Survey: 56 Percent of US Developers Expect To Become Millionaires 467
msmoriarty writes: "According to a recent survey of 1,000 U.S.-based software developers, 56 percent expect to become millionaires in their lifetime. 66 percent also said they expect to get raises in the next year, despite the current state of the economy. Note that some of the other findings of the study (scroll to bulleted list) seem overly positive: 84 percent said they believe they are paid what they're worth, 95 percent report they feel they are 'one of the most valued employees at their organization,' and 80 percent said that 'outsourcing has been a positive factor in the quality of work at their organization.'"
a million 401K isnt that large (Score:5, Informative)
Re:A million dollars isn't *that* much (Score:2, Informative)
I make a modest salary, but live below my means and save about 1/3 of my gross. I don't get to drive brand new cars (and stay away from depreciating assets in general) and my house is not the greatest, but it's fine for me and I think, barring another 2008/2009 debacle, I'll be over $1M on paper in about 10 years from now. It's very doable, as long as you don't fall into the 'keep up with the Joneses' trap and understand that compound interest will be your friend long after all your current friends have stabbed you in the back and moved on. With the current trend in the government towards chopping social programs and threats to eliminate SS and Medicare, anyone that's not taking charge of their own retirement finances is playing a very, very dangerous game.
Re:Holy shit (Score:4, Informative)
Being a millionaire not only means you acquire a million but also that you get to keep it. Essentially, it means you earn one million more than you need to live your life.
yeah and... (Score:5, Informative)
>> 56 percent expect to become millionaires in their lifetime.
yeah and 99% of software engineers also seriously believe their initial time estimate to have that feature implemented by was actually realistic.
It's the surprises that get you. (Score:2, Informative)
Being out of work for a couple of years, while still paying mortgage and COBRA and kids expenses, really takes a chunk out of your savings. That's not even counting what could happen when (not if) the banks or S&Ls or whatever other financial institution does a number on the economy and your stocks tank. (And like a few folks I know, I have a drawerful of stock options in companies which no longer exist.)
If you're an older software developer prepare to be out of work for a long time if the economy turns sour. (I was out for 18 months when things went south in 2001/2002. I came back into the industry as a sys admin. Doesn't matter how good you are -- I still routinely learn new languages/packages/frameworks since I'm now in devops -- there's definitely an age bias especially in start-ups. The exceptions are those managers who are smart enough to recognize that the real skill in development is knowing what to do with a tool, not just how to use it. Any monkey can learn to code in a new language. Too many places don't want to pay you what you're worth, and don't want to hire you for what you're willing to take because "you'll just leave when something else comes along".)
Re:Holy shit (Score:4, Informative)
And that's hard?
As mentioned further below, saving ~$5000/year is possible - maybe throw away that $100/mo TV subscription or something.
Hell, my wife is in her mid 20's and I'm in my early 30's and we manage to squirrel away $28,000 every year on our two salaries (I'm a server admin, she's an engineer). If you're in the right industry and have a modicum of self-restraint it isn't too difficult to save.
The key is being in the right industry. The median income in the US is around $27,000/year. It is VERY difficult to save $28k if you are only making $27k. It seems to you like you have "self-restraint" because you still have money left over after paying for your necessities. Half the people in the country that make income make less per year than just a portion of your disposable income.
(and to the GP, you threw away that 100/mo TV subscription, that is only $1200 - where does the 5k come from?)
Re:I must be in the minority. (Score:4, Informative)
Even outside of the valley in more normal priced places, if the first digit of that six figures is a '1', it's still solidly middle class, nothing more.
Re:Holy shit (Score:4, Informative)
Gold is a good measure of inflation if you take the 10-year-average, or maybe the 20-year, of gold prices. While gold is hopelessly volatile in the short term, it seems to keep reasonably equivalent purchasing power century-by-century.
Home prices work out about the same, BTW. While real estate markets can be just as volatile, long term house prices are flat with inflation, which makes a lot of sense (the % of income people are willing/able to spend on housing won't change unless human nature changes, so you expect the average house to represent a given amount of purchasing power).