And with the tech industry collapsing that might not be FAANG any more. It's probably going to be people who bought houses back in 2011, so you'd better get started inventing time travel.
I worked at a bunch of companies. Worked at Amazon for a year and a bit- h ated it. But having a stint at a FAANG on your resume makes it really easy to get to the interview phase of every position after.
overqualified! Next! Meraki wouldn't interview me because I was "overqualified". I personally managed their largest deployment from it's inception for 3 years (20,000 machines) at another company. I think it was safe to say that I was the number one Network Engineer for Meraki production networks at that time. Meraki wouldn't even talk to me. So good luck!
Contribution to a repo is worth a lot. I am positive you would give more credence to someone who has contribution on a well known repo versus leetcode hards
@@ThePrimeTimeagen Suspicious, prime. I got a connected islands question in a Facebook interview recently. I don't really practice LC that often I'm usually trying to build projects.
"Before doing that, I want you to write a technical document about how one would go about doing it..." is the greatest summary of the FAANG experience.
I now work at a large tech company in Tokyo, Japan and I took a decent pay cut to come live here at the time. Considering the exchange rate, I now make about half what I did in America. But like Prime mentioned cost of living is what really matters. Everything is adjusted based on the exchange rate and at the end of the day I still get to save a decent percentage of my income. It would just suck if I ever decide to move back to America as I would be severely behind compared to where I could have been (unless the exchange rate recovers)
Yeah, the exchange rate means nothing if you aren't buying things with USD. Japan is doing fine in terms of local prices, the yen has just lowered in relative demand for the US.
I am also thinking about going to work in Japan in future, but I have some doubts that I would like to ask about. First is, is the remote work possible there (as a foreigner with a work visa)? Do you work remotely or actually go in the office/hybrid? Second is about work hours, which is dreaded a lot by foreigners (if you go on-site/hybrid), did you have good or bad experience with it? Personally I am myself a genius developer that can do work that normal people do in 8 hours in like 2-3 and I have that as my average daily work time(sometimes even less) and work remote atm. That's why I have doubts. If I go there to work, only to be confined in an office, it wouldn't really make much sense for me since I will lose a lot of useful time I would otherwise have if I stayed where I am right now. I don't have that much money now(and the salary is not that high), and live in a very bad(by a lot of metrics) country(which I will not disclose) with no future possibilities, but it is enough to live an average comfortable life (as a single person living alone), fully remote and having a lot of free time. It is a really hard choice for me in future whether I would want to trade the free time for more salary and work in another(better) country, or continue searching some other unconventional ways to make money (and only then immigrate) throughout the years instead.
Cost of living doesn't trade 1:1 unless you spend your entire paycheck on housing, food, and local goods and services. Money that is invested or spent on nationwide market goods (like eBay, online, and anything that competes with it) is the same no matter where you live.
On the medical costs thing. The US does have a very high cost system on an overall cost per appointment/surgery/hospital bed night basis. There are plenty of comparisons available. In the US the large providers are extracting huge profits, this is not the case i. Some other countries. This is how it can be cheaper elsewhere, on a total cost (taxes and direct costs) for the provision of medical care.
Came here to say this. Prime isn't wrong to point out that taxes are higher when it's publicly funded, but the US is roughly twice the cost per person compared to the next most expensive system, and the outcomes are not better
@@Cadaverine1990 you'll find that's the same in other countries, though. I'm living in Germany now, and I can get a specialist immediately if it's an emergency, a few weeks if not (though some specialities could be closer to 2-3 months), or tomorrow if I pay private. I know it's the same in Australia, and, other than the USA they're the only countries I've lived in for any length of time. The best systems seem to be a mix of compulsory public health with optional private for that elective stuff. Point is that the USA costs *double* the next most expensive per person and outcomes are equal at best and that's not even counting the risk of bankruptcy
@@Cadaverine1990 that only strengthens the other argument. the richer people can do that but not the poorer people. in countries with public healthcare, except for very rich people [or people who pay extra for private health coverage], most people regardless of class or wealth gets prioritised the same causing the long wait time. which is imo more preferable to just not being able to go to a doctor cuz youre so poor.
Honestly one of the best perks working at the best FAANG companies is that most co-workers are really competent. Outside that the bar is low and/or inconsistent.
The US pays a lot more than any other country on healthcare. A little GPT magic: In 2021, the healthcare cost per capita in the United States was $12,914. This amount was more than double the average for other comparably large and wealthy countries, which was around $6,003. By comparison, Germany, the country with the second-highest healthcare spending per capita, was at $7,383 Furthermore, taxes make it non optional and everyone gets access. But yeah I had two kids in the last 4 years and besides the taxes I paid a total of 50€ to stay at my wife's side for the THREE days she was in the hospital for a 0 complication natural birth. In the meantime my sister in the US paid over 20k and didn't stay a night in the hospital though she'd been through hell.
A lot is paid sure, but the private sector towers over the public one by a wide margin Like, it is ridiculous how spending on private healthcare alone is bigger than some countries GDP's And I don't mean just economical and geographically small ones like mine, it's madness
The best thing I love in the whole world is people who move to the US and then complain to me about everything, like health care. Like, why are you here? Had one insufferable twat that started every sentence with "In FRANCE we do it like..." finally asked him, why aren't you in France then? "The economy is horrible". Yeah, maybe there is a link between working 3 hour weeks and having the government pay for everything. Not arguing that our system hasn't been subverted and broken by central bankers in tiny hats, but the fact is it was subverted and broken. By central bankers with tiny hats.
