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charlesdm | 4 years ago
That said, I know self employed developers making 150-200k (EUR) gross per year as contractors. But I also know employees that get allocated a few 100k/year in stock options as part of their compensation.
Yes, you do need to be exceptional. And you need to be smart in the choices you make. I thought that was a given, since millions of dollars don't just come falling from the sky.
bjornsing|4 years ago
There’s nothing unusual about that. I was making that kind of money 15 years ago.
But one problem is, that’s about what I can make today as well. There is no upward mobility in pay. And it has nothing to do with ability. It’s a cultural thing.
(Also, the deal is typically that you sell your social career progression. So you’ll be doing the same kind of job endlessly.)
> You can't just work your way to wealth. You need to reinvest what you make into other assets and let them compound...
This however is where the real problem starts: there is no way to accumulate and reinvest capital (legally), without paying massive (70-80%) taxes.
charlesdm|4 years ago
I agree income taxes are high throughout most of Western Europe, but the way to grow wealth is by acquiring assets that can grow without having to sell them and pay taxes.
An investment fund (or a property) can often grow for a long time and throw off cashflows that are taxed more efficiently. So can a business where you build up value in the equity. Cashflow keeps the lights on, but equity (even in a small business) builds wealth.
xvilka|4 years ago