How I spend my $360,000 software engineer income
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- čas přidán 9. 07. 2024
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Pirates, I made a mistake on the tax calculation. The US has a progressive tax system meaning you pay income tax in steps working up to your total income and NOT everything at the highest bracket. This website calculates the correct tax amount for $360,000 income which is $83,886 or $7,000/month and NOT $9,600/month.👉smartasset.com/taxes/income-t.... Sorry again for the confusion, and my sincere apology for the misinformation. The purpose of 7:08 was to inform that taxes are one of the biggest expenses in anyone's budget (which still holds in my case). Regardless, I should have delivered the message with the correct numbers. I'm deeply sorry again; I promise to do my due diligence and create more reliable, accurate content. Lastly, thank you all for correcting me and giving me the opportunity to learn and be more responsible.
- PIRATE KING
p.s. How the US tax system works: www.businessinsider.com/perso...
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⏳ Timeline ⏳
0:00 Intro
1:07 Breakdown of expenses
1:57 Rent
3:01 Auto
3:36 CZcams
4:15 Meals & Groceries
4:58 Utilities
5:48 Others
6:31 How much I save
7:55 3 Tips on building wealth
9:22 Outro
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Welcome to PIRATE KING. I'm a Software Engineer, and ex-Software Engineer at Microsoft, Amazon, and ebay. Apart from my full-time job, I also provide career advice and mentorship to prospective Software Engineers. Here, we talk about tips and tricks on how to land a successful career in tech. Make sure to hit that subscribe button!
📝 DESCRIPTION 📝
Software engineers make a decent income in the US. I even bragged about rejecting Google's $360k offer in favor of a better opportunity. What do they do with all that money? Do they all have an extravagant lifestyle? In this video, I share how I spend my monthly income. Remember, wealth isn't defined by how much you make but by how much you spend.
☠️ PIRATE KING 👑
👑 Software Engineer | Entertainment | Tech Life | Career Advice
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#softwareengineer #income #salary
#luxury #wealth #pirateking - Zábava
Pirates, I made a mistake on the tax calculation. The US has a progressive tax system meaning you pay income tax in steps working up to your total income and NOT everything at the highest bracket. This website calculates the correct tax amount for $360,000 income which is $83,886 or $7,000/month and NOT $9,600/month.👉smartasset.com/taxes/income-taxes#UOL6ptlKd2. Sorry again for the confusion, and my sincere apology for the misinformation. The purpose of 7:08 was to inform that taxes are one of the biggest expenses in anyone's budget (which still holds in my case). Regardless, I should’ve been more careful with the numbers. My deepest apology again; I promise to do my due diligence and create more reliable, accurate content. Lastly, thank you all for correcting me and giving me the opportunity to learn and be more responsible.
- PIRATE KING
p.s. How the US tax system works: www.businessinsider.com/personal-finance/how-progressive-taxes-work-united-states-income-tax
If you factor in FICA + Medicare, you're actually closer to your original figure (assuming single filer)
Yah thats what i was thinking! Its bracketed, not 32% on everything
Still better than Canada where after a point you get taxed 51% LOL I'm fine with it tho
@Waldel Martell Yah but health care and a major reason ( I think ) it's high is because the majority of Canada's population is in Ontario, on top of that were a small population in the second largest country in the world!
If it worked where everything pools into one income bracket, people would negotiate for lower pay if they crossed that threshold even by a substantial sum, lol.
hey bro i'm an INFP Introverted Intuitive feeling and perceiving if i had your money i would spend it the exact same way
This guy has the skills to get paid in a lucrative yet arguably highly competitive field AND still put effort to generate top tier CZcams contents. Wew
Thank you for being honest about the fact that you don't just come out of a 6 month coding bootcamp and walk into a $400k entry level position. So many influencers are selling beginners the dream without mentioning clearly how long it took them, the setbacks they faced on the way and the unfair advantages they had like fat checks from family while they are struggling to get into the industry while some other people would have to work odd jobs to survive. You have to work your way up there.
