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A comment on Other challenges to SV’s preeminence are more fundamental than the tech diaspora. Parent comment

Re:Other challenges to SV’s preeminence are more fundamental... by earthscienceman on Sunday March 21, 2021 @02:12AM (#26528473)
... that's because it's not a career risk when you're a multi millionaire who will just be rehired by your friends if your venture fails.
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Re:Other challenges to SV’s preeminence are more fundamental... by WalterGR on Sunday March 21, 2021 @02:30AM (#26528529)
Who are these multi millionaires? Clearly I know the wrong people in tech in the Bay Area.
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Re:Other challenges to SV’s preeminence are more fundamental... by opportune on Sunday March 21, 2021 @02:35AM (#26528549)
Probably most people I work with in their 30s or 40s are multimillionaires.
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Re:Other challenges to SV’s preeminence are more fundamental... by WalterGR on Sunday March 21, 2021 @04:04AM (#26528871)
Yeah? On paper, 401k, or elsewhere? Where have they worked and for how long?

Because in my experience, the “everyone who works at a FAANG is a multi-millionaire” meme is 100% bullshit. Especially when I read things like https://news.ycombinator.com/item?id=26336029

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Re:Other challenges to SV’s preeminence are more fundamental... by opportune on Sunday March 21, 2021 @03:32PM (#26533160)
I never said everybody is, but I do think most people who have been at FAANG or companies that pay in the same ballpark like trendy late stage pre-ipo companies for 10+ years are or are close (especially if we define multimillionaire as >2m networth including 401k and house equity, and include household wealth for married couples).

My other comment you linked I still stand by. But you don't need to be IC6/L6/E6, refreshers and equity appreciation are very powerful if you are lucky enough to get both.

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Re:Other challenges to SV’s preeminence are more fundamental... by astrange on Sunday March 21, 2021 @04:26AM (#26528961)
What company uses the scale in this comment? (IC5 IC6 IC7 etc)
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Re:Other challenges to SV’s preeminence are more fundamental... by Zanneth on Sunday March 21, 2021 @04:38AM (#26529007)
At least Apple does. I'm not sure if other companies use it as well.
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Re:Other challenges to SV’s preeminence are more fundamental... by astrange on Sunday March 21, 2021 @04:50AM (#26529055)
It's not the Apple scale though. I mean, it looks like it, but the details are different.
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Re:Other challenges to SV’s preeminence are more fundamental... by refurb on Sunday March 21, 2021 @05:31AM (#26529230)
Definite humblebrag here.
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Re:Other challenges to SV’s preeminence are more fundamental... by mrgordon on Sunday March 21, 2021 @02:36AM (#26528550)
Maybe you should check what some of their houses are worth lol
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Re:Other challenges to SV’s preeminence are more fundamental... by WalterGR on Sunday March 21, 2021 @01:30PM (#26532131)
The people I know in tech in the Bay Area rent. It’s their parents, who bought their properties in the 1980s or before, who are the land-owners.

That said, I’d definitely be interested to see actual statistics about own vs. rent for people in tech in the Bay.

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Re:Other challenges to SV’s preeminence are more fundamental... by katbyte on Sunday March 21, 2021 @02:37AM (#26528554)
If your talented and fail at starting your own company it won’t be very hard to find a job in sv
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Re:Other challenges to SV’s preeminence are more fundamental... by notsureaboutpg on Sunday March 21, 2021 @07:47AM (#26529707)
If you get an entry level TC of 140k and save 50% of it, you'll be a millionaire in 15 years.

That's without any kind of growth, investment, stock options growing in value, raises, etc.

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Re:Other challenges to SV’s preeminence are more fundamental... by WalterGR on Sunday March 21, 2021 @11:52AM (#26531309)
And if you make $65,000 a year and save 100% of it, you’ll be a millionaire in 15 years.

Nobody is arguing that it’s possible.

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Re:Other challenges to SV’s preeminence are more fundamental... by WalterGR on Sunday March 21, 2021 @02:22PM (#26532592)
Whoops, missed a word. I meant not possible.
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Re:Other challenges to SV’s preeminence are more fundamental... by dang on Sunday March 21, 2021 @03:09AM (#26528669)
I don't think that's the primary reason, nor as common as you imply. The old saw about how SV is a place where failure isn't disrespected is closer to the truth.
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Re:Other challenges to SV’s preeminence are more fundamental... by shinkim0914 on Sunday March 21, 2021 @03:32AM (#26528750)
Why doesn’t that happen elsewhere?
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