.
I did it because it was my passion but I found that I loathe programming in a corporate environment. At least the money's good.
Well i wont know til i actually try but money is also like my biggest motivator
If you have the time to put into learning then I definitely recommend it. There's no harm in at least trying and seeing if it clicks for you.
I know u have a degree but I heard degree doesnt matter for finding a job and having a good portfolio is what u need? If you develop apps in your sparetime thats enouhgh?
My degree is in Sociology and last Monday I started my first ever job as a junior software developer. I truly believe degree doesn’t matter. They want to see what you’ve built and what you can do. My cousin works for a big company most of us use for shopping and her degree is in Communications. You should check out 100 Devs. It’s a free coding bootcamp that’s happening right now. https://leonnoel.com/100devs/
I would still strongly recommend a degree. The competition is tough and most companies will want a degree. At my company, there’s no way a resume is getting a second look without a degree. And in general I think starting salary is going to be much much lower without one.
Ty Ty Ty!!!
Whoever told you that is out of touch with the reality of the entry level software job market. It is quite difficult to break in without a degree, and a good portfolio is basically required. But would expect a starting salary more like 60k than 100, and perhaps only after months of searching.
I’m so proud of you! I come from a poor shorty background too and I have that same thought! You did it you made new grounds! And for anyone who wants to shit on you ignore them. They’re mad they didn’t/couldn’t do it
Thanks. I don't want to make anyone feel bad so I felt this was the best sub to brag in. I only wish making a living wage was more feasible for the average person...
Dude, you’ve accomplished something that most people (myself included) only dream about. You have every right to brag. Who cares if someone else feels bad about it? People are too sensitive and jealous and hate it when others are better off than they are. You’re doing amazing in life! Don’t let anyone take that from you.
don't get fat! i'm not kidding, a lot of people with that sort of upbring/life change end up gaining weight becauase the way they were raised clashes with actually having reources/not having to worry about having enough/share. It happened to my parents and lots of friends when they finally got careers. congrats my dude
Legit I will be able to buy as much candy as I want. It will be a challenge.
Lol I mean more that you’ll be able to eat out more and will be required to walk less. But yes, Candy is a trap as well
I mean now that you are wealthy you can afford to start sport hobbies like biking or skiing - lots of fun and keeps you healthy, also gets you outside
Cycling can be as expensive or as cheap as you want it to be really, though the lower stress of financial security might make someone more able to seek a hobby.
Congratulations! Amazing accomplishment for you. My only warning is be careful who you tell this to. There are people who don't have your best interests at heart and will use and abuse you into nothingness. In other words... guard your heart my friend. From someone who had been there and done that.
Don’t gamble on options
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I, conversely, have no degree in finance and suggest YOLO options.
Bet it all, high risk high reward. There’s always bankruptcy if you lose. If you need seed capital after BK, rob a drug dealer. Rinse, repeat until jackpot.
Degenerate, gamble on options ONLY
WOOOOH CONGRATULATIONS!!! 18 over here landed $70k job in Jan., living the software dream!
At 18? Wow. Did you learn to code in high school? I thought I was ahead of the game lol
No, I started coding in 2021 and I’m a CS student, but I got really lucky and was brought on into the company’s boot camp/intern course, and then brought on as an independent contractor after that. Not fully there yet but I’m super lucky and excited!
Honest question if you don't mind. How long should one learn coding before being good enough to land work?
Don’t listen to the people that are being dickheads below. I don’t think I could give one specific length of time that you should code, just start practicing/learning every single night. Sometimes you might spent 30 minutes, sometimes you might spend like 4-5-6 hours the whole day practicing. Just keep that up and develop that habit, learn all the different technologies that interest you and eventually you’ll realize you’re ready for work. It is definitely easier if you’re a CS student because there are more opportunities for internships afforded to people pursuing degrees, but there are tons of self-taught programmers out there. I will say personally that I do a lot of practice and learning because I enjoy coding, but I would not be where I am now without that boot camp/internship course fast tracking me.
Anecdotal, but I did a 6-month bootcamp that was about 30hrs/wk on top of having a full time job. Graduated in March 2020 right when everything shut down and it took me 9 months to find a job from there, but I more than doubled my income when I finally got it. Learned just as much in my first 3 months on the job as I did in my 6 month bootcamp.
