The company I work is around for 40+ years now. There are some folks as "Programmer Analyst", "Software Engineer", "Sr. Engineer" for 20+ years now.
I have asked many of them why you didn't move up the ladder and report to someone junior ( or H1B in his early 30's). Most of the time answer I got it, they love what they do. They love having opportunity to program , provide logical + thoughtful solutions.
Of course, when new management comes in and there are times to make decision to layoff, these people become victim due to range of salary they have reached, age, skillset. This is very unfortunate but true.
I would not completely write off what author is saying but I believe it depends on individual prospective. Of course, money is important factor but if you are getting a job 8 am to 5pm + raising your family/kids comfortably + spending time with family and yet have good balance when you retire then being programmer is quite good deal actually.
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