MAMAA replaced the FAANG acronym back in 2021, this is video is a couple years behind the times. Even MAMAA is outdated at this point. MAMAA is Meta, Alphabet, Microsoft, Amazon, Apple.
4:59 regarding brainteaser questions, I got one a long time ago in an interview. I thought it was ridiculous so I gave a snarky answer but it turned out to be correct. They asked me, "How much apple juice can you get out a thousand apples?". I said there's no standard size for apples so you'll get a thousand apples worth of apple juice. I have never liked such questions. At another place I was asked to find 10 non standard uses for a paper clip.
23:20 reason that happens is it's way easier to break off R&D risk onto a small startup, if the R&D fails the big company doesn't want that cost on their balance sheet, a small company can just bankrupt.
Cap on whoever said they were working on a "30 year old Java codebase" -- Java also changed their event model in the late 90s. And it took a good 5-10 years to get out of the "crapplet" era and be a viable, if bulky, enterprise application programming language.
Before enterprise and co-existing with the crapplet era, Sun was determined to make java the language for all Solaris administration tools. Informatica powercenter still looks like a mid 90s java app to this very day. I 100% believe that there are people are working on java code bases that old.
Hard disagree on 401K, as long as your employer plan doesn’t have random extra fees and you have access to low cost total market indices, S&P500, etc. then makes more sense to put money there vs an individual brokerage account due to tax advantages. If you have access to some highly profitable real estate investment, or some other unique opportunity maybe that’s better but don’t think that’s the case with most people. Just need to ride the index until retirement, and minimize taxes while doing so.
Yup, worst job I had was not faang. It was a popular remote work company (pre Covid) and I was putting in 9am-(10pm~12am) every single day including weekends for about 4 or 5 months. Shit was hell and of course no overtime pay. Never, ever, EVER let your PM’s and Managers decide project deadlines without any engineer input or allow them to take on a project from a contractor who got fired who did not get a good deadline set. Just leave it’s not worth it.
What would I do as a nickel in a blender? Probably get bent, break the glass, go flying across the room, wonder why I wasn't getting exchanged for goods and services as Uncle Sam intended, and sue whoever put me in a blender for assault, battery, attempted murder, severe mental anguish, and defacing American currency.
We asked you if we shrunk YOU down to the SIZE of the nickel. You are not a nickel. You are you, just smaller. So, your answer is not correct. We will let you know if you made to the second round of interviews... Next!
@@SandraWantsCokejump into the blades proactively to end it rather than semi drowning in the swirling whirlpool to finally get throw into the chopper blades...next?
On the healthcare, I get to pay less tax and have health care because of economys of scale. In stead of 60 different companies doing basicly the same thing, 1 big company does it. You still have the smaller insurance companies for the more specific cases but for the most part your covered for whatever and its just cheaper.
I did a photo on the resume when I was junior. I thought a snappy design would be impressive, but it turned out people wanted a uniform black and white resume that stood out based on content, not layout.
Paying tons for health insurance _is_ an America moment. Insurance companies have a lot of overhead in administration and executive compensation that is duplicated between every insurance company. Single payer would represent a tax increase but that increase would be less than the amount you pay for private insurance for these reasons among others.
Yeah it's just more efficient. Plus this doesn't apply to software engineers, but lower income people won't be paying as much into taxes. So their lives aren't ruined because they got into a bad accident
@@videoguy640 It is a humane thing to provide healthcare for the poor. Also currently uninsured poor patients still take up healthcare resources anyway either through Medicaid or urgent room procedures. Universal healthcare could encourage preventive care, which both helps patients and reduces waste.
The government has never been more efficient than private industry. Not once. Government employees are considered the epitome of slackers, and government offices the definition of pointless bureaucracy
9:59 - The moment an American gets an existential dread just from the fact that Europe exists and we have all inclusive social security just because we pay taxes 🤣 (for all nay-sayers, yeah we occasionally have slightly higher taxation, but only for the high income individuals and that's about 2-4% more on average across all EU countries)
I'm on board with 99% of your takes, but last time I checked rentals and roth IRA are not better than a 401k. In most cases, your tax bracket is going to be higher when you're older and looking to draw down on your 401k in which case a Roth 401k is probably the way to go. It's essentially the same as putting the money into the stock market except you don't need to manage it separately from your retirement fund, so you can have it taken directly out of your paycheck and not have to worry about it.
I don't pay 1k per month for (bad) healthcare. I pay like a third of that for top of the line healthcare. If I had kids, they would be covered via me at no additional cost. It was indeed an America moment.
@@stoogel I've seen the statistics, and I'm not convinced of the naive interpretation. First, once you adjust for purchasing power, the gap reduces significantly (Switzerland comes second, around ~40% difference, not 100%). I think it's even naive to assume people will spend proportionally the same, since most people would pay whatever they can comfortably afford, and I think it's easier to see this happening in the data. If you compare health spending per capita in PPP vs GDP per capita (and take out the obvious outliers), you'll see they match pretty closely. Second, the results of that spending should be examined. A lot of articles mention the supposedly "similar or worse results" but I think they are very debatable. One of the common issues is using life expectancy as a proxy, which can fail spectacularly. For example the US uses different criteria when it comes to delivering pregnancies. Everyone in the field knows the place with the best neonatal facilities are all in the US, but you'd never guess that from the numbers. The reason is that the US is counting as "neonatal deaths" lots of babies that are classified as "miscarriages" elsewhere. As you're probably aware, having increased mortality in 0 age babies heavily biases life expectancy as well. There's myriads of other issues like that around this information, and a massive interest by some corporations, politicians and other entities of transitioning the US to a socialized system like the rest of the OECD countries.
