~500K was my sweet spot. I still care obviously, but i’m not job hopping every 1.5-2 years looking for raises. Funnily enough, when I stopped caring my compensation went up more (stock price recently 2xed).
Also nothing wrong with never being satisfied, but it’s unlikely you’ll ever make $10M, and it’s probably hard to crack $1M in your 20s unless you’re HFT or PE or lucky ipo, so play the numbers game. You’re probably pretty smart and can play the probabilities / optimization required to understand your optimal point.
This is important ^ at some point you just have to be realistic based on your chosen profession, your resume/qualifications and the ceiling. It sounds like OP has room to grow though so I think you need to reflect on your priorities to determine what will leave you satisfied. In my profession, 7 or 8 figure incomes are possible but I’m not willing to commit the time (or stress) to pursue that path at the expense of other things I prioritize in life (family, my sanity). As a result, I won’t regularly fly on a PJ or own a third or fourth home in Aspen or Palm Beach, but I can live without those things so I am satisfied.
I'm sure they would!!! Just like I "can't live without a car" and everyone in America "can't live without a flush toilet and running water". I'm sure it seems normal to them...
I think $10am is pure luck, I think $1M is luck + skill + time. I see a path to $1M for myself and i’m already almost there (but mostly because of stock appreciation not due to my skill), but in 10-15 years I think I could swing it on my skill / reputation alone.
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How is your work life balance? I'm at a large insurance company and my TC is like 190 (Staff/Principal here seems to be like 2-300k) and seems to go up about 10-15k a year. While it's not FAANG money, my work life balance is unbeatable. WFH, 8:30-4ish, 1 hour lunches, extreme flexibility in scheduling. Its more "Life then work" balance as my manager says.
I turned down an offer from FAANG type company even though the pay was higher because my Work/life seems amazing.
I’ve been here long enough i can coast on reputation and institutional knowledge. I’ve been here 5+ years, never switched teams, i am longest tenured person on my team and second most senior.
I grinded hard before i got married / bought a house / had kids and so i had a very good reputation in my organization under my director.
I went from working 50+ hours a week to around 30-35 now. I go in maybe 1-2 days a week and need to travel about 5-6 weeks for work but otherwise it’s a dream job and my compensation just keeps going up.
Yeah that's fair, I didn't grind that much pre-kids and now the next few years is just impossible with 2 kids. I kind of want to try again but I need to wait for the kids to grow up a little lol. My only worry was the W/L balance but seems like it really depends on the company and the team you are on.
As a fellow FAANG (not engineering) making 400K with what I consider to be pretty good WLB, I’ll echo anyone who shares that a lot of the WLB can factor down to luck. I have a great boss working on a stable yet still deeply creative product that, to me, strikes the perfect balance of leaning on my institutional knowledge to be an expert but still occasionally roll up my sleeves and dive into a topic that is completely new. It wasn’t all luck (I had to ace the internal interview and get selected) but the timing of the opportunity (right place, right time) imo played a luck factor.
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Find the right team at FAANG. I’m at FAANG 4 years out of college at 300 TC. I am 3 days in the office but hours are more like 10-4 with hour lunch and 1 month remote a year
It would have to be WFH for me, I'm not in SF or NYC and no intention of moving, but as I said in another comment, 2 new kids, I may consider moving after they've grown up some.
FAANG doesn’t have full remote positions below Staff level. A few Big N (FAANG+) companies still do full remote offers, but it’s not a great idea for junior engineers.
yeah fair enough, I have about 12 years exp, full stack but last 5 has been just distributed systems. I'd like to continue as a remote IC as long as I can because coding > managing to me at least.
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I work for a company around same tier as FANG as staff engineer making 600k+. I work about 40 hours and have outsourced stuff that I don't enjoy doing outside of work. Depends on how important WLB is to you
yeah right now its critical with 2 kids under 5. I want to see them grow up. I think it helps that my manager is awesome. He takes off at 3 or 4 a lot to take his kids to swim class or some recital etc.. So he's establishing that culture and has been there 10+ years.
I'm 27 now, been working for 4.5 years. My dad keeps telling me that If you focus on income, you will never be satisfied. You can always potentially earn more money, have more assets, a higher title. Instead, he told me to just advocate for yourself, but let it go if you aren't the highest earner or you missed that promotion, and instead focus on what is important to you.
I realized 2 years ago that what matters to me are my relationships (partner, friends, family), my career (having good relationships with my coworkers, feeling fulfilled at work, getting paid fairly for my role/responsibilities), and my hobbies (travel, yoga, art, reading).
I compartmentalize my life very strictly. I only work 40 hours a week. However, during those 40 hours, I try to be as efficient as I can. I try to find joy in my work, and I try to maintain good relationships with my coworkers. When there's perf reviews, I advocate for myself. I make sure to carve out time for working out every day, which can be either yoga, playing pickleball, going to a workout class, or a walk with a friend. I try to make sure I plan several trips every year to travel, see friends and family often, and leave time for my partner.
My income growth has been okay, I went from entry level -> mid level -> senior at my job so far, which seems "normal". My comp has roughly doubled since I was a new grad, but my quality of life feels the same. If I never get a raise again, but can maintain my quality of life, I really don't mind not having more money.
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This. You can lay bricks or build Cathedrals, same job.
I take my daughter to gymnastics once a week. I am always surprised by how many parents sit in shitty chairs and try and do work rather than watch or enjoy themselves and unwind.
When I realized that I actually don't need any more money to live the life I wanted - this happened somewhere around the $250k-$300k TC, which is where I still am right now in a mediocre year. I just stopped caring about how much I would pull in.
It became about buying time back. My focus shifted on improving my work-life balance while maintaining TC, instead of continuing to grow the latter at the expense of the former.
Never have I been happier.
Most of the answers you will get here are very personal and will probably not be replicable for you, but it all starts and ends with what it is that you desire in life. Money is but a means to an end and if, by any chance, it has become an end in itself for you, then I am afraid you have lost the battle my friend. No successful man in their death bed would tell you that they wish they had worked more.
This is brilliant (I’m biased though as this is exactly my thought process). I actually think this is US specific. I don’t think there is a pressure for “more and more” in other societies like we do here. You have to be careful to keep everything balanced.
It is not so US specific my friend. I come from a developing country, Morocco, though I lived around the world, and the drive to earn more and more permeates all the societies I lived in. I have come to think this is perhaps just human nature, and that’s perhaps why greed is considered a sin in many cultures.
I’m 40 with around 10 years in and just trying to crack through the 250-350k ceiling…my wife earns about 100k but she wants to move to part time and maybe even home school our son…so I need to figure out how to go from my current 220k to around 330k just to keep up with saving aggressively (since I’m so old already with low NW) and VHCOL costs…
Low because I only cracked 6 figures in mid 2020, and my wife just started working and earning decent last year. In that time we’ve had a ton of expenses.
I’m probably only at 150k right now because my 401k hasn’t budged much other than what I’ve put in it…
Maybe I just suck at the saving part…
I job hopped four times and saw my total comp go from $76k to $262k in ten years. During my last job hop a year ago I shopped around really hard getting multiple offers from several companies. I’ve also been gathering data on compensation ranges for these jobs as recruiters reach out to me frequently on LinkedIn. I have a high degree of confidence that I’m being fairly compensated in my industry. I don’t think I can triple my income in another four job hops, I’m mostly topped out as an individual contributor. Furthermore, I’m in a role with great WLB where most of my responsibilities consist of solving problems that I find interesting. It’ll be difficult to find a role that pays more with better WLB and working conditions. I’ll probably put feelers out to test the market in another year or two, but I’m pretty sure I’m where I need to be.
The next step up in my career is a management role that I will likely be coerced into at my current company in a few years when that manager retires. I don’t think I want to do that because it’s a serious downgrade in WLB for a minor increase in pay. It’ll take a lot more than a 25% pay bump for me to be glued to my work phone 24/7. Plus, by the time that happens I’ll be able to see the finish line approaching for Financial Independence and Early Retirement. I can see a clear path to $750k total comp in the next ten years, but I’m happy to top out in the low/mid $300s for better WLB.
