I started a new job at 80k after finishing my masters. My previous job paid 35k, so my reaction to this opportunity was an overwhelming feeling of relief. Now, several months in, I’m thinking I should’ve tried to negotiate for a higher salary, and that what I’m making doesn’t feel like enough. I get this feeling from conversations about money around me and maybe reading this thread too much (e.g. how will I be okay if someone making 100k+ is trying to calculate retirement?!)
Edit: Thank you for the discussion, here are some highlights I have appreciated:
@jacke71: Comparison is the thief of joy
@shediac-Living-: Great clip describing hedonic adaptation
@bel13: Don't compare yourself to strangers on the internet
@stevocian: Look at total compensation just not salary as benefits may make the difference
@psyduck25: Remember that you are playing Solitaire (i.e. playing against yourself, not others)
@athaddeus I quickly skimmed your post history and I guess you studied something related to CS?
If you only go by reddit comments on r/personalfinance or r/cscareerquestions you'd get the impression basically every 20 something with a bachelors makes 150k straight out of uni for some reason.
Maybe people making high salaries are more likely to brag about it on reddit or they're just larping idk. But I'd heavily advise against comparing your salary to whatever people claim they make here.
If you want to know if you're being paid fairly, just ask your colleagues or search google for average salaries by profession/region/experience. These things are always extremely dependent on location.
@bel13 I code for work but it’s for public health, where I’m probably being paid fairly compared to my peers but perhaps not fairly for my skill set when compared to those using the same skills in a different industry.
I think you’re right that the comparisons are my problem here.
@jszlauko Nope, the programming piece was picked up while in my masters. I wish I discovered programming earlier! Good to hear that you think this range is good for where I'm at.
@athaddeus Also look at total compensation not just salary. I’m working public sector as well, and I have friends in my field making 20k more than me in corporate, but I get 5.5 weeks of PTO a year compared to their 2 or 3 and I have way better and cheaper health insurance. So while my pay is less, depending on how you value your work-life balance, my quality of life could be considered higher.
@stevocian Don't forget retirement benefits. We get an incredible 200% match and paid heath insurance starting at 62 (if retired). 6.5 weeks of vacation including holidays. That, plus the great medical insurance and shorter hours makes up for the lower salaries.
Everyone retires with plenty of money and we can even stay on the health plan when taking medicare. It covers a lot more than a standard Medigap policy.
@athaddeus I'm in that 150k new grad bubble. I'd say even in silicon valley it only applies to maybe 20% at most of NCG tech workers. These tech workers just tend to be the most active on reddit thus the over-representation.
If you want to earn more, apply to a startup or FAANG, there's nothing stopping you. If you're saving a comfortable amount, have a good job and are happy with your current earnings then there's no need. The extra money tends to come with some steeper work requirements and more work stress, so it's not always a good thing. Also if you're living anywhere outside of a major city, the income you're earning is quite good, so keep that in mind. High salaries are usually due to HCOL for many tech jobs.
@resjudicata Naw, just become a consultant. Work for smaller boutique firms where you get 90% of the bill rate. Same work except companies never want to pay for extra time. You're almost never working over 40, rarely on-call and with experience well over 150K even in a fly over state.
@namaoza The federal government? They pay no where near that for entry level lol.
I was working for the DOI in college and the offer they gave me once graduated was 40k dollars less than the private offer I actually took. The offer was even making an "adjusted" salary for computer program specialist.
Goverment wages are a joke in the CS field but the benefits are great if you prioritize them over immediate cash.
@athaddeus Do you like your job? are there generally opportunities to work as an IT person in public health as I have interests in both? (studied one, currently studying the other).
@alexisfaith27 I like my job a lot and there's definitely jobs for IT in public health, especially where we have big data and the need for security with sensitive data. One of the areas I want to explore is data engineering (I'm enjoying working with the data pipelines we have at work).
@athaddeus You also have to factor in experience. Your peers may have 5-25 years more experience than you have. That will generally equal more money. Put a few years under your belt and start looking at other companies.
@athaddeus If you've got big loans, and plan to stay public sector for ten years, you need to factor in public service loan forgiveness as part of your compensation too. Can be ample. It's like a good 20% bump on my own salary.