@@theondono Life expectancy is just one way quality of healthcare is compared. The US also had 336 avoidable deaths per 100,000 people in 2020 compared to the next highest OECD country (Germany with 195). Shorter hospital stays, fewer physician visits, a lot of it doesn't make sense compared to the high cost in the US. The PPP-adjusted figure is still at least double that of most countries with national health systems. Also, in what company's interest would single-payer be? Not any insurance, hospital, or medical equipment corporation, as it would force their prices down. Look how many drug companies lobbied against and even sued over the new rules that allow Medicare to negotiate drug prices.
There are places in the US where you easily can get a house like that on a FAANG salary. The only thing is that they're nowhere near anywhere you can get a FAANG salary.
Bro you’re smart as hell and understand data you have to know that the US healthcare system is woefully inefficient. It’s not free elsewhere but we pay more for healthcare here by far. I spent a lot of time in Canada and the sales tax is annoying but far less annoying than being at a company with shit benefits or god forbid trying to get insurance to cover somethinf
11:30 Speaking of self reported salaries, EU has adopted a transparency directive as part of a gender equality program this April. In the near future all job hiring has to have its salary be made public along with the job listing and it cannot be altered during the process, as well as forbidding even asking about past salary of the applicant.
California has that too, or something similar... companies still post jobs without salaries listed and I report them to Indeed or wherever it's listed, as it's illegal.
Didn't know you were a fellow Plains dweller. Hello from Kansas. Moved back here after living in SF for about 7 years getting my career going to the point of making a solid living as a contractor. Moved back to Kansas 8 years ago and bought a house working remote. Took a pay cut, much a much larger CoL cut.
13:10 Tokyo is expensive in some places, but you can live in other parts of Tokyo, or even outside Tokyo, and have an easy commute through metro lines to where you work at. So yes, it is cheaper in Japan. America has among the priciest cities, but the fact you incur a lot of costs anywhere in each city is definitely an America thing. Probably only Monaco and other city-states are like that
100%, and if you're willing to commute it's piss cheap, I used to live an hour with train outside central tokyo, $250 rent. And you can rent small 1K places like pretty close to central Shinjuku for $500 no problem.
Just an FYI regarding the medical and taxes outside of the US, especially in Europe, of course we pay for it with taxes, BUT the big difference is that the money the working force pays is actually distributed so everyone has a really solid level of healthcare even if they can't work or pay taxes anymore or at the moment, ie. elderly, handicapped, children and even people without jobs. The money spent to this also doesn't even come close to the 1000's of dollars yearly like prime said, and the quallity of medical service especially in the EU countries, UK, Switzerland etc is top notch. With each year of the last 10-15 year looking from those countries into the USA, there is no reason to envy or even defend most of USA systems, y'all are just getting taken for a ride there with the less unfortunate ones having much less opportunities to get back up to a decent standard of living.
I've only interviewed for a FAANG-like company once cause I kept hearing good things about them. I will say that "they're good FOR A FAANG", which says a lot for anyone who's into this for the love and not the flex.
9:07 Wat? Why is 401k not a good investment? You should at least maximize your pre-tax to reduce your tax bill now while you're in a high income bracket, then withdraw it when you're retired/in a lower brakcet. Beyond that, you can do post-tax Roth IRA conversion and not pay tax on gains.
I may work at target. We may or may not still be migrating off of mainframe cobol. And Rust may or may not be listed as only a supported lang in blockchain applications. Cannot confirm or deny
Yes, EU pays for medical via tax, but it's effectively half the cost per capita of the US because you have insurance companies in the mix and whatnot. It's not a good deal.
In EU they take a percentage of your salary. If Prime earns 500k a year, he would be paying 75k per year for health insurance. Seventy thousand. But I don't know if in US you also are paying healthcare taxes (medicare? I am not American)
Healthcare through taxes IS cheaper than the American system. The whole point is that if the government has to pay for healthcare, they have a vested interest in keeping costs down through legislation such as price caps on medication. For instance, insulin costs approx. 10x more in the US than it does in Europe (depending on the country). The US are pharmaceutical companies' cash cow.
I lived in SF from 2009-2021; my first studio apartment was $1300, lived there for a year. 2nd studio apartment was only 3 blocks up the hill - smaller, but amazing view looking east over downtown - $1100 when I started and I think by the time I moved back home in 2021 I think I was paying only $1250? (Rent control). In those early years, if you were diligent in your search, you could find a great place at a decent price. But yeah by the mid 2010s the cost of rent was getting craaazy.
You're getting bargains lol. Millennial want status the high rise with all three amenities gym pool basketball court Lounge wifi. This so you can become a Content creator also. You're not getting that anywhere in SanFran or NYC or big cities for 1100. You're getting 4 story walk ups for that price.
t1724 no, it's not. It's a lot less for an average family, for a lot of reasons, but mainly because people making a lot of money pay more in taxes which includes Healthcare taxes. If everyone's actually paying into it, it's cheaper for everyone, and it's regulated so they can't charge the gov Healthcare $10,000 for some fucking insulin and a bandaid. Healthcare companies spend shit tons of money on lobbying each year to keep the current system in America. What does that tell you? It's making some people very happy and rich.
@@callowaysutton it's not. Even if you're doing well for yourself like $200k a year, you're still paying less in tax for healthcare than prime is. Poorer families get an even better deal.
