FAANG & unicorn folks, what do you do with all that money?
The FAANG and unicorn employee salaries for even 2-7 YOE engineers is quite insane compared to the average Indian employee pay in other sectors of the economy. The average SDE2 at these companies makes 50+ lakhs per year in compensation (not “CTC” but real money) The average SDE3 makes 80+ lakhs which is frankly insane. What are you guys doing with all that money?
Giving 34.2% directly and 18-28% indirectly to gormint. My biggest expenses by a country mile.
Yep and in return we get to travel 10 km in 1hr, we get to go be medical experiments in local hospitals and pay the Swiss boarding fees for our politician’s kids lol
Bought car, apartment. Cleared home loan in 2.5 years. Bought an office in gift city with 10% DP, remaining installment as per construction progress which will be covered from salary, stock worth almost 1cr intact, not touched, 7lac bank balance, started with zero in march2021
Dude 🥲 Well, clearly I'm just swimming in gold coins like Scrooge McDuck over here! But seriously, while I've made some strides, I could still use some advice on how to navigate the next steps wisely. Any insights on where to focus or what pitfalls to watch out for? @AboveAndBeyond
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I stay in blr. Depends on location but for two people you can get decent space for 40k groceries and food max 20 k , so food shelter clothing max 70k per month or make it 10 lakhs per annum to live conveniently.
Also includes gym subscription, educational courses.
What about rest of the money..... Of the rest 50% in
Real estate,
gold,
mutual fund
Company stocks
Other stocks
Other 50% in FD ( conservative profile)
Company takes care of health insurance and retirement (pf amounts to good savings)
Income to savings ratio: very low, if I put the actual number ,gives away the salary.
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Other ways to burn money
I was earlier tempted but didn't give in to the following
+ Have seen relatives/friends do it and spend more money
1. Buying extravagant houses on loans
2. Expensive cars ( i know someone who spent all savings on a Benz and takes 2 wheeler now to save on petrol and traffic)
3. Partying
4. Sins
@Sagittarius_ram This answer changed my life. I wish you made a post about this. I would have loved this man.
Gooner. What's wrong with your life? Random answers on GV changing your life fr? Time to introspect
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Can anyone tell me about the work pressure in FAANG? Especially Google?
Pretty chill if you ask me. Switch roles internally every 2 years to relax and vibe
Depends on the manager and the team but it's increasingly getting worse. Nowadays, there is a culture of fear
Saving, investing in stocks/MFs to take portfolio over 1 cr, bought house in my hometown, buying another house in Bangalore, planning to buy some land as well in my village before i turn 30.
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Not sure about insane money. Have around 2.3 Cr NW (mostly due to real-estate boom). Without considering the house, have around 80L savings (age late twenties). I'm currently looking to do FIRE by late 30s once I have good savings, would 8-10 Cr be enough? Anyone in the same boat?
You're obviously not married yet. Wait till you get a spouse with different goals and dreams.
How would it change things wrt spending habits and savings? Don't dual income couples save far more and achieve at least the Financial independence faster?
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They invest in real estate and keep that bubble inflated. Apart from occasional splurging on VC / Startup
My question would be how did you make all this money in the first place? Spill the beans dude, share your roadmap!
Waste money on buying high end cars , ordering from swiggy zomato and ruin health . Inflate Apartment prices . I actually did a cost analysis of a Faang friend and this is what it is.
Umadbro
Stealth
4 months ago
This
There's a big difference in FAANG vs Indian unicorn people. Indian unicorns tap out at 60-70 cash Max.
Esops allotted are less and mostly paper money.
FAANG folks are yes definitely making bank.
Currently living an upper-middle-class lifestyle. Saving money to buy a home, but it will take an additional four years to reach the goal.
Most actually have a relatively modest lifestyle for their incomes and no one crosses 70k/month in personal expenditures including rent, hitting lean fire targets while they are still at Fresher+1 level.
Base comp comes around 45 lakhs at that level, which translates to 2.8 lakhs/month.
After the general expenditure, the balance is split between MF SIPs and Home loan EMIs.
Rest are RSUs/Variable payouts which don't go towards general expenditure and people use it for bulk investments.
Take a good Health Insurance for yourself and your dependants outside of the insurance provided by the company.
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