Ask HN: How to become a millionaire in 3 years? (2022)

Re:Ask HN: How to become a millionaire in 3 years? (2022) by snowman-yelling on Tuesday February 01, 2022 @02:25PM (#30167760)

Grind Leetcode and get a job at FAANG. Live minimally and invest all earnings. If you land the first job at FAANG and stay for 1-2 years you can likely 2x your income by getting a job at a different FAANG afterwards. If would be a close call on becoming a millionaire, but you would certainly be close.

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Re:Ask HN: How to become a millionaire in 3 years? (2022) by Vadoff on Tuesday February 01, 2022 @02:47PM (#30168136)

I don't think it would be close at all, unless you were already a senior engineer (and even then would require amazing stock appreciation). Also, the jump between levels at top companies/FAANG is around 50%, not 100%.

• Junior engineer at FAANG, yr 1 = 180k ~113k take home - 42k living expenses (based off of 3.5k per month) = 71k to invest

• Yr 2 = 71k to invest

• Midlevel engineer, yr 3 = 270k ~160k take home - 42k living expenses = 118k to invest

With 10% stock appreciation per year that's roughly 78k end of 1st year, 164k 2nd year, and 310k by 3rd year.

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Re:Ask HN: How to become a millionaire in 3 years? (2022) by snowman-yelling on Tuesday February 01, 2022 @03:26PM (#30168713)

You can earn $400k at Amazon and Meta today at L5/E4 today and you can certainly live cheaper than $3.5k per month.

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Re:Ask HN: How to become a millionaire in 3 years? (2022) by Vadoff on Tuesday February 01, 2022 @06:23PM (#30171150)

That's why I said, unless you were already a senior engineer (L5), which isn't really a viable 3 year plan for most people.

You can live cheaper than 3.5k, sure, but that's a fairly typical amount for a single person living near FAANG office locations, if you consider rent/utilities/food/transportation/clothes/equipment expenses/entertainment.

Btw, 400k is 225k in take home, minus aforementioned living expenses is 183k. Even if you were able to get to L6 within 2 years, that's 600k the last year, 320k take home, 278k minus living expenses.

183+183+278 = 644k so you would basically need to be lucky and have 26% stock appreciation every year, which is a lot higher than the norm.

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