@@NihongoWakannai That's just untrue, let's take Britain as an example and assume a 200k USD per year (165k GBP) salary. In the US that would equate to about 50k USD in taxes per year (assuming Chicago) and in the UK that would be about 81k USD. Even the very very best healthcare plans for families in the US plateau in benefits after 25k. With good individual plans being under 10k, I'd much rather keep the extra 20k per year.
When you see all those big numbers, go to the CNN cross city cost of living calculator. My current salary in my city is equivalent to San Francisco, my salary is worth x2.23, which makes it absolutely bonkers. It turns out that translated, I earn more than those in FAANGS working in San Francisco. Of course the sweetest spot would be to have a high salary and live in the middle of nowhere working remotely, but many companies are not allowing that anymore.
One note, for Google that breakdown of salary, stock, and bonus doesn't really change year to year. Yes, the sign on bonus goes away if you get one, but you still get a pretty healthy bonus every year. I didn't get a sign on bonus so year 1 to year 2 wasn't all that different. Still waiting to find out for year 3, though... Also, the stock is 33/33/22/11 (the percentage of the big stock grant that you get for years 1-4) and the expectation is that you don't get a refresher your first year but you should after that (unless you get a bad performance review). They set it up this way so that theoretically your stock doesn't go down.
I'm going to be super open about the taxes / health care situation. I'm in a UK country and my national insurance (the healthcare tax, which is a different deduction from every tax) is 5% But my regular tax deduction is 45%. So we are actually better off with the free healthcare system. Facts. But, of course we are still paying.
Your overall tax is not 45% though. 45% is the top tax band and so firstly, you must be a high earner. As such you would only ever pay 45% on any earnings over £125k. Tax rates are paid in bands in the uk. Your actual overall earnings paid as tax is effectively around 30%. For example if you earn 130k, you only pay 45% tax on the final 5k. Any earnings below are paid in the relevant bands. I.e. your real % in tax is about 30% as a high earner.
@@cubs9974 I know how it works dude, I'm just compressing a thought into a UA-cam comment. But the tax laws are very different in Scotland, I don't earn anything close to 125k and it's only the second highest tax bracket unfortunately. The only thing I'd say England has it better off with is tax haha.
The problem with saying other countries pay taxes instead of bills and therefore it doesn't matter is that America spends 2-3 times more on healthcare (per capita and per GDP) than those other countries. America's system costs MUCH more to its citizens. So no, it's not the same either way. Americans are paying more, and its because other countries pay a non profit government, while Americans pay a for profit insurance company, and there are other middle men involved that further inflate costs.
Large cities or not, salaries like that don't exist in Europe, unless you're an investment banker in London, Switzerland whataver. Yes we get very nice public transportation (At least here in Vienna), 'free' doctors, and meds, and all the laws, restrictions, regulations, narratives and orgs to make us feel safe, BUT our salaries even before taxes are way lower. Half of that entry salary In Vienna would be considered a very good salary. And the law&order state and the city would then take 1/3 of that, actually more (b/c free meds), and it's still considered a very good salary.
"Just work at Accenture, US Bank, Target, Amex... the interview is easier" - so that was my mistake, I should have gone the easy route and gotten into a top tier consultancy or F500 corporate dev team. That never even crossed my mind!!
@@MrSquishles the point wasnt that the interviews will be easier, but rather that it's still extremely competitive - and the limiting factor isn't going to be the technical interview. I just found her tone funny when she said "just go for these instead!" :)
You said 401ks aren't always worth it, but ROTH IRAs are; you can actually get a ROTH 401k that has the same benefits as the ROTH IRA but higher contribution limits, so that's something to consider.
Prime, put you and your kids on your insurance and move your wife to government market place. Yours should be $60-80 per week for you and kids and your wife's will be roughly $320 a month. The insurance is no different from my experience, in fact the quality my wife's marketplace insurance is probably better than mine.
I disagree that with no free healthcare + education is really an american thing. You guys live in bubble thinking one has to pay for quality and yes I literally see what part of my taxes go there (I own a company so see finances and both side of taxation) but when something becomes monetary based that opens a door for huge wastes in between what operating (and upgrading) that facility really takes and what "they ask for". The real gatekeeper of quality is not money. What you really need for quality is elitism - and guess what many clinics or schools have heavy elitism and pride which operates on much smaller state money than some of the top insitutes from america so its very doable. One more thing: the big "house" (I would say palace) depicted for what you can get from FAANGG salary is actually very possible - just not in the USA. Lets say you buy up an Eastern Europian palace in mids of a lowland and you could have totally afford that - while I know a regular "smaller-than-my-own" house was harder to afford for my FAANG friend in Ireland where because of concentration of tech the price was very heavy. I would still advise not to "just buy" thhat kind of palace for living, but much better if you live in some of the rooms and make it like a welness hot-bath supported hotel for the other rooms so you do not end up paying huge utility bills for nothing till the end of your life 🙂. Actually a guy did a similar story with one of these in mid of nowhere where my mom and dad went to and stayed some days in. Of course some years ago these were much cheaper as now their price went up - especially if you are foreign person and they smell out you have money haha
Real talk, though: Prioritize bonus and stock when negotiating total comp, if you can. Our salaries are line items on our manager's (and org's) expense sheet. Bonuses and stock are not. When the org needs to cut people, low salary, high bonus and stock let us hide in that expense sheet while still making lots of money.
When I said "So they can sell it from under you lol" I meant the company itself exchanging owners and devaluing the stock. In the future I will word my thoughts more completely.
A sign-on bonus is usually the difference between what you ask, and what the employer is willing to pay. The strings attached are that you'll have to pay it back if you leave within a year or two, and you don't have the same compensation the following years.