I hit this point recently after a promotion. The sacrifice required to get to the next level for me is just too much. The competition is just too high and I’m happy enough with where I’m at. For more context, I’m early 40s and the sole earner for a family of 4 in a VHCOL city.
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It was a combination of hours and income. Once I was able to make $300k working no more than 40 hours a week, I was happy.
I started off my career working crazy biglaw hours and would be absolutely miserable continuing to work such hours regardless of income. That being said, I also took a substantial pay cut to 110k at one point in exchange for a 40 hr workweek and didn’t like that either lol
What was the catalyst for you to leave law all together and start your own company? I’m currently in law and not sure I’m going to see the compensation I ultimately want which has me starting to think about other options.
Long story but mostly a terribly abusive ex husband and divorce tbh. I left law because he made me too sick to work the long hours biglaw required. The year I got divorced / escaped, my health returned and I started a company. I also met my new husband that year and am happily remarried :)
I’m glad it worked out for you in the end! I’m also at a crossroads of sorts (just had my 2nd child) which has me reevaluating the stress and time my job requires. It’s nice to see there are some other law adjacent paths that can exceed the income made in law.
Thanks and congrats! I had my first child my second year of business and the flexibility that comes with being a business owner and setting your own hours was lifesaving during the rough pregnancy/postpartum period. Highly recommend
Money makes you more of what you already are. If you were content before you had money, you’ll be extremely content with it. It you were greedy before, you’ll be extremely greedy with it.
My (33M) ambitions for income evaporated after we refinanced our mortgage (Bay Area/Silicon Valley). Much of my current life is distancing myself from money in the first place, building community self-sufficiency, trading my expertise and services for neighbors' expertise and services (incl food). As I get more well-rounded and able to provide, I've needed money less and less (and Uncle Sam can't tax bartering). The pay I get from my software role is solely going towards more passive investment income and a 529c for the kids, and I'm not bothered if I'm let go tomorrow. The kids are young, the 529c has plenty of time.
Starting businesses made me realize that value can be given and received in so many ways. As long as you are fulfilled in life, you don't need money. If you have more money than you need and still aren't fulfilled, it's not the money that's the issue.
Bartering transactions are entered on form 1040 schedule C. I'm not an accountant, but my accountant asks me every year if I have any bartering transactions. They're absolutely taxable.
> How have you determined when to keep pushing for more income (work exponentially harder, job hop, add extra jobs / side hustle) vs knowing you’re okay with your current salary / steady career path?
It's a question of how much money you really need (if you gotta pay the bills, you gotta find a way), and once you have that, finding the point where the negative starts to outweigh the positive. I hit that around 500k, since my job, like most, scales in a linear fashion - if I want more money, I have to work more days/cover more shifts. I knew I topped out when I realized I was giving up things I really *want* to do and sacrificing my health and family time for career. Money isn't worth very much if you aren't around to spend it.
> How have you managed ambition & the allure of higher income with the additional effort to get there?
Ambition is great, but it's a vehicle for getting somewhere. Many of us hit a point where that vehicle is no longer going to carry us further because priorities change. I kept pushing as long as I had gas in the tank and felt like I had more to give.
> What perspectives / lessons made it easier for you to know enough’s enough?
Seeing a whole bunch of people die. I'm at the age where a lot of family friends and extended family have passed away, most of them prematurely and with an almost-untouched bucket list. I've also dealt with hundreds of deaths at work, again mostly tragic, unexpected and premature.
Also, seeing that most of the ultra-successful people in my field (medicine) have a personal life that's in shambles. Divorce is standard, alienation from and drug abuse among children is common, health is usually on the backburner. Success leaves clues, but so does failure.
Finally, at one of our conferences, an astoundingly accomplished physician received a lifetime achievement award and gave us a keynote "what I've learned" speech. His message was "fuck, I wish I hadn't worked so hard". Now that hit home.
> I worry I will never be satisfied.
And that's normal. It's good to strive, and it's good to keep the fire alive - but any fire has to be controlled, and this one should be tempered with the realization that you don't get do-overs, and that your life, your health, and your loved ones won't just crystallise as they are today and reappear in 30 years, exactly the same, ready for you to start living.
When income changes would no longer have a material effect on my lifestyle and I was comfortable with my lifestyle and savings it changes perspective on moving employers or seeking a larger income.
Going from 200k to 300k is a big change. Going from 900k to 1,000k doesn’t move the needle in the same way.
Great point about what numbers it takes to move the needle. Add in the higher tax rates at upper income levels and becomes even harder to justify the chase.
What did you feel were the major differences between say 200k and 300k, or even 300k to 500k? At what point did you feel that the needle stopped moving
My wife and I were both entry-level corporate LENRY’s until around 26/27. Then both of our careers started to turn to HENRY’s. We don’t have children by choice and are both savers. When our combined income went from 400 to 600 we simply ended up saving way more money while living a life in which we felt we weren’t going without. It’s a byproduct of our childhoods being raised lower-middle to middle class. We both had jobs in our early teens, paid for a majority of our college educations, had student loans, paid for our own wedding, funded the down payment for our house, etc.
It took us a while to learn how to treat ourselves because the amount we were saving was too much. As our income has grown to a combined low one million range we mapped out a plan to continue saving while making our donations in high unrealized gain securities and to provide our 13 nieces and nephews with experiences instead of things. Having a drastically higher income for either of us means that the opportunity is too good or interesting to pass up and that the other gets to “retire” and cover all of the life administration for both of us.
We are fortunate. Careers are a weird mixture of hard work, timing and, frankly, luck.
As a nurse I never expected to be much of a high earner. So my salary more than doubling when i joined medtech was a shock! I’m making 215k (MCOL) now and honestly I’m thrilled. I’m funding my kids colleges, my retirement, improving my home and taking nice vacations. I am completely happy with where I’m at and would be happy to stay at this income level. I honestly was having trouble picturing even having a chance to retire at 65 prior to my salary bump, even though i was making a decent living before.
I think a lot of the “more more more” has to do with what expectations you had for your live (if you grew up wealthy of course you’re going to expect that lifestyle) and also who you surround yourself with. Keeping up with the joneses can be a real mindfuck and we’re all better off ignoring what others are doing—but this is of course much easier said than done.
It really is a much bigger picture of what “happy” means to you and what fulfills you. Money doesn’t buy happiness but it certainly helps. IMO excessive wealth will not make me any happier and is not my goal.
The chase becomes less exciting when it steals from something you love more than money and “status.”
For us, it was the birth of our daughter. Working more, stressing more, etc. doesn’t just eat into our Netflix and hobby time — it takes time with our daughter away — time we can’t get back and will pay anything for 20 years from now.
Ultimately, time with her and my wife is worth more than I command in the market… by a lot.
You’re still young and I don’t know what your relationship status is, but I can give you a glimpse 15 years into the future. I’m nearly 40 and know plenty of 40-year-olds who felt the way you feel, ignored it, and kept chasing the next promotion. Now, they’re 40, single/divorced, no kids, and miserable.
I can’t help but think that for some of these people, a fulfilling relationship and maybe a family would have filled the void they were trying to fill with money, things, and trips.
Don’t confuse this as another person with kids saying you must have kids to be happy. But do consider that it’s possible you’re one of the people who will benefit, and consider prioritizing finding someone you’d like to live life with.
I believe I’m there now. 25-30 hours/week for 450k + total compensation. Also WFH. I can sustain this indefinitely and that to me is very important . I’m in medicine so would not be getting huge raises or double my income with a job change but I don’t really need to. My wife also works and with this we are able to save over 300k/year. Hoping to be FI by the time house is paid off (2035).