Those influencers are getting richer by just selling the dream and that's unfortunately one of the negative aspects of social media. Sure you'll have some people who end up making it and landing a high-paying job (even after a bootcamp) but majority of the people will waste money trying and not make it (either not finishing bootcamp, not understanding things, not able to land a job, etc).
Personally I don't think learning how to code is too difficult but becoming good at it and learning those intermediate/advanced concepts will definitely take some time/effort. Social media is advertising that in 6 months you can go from a $0 income to $100k-$400k income (it's technically possible but very unlikely).
Too many gurus out there, it's hilarious
@@humansoftech5905 It looks like a flourishing business so the number will keep growing. 😂
It can get brutal, for those who say its simple and easy are just thinking about themselves. Being realistic is the best way you can teach someone.
how much time or experience does it take to earn this much?
5k is fine with 30k income. Good expense to income ratio, even after taxes and other deductions if we cut that to 15k. You should be under 40% net on expenses and you're doing well.
or as tate said modern slave.
@@onrjs smh
@@onrjs bro😭😭
@@onrjs L
@@onrjs still probably makes more than you ever will.
This man inspired me to wake up and continue my coding. I appreciate you man.
same
Remember, wealth isn't defined by how much you make but by how much you SAVE.
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This video was very thorough and well rounded in terms of information and spending/area costs. Thanks for the work and content!
Thanks for breaking this all down in a very concise, easy to understand manner!! Hope ur youtube continues to do well
Thank you for this video! I'm getting by with what I earn (it's really not much) but I've been working on my spending habits lately so I can crawl my way out of my situation. It's tough, but seeing people talk about their best practices helps me stay on the path. I'm subbing. Good stuff!
C'mon, we need more extravagant spending, so we can see an angry Graham reaction. This is too good :D
Pirate King - I think you have a reasonable budget given your income. Nice. I would suggest to everyone the first investment step is participate in your company's 401k. Most companies match and you can put up to $20,500 into that pre-tax every year.
Their's like 3 tech bros I watch about Software engineer you, Frying Pan and Joma Tech and ya'll literally motivate me during my training. I just want to live a nice quite life as a expat can't wait for the end result.
so asian..we need more diversity bro
@@max1232 Absolutely not his fault. He's not going to wake up black tomorrow. From 20+ years interviewing at a fortune 1 tech employer, the problem is the applicant pool is already very homogenous. I don't know what it is about colleges and MS programs, but if you want to see more black, hispanic, whatever coders, you'll need to get them into appropriate majors and in appropriate masters programs.
@@ianollmann9393 yeah I feel you,you got a point
@Lashe Shode They don't apply bro. I'm in college going for my bachelor's and I'm literally the only black dude in my class.
Thanks for the video! It's really nice for comparison. Rent is crazy expensive for you guys. In my part of Northern Europe, 2-bedroom apartment rent costs approx 800-1000€ per month, although annual incomes are much lower than in the U.S.. During the past months electricity prices have gone up really bad. I used to pay 10€ / month, last month's bill was 60€. We spend about 500-600€ on groceries monthly (me and the wife). Own 2 cars (paid off), but monthly total costs for gas are also 500 - 700€, depending on how much we drive.
Rentiers are out of control in the US.
Always love your videos fam, literally lol’d at the costco pizza part cuz i always eat there since it’s close to my college 😂keep killing it!
My income deductions came to 35% in my last job earning 43,000. I can't imagine how many institutional people want their piece of a 360k pie.
Thanks for the honesty, and keeping it post
Thank you for sharing, it helps some of us in the community stay focused towards a goal.
Thanks for sharing ❤️. I’d love to know how your RSU part works in a different video - I don’t have experience of this and how you get paid every 3 months. Thank you ☺️
At first before clicking on this I was thinking this is another cocky guy rambling on about an exaggerated video but listening in and hearing the honesty helped me out a lot as I’ve always wanted insight into the reality of a software engineers salary and spending habits
earning so much but still saving alot and not splurging. much respect
We’re actually doing well regardless of 5 people and 3 cats in our home. We order groceries online for pickup so we don’t overspend and eating out for us is anything a coupon can buy. I recently found out I’m celiac so o can’t really eat out anymore so it keeps me eating at home more often.