I joined one of the big tech companies in Australia (FAANG adjacent, many former google at the company) and I ended up leaving to join a startup in short order. Much prefer to be the big fish in a small pool than a tiny cog in the machine.
I may not make the base salary of others. But, working for a family owned and run compnay (President, CEO, Plant Mangers, Recyling Manger, etc) they do give a substantial annual bonus if production goals are met, they've been met the last 50 years. I lived in Rapid City, SoDak in 2022~2023. I couldn't find a studio for under 950. When was the last time you searched for an apartment in Rapid City?
I love me some "you pay the same amount in taxes as we do for insurance" talk. No, we don't. US citizens spend the most per person on healthcare out of any first world country (factoring taxes and insurance). I dare you to say that it's because of the "higher quality healthcare". It's just because of inefficiencies and bad incentives.
The rich of the world comes to US when they need the best health services. The rich in the US don't go to other countries. I lived in the UK for a good portion of my adult life and saw it regularly.
Tbh - in Poland for Faang salary, that is offerred in Poland - facebook just recently was recruting for $ 8-16k a month, in province you could afford that house on a mortgage (even though Poland has the most expensive mortgages in europe) :D, even though houses here are very unaffordable on our salaries - they are still way cheaper than in Cal or Florida, and water and food here are way better (also really cheap private health care - intenstine cancer treatment costed me 12k PLN or - around 3k$ whole, I've had to go private as for public I would have to wait for a year until I would be able to even get a doctor's appointment)
That house is 100% affordable on a faang salary. If that same house were constructed in the middle of LA, San Francisco, Seattle, or NYC, probably not, but I doubt you are finding acreage in the middle of a city. Go outside the city and property like this quickly becomes affordable for someone making 6 figures, provided they aren't an utter idiot with how they spend their money. Sure, they'll probably need a loan, but they'll have it paid off before they retire, maybe less than 10 years, depending on how close to 7 figures they are, or if their budget doesnt include a new car every year. Go to less populated areas and you can find 5000+sqft houses on 5+ acres for under a million easy. Just last year I saw 4800 sqft 2 story home on 5 acres, great condition, remodeled within past 10 years, not even $500,000.
I, for real, thought FAANG payed better. I am living and working in germany, getting well over the 100k$, have my 30 vacation days, covered during times where i am ill, and all the other nice benefits you get in every other country then the US.
@@ci6516nope, for a matter of fact, food and rent are way cheaper then in the US. As we don't have copay and sick days are paid and not counted against the vacation days we have way more financial security for such events
@@-Jason-L do those 4 weeks of include sick days? How much are your co-pays? Do you have a pension plan included that allow you to be safe later in life?
I am nearly at 18 years at one of these companies and offers from the others. I didn't get asked any brain teaser questions because I have been doing low level system software forever and they cared a lot about testing embedded domain knowledge.
16:40 Florida is the exception to the rule in the south. Major metropolitan areas in south Florida regularly rank in lists of fastest growing cost of living in the US. The state average is only offset by rural areas, and lets just say rural Florida has its "charm", Nothing like rural South Dakota. Regularly hear stories of people moving down from NYC thinking it'll be sweet, just to find out its not what they thought. And if you want to own a house in Florida, what you don't see factored into the cost of living models is high utility rates, and the effects of the Homeowners Insurance crisis. Do research before moving to Florida.
not to say your money wont go farther in Tampa, Orlando, Miami than in SF, NYC, Seattle, but its not quite as much of a golden goose as a lot of people make it out to be.
I was totally going to work at FAANG but the video convinced me not to. I totally could have… if I wanted to… but I don’t so no further discussion required.
The goal is some weird side hustle or passive income through dividends, where when people ask "What do you do?" You can tell them "I work from my bed about 15 minutes a day with a few clicks of a mouse" with a completely straight face and gauge the room.
In europe we pool taxes into something called a budget, then allocate part of that to healthcare, since the pool is huge we get lower costs for pills and the like, its called bulk buying and economies of scale.
You wouldn't believe how much more the healthcare in US is compared to basically everywhere else. Heck, US spends like 50% more _public_ money _per capita_ on healthcare than the next country, while managing to bankrupt thousands of people with medical debt, even these with private insurance. Insuline price in US is 10-20x more than in vast majority of OECD countries, and none get close to US crazy price. I lived in Switzerland, which is a rather expensive country. My health insurance was covering health expenditures in other countries to up to 2x the cost of equivalent healthcare in Switzerland, or transport to Switzerland, and there was explicit warning that in USA costs will quickly saturate the limit and you should consider immediately picking the transport option, so that it happens before you start paying out of pocket. This is how bad it is.
I live close to New Orleans (kinda want out). As far as big cities go, Chicago is actually pretty affordable (and has more tech jobs than New Orleans). But while rent isn’t massively higher, they do apparently pay a lot for parking?
Completely off-topic but US healthcare costs are >17% GDP compared to most European nations ~12% whilst also bankrupting 300,000 people a year. Allowing market forces greater influence on the system has provided financial incentives for the Sacklers et al. to engineer a middle class opioid crisis etc, inflated costs through constant litigation action between healthcare providers and insurers, price-gouging actions etc. It's not unreasonable to make the case that US healthcare in it's current form is just not very efficient, though it obviously works well for those who can access it without financial trauma.
In Germany you share the bill for medical insurance with your employer, so it is a lot cheaper for the individual. But compared to the mUrIcA a larger percentage of your paycheck goes to insurances and taxes; and salaries, at least for tech, are a lot lower. If you have no job then you can apply for the state to pay your insurance which is a huge plus, I don't know how that is in the US.