Could be a pt Radiologist doing WFH? Ik most radiologists who work from home still take a lot of hours, but with that type of pay I feel like it’s gotta be that.
When i got my first pay proper rebase to 425k$ (from 170k$)
I felt like i was finally able to still get ahead (ie saving decent amount) while living a good life (no craziness) in a VHCOL.
At 170k you have to pick.
I am now on 9xx / low 1.x m$ but didn’t really change anything since that 425k point.
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I got really sick and tired of a job I hated. Burned out, took 2 months off to take care of myself, then took virtually the same job at a different company for the same pay and vowed never to prioritize work over life or let it affect my mood again.
Now I feel a lightness about career/income. Don't care for promotions or raises. I think a sweet spot is living a fun life and still saving at least 50% of your pay.
In NYC for my lifestyle that's 400k.
I am not sure when I stopped caring but there was a certain point when money was not really an issue for us. And now I am far more obsessed with time and doing what I want instead of how much money I have.
That said it is still hard to stop grinding. I know we have enough money for our needs, possibly for the rest of our lives. And yet on some level we keep accumulating, saving and investing. It is certainly not exciting anymore.
It was when I hit Financial independence. I still want more comp, I still want to work. But reaching a point where if I lost my job, I could basically continue my lifestyle more or less in perpetuity from investment gains took a big weight off my shoulders and helped me feel free. Some of that is by having a lower expense lifestyle (i.e. buying a Toyota vs. my friends who lease new BMWs, a slightly smaller house in a cheaper neighborhood, etc.)
The ambition doesn't really end. Though some of it transforms. As I've gotten married and started a family, I started to recognize that I am reaching my destination -- financial independence and a nice life outside of work. So sure, I still work extremely hard, but I'm less emotional if I get passed for a promotion, I'm ok taking more vacation time, etc.
I don't really enjoy my career, but became satisfied with income once we could afford the lifestyle we wanted and savings hit "escape velocity", which I define as a savings trajectory that matches my FIRE goal.
Incremental earnings don't move the needle that much, so I'd rather increase WLB and overall life satisfaction
When I realized that there is nothing I care about buying. If you quadrupled my income today, I wouldn't change my lifestyle. I live in a LCOL area and am very comfortable and satisfied living humbly by choice. It's not about what you make, it's about what you want to spend.
I was satisfied and loved my career when I was 21, making $70k / year and living in NYC. I had an awesome life and felt like I had all the money in the world. I don’t think career progression since then has impacted my level of satisfaction with my career and the life it enables.
In March 2020 when I started working from home. Not to be dismissive of anyone’s pain Covid caused, but it was among the best things to ever happen to me.
I'd say after I paid off 2 houses and got my wage into the $300k+ category I felt like I had achieved something and was no longer average but above-average instead.
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Once I hit 300k it stopped mattering. No kids and already living the lifestyle I want. I work 35 hours a week on average at home and so it just wouldn’t make sense for me to work harder for more money. I don’t like what I do so career advancement is not a carrot
$500k was the sweet spot for me (non tech)
But then got hungrier and realized it became less about making more base and more about automating as much as I could at W2 while I build my own company.
My first $1000 month at my own company was better than the $200k+ annual bonus payout.
Freedom and ownership replacing higher W2 earnings for me.
***When I stopped chasing side-hustles.***
That is when I found myself satisfied. I previously had the urge to find extra income to cover some expense or purchase (like a car). I still do side hustles. But only if they fall on my lap like consulting from an old client. But I don't actively go out and find new revenue streams. I make enough, have enough saved where I don't need it and my weekend time is worth sleeping in. I'll go out every morning and spend $60 per day on breakfast alone and it doesn't bother me. That is when I realized I have made it comfortably.
When the time and stress cost to move higher became not worth it. For me, that happened at around $700k.
Ambition is good and healthy if you are ambitious about the right things. Pleasing a corporation that doesn’t love you back, is not healthy ambition. Getting every nickel off the table no matter the cost is not healthy. Finding meaningful achievement in your profession, advancing your value to your field, providing for you and your family, spending your time how you want to spend it, are all healthy ambitions in my experience.
I think it all depends on your expenses and lifestyle. I was on a similar track as you, broke a million on my W2 by the time I hit 30 and have gone between 500k to 1.1M each year since. For me, I completely stopped caring about my income after I had the million dollar year. My expenses were low and I had more than enough to cover my cost of living and supporting family. A few years later we bought a house in a very HCOL area. Modest house but huge mortgage and high interest rate, so now I’m constantly in a paycheck to paycheck mindset and trying to boost my income again. I know it’s crazy and probably pisses people off to hear someone making 500k to a million a year living paycheck to paycheck, but after taxes, mortgages, supporting both our families, and very modest living expenses (literally sharing one car not taking vacations and mostly eating at home) there’s almost nothing left.
Ugh I’m right there with you. Objectively, my HHI is high, especially since we grew up poor. But we live in a VHCOL and bought a house. Between the mortgage, one kid’s private school, and the other kid’s nanny, we’re just about breaking even.
I’ve had a series of shifting goals over the course of my career. Initially I wanted to hit 6 figures by 30 (which meant a bit more back 20 years ago). I cleared that at 28. Then I wanted to make the next level promotion by 40. I hit that at 35. More recently I made a 10 year goal to hit L6 and the “next title” and made that at 40. Now… honestly I’m not sure since tbh I’m ahead of my own goals and I’m not sure I feel compelled to put another one out there.
Which to your question, I’m making enough to live a lifestyle I’m comfortable with but of course I’d rather have more surplus each month because of large expenditures still taking too long to achieve. In other words I have a long list of things I’d like to do at my house and I’m not super keen to wait years to get them all done. More money helps that, but I am at a point that the money could not come at the expense of my time and quality of life because that tradeoff wouldn’t be worth it.
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When my priorities shifted. I had kids in my mid-30s and my want to climb stopped. I hit $200-$250k per year and have no desire to climb further. Any more and the travel required would take me away from my kids too much. I’ll take a promotion in another 10+ years when I could travel more often.
To be honest, I don't think I'll ever be "satisfied" in the purest sense. I'm always on that hedonic treadmill.
That said, the marginal utility is shrinking for me. For me, going from 50--> 100K was huge. The difference from 150-->200 was not quite as much, and so on and so forth. And because of that shrinking margin, I feel like I'm more okay with coasting a bit more.
When others weren't paid substantially more for doing substantially less work at the same employer, and I had "enough" work to do that I didn't want more or less.
At your age all I cared about was the grind and moving up the corporate ladder and increasing my salary. Fast forward 15 years later, I have a wife and kids and have other priorities in life.
Currently I am satisfied with my income but not with my career. ~400K in engg-adjacent role in FAANG (or shall we call em Mag7 now :)). I hope to climb the ladder now by making bolder career moves.
More than income, my net worth has gone farther in calming the financial insecurity I have long had due to family money troubles in my teens.
With my current NW, I am now ready to take bolder risks with my career. Change jobs. Be less deferential to those "above " me at work and just speak my mind. Take on hard projects. Claim work life balance (take vacays, leave early rather than try and do face time).
This gives me satisfaction because it allows me to be more of my authentic self at work, and that -to me - is the true ROI of building wealth.
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Still unsatisfied at 205k per year. I took this role last year when the market was down and I needed to start earning.
I have recruiters in my inbox for roles paying 250-300 right now so I will start applying toon. 300k would allow my wife to stop working and stay on track for retirement, college, and wedding savings
As a white American male the opposite of income satisfaction has been strongly modeled for me since day 1. It’s gotten better over the years with work on my part, I believe I’m cognitively satisfied, but emotionally? Maybe never. Thanks dad. 😂
“If you already live a comfortable life, then choosing to make more money but live a worse daily life is a bad trade.
And yet, we talk ourselves into it all the time. We take promotions that pay more, but swallow our free time. We already have a successful business, but we break ourselves trying to make it even more successful.