Try Amazon Fresh!
@@PIRATEKINGDOM an I wish! I would if it wasn’t for being in Canada. $40 a month lowest as well for phone bills due to monopolization
@@strovich ah dang got it :/
One of my friends worked in Renton as a property manager. He showed us a 1 bedroom, 1 bath apartment and it was $1,500/month, this was almost 6 years ago.
This video is really informative. Thanks pirate king!
It seems like you are very responsible with money. Keep up the good work!
1:48 Loved the "Guess what? I'm married" 😂
Ngl, Mint mobile looking pretty nice. Currently paying $70/month when in actuality, I do not use my phone enough to warrant spending this much. Looking to switch of T-Mobile to Mint to save money :)
how can this honest content creator not appear in my youtube algorithm sooner?
I always wonder if using equity when referring to income isn't a little misleading. It definitely factors into your TC when you sign a contract, but do you get that same amount of equity every year? Or is it just giving you that amount in equity for your initial sign on? It seems like you would want to base your lifestyle more around your base salary (and possibly bonuses) than your TC since the equity isn't always immediately available for use (I think you covered this a bit in your software engineering salaries video).
You get equity every three months for four years; you can think of it as getting paid every quarter instead of every month, so I think it makes sense to factor it in. Signing bonus might not make sense to factor in, however, since it's only a one-time bonus.
@@PIRATEKINGDOM Thanks!
@@PIRATEKINGDOM If you get RSUs distributed throughout 4 years, what happens to your comp afterwards? Do companies give Refreshers? If so, how do those work?
Might be a good idea for a future video if you wanted to break that down for the public.
@@liam1902 it really depends on the company. There are companies with with and without refreshers that you can’t generalize it as much as you can with the initial signing RSUs.
The IRS thinks it is income when it vests. What you actually get every year is an award of stock. It has a cash value that day, and you are taxed on that. But, since it is stock, its value changes day by day. Let's say that at a particular engineering level they award $200k of stock every year. Great, they awarded it! The take the $200k, divide by the stock price that day, round it to the nearest 10,000 shares or so, and that is your award. Alas you don't get any of it right away. It is locked into a 4 year vesting schedule (varies by company) which may not give you anything for the first year. By then, the stock may have gone up or gone down, and whatever it is, that is what you report as income. Typically the RSU account will sell some fraction of your shares immediately to pay off the IRS so you don't get a big tax bill in April, so you'll only end up owning a fraction (70%?) of the shares the day they vest. Alas we aren't done yet, because you'll likely want to hold it more than a year so you can get lower long term capital gains rates and then in time diversify it off into something else like an index fund so you don't end up with your net worth held in your employer's stock. (Risky!) That may involve more taxes, and certainly more uncertainty about stock pricing.
A pretty good hallmark of wealthy people is they don't actually know how much money they have, because it keeps going up and down with asset prices. The day that his net worth varies day to day due to stock market fluctuations by more than his annual salary, he and his wife can go for a nice dinner. He'll have "earned" it. This will eventually happen given a fruitful career and typical stock market gains and volatility. They might want to consider a bit of wine, because big changes are usually market down days.
Wow you're so cool man, being able to only spend that low with that high income. Much respect
Indeed, that's impressive. They could raise the food budget a little bit. $11 per day per person is really low. It would not be enough to eat at McDonald's, when actually they must be in the top 1% of earners on this planet.
The colour grading in this video is nice and soothing 👏
Good on you. Live below your means. It's crazy, I have a 2500k house and my mortgage is 551 a month. Location sure changes that.
Amazing video. Glad to see that you are living and promoting a healthy financial lifestyle 👏
I am not even a software engineer nor anything related to tech but I really enjoy your videos.
:)
Love it. Thanks for the breakdown. My wife and I have 3 kids. We’re jealous of your expenses. Haha..