I wanted to move to the US to work, calculated the tax rate is about the same as where I'm from except I also have to pay for health insurance. Yes, we all pay for 'medical', but an efficient system not designed to maximise profits will always be cheaper.
I love your videos but I want to push back on something you said at 19:05. Talking about how 401ks aren't a great investment. First 401ks are an investment vehicle, where inside of it you choose investments. Maybe that was just a minor slip up that's fine. The thing you have to understand about rentals is they are not a passive investment, they are active investments. Also they work a whole lot better when you have massive pockets. When our politicians say people who miss rent can't be evicted, they don't say people who miss mortgage payments can't face consequences. Now you've got a tenant who isn't paying and you can't even kick them out. You still have to make those payments even if you have no tenant or your tenant refuses to pay. The margin of returns on rentals have shown to be alright compared to other investments, but not enough to blow 401ks out of the water. I'm not anti-rentals. They are good when you have stacks of cash to be to handle the down-turns. I'm just saying they aren't at a massive advantage over 401ks. You also said you can do better in the stock market which is a bit confusing. Like I said a 401k is a vehicle, not an investment. You use the funds you put into your 401k to invest in something like the stock market or into bonds. You said most people invest like cramer when picking individual stocks and you are absolutely right! There are strategies to do better than Cramer-style investing. That typically entails not choosing individual stocks and instead choosing index funds. Personally I like the boglehead investing strategy but that's just me and doesn't work for everyone. 401ks are a massive leg up over taxable accounts. You either save on taxes going in or save going out. You can also use pre-tax accounts to lower your taxable income to make yourself eligible for other types of accounts if you are on the edge of making too much money to qualify. I just think calling 401ks "not a massive W" and Roth IRAs and Rentals are the way to go, is short-sighted. I don't expect you to be a finance content creator and know the ins and outs of investing. But if that isn't your expertise, I wish you would defer to others rather than give an underinformed take on the topic. Especially when multiple studies have been done on multi-millionaires and the majority of them agree that investing in tax advantaged accounts like 401ks was a major component to their wealth.
so one thing i want you too look up is real estate professional ranking with the gov. you can write off your W2 income with rental depreciation. so.. yeah, maybe i lost 5k this year with a rental... but.....
@@ThePrimeTimeagen so under 150k income and you get to write off up to $25k as losses, which gives you like $6k back? Not bad, basically funds the Roth IRA. My largest gripe is that it takes big capital to start. Some of the 401k plans have targeted retirement indexes which automatically change their percent composite of mutual funds/bonds as you get closer to the target year. That helps take some of the risk out of one pool of cash while you continue to buy/sell stonks/funds/indices in your taxable accounts. If you did it right and have multiple types of accounts it gives you the power of choosing the taxes a little bit - assuming you've got 401k/Roth IRA/HSA/taxable brokerage accounts. I've been a big fan of the Financial Order of Operations (FOO) put out by another creator on UA-cam - seems to be solid advice, but not financial advice, for building wealth. I think real estate is on the list after maxing out all the tax advantaged accounts. But ultimately it depends on your goals and lifestyle!
1:40 Incorrect. The inverse Cramer ETF (SJIM) is not doing well at all. In fact the long Cramer ETF (LJIM) is outperforming SJIM. Though both are underperforming the broader market (SPY).
Actually, the pricing for medical stuff in the US is artificially inflated, so in other parts of the world, it can actually be a lot less expensive and still be better than it's in the US.
At the end of the day work is - well work. Some days are going to really suck, some days are going to only half suck, and there will be those rare days when you go home actually energized. I think people delude themselves into thinking that that "dream job" is just around the corner. It's not. If you take home a good check and don't hate your boss - you're way ahead of the curve. Lower your expectations.
@ThePrimeTime Most first world countries pay way less for healthcare. It being in taxes means its regulated. US = ~$12000 per person avg per year CA = ~$6000. And we're the richest country on the planet...
23:22 Who said that you can't do a step by step migration from language x (e.g. C++) to Java? Because you can do that. You need to be quite insane to do that, but you can.
In my opinion, small companies do (small) niche work because they never used the top products and their clients cannot afford to use them, or if they use them they were not taught to use them.
Yeah living in London is bonkers! $120K don’t get you far! Sure if you are single pringle, you will live life! But having a family is freaking tough! Wife doesn’t work, two kids. Nursery coats $1.6K a month on top of that is your rent which is roughly the same or higher and bills. Enjoy eating pasta and ketchup…
10:10... I pay just as much in the USA, the difference is when I got sick and had to go to the hospital as an emergency, the hospital was out of network and I had to pay $38,000 dollars on top of my premium. So yeah, they do have it better bro. Not to mention that in the US its constant back and forth, and the wait times for anything are outrageous. Fucking 4 months doe pain management?!?! WTF?!?!
Hahaha this is awesome - love the feedback. Also, this was one of my first videos… very cringey to watch it a year later 😂
i live in a state of permanent cringe on all my videos. it was great and i loved the points. i honestly think this was a very good video.
@@ThePrimeTimeagen thanks so much, I appreciate it!
What a chance encounter! Do you remember my name?
@@caryphillips4885 you’re Ashwin’s friend, aren’t you? 😀
@@PoojaDutt You do remember! Look at you with 100k subscribers! And it looks like you became a software developer too! I think he became one as well!
FAANG is definitely not the end goal. The end goal is to get f-off money and just work on stuff you're actually interested in.
Amen to that
Yes this. Although some people like and stay there but primary goal is that fuck you money and resume
Farming after coding
And with the tech industry collapsing that might not be FAANG any more. It's probably going to be people who bought houses back in 2011, so you'd better get started inventing time travel.