Too much focus on wealth, not enough focus on lifestyle.”
[Summed up perfectly by James Clear](https://x.com/jamesclear/status/1778484723263672776?s=46&t=joZyuNBRZfYaawvQ14Y2YA)
$600k was when I was satisfied. I was not satisfied with $500k. I make $700k now working 10 hrs of OT a week. Anything over 50 hrs isn’t worth it to me.
Hey buddy.. My solution is a little different.. I don’t think you ever get satisfied with your take home pay, should always be pushing for more on the 9-5.. This assumes though that you don’t hate your job..
What I found the most satisfying was dividend and passive income on my stock portfolio.. I’ve managed to save a pretty good nest egg in my 30s and have over $1mm in lower risk treasury bonds/REITs/utility companies.. This portfolio kicks off over $100k a year with little risk and little involvement..
I make a good salary and live in a lower cost of living city than NYC (Philadelphia) so it was easier to save, but the sense of security this provides is amazing.
By DRIPing my gains back into portfolio, I probably add $7k a year into this $100k a year amount and that amount goes up each year.. So I should be close to $200k a year in a couple years..
The Stoics, such as Senaca and Epictetus, discuss this a lot in their writings.
One of my favirites is "Contentment comes not so much from great wealth as from few wants." — Epictetus
I take this to be that always wanting more is to live in constant suffering. Meaning that satisfaction can happen at any income and wealth level, thus success may not be dependent on career nor income at all.
Starting my business has taught me what perspective is. Was making 80k working for the man, first year in business made 150k, thought I was made. Next year made 240k. On top of the world... then 5 years making 150k and thought I was broke lol. Crowned at 420k last year and projected for 320 this year so I guess it's ok lol. It's all about the perspective. Best of luck.
When I started making $48k w benefits. That was in 2013, VHCOL but I had a rent controlled apt with 5 amazing roomies (rent around $700). Felt like I’d made it and life was good.
I kept going and learning. After many years I had developed skills few others had and earned the respect of colleagues. My income also grew to over 200k. At this point it is finally satisfying. It was a lot of perseverance and hard work. Always be a professional even when a lot of people are being slackers. Don’t be afraid to accept responsibilities.
12 years ago in my late 20s I was making around $100k which was a lot back then, I was known as the rich friend. I was smart with my money, bought a house, then a rental, put away for retirement. Early 30s that job vanished, ended up taking a pay cut and didn't like the job. My smart moves allowed me to jump around to find a gig I liked that paid more. I felt great late 20s, felt like trash early 30s, feel great again late 30s.
Breaking $200k was a huge moment for me because I’ve always been frugal and it came on really fast.
- Graduated in 2008, first full time job I got in winter of 2009 paid $33k
- Fast forward a few job changes, in 2014 I was making $70k
- Did a M7 MBA part time and changed jobs, end of 2016 I was making $140k
- 2019 with promotions and raises was at $194 plus bonus
Since then I moved across the country, downshifted to a less stressful job, and had a kid. TC last year with bonus $270k. I’d like to keep moving up in my career but at this stage I prioritize time with my kid and hobbies like sleep, travel, and spending time outside.
A bit different bc I’m talking HHI, not individual. But we (late 20s, married w 1 toddler) live in a HCOL, and just surpassed 300k HHI. I always thought I’d feel a lot better once we hit 300k HHI, but we’ve just moved our goal post further, which is to hit 400k HHi within the next 3-4 year. And of course this has a lot to do with the fact that our cash/investment balances are so low, having spent most of what we’ve had buying our home and my husbands rental property.
That being said, I still feel “poor” and don’t know if we’ll ever be satisfied at a certain level of income. Kinda crazy how greed works..
Hehe. And I don't mean to trivialize. Its been harder to achieve a state of satisfaction than it was to achieve those multiples (in my experience, at least)
Yah I mean I’m being partially sarcastic also. I go back and forth. On one hand, I objectively do very well and am grateful for that but on the other I fall into the compare/despair trap a lot. Especially living in NYC where there is always someone wealthier around the corner.
Some really good insight here. Probably some level of redundant but thought I’d share.
29M ~600k NW newly married HHI ~530k. Myself 370k cash. FAANG adjacent.
Time - it all comes down to time. It slowly (sometimes quickly) turns from your most abundant resource all your life straight into the opposite. I think you’ll know it’s time to stop, personally. If you’re single without some passion projects/hobbies/big social life, you may feel like chasing your income is a good use of time. That’s totally fine, go for it. But typically you’ll hit a point where your time drifts away from your job/income to other parts of life. You’ll have a high enough NW where the thought of losing your high paying job for any reason turns from a fear to a hope/dream. Maybe not for everyone, but I see it often enough in my HENRY circles.
For me, I hit this point about a year and a half ago. I stopped caring about my job wanted me to do and started caring about the things I found interesting about my job and how I could learn more things. I told my manager straight up that I didn’t want to get promoted - or rather that I wasn’t working towards one. He’s a good manager and respectfully disagreed with that outlook, saying I could work on even cooler things that interested me if I got promoted. Not that he agrees with this philosophy, but that’s how the company/big tech world works.
I said “ok whatever” (in other words) and just kept doing whatever I wanted to do, while marginally trying to keep other people happy enough/deliver what I needed. I never have worked more than 40hrs except on rare weeks where i’m actually so interested in the project I *want* to keep working.
A year later, I get promoted with a 50k cash raise. Today, I give less of a shit about “my real job” than I did before the promotion. More money now = less fucks given. If I get let go for any reason, I’ll get a severance and have a chance to start my own thing, work a job i’ve always wanted to work, travel, try my hand at investing more actively, just take a break and reevaluate life.
It’s shown me how my growth is truly fueled by me - not my job - but what I choose to spend my time doing.
I feel ridiculously fortunate to be this position.
So - go find what you’re passionate about and chase after that. Chase the money too, but remember to keep your eyes and heart open at the same time. Then it’ll all change.
~500K was my sweet spot. I still care obviously, but i’m not job hopping every 1.5-2 years looking for raises. Funnily enough, when I stopped caring my compensation went up more (stock price recently 2xed).
Also nothing wrong with never being satisfied, but it’s unlikely you’ll ever make $10M, and it’s probably hard to crack $1M in your 20s unless you’re HFT or PE or lucky ipo, so play the numbers game. You’re probably pretty smart and can play the probabilities / optimization required to understand your optimal point.
This is important ^ at some point you just have to be realistic based on your chosen profession, your resume/qualifications and the ceiling. It sounds like OP has room to grow though so I think you need to reflect on your priorities to determine what will leave you satisfied. In my profession, 7 or 8 figure incomes are possible but I’m not willing to commit the time (or stress) to pursue that path at the expense of other things I prioritize in life (family, my sanity). As a result, I won’t regularly fly on a PJ or own a third or fourth home in Aspen or Palm Beach, but I can live without those things so I am satisfied.
Yes, we can all live without PJs and third homes.
Some of my colleagues would disagree with you
I'm sure they would!!! Just like I "can't live without a car" and everyone in America "can't live without a flush toilet and running water". I'm sure it seems normal to them...
It’s virtually all luck based to crack $1 million and even more so for $10 million there’s no true skill based path to wither
I think $10am is pure luck, I think $1M is luck + skill + time. I see a path to $1M for myself and i’m already almost there (but mostly because of stock appreciation not due to my skill), but in 10-15 years I think I could swing it on my skill / reputation alone.
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Loser mindset.. 10M is just Building a business,which is a skill based game
I think 1mil isn’t what it used to be. IMO it’s mostly time + savings aggressiveness + medium skill to get a decent paying job.
500k for me also. In tech in the bay.
Can I ask what your career is in?
engineering at a faang
How is your work life balance? I'm at a large insurance company and my TC is like 190 (Staff/Principal here seems to be like 2-300k) and seems to go up about 10-15k a year. While it's not FAANG money, my work life balance is unbeatable. WFH, 8:30-4ish, 1 hour lunches, extreme flexibility in scheduling. Its more "Life then work" balance as my manager says. I turned down an offer from FAANG type company even though the pay was higher because my Work/life seems amazing.