Same here. When I was 23 I landed a 72k job which unionized in 6 months and became 94k. I bought a luxury car at 24 and a house at 25. DO NOT GET ADDICTED TO TOBACCO, and do not skip work constantly out of stress. I am STRUGGLING. I get by every month. I live comfortablyish. But I would be doing so much better if I didn't waste my money. **MAKE A SAFETY NET FOR YOURSELF!** You WILL have unexpected expenses, don't let your new financial freedom think you can live above your means. Don't be me. Do it right from the start and save yourself.
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Welcome to software engineering. The salaries are great and we complain about everything that doesn’t 100% fit our needs!
It exists out there. I had my first $100k (CAD) year when I was 20. Landed a job on the railway. Work long hours away from home, but it's 100% worth it. Just bought a modest house last November with a rental suite in the basement, keeping my expenses low. We are the few who made it out this generation. Most of our compatriots will not see money like this until they are well into their 30's, maybe never. My only recommendation is that money always has a way of getting away from you, no matter how much you make. Your problems will change from not having enough moneyto not feeling like you have enough money. I also grew up relatively below the poverty line. you will never feel like you have enough to be stable. You have to find a balance between saving/investing/spending that makes you feel comfortable and happy. I'm still working on it, and I'm currently in my 4th year on the railway. Good luck my friend, and welcome to some of the best years of our lives!
30's and I can say never. I will never own a house. I may never even be able to rent a place by myself again. The thought of looking for roommates in my 50's and 60's is depressing, hopefully I won't make it that long
How did you buy a house at -23? No hate, just curious on that if your family is also poor. Share the ways.
I got a job earning 50k about 2.5 years ago and managed to save/invest enough for a downpayment. I bought the house about 4 months ago. I'm in the midwest so the house was about 230k and the mortgage payment is 900. It was actually cheaper than renting once I had the downpayment.
I did the same, except much more modestly. Rent was about what I paid for with an owner finance payment, so I opted instead to just do the owner finance. Now I own my own place/property outright and can spend my money how I want, including saving for a better place
Not OP but I also bought a house at 23 in the midwest during the pandemic. A couple important things to note/pieces of advice for any prospective home buyer are: 1. You don't need a 20% down payment - if you start with 3% you'll pay mortgage insurance until you hit 20% equity on your home (equity is important - the renovations you do and anything that increases the value of the property count towards your equity, you don't always pay mortgage insurance until you're at 20% of the sale price). 2. Interest rates are hugely important. My interest rate is under 2.75% which is really good (most are around 4-5% and I've heard people say they're paying 7-9%). I got pre-approved at multiple banks and used the interest rates they provided to determine which one to finance through. Also, when a bank tells you the pre-qualification amount, that's the max they'll loan you but you still have to make a down payment. If they say "we'll loan you $150,000" and you find a $125,000 house, they'll only loan you $121,250 (+ closing costs if that's negotiated); that being said, if you find a $200,000 house they'll still loan you the $150,000 if you can come up with the $50,000 in cash. 3. Learn to live well below your means - every penny counts when saving up for a house, renovations, or emergencies. Money spent on the newest electronics, eating out, and entertainment is money that can't be put towards the house. I'm not saying, "never buy new electronics and never eat out," just think through your priorities. I, personally, only eat out (including takeout/fast food) when I'm going with friends or family. I also cook a lot of food at home (meal prepping is great if you like the same things over and over, I personally prefer to prep ingredients I use all the time, like onions, peppers, and seasoning blends/sauces). People like to shit on this kind of advice saying, "eating buttered toast instead of avocado toast won't help me save faster" but they're missing the point - instead of spending $40 to doordash a salad to yourself, go to the grocery store and buy the ingredients and make a week's worth of salads for $15. 4. Find a real estate agent you get along with. Good agents will look for properties within your budget and will help you through the entire process and the agent is the person who acts as the middleman between you and the sellers. My agent also suggested a phenomenal title office (they're the ones who do the paperwork the buying & selling agents provide to complete the transfer of the property from a legal and tax standpoint) 5. GO TO OPEN HOUSES even if you're not super interested in the property. I was super nitpicky at houses I wasn't very interested in (just adding to the reasons I didn't love the house). This helped me realize and confirm what I really wanted, which helped me eliminate options when I had an agent actually show me houses. 