Too real, man.
"I work in a 30 year old Java codebase"
Prime: "ACHUALLY its only 28.5 years old. PWND"
lmao
Fact-checked live😂
How DARE he round up numbers. We only floor in this household
22:38
I worked at a bunch of companies. Worked at Amazon for a year and a bit- h
ated it. But having a stint at a FAANG on your resume makes it really easy to get to the interview phase of every position after.
That is my only regret of not taking a FAANG job is the door opener, but I would have been miserable there for the year
overqualified! Next! Meraki wouldn't interview me because I was "overqualified". I personally managed their largest deployment from it's inception for 3 years (20,000 machines) at another company. I think it was safe to say that I was the number one Network Engineer for Meraki production networks at that time. Meraki wouldn't even talk to me. So good luck!
"do leetcode AND maintain a 70k star repo"
These requirements are out of control
Contribution to a repo is worth a lot. I am positive you would give more credence to someone who has contribution on a well known repo versus leetcode hards
100% agree. I just think becoming a maintainer of one of the most popular pieces of open source is a lofty goal. @@ThePrimeTimeagen
@@ChrisCox-wv7ooI mean yeah, that's why it would make you standout. That's the point
@@ThePrimeTimeagen Suspicious, prime. I got a connected islands question in a Facebook interview recently. I don't really practice LC that often I'm usually trying to build projects.
@@ChrisCox-wv7oo Particularly for entry-level engineers just trying to break into the industry.
You know a good content creator when he makes a 13 minutes video into 40.
we pushing the bounds
Talk about transformative reaction content
Generative prime transformer.
@Chris-se3nc oooh, so that's what GPT from ChatGPT stands for
Gotta create that content
"Before doing that, I want you to write a technical document about how one would go about doing it..." is the greatest summary of the FAANG experience.
I now work at a large tech company in Tokyo, Japan and I took a decent pay cut to come live here at the time. Considering the exchange rate, I now make about half what I did in America. But like Prime mentioned cost of living is what really matters. Everything is adjusted based on the exchange rate and at the end of the day I still get to save a decent percentage of my income. It would just suck if I ever decide to move back to America as I would be severely behind compared to where I could have been (unless the exchange rate recovers)
I am thinking about doing a similar thing. Would you mind telling me about your experience sometime?
Yeah, the exchange rate means nothing if you aren't buying things with USD. Japan is doing fine in terms of local prices, the yen has just lowered in relative demand for the US.
I am also thinking about going to work in Japan in future, but I have some doubts that I would like to ask about. First is, is the remote work possible there (as a foreigner with a work visa)? Do you work remotely or actually go in the office/hybrid? Second is about work hours, which is dreaded a lot by foreigners (if you go on-site/hybrid), did you have good or bad experience with it?
Personally I am myself a genius developer that can do work that normal people do in 8 hours in like 2-3 and I have that as my average daily work time(sometimes even less) and work remote atm. That's why I have doubts. If I go there to work, only to be confined in an office, it wouldn't really make much sense for me since I will lose a lot of useful time I would otherwise have if I stayed where I am right now. I don't have that much money now(and the salary is not that high), and live in a very bad(by a lot of metrics) country(which I will not disclose) with no future possibilities, but it is enough to live an average comfortable life (as a single person living alone), fully remote and having a lot of free time. It is a really hard choice for me in future whether I would want to trade the free time for more salary and work in another(better) country, or continue searching some other unconventional ways to make money (and only then immigrate) throughout the years instead.
@@NihongoWakannaidude japan literally imports everything from energy to raw shit youll feel it with the central bank rates discrepancy
Cost of living doesn't trade 1:1 unless you spend your entire paycheck on housing, food, and local goods and services. Money that is invested or spent on nationwide market goods (like eBay, online, and anything that competes with it) is the same no matter where you live.
On the medical costs thing. The US does have a very high cost system on an overall cost per appointment/surgery/hospital bed night basis.
There are plenty of comparisons available. In the US the large providers are extracting huge profits, this is not the case i. Some other countries. This is how it can be cheaper elsewhere, on a total cost (taxes and direct costs) for the provision of medical care.
Came here to say this. Prime isn't wrong to point out that taxes are higher when it's publicly funded, but the US is roughly twice the cost per person compared to the next most expensive system, and the outcomes are not better
I do agree it costs more, however, I can get into an appointment within 2 days to a specialist. Why?? Because I can pay through the teeth for it.
@@Cadaverine1990 you'll find that's the same in other countries, though. I'm living in Germany now, and I can get a specialist immediately if it's an emergency, a few weeks if not (though some specialities could be closer to 2-3 months), or tomorrow if I pay private. I know it's the same in Australia, and, other than the USA they're the only countries I've lived in for any length of time. The best systems seem to be a mix of compulsory public health with optional private for that elective stuff. Point is that the USA costs *double* the next most expensive per person and outcomes are equal at best and that's not even counting the risk of bankruptcy
@@Cadaverine1990 that only strengthens the other argument.
the richer people can do that but not the poorer people. in countries with public healthcare, except for very rich people [or people who pay extra for private health coverage], most people regardless of class or wealth gets prioritised the same causing the long wait time. which is imo more preferable to just not being able to go to a doctor cuz youre so poor.
There are trade offs like quality of care and time it takes to get care.
Honestly one of the best perks working at the best FAANG companies is that most co-workers are really competent. Outside that the bar is low and/or inconsistent.
Is Amazon really in the same tier as the others? My interviewers struck me as slightly arrogant and a notch below the friendly folks at Google.