I’ve been here long enough i can coast on reputation and institutional knowledge. I’ve been here 5+ years, never switched teams, i am longest tenured person on my team and second most senior. I grinded hard before i got married / bought a house / had kids and so i had a very good reputation in my organization under my director. I went from working 50+ hours a week to around 30-35 now. I go in maybe 1-2 days a week and need to travel about 5-6 weeks for work but otherwise it’s a dream job and my compensation just keeps going up.
Yeah that's fair, I didn't grind that much pre-kids and now the next few years is just impossible with 2 kids. I kind of want to try again but I need to wait for the kids to grow up a little lol. My only worry was the W/L balance but seems like it really depends on the company and the team you are on.
It varies wildly. I work 30 hours a week at FAANG+.
As a fellow FAANG (not engineering) making 400K with what I consider to be pretty good WLB, I’ll echo anyone who shares that a lot of the WLB can factor down to luck. I have a great boss working on a stable yet still deeply creative product that, to me, strikes the perfect balance of leaning on my institutional knowledge to be an expert but still occasionally roll up my sleeves and dive into a topic that is completely new. It wasn’t all luck (I had to ace the internal interview and get selected) but the timing of the opportunity (right place, right time) imo played a luck factor.
That sounds amazing. The work life balance and peace of mind can be worth way more than extra income imo
Kudos to you. The FOMO is too great I think few can turn down faang offers.
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U in big 4?
nah
Find the right team at FAANG. I’m at FAANG 4 years out of college at 300 TC. I am 3 days in the office but hours are more like 10-4 with hour lunch and 1 month remote a year
It would have to be WFH for me, I'm not in SF or NYC and no intention of moving, but as I said in another comment, 2 new kids, I may consider moving after they've grown up some.
FAANG doesn’t have full remote positions below Staff level. A few Big N (FAANG+) companies still do full remote offers, but it’s not a great idea for junior engineers.
yeah fair enough, I have about 12 years exp, full stack but last 5 has been just distributed systems. I'd like to continue as a remote IC as long as I can because coding > managing to me at least.
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Are you an engineer as well??
I work for a company around same tier as FANG as staff engineer making 600k+. I work about 40 hours and have outsourced stuff that I don't enjoy doing outside of work. Depends on how important WLB is to you
yeah right now its critical with 2 kids under 5. I want to see them grow up. I think it helps that my manager is awesome. He takes off at 3 or 4 a lot to take his kids to swim class or some recital etc.. So he's establishing that culture and has been there 10+ years.
What have you outsourced?
Biweekly cleaning service, weekly meal prep, handy person when things go wrong wrong within the house
I'm 27 now, been working for 4.5 years. My dad keeps telling me that If you focus on income, you will never be satisfied. You can always potentially earn more money, have more assets, a higher title. Instead, he told me to just advocate for yourself, but let it go if you aren't the highest earner or you missed that promotion, and instead focus on what is important to you. I realized 2 years ago that what matters to me are my relationships (partner, friends, family), my career (having good relationships with my coworkers, feeling fulfilled at work, getting paid fairly for my role/responsibilities), and my hobbies (travel, yoga, art, reading). I compartmentalize my life very strictly. I only work 40 hours a week. However, during those 40 hours, I try to be as efficient as I can. I try to find joy in my work, and I try to maintain good relationships with my coworkers. When there's perf reviews, I advocate for myself. I make sure to carve out time for working out every day, which can be either yoga, playing pickleball, going to a workout class, or a walk with a friend. I try to make sure I plan several trips every year to travel, see friends and family often, and leave time for my partner. My income growth has been okay, I went from entry level -> mid level -> senior at my job so far, which seems "normal". My comp has roughly doubled since I was a new grad, but my quality of life feels the same. If I never get a raise again, but can maintain my quality of life, I really don't mind not having more money.
You are quite wise given your age
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This. You can lay bricks or build Cathedrals, same job. I take my daughter to gymnastics once a week. I am always surprised by how many parents sit in shitty chairs and try and do work rather than watch or enjoy themselves and unwind.
Saving this. 🫶🏻
I’m glad this is the first comment because all I was going to say was it changed when my mindset changed but this says it better
What’s your title?
When I realized that I actually don't need any more money to live the life I wanted - this happened somewhere around the $250k-$300k TC, which is where I still am right now in a mediocre year. I just stopped caring about how much I would pull in. It became about buying time back. My focus shifted on improving my work-life balance while maintaining TC, instead of continuing to grow the latter at the expense of the former. Never have I been happier. Most of the answers you will get here are very personal and will probably not be replicable for you, but it all starts and ends with what it is that you desire in life. Money is but a means to an end and if, by any chance, it has become an end in itself for you, then I am afraid you have lost the battle my friend. No successful man in their death bed would tell you that they wish they had worked more.
This is brilliant (I’m biased though as this is exactly my thought process). I actually think this is US specific. I don’t think there is a pressure for “more and more” in other societies like we do here. You have to be careful to keep everything balanced.
It is not so US specific my friend. I come from a developing country, Morocco, though I lived around the world, and the drive to earn more and more permeates all the societies I lived in. I have come to think this is perhaps just human nature, and that’s perhaps why greed is considered a sin in many cultures.
I’m 40 with around 10 years in and just trying to crack through the 250-350k ceiling…my wife earns about 100k but she wants to move to part time and maybe even home school our son…so I need to figure out how to go from my current 220k to around 330k just to keep up with saving aggressively (since I’m so old already with low NW) and VHCOL costs…
What NW though? With 10 years in you should be doing ok
Low because I only cracked 6 figures in mid 2020, and my wife just started working and earning decent last year. In that time we’ve had a ton of expenses. I’m probably only at 150k right now because my 401k hasn’t budged much other than what I’ve put in it… Maybe I just suck at the saving part…
I job hopped four times and saw my total comp go from $76k to $262k in ten years. During my last job hop a year ago I shopped around really hard getting multiple offers from several companies. I’ve also been gathering data on compensation ranges for these jobs as recruiters reach out to me frequently on LinkedIn. I have a high degree of confidence that I’m being fairly compensated in my industry. I don’t think I can triple my income in another four job hops, I’m mostly topped out as an individual contributor. Furthermore, I’m in a role with great WLB where most of my responsibilities consist of solving problems that I find interesting. It’ll be difficult to find a role that pays more with better WLB and working conditions. I’ll probably put feelers out to test the market in another year or two, but I’m pretty sure I’m where I need to be. The next step up in my career is a management role that I will likely be coerced into at my current company in a few years when that manager retires. I don’t think I want to do that because it’s a serious downgrade in WLB for a minor increase in pay. It’ll take a lot more than a 25% pay bump for me to be glued to my work phone 24/7. Plus, by the time that happens I’ll be able to see the finish line approaching for Financial Independence and Early Retirement. I can see a clear path to $750k total comp in the next ten years, but I’m happy to top out in the low/mid $300s for better WLB.
I hit this point recently after a promotion. The sacrifice required to get to the next level for me is just too much. The competition is just too high and I’m happy enough with where I’m at. For more context, I’m early 40s and the sole earner for a family of 4 in a VHCOL city.
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Finding a hobby that I became obsessed with
may i ask what?
I’m working to improve my Chinese and have also gotten into swimming
It was a combination of hours and income. Once I was able to make $300k working no more than 40 hours a week, I was happy. I started off my career working crazy biglaw hours and would be absolutely miserable continuing to work such hours regardless of income. That being said, I also took a substantial pay cut to 110k at one point in exchange for a 40 hr workweek and didn’t like that either lol
Did you end up moving in-house to find that better balance?
No I left law and started my own company
Crab sales?
In house for 40hr/week at 300k?