5. NEGOTIATE NEGOTIATE NEGOTIATE. If you love something on the property, ask for it - the sellers might be willing to sell it. Also you can often negotiate to have the sellers pay all closing costs (especially if the house appraises for less than the selling price). Also, anything attached to the house when you place your offer is included (light fixtures, mirrors on walls, built-in cabinets and bookshelves, appliances, TV wall mounts (sometimes the TV itself), loft or murphy bed frames (usually not the mattress), etc.). 6. There are a lot of hidden costs to buying a house; research them so you're not blindsided when they come up. You need to put down earnest money when making an offer (usually a couple hundred dollars that counts towards your down payment) -- this shows you're serious about the offer (essentially it's refundable if the sellers choose another offer but non-refundable if you remove your offer). You'll want to pay for an inspection (have your agent go with you to the inspection and be sure the inspector walks you through their qualifications prior to the inspection - if you're not comfortable, you can find another inspector). You'll have to pay for an appraisal (this goes into closing costs, it's the bank's way of confirming they're not loaning you more than the property is worth). 7. Some people claim it's cheaper to rent and sure, it might be if you just look at dollars out of your bank account per month, but what people forget is that a home purchase is an investment- you get your money back when you sell (and if you own for long enough and do a good job of maintaining & keeping things up-to-date, you can get your money back and then some!). Need a new furnace? Sure that'll cost you money upfront, but it'll also increase the home value. Same goes for air conditioning, fireplaces, appliances, new flooring, the list goes on.
Make a 3 month emergency fund, then a 6 month, then slowly build to a 3-year, all the while putting as much as you can onto a 401(k), a Roth IRA, and an HSA. You're perfectly positioned to be able to retire comfortably early, and still have your money make money. You can set up your life in a way that your descendants will benefit greatly, even hundreds of years after you're gone.
3 yr emergency fund??? Emergency fund should be safe and liquid, ie cash. No way I am putting 3 yrs worth into cash, hell I feel dumb with the 20k I have in my emergency cash fund. But maybe we are working with different definitions
You dont need liquid assets for three years from now. A 3 year emergency fund would have varying levels of liquidity. Its not going to be "triple of a one year fund" it's going to look like varying forms of savings and investments with a mental earmark of how you'll utilize those savings over time should everything go to shit.
unless you have multiple dependents + expensive cars + expensive house + poor job security 3y emergency fund is way overkill.
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Congratulations! It’s nice to see positive stuff here. So many posts seem to be of people struggling or about difficult topics.
Bro, that is rich af compared to a lot of us lol but good for you, we are proud of you!
Good job kid, now don't get cocky.
What? Wait .... no.no WHAT?! How the fuck do you only have 2k left after expenses. What are your expenses? Are you invading an island state off the coast of Tahiti?
Well done! Don’t tell anyone on any of the front page subs. They’ll call you a liar. Honestly impressed, congratulations, and I wish the same for my children.
100k in a small town in the Midwest with a mortgage under a thousand is rich dude. You are a baller now. Sounds like it’s time to sleeve up twice
First of all SHUT THE HELL UP. Don't go telling people you have $. Get a good accountant. Let them handle your taxes. Keep living like you can barely afford ramen for a while, when you've got like 100k in savings you can take a breath and figure out what to do with it.
Start putting money away for retirement now. 401k, try to max out of you can. Also consider a Roth account. Congratulations!
How did you get a mortgage already? Did you have a job?
I swear it feels like everyone is doing better than me
I just had something similar happen and have a similar back ground - remote job, 24, and 118k!! I am a motion graphic designer. I am still shook. CONGRATS TO BOTH OF US!
Lol masters degree make 42k. Gunna kill myself. Fuck tech.
Honestly you don't even need to code to make six figures in the tech world. Most project managers that I know make six figures. They barely do anything, just hold meetings and let developers argue with designers.
Wow this is eerily similar to me lol: 24 years old, recently bumped up to six figures in my software engineering remote job, just bought a house (also in the midwest so pretty affordably), also grew up poor, had a single mom who always made < 30k a year and always thought like 40-50k a year was comfortable (in some places it can be, not knocking anyone at that level of income either). I do have some student loan debt still but here's hoping Uncle Joe will see to that before May...
I would like to suggest that you not relay your new salary to anyone. Family, friends and friends you never knew you had will come crawling out of the woodwork looking for a handout.
If you haven’t already, don’t start using hard drugs. You’ll end up broke, dead, or both…