Clearly a wise man, very healthy budget for your salary. Ps: Find a local pizzeria and get your slice! Costco is D tier
ok so the most important information from your video is that the salary offer was "gross" income and not "net". In Poland software engineers can somehow mitigate the tax by using the "increased cost to gain income", in that, your employer claims copyright on the code you write. Idk if it exist in other countries. I do not work in "Business-to-Business" model however
360 is TC. Part of TC includes a two year sign-on bonus. The equity should vest in the third year and maintain TC levels of year 1 and 2. Emphasis on should.
An inspiration as always, keep it up! 🔥🔝
When you are programing are there any custom hot keys or macros that you use to help your productivity?
for me, no... except for cmd + c and cmd + v ;)
@@PIRATEKINGDOM xD
Nice, and well thought out economic strategy!
I thoroughly enjoyed this video. Pirate King seems like a modest guy.
Good video, it is helpful and just the kind of guidance I needed, I will also going to audit my salary and expenses.
woah the next video got released so quick, just finished your previous video!
you are lucky, here in the Netherlands we pay something close to 51% of taxes, if you raise 10k/month , 5k gets retained to the government
Well, after taxes and your portion of living expenses, you are left with 30K-9.6K-2.4K = 18K. Even if your stock options are rewarded every 3 months, that is an obscene amount of money...
Appreciate the content/video sir! All about saving and building that good portfolio! Been having fun in crypto as well lately (also in software space; eng lead at a redmond based co). The auth / code contract side is interesting.
I am amazed of how smart u seem without even watching your skills in engineering.
I like how you are still budget conscious too. No overreaching or anything and still enjoying life.
Great video!!, but forgot to say companies will sell part of the stocks for tax every time you receive your vesting and rest that amount from the 360000 total
Hey mate, thanks for the video! Come to Czechia, we have around 50% income tax effectively .... then you'll realize that yours 34% are jst fine.
can you make a video explaining how you did these usefull excell sheets?
A Q plz, if u get partial of your 360k income as rsu and stocks, do u have to pay tax for full 360k or just for the value u get in cash? I'm sorry if my Q is dumb, i live outside US and i'm planning to take software engineering program, not bc of the salary but bc i'm interested in it. However, i wonder how taxes work.
You pay the full value of the stock you get at the time of vesting (if stock goes up, you pay more, if it goes down, you pay less)
@@PIRATEKINGDOM thank you
An interesting video! Thank you for sharing that.
That phone bill monthly. It’s nearly impossible to get that kinda cheap plan in Canada lol. Dude here the phone plans are easily 40+
i love the video , but i have a question regarding ios engineering , so currently i'm doing a bootcamp and trying to get intern level ios engineer job , but sometimes i search and find that ios senior engineer don't earn like what you mentioned , like the max number i saw on glass door wass 120k or something , is that right ? it can be de motivating sometimes.
I dont know about the exact number, but yeah, it’s less than a regular swe job in general
@@PIRATEKINGDOM yeah , can i know what do you work as right now ? like full stack or front end or backend , like tell me how can i reach your position , im currently a cs student and still figuring things out
@@Cuzinz i’m full-stack
@@PIRATEKINGDOM oow sick , one last question please 😂 if you were in my shoes right now with where today's tech going , would you study web3 and smart contracts and those stuff or stick to full stack or any other recommendations , im trying to figure out stuff sorry for replying so much
@@Cuzinz full-stack. It’s like the baseline skill. You can learn web3 after
I’m not getting 30k monthly. But, it is 5 figures a month. I’m considering filing exempt on my federal taxes, donating a good portion to charity, dumping some into IRA, and purchasing artwork/NFTs (tax deductible) and writing those off 🤷🏾♂️
This seems ... unwise.
Since you get standard deduction of $25900 and assuming no other income or credits... Acording to 2022 tax table for married filing jointly, you will actually pay (360000-25900)×0.24-12329 = $67,855
Income tax and $9114 on ss tax, 360000×1.45%=$5220 of medicare tax for a total of $82,189
$360k/year is what you need to afford an apartment and gasoline in the SFbay area
Dude the tax they applied to you even hurt me and I don't even make as much lol
This is so useful!!
I pay 2eur/month at vodafone for 120gb 5g and unlimited calls...😅...In my country taxes are 43% for most and 37% in IT.