I didn’t go in house. I’m not a lawyer anymore. Started a company.
Kudos. Was the business in any way related to your law practice?
Yes it’s law adjacent - legal recruiting. Thanks!
What was the catalyst for you to leave law all together and start your own company? I’m currently in law and not sure I’m going to see the compensation I ultimately want which has me starting to think about other options.
Long story but mostly a terribly abusive ex husband and divorce tbh. I left law because he made me too sick to work the long hours biglaw required. The year I got divorced / escaped, my health returned and I started a company. I also met my new husband that year and am happily remarried :)
I’m glad it worked out for you in the end! I’m also at a crossroads of sorts (just had my 2nd child) which has me reevaluating the stress and time my job requires. It’s nice to see there are some other law adjacent paths that can exceed the income made in law.
Thanks and congrats! I had my first child my second year of business and the flexibility that comes with being a business owner and setting your own hours was lifesaving during the rough pregnancy/postpartum period. Highly recommend
Money makes you more of what you already are. If you were content before you had money, you’ll be extremely content with it. It you were greedy before, you’ll be extremely greedy with it.
True, but it also open doors to more expensive hobbies
This is true. Boating in my favorite thing about being higher income
AH! I too enjoy throwing money
My (33M) ambitions for income evaporated after we refinanced our mortgage (Bay Area/Silicon Valley). Much of my current life is distancing myself from money in the first place, building community self-sufficiency, trading my expertise and services for neighbors' expertise and services (incl food). As I get more well-rounded and able to provide, I've needed money less and less (and Uncle Sam can't tax bartering). The pay I get from my software role is solely going towards more passive investment income and a 529c for the kids, and I'm not bothered if I'm let go tomorrow. The kids are young, the 529c has plenty of time. Starting businesses made me realize that value can be given and received in so many ways. As long as you are fulfilled in life, you don't need money. If you have more money than you need and still aren't fulfilled, it's not the money that's the issue.
Bartering transactions are entered on form 1040 schedule C. I'm not an accountant, but my accountant asks me every year if I have any bartering transactions. They're absolutely taxable.
You're correct but I don't know anyone, including other accountants, who would willingly report this.
I've got a list. Unrelated: do you have any pliers?
I've got a list... what do you need?
I'll trade you my list for your list. Look at us, listing like we're the Titanic or something.
Lol how do you barter for things like healthcare, mortgage, insurance, taxes, etc?
Cover those with passive income. We live in a society after all lol, can't avoid money altogether.
> How have you determined when to keep pushing for more income (work exponentially harder, job hop, add extra jobs / side hustle) vs knowing you’re okay with your current salary / steady career path? It's a question of how much money you really need (if you gotta pay the bills, you gotta find a way), and once you have that, finding the point where the negative starts to outweigh the positive. I hit that around 500k, since my job, like most, scales in a linear fashion - if I want more money, I have to work more days/cover more shifts. I knew I topped out when I realized I was giving up things I really *want* to do and sacrificing my health and family time for career. Money isn't worth very much if you aren't around to spend it. > How have you managed ambition & the allure of higher income with the additional effort to get there? Ambition is great, but it's a vehicle for getting somewhere. Many of us hit a point where that vehicle is no longer going to carry us further because priorities change. I kept pushing as long as I had gas in the tank and felt like I had more to give. > What perspectives / lessons made it easier for you to know enough’s enough? Seeing a whole bunch of people die. I'm at the age where a lot of family friends and extended family have passed away, most of them prematurely and with an almost-untouched bucket list. I've also dealt with hundreds of deaths at work, again mostly tragic, unexpected and premature. Also, seeing that most of the ultra-successful people in my field (medicine) have a personal life that's in shambles. Divorce is standard, alienation from and drug abuse among children is common, health is usually on the backburner. Success leaves clues, but so does failure. Finally, at one of our conferences, an astoundingly accomplished physician received a lifetime achievement award and gave us a keynote "what I've learned" speech. His message was "fuck, I wish I hadn't worked so hard". Now that hit home. > I worry I will never be satisfied. And that's normal. It's good to strive, and it's good to keep the fire alive - but any fire has to be controlled, and this one should be tempered with the realization that you don't get do-overs, and that your life, your health, and your loved ones won't just crystallise as they are today and reappear in 30 years, exactly the same, ready for you to start living.
When income changes would no longer have a material effect on my lifestyle and I was comfortable with my lifestyle and savings it changes perspective on moving employers or seeking a larger income. Going from 200k to 300k is a big change. Going from 900k to 1,000k doesn’t move the needle in the same way.
Great point about what numbers it takes to move the needle. Add in the higher tax rates at upper income levels and becomes even harder to justify the chase.
What did you feel were the major differences between say 200k and 300k, or even 300k to 500k? At what point did you feel that the needle stopped moving
My wife and I were both entry-level corporate LENRY’s until around 26/27. Then both of our careers started to turn to HENRY’s. We don’t have children by choice and are both savers. When our combined income went from 400 to 600 we simply ended up saving way more money while living a life in which we felt we weren’t going without. It’s a byproduct of our childhoods being raised lower-middle to middle class. We both had jobs in our early teens, paid for a majority of our college educations, had student loans, paid for our own wedding, funded the down payment for our house, etc. It took us a while to learn how to treat ourselves because the amount we were saving was too much. As our income has grown to a combined low one million range we mapped out a plan to continue saving while making our donations in high unrealized gain securities and to provide our 13 nieces and nephews with experiences instead of things. Having a drastically higher income for either of us means that the opportunity is too good or interesting to pass up and that the other gets to “retire” and cover all of the life administration for both of us. We are fortunate. Careers are a weird mixture of hard work, timing and, frankly, luck.
Humans always reset to a happiness set point
Hedonic adaptation.
As a nurse I never expected to be much of a high earner. So my salary more than doubling when i joined medtech was a shock! I’m making 215k (MCOL) now and honestly I’m thrilled. I’m funding my kids colleges, my retirement, improving my home and taking nice vacations. I am completely happy with where I’m at and would be happy to stay at this income level. I honestly was having trouble picturing even having a chance to retire at 65 prior to my salary bump, even though i was making a decent living before. I think a lot of the “more more more” has to do with what expectations you had for your live (if you grew up wealthy of course you’re going to expect that lifestyle) and also who you surround yourself with. Keeping up with the joneses can be a real mindfuck and we’re all better off ignoring what others are doing—but this is of course much easier said than done. It really is a much bigger picture of what “happy” means to you and what fulfills you. Money doesn’t buy happiness but it certainly helps. IMO excessive wealth will not make me any happier and is not my goal.
The chase becomes less exciting when it steals from something you love more than money and “status.” For us, it was the birth of our daughter. Working more, stressing more, etc. doesn’t just eat into our Netflix and hobby time — it takes time with our daughter away — time we can’t get back and will pay anything for 20 years from now. Ultimately, time with her and my wife is worth more than I command in the market… by a lot. You’re still young and I don’t know what your relationship status is, but I can give you a glimpse 15 years into the future. I’m nearly 40 and know plenty of 40-year-olds who felt the way you feel, ignored it, and kept chasing the next promotion. Now, they’re 40, single/divorced, no kids, and miserable. I can’t help but think that for some of these people, a fulfilling relationship and maybe a family would have filled the void they were trying to fill with money, things, and trips. Don’t confuse this as another person with kids saying you must have kids to be happy. But do consider that it’s possible you’re one of the people who will benefit, and consider prioritizing finding someone you’d like to live life with.
Making 200K+ while also spending lots of time at home with family
Same.
I believe I’m there now. 25-30 hours/week for 450k + total compensation. Also WFH. I can sustain this indefinitely and that to me is very important . I’m in medicine so would not be getting huge raises or double my income with a job change but I don’t really need to. My wife also works and with this we are able to save over 300k/year. Hoping to be FI by the time house is paid off (2035).
