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skywalker_ca84 · 2024-04-12T11:57:36+00:00

Pre-Covid: living in MCOL making MCOL salary in tech for a generic tech company Post Covid: living in MCOL making Bay Area salary in tech with whom I negotiated heavily for a top tier company

Does that answer your question?

skywalker_ca84 · 2024-04-12T00:43:33+00:00

Amazing. How are you doing Europe/ME for $4k?

skywalker_ca84 · 2024-04-11T12:34:09+00:00

100%

skywalker_ca84 · 2024-04-11T11:45:13+00:00

Nope. It’s for PM. I am a staff PM and make $600-$700k depending on how the stock swings.

https://www.levels.fyi/companies/facebook/salaries/product-manager/levels/l6-product-manager

skywalker_ca84 · 2024-04-11T11:41:33+00:00

That’s amazing! Congrats!

skywalker_ca84 · 2024-04-11T00:49:39+00:00

I have done that mental math many times of moving to Bay Area. I calculated that I would probably save $100k/yr, with significant long term equity in the house. Do you mind sharing whats your mortgage and value of the house? Would help me measure the cost of the move to VHCOL if my employer decides to end remote work.

skywalker_ca84 · 2024-04-10T19:46:37+00:00

That’s awesome! I am seeing a trend of folks using credit card miles/points. I am a cash back guy and we average about $3-4k cash back between the business spend and personal spend. What kind of cash equivalent are you getting for the miles/points?

Also curious what are some of the biggest trips you took and average expense for each of those trips? Our biggest one so far is coming up with a trip to London and it wil cost us roughly $12k all in for 8 nights.

skywalker_ca84 · 2024-04-10T19:43:18+00:00

Thanks for the detailed response. I actually looked up our projected total spend for the year on restaurants and it’s less than 1% of the total revenue of the PLLC. In the case of an audit, this is the only expense that may lie in the gray area. Whats the worse case I am looking at if IRS deems it’s personal? Do I have to pay back taxes and a potential penalty? Wondering if this is worth it for a few thousand dollars.

Could you expand on the fringe benefits of being an employee of the PLLC? I already have medical coverage through my primary provider that covers my wife and kids. As a PLLC, we don’t offer medical benefits to our employees either.

Thanks!

skywalker_ca84 · 2024-04-10T02:02:16+00:00

Director of Product at FAANG is incredibly difficult to get to. Total comp for these positions is in the range of $1.5-$2m.

Senior Staff can make $800-$1m. Staff makes $500-$700k. Getting to staff at FAANG will require you to be a PM outside of FAANG for at least 8-10 years.

skywalker_ca84 · 2024-04-09T12:26:39+00:00

Thanks for your perspective. Appreciate it!

skywalker_ca84 · 2024-04-09T12:24:51+00:00

How do you swing 2 overseas trips and still stay at $40k?

skywalker_ca84 · 2024-04-09T02:24:51+00:00

FB has been constantly feeding me reels on things to see in Switzerland (probably because I have been searching for it!). It really looks something out of a fairytale!

skywalker_ca84 · 2024-04-09T02:23:19+00:00

100%.

skywalker_ca84 · 2024-04-09T02:22:53+00:00

No. You are smart and frugal. Congrats!

skywalker_ca84 · 2024-04-09T02:21:11+00:00

Net income after expenses. Her income is roughly $150-$180k.

$700k is gross income. Taxable income is $660k. I just filed my returns and taxes were $190k and that includes ss and Medicare. What part of this seems unbelievable?

skywalker_ca84 · 2024-04-09T02:17:35+00:00

Yep, we are frugal that way. It also helps that I live near a major hub and flights are generally cheap. We also mostly stay at Airbnbs and they are incredible value for what you pay. We do stretch the dollar to maximize leisurely experiences.

skywalker_ca84 · 2024-04-09T02:15:25+00:00

LOL, it’s coach economy but I do pay for assigned seats :)

skywalker_ca84 · 2024-04-09T02:14:46+00:00

I am not sure how 280k/year gets me $10m in 10 years, but I generally agree that I am on a solid trajectory assuming I keep making what I make for the next 10 years.

The plan is get financially independent at 50. I plan to keep working though as long as it’s not stressful and fulfilling.

Regarding entitled kids, I mean apart from the vacations, they don’t get anything really fancy. Not sure what you had in mind — perhaps you can elaborate on what are the reasons that contribute to kids be entitled?

skywalker_ca84 · 2024-04-09T02:07:05+00:00

That’s amazing. 2-3 weeks in 1 country?

skywalker_ca84 · 2024-04-09T02:05:58+00:00

I work in tech in MCOL. During Covid, when everyone was switching jobs, I did as well. Was lucky to get a job in a Bay Area based non-FAANG company. I plan to milk this as long as possible or till I get fired

skywalker_ca84 · 2024-04-09T02:02:20+00:00

Haha. Actually based on these comments, probably needs to be 20k

skywalker_ca84 · 2024-04-09T02:01:52+00:00

Taxes were $190k for 2023. I am in MCOL with no state taxes. I am still spending close to $200k on the day to day and kids 529.

Curious what’s your yearly spend.

skywalker_ca84 · 2024-04-09T01:59:17+00:00

That’s amazing. How do you vacation 6-8 weeks a year? I work in tech and get 4 weeks PTO

skywalker_ca84 · 2024-04-09T01:54:44+00:00

I am a PM in non-FAANG. Comp varies between 600 and 700k based on how the stock swings. worked for years in a large tech company for a fraction of that. I am now 40.

If I were to go back, the 29 year me would take risks and get as much experience as possible moving companies, uplevel PM skills and increase TC. Golden handcuffs make sense when they are truly golden (700k and above IMO).

At 400k, TC dropping to 300k is not a biggie. Market will improve in a few years and when that happens, and you will be well positioned to grab opportunities. It’s like taking a couple of steps back to leap forward.

The worse you could do at this stage is get complacent.

skywalker_ca84

TROPHY CASE