YNAB is a great software for budgeting. Excel is amazing as well. But YNAB does the charting for you and it’s easy to enter transactions etc. You can even upload multiple accounts. And no you don’t HAVE to link a bank for the app to still be great to use. You probably know about it already and prefer entering things in from scratch yourself, but just letting you know.
Nice thanks for sharing your experience 😀
I hate RSUs! It’s a carrot because if you don’t stay long enough for them to completely vest it was vaporware. It seems to be the way many tech companies are going today. I got RSUs when I was hired at a fortune 100 company and I spent 10 years there so mine vested however the option price and what it was when I could sell were so far apart from my original grant.
I also watched several people get them and get let go just before they reached the time required to be vested.
Data is hella costly in USA. Here in India, we have 10$ plans with 2GB per day for 3 months. That's like 40$ yearly with 2GB daily.
we can't be mad at individuals, we should be mad with how our regulatory boards allow corporations to lobby keeping the majority of us' wages low AF. Pirate King worked hard for his salary, he even shares his financial life for all to learn from.
So we are pirates, and you are The Pirate King, ok I got ya
I need to move as soon as I can, most devs including myself in my country earn between 500 and 1000 dollars a month, its soul crushing to know I earn less than "low wage jobs" do in US and EU but atleast I love the work more than anything else, and its not that they cant pay higher its just become a standard here to pay little for high value work. Just main goal right now is to move to the UK and actually be valued, My current work environment is great other than the pay, nice people and meaningful work.
good luck , uk is expensive tho.
Wow I am really impressed with how little you spend. I spend anywhere bwtween 4.5k to 7k a month with 250k TC and I am not married.
What types of meals do you cook? 300 for groceries a month for 2 people is really good!
pasta and donburi!
This is so cool with a lot of fun parts. Way to go, PK~!! (say hi...btw)
Hi hyung :)
Not people thinking you're single when you literally wear your wedding ring in all your vids 💀😭😂😂😂 Thanks for sharing the breakdown!
Would purchasing a home be better than renting?
Great video man
I think you should consider easing up on the ads, or being more subtle about it. Great video though!
Bro has a 360k salary and is still fitting multiple sponsorships into a single video.
They're what I actually use though. Also, they're not exactly sponsors but affiliate links.
Thanks for sharing. Crazy how little you spend on food imo
That’s very good for the Bay Area! I also use mint btw 😉
Bro promoting 5+ Brands in one video. RESPECT
4 short ones
You are so smart my man. I aspire to be like you!
Another amazing video! Proud to be a pirate 😉
Glad to see other comments on the tax calculation. Straight multiplying by 32% aint it King. Great vid otherwise 👍
@7:15
That isn't how it works.
Your effective tax rate, assuming you only take the standard deduction, is actually 23.11% (federal + FICA), but you are likely lower if you are contributing to a retirement plan plus expensing/deducting youtube business expenses. 23.11% would be worst cast, and includes FICA. Federal taxes alone has you at an effective rate of 18.85% if you only take the standard deduction and nothing else with your marginal rate coming in a 24%.
Deductions, bracketed tax system, etc. is why you are not even close to 32%.
Church meetings. I like this guy already :)
Bro❤ you are the best👍💯
Your content is very informative for someone like me who is a freshman starting out with zero experience in the CS world. Thanks.
Why don’t u buy a house?
Church meetings! I know what that is. I grew up going to the Church in Cleveland on Warren Road in Cleveland, Ohio. For decades, Saints have been fellowshipping with Saints in Taiwan. Let me know if you two are ever in Cleveland.
Dont have to pay taxes if you own a business and deduct expenses to reduce taxes : b as long as you are employee though then yes you have to pay taxes
It is a lot but you do live a comfortable life. So living comfortable life is not cheap. The rent being 2k is crazy. That's like 10x more than my rent.
Do you tithe and/or give offerings at your church ? Is that included in your budget?
I do, but I didn't want to disclose the amount, so it's excluded in the budget. Hope you understand :)
@@PIRATEKINGDOM Understandable. It's between you and the Lord, just as what you might give to friends, family members and so on. I just like to have a giving section in my budget and it all goes there.