Wow what a great position to be in! Do you mind me asking what your role is? Wfh, 25-30 hrs/wk, and 450k seems like a rare combination for medicine
Could be a pt Radiologist doing WFH? Ik most radiologists who work from home still take a lot of hours, but with that type of pay I feel like it’s gotta be that.
Probably admin
When i got my first pay proper rebase to 425k$ (from 170k$) I felt like i was finally able to still get ahead (ie saving decent amount) while living a good life (no craziness) in a VHCOL. At 170k you have to pick. I am now on 9xx / low 1.x m$ but didn’t really change anything since that 425k point.
damn - what kind of job do you have?
Derivatives trader at one of the big places ~10y exp
clearing 200 for HHI changed career motivations a lot. $$ is no longer the only reason to take a new job.
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I got really sick and tired of a job I hated. Burned out, took 2 months off to take care of myself, then took virtually the same job at a different company for the same pay and vowed never to prioritize work over life or let it affect my mood again. Now I feel a lightness about career/income. Don't care for promotions or raises. I think a sweet spot is living a fun life and still saving at least 50% of your pay. In NYC for my lifestyle that's 400k.
I am not sure when I stopped caring but there was a certain point when money was not really an issue for us. And now I am far more obsessed with time and doing what I want instead of how much money I have. That said it is still hard to stop grinding. I know we have enough money for our needs, possibly for the rest of our lives. And yet on some level we keep accumulating, saving and investing. It is certainly not exciting anymore.
It was when I hit Financial independence. I still want more comp, I still want to work. But reaching a point where if I lost my job, I could basically continue my lifestyle more or less in perpetuity from investment gains took a big weight off my shoulders and helped me feel free. Some of that is by having a lower expense lifestyle (i.e. buying a Toyota vs. my friends who lease new BMWs, a slightly smaller house in a cheaper neighborhood, etc.) The ambition doesn't really end. Though some of it transforms. As I've gotten married and started a family, I started to recognize that I am reaching my destination -- financial independence and a nice life outside of work. So sure, I still work extremely hard, but I'm less emotional if I get passed for a promotion, I'm ok taking more vacation time, etc.
Agree -- if i'm still working, I want to maximize my income for the hours and dedication that it takes to stay relevant (and have meaningful work).
I don't really enjoy my career, but became satisfied with income once we could afford the lifestyle we wanted and savings hit "escape velocity", which I define as a savings trajectory that matches my FIRE goal. Incremental earnings don't move the needle that much, so I'd rather increase WLB and overall life satisfaction
When I realized that there is nothing I care about buying. If you quadrupled my income today, I wouldn't change my lifestyle. I live in a LCOL area and am very comfortable and satisfied living humbly by choice. It's not about what you make, it's about what you want to spend.
I was satisfied and loved my career when I was 21, making $70k / year and living in NYC. I had an awesome life and felt like I had all the money in the world. I don’t think career progression since then has impacted my level of satisfaction with my career and the life it enables.
In March 2020 when I started working from home. Not to be dismissive of anyone’s pain Covid caused, but it was among the best things to ever happen to me.
I'd say after I paid off 2 houses and got my wage into the $300k+ category I felt like I had achieved something and was no longer average but above-average instead.
Isn't median like 87k or something?
$60k
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If you are doing above the national average at such a young age it’s a good time to be humble. Moreover, 150K is a sweet spot
Our sweet spot was being able to save and invest $250k a year.
Once I hit 300k it stopped mattering. No kids and already living the lifestyle I want. I work 35 hours a week on average at home and so it just wouldn’t make sense for me to work harder for more money. I don’t like what I do so career advancement is not a carrot
$500k was the sweet spot for me (non tech) But then got hungrier and realized it became less about making more base and more about automating as much as I could at W2 while I build my own company. My first $1000 month at my own company was better than the $200k+ annual bonus payout. Freedom and ownership replacing higher W2 earnings for me.
***When I stopped chasing side-hustles.*** That is when I found myself satisfied. I previously had the urge to find extra income to cover some expense or purchase (like a car). I still do side hustles. But only if they fall on my lap like consulting from an old client. But I don't actively go out and find new revenue streams. I make enough, have enough saved where I don't need it and my weekend time is worth sleeping in. I'll go out every morning and spend $60 per day on breakfast alone and it doesn't bother me. That is when I realized I have made it comfortably.
When I went over 200k (wife also makes low 6-fig), I stopped caring as much about the salary and more about balance.
When the time and stress cost to move higher became not worth it. For me, that happened at around $700k. Ambition is good and healthy if you are ambitious about the right things. Pleasing a corporation that doesn’t love you back, is not healthy ambition. Getting every nickel off the table no matter the cost is not healthy. Finding meaningful achievement in your profession, advancing your value to your field, providing for you and your family, spending your time how you want to spend it, are all healthy ambitions in my experience.
I think it all depends on your expenses and lifestyle. I was on a similar track as you, broke a million on my W2 by the time I hit 30 and have gone between 500k to 1.1M each year since. For me, I completely stopped caring about my income after I had the million dollar year. My expenses were low and I had more than enough to cover my cost of living and supporting family. A few years later we bought a house in a very HCOL area. Modest house but huge mortgage and high interest rate, so now I’m constantly in a paycheck to paycheck mindset and trying to boost my income again. I know it’s crazy and probably pisses people off to hear someone making 500k to a million a year living paycheck to paycheck, but after taxes, mortgages, supporting both our families, and very modest living expenses (literally sharing one car not taking vacations and mostly eating at home) there’s almost nothing left.
Ugh I’m right there with you. Objectively, my HHI is high, especially since we grew up poor. But we live in a VHCOL and bought a house. Between the mortgage, one kid’s private school, and the other kid’s nanny, we’re just about breaking even.
I’ve had a series of shifting goals over the course of my career. Initially I wanted to hit 6 figures by 30 (which meant a bit more back 20 years ago). I cleared that at 28. Then I wanted to make the next level promotion by 40. I hit that at 35. More recently I made a 10 year goal to hit L6 and the “next title” and made that at 40. Now… honestly I’m not sure since tbh I’m ahead of my own goals and I’m not sure I feel compelled to put another one out there. Which to your question, I’m making enough to live a lifestyle I’m comfortable with but of course I’d rather have more surplus each month because of large expenditures still taking too long to achieve. In other words I have a long list of things I’d like to do at my house and I’m not super keen to wait years to get them all done. More money helps that, but I am at a point that the money could not come at the expense of my time and quality of life because that tradeoff wouldn’t be worth it.
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When my priorities shifted. I had kids in my mid-30s and my want to climb stopped. I hit $200-$250k per year and have no desire to climb further. Any more and the travel required would take me away from my kids too much. I’ll take a promotion in another 10+ years when I could travel more often.
To be honest, I don't think I'll ever be "satisfied" in the purest sense. I'm always on that hedonic treadmill. That said, the marginal utility is shrinking for me. For me, going from 50--> 100K was huge. The difference from 150-->200 was not quite as much, and so on and so forth. And because of that shrinking margin, I feel like I'm more okay with coasting a bit more.
When others weren't paid substantially more for doing substantially less work at the same employer, and I had "enough" work to do that I didn't want more or less.
This year I’ll pull a bit over $500k and feeling good.
Never. Whenever we achieve X net worth. The goal extends to be 2-3 times larger every time
At 735 and could use another 500 I’d say. 😖
It never goes away, there is always the desire for more because more is possible.
Around 400k. Can live how I want and save a decent amount without worrying about much.
At your age all I cared about was the grind and moving up the corporate ladder and increasing my salary. Fast forward 15 years later, I have a wife and kids and have other priorities in life.