I’m skeptical of pursuing any degree with software engineering cause I do not have a strong math background should I consider doing it if I’m not the best at math or not?
Math definitely helps, but it’s not a requirement. Try learning frontend development on your own and see if it fits you. You dont need a strong math background to work on frontend. Start with html + css + javascript crash courses, and navigate your studies towards frontend.
@@PIRATEKINGDOM thank you for the help!
2:30 my wi-fi and i
haha
So you're paying $2,180 in rent because you got in 4 years ago, but the actual market cost of that unit now is around $3,500? Seems that the market crash is going to be insane
The RE value may drop but they definitely may keep rent the same
$4 for phone considering the fact that I am not allowed to have wifi in college hostel room it's pretty good but I live in India....
I plan to start online coding phone screen in 2 - 3 weeks and I am trying to find the video you made about how you prep for interview in 2 weeks. But I can't find it. I have been prepping 80% of my time on system design and behavioural interviews and 20% of my time on coding the past couple of months. Now I am switching back to 80% coding for next 2 weeks since I need to pass the coding interview to go on-site.
I have a video on leetcode prep (3-month plan). The 2-week prep video is the one I disclosed about offer I got from Google. I don't really talk much about how I prepared for it tho :/
@@PIRATEKINGDOM Thanks. I thought it was a separate video.
Amazon Fresh is really good. It's actually cheaper than many grocery store prices, but then again I got them over-bloated New York prices, so...YERRRRR, yay me, lol.
Be grateful
- Put the 20K(2022 allowance) in a 401K, Get the company match if any, that's a win-win! You've just reduced taxable income by 20K. New taxable income 340K...
- Put another 5-10k(you+wife) on a IRA... lower income. new taxable is 330K... I think that's the allowance per year for your age... you don't look like you are pass 50...I could be wrong 😛
- If your company offers an ESPP... do...doo...do it! Get whatever extra discount they offer. No tax saving but usually you get to buy at a 15% discount, I see it as tax reduction! Or at least, I am passing some of my tax expenses to my employer. You just lowered your taxes on that portion of the money by 15pct. So if you invested say 10K, you would get 15% more stock than 10K would have been able to purchase. You can see that 15% extra stock as your company's contribution or repayment for your tax expenditures. You will pay income tax on the 15% discount as it will be considered income. But it will still be again... of say 8-12% on purchase-day. You came out ahead... And no don't sell within a year... capital gains are sexier after holding it for 1-year if the stock appreciated. Of course, if it depreciated... use that loss to once again decrease your taxable income... by claiming the loss on your income tax. Win-Win!
- This rule applies to the RSUs too. So by now, if they appreciated, you probably paid the associated tax when it was released. That's how it should work... but I have heard some weird stories... You do owe money on any appreciation, but you can reduce your taxable income if there are any depreciation by selling some of the RSUs and use the loss to reduce your taxes... This is not overly complex but sure complex enough that I don't want to write about it here... for the next 2 hours.
- Get yourself a good accountant and a good Financial Advisor and retain a lawyer(those f'ers are useful once you've crossed 250K.. I have heard) - 10K per year(worth it). You can usually expense certain professional services, or medical. And a good accountant can help you get your taxable income even lower than I have mentioned so far.
- Don't forget those interest payment on the student loans.... or deduct the space you used to work from home... even 0.5% of 360K is still a whole lot of though.
- I can't wait for my turn in the 400K club...
i dont know how i came across this video but youre videos are so funny. the little small clips of your reaction and stuff that you add must be a pain to edit and film but makes the video--and sorry if this sounds so corny, but-- ~*sPeCiAl~* :
Sorry for the question because you might not know, but how much do manufacturing engineers make at MS?
Sorry I honestly don't know
Heyyy Pirate King. I’m still watching the video, but I get you about noise and hate comments. It’s unfortunate many people cannot be happy with other people doing well and they just wanna bring you or other devs down. Looking forward to this vid. It’s super helpful for me.
I'm Sure this guy has a lot of free time