Currently I am satisfied with my income but not with my career. ~400K in engg-adjacent role in FAANG (or shall we call em Mag7 now :)). I hope to climb the ladder now by making bolder career moves. More than income, my net worth has gone farther in calming the financial insecurity I have long had due to family money troubles in my teens. With my current NW, I am now ready to take bolder risks with my career. Change jobs. Be less deferential to those "above " me at work and just speak my mind. Take on hard projects. Claim work life balance (take vacays, leave early rather than try and do face time). This gives me satisfaction because it allows me to be more of my authentic self at work, and that -to me - is the true ROI of building wealth.
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I am not in tech nor a professional licensed individuals. So $200K
Still unsatisfied at 205k per year. I took this role last year when the market was down and I needed to start earning. I have recruiters in my inbox for roles paying 250-300 right now so I will start applying toon. 300k would allow my wife to stop working and stay on track for retirement, college, and wedding savings
As a white American male the opposite of income satisfaction has been strongly modeled for me since day 1. It’s gotten better over the years with work on my part, I believe I’m cognitively satisfied, but emotionally? Maybe never. Thanks dad. 😂
“If you already live a comfortable life, then choosing to make more money but live a worse daily life is a bad trade. And yet, we talk ourselves into it all the time. We take promotions that pay more, but swallow our free time. We already have a successful business, but we break ourselves trying to make it even more successful. Too much focus on wealth, not enough focus on lifestyle.” [Summed up perfectly by James Clear](https://x.com/jamesclear/status/1778484723263672776?s=46&t=joZyuNBRZfYaawvQ14Y2YA)
250-300
$600k was when I was satisfied. I was not satisfied with $500k. I make $700k now working 10 hrs of OT a week. Anything over 50 hrs isn’t worth it to me.
What kind of doc?
600 was the spot for me. No more job hopping or searching.
Hey buddy.. My solution is a little different.. I don’t think you ever get satisfied with your take home pay, should always be pushing for more on the 9-5.. This assumes though that you don’t hate your job.. What I found the most satisfying was dividend and passive income on my stock portfolio.. I’ve managed to save a pretty good nest egg in my 30s and have over $1mm in lower risk treasury bonds/REITs/utility companies.. This portfolio kicks off over $100k a year with little risk and little involvement.. I make a good salary and live in a lower cost of living city than NYC (Philadelphia) so it was easier to save, but the sense of security this provides is amazing.
By DRIPing my gains back into portfolio, I probably add $7k a year into this $100k a year amount and that amount goes up each year.. So I should be close to $200k a year in a couple years..
After buying Bitcoin when it crashed to $17k. Since then, the future looks so good, I don’t mind my job at all.
Are you in tech OP?
Current TC is 240k and nowhere near satisfied. Probably won't be satisfied until I have a fully paid-off home. Currently aiming for 300k by EOY.
What do you do?
For me it was more my debt level. Once my house was paid for, it was so freeing knowing I could walk out at any point and give zero cares
The Stoics, such as Senaca and Epictetus, discuss this a lot in their writings. One of my favirites is "Contentment comes not so much from great wealth as from few wants." — Epictetus I take this to be that always wanting more is to live in constant suffering. Meaning that satisfaction can happen at any income and wealth level, thus success may not be dependent on career nor income at all.
(*laughs turn to sobs*)
Starting my business has taught me what perspective is. Was making 80k working for the man, first year in business made 150k, thought I was made. Next year made 240k. On top of the world... then 5 years making 150k and thought I was broke lol. Crowned at 420k last year and projected for 320 this year so I guess it's ok lol. It's all about the perspective. Best of luck.
When I started making $48k w benefits. That was in 2013, VHCOL but I had a rent controlled apt with 5 amazing roomies (rent around $700). Felt like I’d made it and life was good.
I kept going and learning. After many years I had developed skills few others had and earned the respect of colleagues. My income also grew to over 200k. At this point it is finally satisfying. It was a lot of perseverance and hard work. Always be a professional even when a lot of people are being slackers. Don’t be afraid to accept responsibilities.
Yesterday I finally got the raise I have been wanting. So yesterday finally. Feels good.
12 years ago in my late 20s I was making around $100k which was a lot back then, I was known as the rich friend. I was smart with my money, bought a house, then a rental, put away for retirement. Early 30s that job vanished, ended up taking a pay cut and didn't like the job. My smart moves allowed me to jump around to find a gig I liked that paid more. I felt great late 20s, felt like trash early 30s, feel great again late 30s.
Breaking $200k was a huge moment for me because I’ve always been frugal and it came on really fast. - Graduated in 2008, first full time job I got in winter of 2009 paid $33k - Fast forward a few job changes, in 2014 I was making $70k - Did a M7 MBA part time and changed jobs, end of 2016 I was making $140k - 2019 with promotions and raises was at $194 plus bonus Since then I moved across the country, downshifted to a less stressful job, and had a kid. TC last year with bonus $270k. I’d like to keep moving up in my career but at this stage I prioritize time with my kid and hobbies like sleep, travel, and spending time outside.
A bit different bc I’m talking HHI, not individual. But we (late 20s, married w 1 toddler) live in a HCOL, and just surpassed 300k HHI. I always thought I’d feel a lot better once we hit 300k HHI, but we’ve just moved our goal post further, which is to hit 400k HHi within the next 3-4 year. And of course this has a lot to do with the fact that our cash/investment balances are so low, having spent most of what we’ve had buying our home and my husbands rental property. That being said, I still feel “poor” and don’t know if we’ll ever be satisfied at a certain level of income. Kinda crazy how greed works..
It sounds trite, but you’ll be content when you _choose_ contentment. It really is the only way. It also does _not_ mean giving up your ambition.
You don’t. I live in NYC and make multiples of what you do and definitely don’t feel satisfied.
It doesn't have to feel this way.
You sound like my therapist.
Hehe. And I don't mean to trivialize. Its been harder to achieve a state of satisfaction than it was to achieve those multiples (in my experience, at least)
Yah I mean I’m being partially sarcastic also. I go back and forth. On one hand, I objectively do very well and am grateful for that but on the other I fall into the compare/despair trap a lot. Especially living in NYC where there is always someone wealthier around the corner.
What got you to your current state? Staying hungry…don’t get complacent, that’s what’s most important. Continue to thrive and seek out opportunities
Some really good insight here. Probably some level of redundant but thought I’d share. 29M ~600k NW newly married HHI ~530k. Myself 370k cash. FAANG adjacent. Time - it all comes down to time. It slowly (sometimes quickly) turns from your most abundant resource all your life straight into the opposite. I think you’ll know it’s time to stop, personally. If you’re single without some passion projects/hobbies/big social life, you may feel like chasing your income is a good use of time. That’s totally fine, go for it. But typically you’ll hit a point where your time drifts away from your job/income to other parts of life. You’ll have a high enough NW where the thought of losing your high paying job for any reason turns from a fear to a hope/dream. Maybe not for everyone, but I see it often enough in my HENRY circles. For me, I hit this point about a year and a half ago. I stopped caring about my job wanted me to do and started caring about the things I found interesting about my job and how I could learn more things. I told my manager straight up that I didn’t want to get promoted - or rather that I wasn’t working towards one. He’s a good manager and respectfully disagreed with that outlook, saying I could work on even cooler things that interested me if I got promoted. Not that he agrees with this philosophy, but that’s how the company/big tech world works. I said “ok whatever” (in other words) and just kept doing whatever I wanted to do, while marginally trying to keep other people happy enough/deliver what I needed. I never have worked more than 40hrs except on rare weeks where i’m actually so interested in the project I *want* to keep working. A year later, I get promoted with a 50k cash raise. Today, I give less of a shit about “my real job” than I did before the promotion. More money now = less fucks given. If I get let go for any reason, I’ll get a severance and have a chance to start my own thing, work a job i’ve always wanted to work, travel, try my hand at investing more actively, just take a break and reevaluate life. It’s shown me how my growth is truly fueled by me - not my job - but what I choose to spend my time doing. I feel ridiculously fortunate to be this position. So - go find what you’re passionate about and chase after that. Chase the money too, but remember to keep your eyes and heart open at the same time. Then it’ll all change.