@@bigben8502 I would put Amazon at the lowest end of FAANG in many ways including talent.
Unsure if you mean outside of faang people are rubbish or if you mean other than great coworkers faang isn’t great.
@@Kane0123 Outside the top of FAANG the bar is low.
Haaa yeah ok champ.
The US pays a lot more than any other country on healthcare. A little GPT magic:
In 2021, the healthcare cost per capita in the United States was $12,914. This amount was more than double the average for other comparably large and wealthy countries, which was around $6,003. By comparison, Germany, the country with the second-highest healthcare spending per capita, was at $7,383
Furthermore, taxes make it non optional and everyone gets access. But yeah I had two kids in the last 4 years and besides the taxes I paid a total of 50€ to stay at my wife's side for the THREE days she was in the hospital for a 0 complication natural birth. In the meantime my sister in the US paid over 20k and didn't stay a night in the hospital though she'd been through hell.
Yes, exactly this. Just because other countries pay for their healthcare through taxes doesn’t mean they pay nearly as much.
the healthcare commentary was the first time I saw prime being kinda dumb
@@duruiz First time? Dude is the typical software engineer Dunning Krueger type. So many of them in our industry, it's obnoxious.
A lot is paid sure, but the private sector towers over the public one by a wide margin
Like, it is ridiculous how spending on private healthcare alone is bigger than some countries GDP's
And I don't mean just economical and geographically small ones like mine, it's madness
The best thing I love in the whole world is people who move to the US and then complain to me about everything, like health care. Like, why are you here? Had one insufferable twat that started every sentence with "In FRANCE we do it like..." finally asked him, why aren't you in France then? "The economy is horrible". Yeah, maybe there is a link between working 3 hour weeks and having the government pay for everything. Not arguing that our system hasn't been subverted and broken by central bankers in tiny hats, but the fact is it was subverted and broken. By central bankers with tiny hats.
No one wants to admit that Netflix really shouldn't be considered FAANG anymore.
N now stands for Nvidia, frankly as it should have for the past several years (not a slight to Prime lmao, the company does not make the engineer)
MAMAA replaced the FAANG acronym back in 2021, this is video is a couple years behind the times. Even MAMAA is outdated at this point.
MAMAA is Meta, Alphabet, Microsoft, Amazon, Apple.
I only believe in MANAMANA
@@boredandagitated Doo-doo dodoodoo ~
4:59 regarding brainteaser questions, I got one a long time ago in an interview. I thought it was ridiculous so I gave a snarky answer but it turned out to be correct. They asked me, "How much apple juice can you get out a thousand apples?". I said there's no standard size for apples so you'll get a thousand apples worth of apple juice. I have never liked such questions. At another place I was asked to find 10 non standard uses for a paper clip.
23:20 reason that happens is it's way easier to break off R&D risk onto a small startup, if the R&D fails the big company doesn't want that cost on their balance sheet, a small company can just bankrupt.
Cap on whoever said they were working on a "30 year old Java codebase" -- Java also changed their event model in the late 90s. And it took a good 5-10 years to get out of the "crapplet" era and be a viable, if bulky, enterprise application programming language.
Before enterprise and co-existing with the crapplet era, Sun was determined to make java the language for all Solaris administration tools. Informatica powercenter still looks like a mid 90s java app to this very day. I 100% believe that there are people are working on java code bases that old.
Hard disagree on 401K, as long as your employer plan doesn’t have random extra fees and you have access to low cost total market indices, S&P500, etc. then makes more sense to put money there vs an individual brokerage account due to tax advantages. If you have access to some highly profitable real estate investment, or some other unique opportunity maybe that’s better but don’t think that’s the case with most people. Just need to ride the index until retirement, and minimize taxes while doing so.
Its funny when you meet someone who introduces themselves as an "ex software developer"
Yup, worst job I had was not faang. It was a popular remote work company (pre Covid) and I was putting in 9am-(10pm~12am) every single day including weekends for about 4 or 5 months. Shit was hell and of course no overtime pay. Never, ever, EVER let your PM’s and Managers decide project deadlines without any engineer input or allow them to take on a project from a contractor who got fired who did not get a good deadline set. Just leave it’s not worth it.
What would I do as a nickel in a blender? Probably get bent, break the glass, go flying across the room, wonder why I wasn't getting exchanged for goods and services as Uncle Sam intended, and sue whoever put me in a blender for assault, battery, attempted murder, severe mental anguish, and defacing American currency.
Eh, you overestimate most blenders. I'd just bounce.
We asked you if we shrunk YOU down to the SIZE of the nickel. You are not a nickel. You are you, just smaller. So, your answer is not correct. We will let you know if you made to the second round of interviews... Next!
@@SandraWantsCokejump into the blades proactively to end it rather than semi drowning in the swirling whirlpool to finally get throw into the chopper blades...next?
WILL IT BLEND
8:12 as someone that has recently learnt C# I can tell you that that girl started to code on C# using Visual Studio 2022 Community Edition as her IDE
On the healthcare, I get to pay less tax and have health care because of economys of scale. In stead of 60 different companies doing basicly the same thing, 1 big company does it. You still have the smaller insurance companies for the more specific cases but for the most part your covered for whatever and its just cheaper.
I did a photo on the resume when I was junior. I thought a snappy design would be impressive, but it turned out people wanted a uniform black and white resume that stood out based on content, not layout.
They also don't want to print your photo.
@@ikilledthemoon That's a bonus though. If you're too cheap to print a photo, I wouldn't want to work there anyway :P
Paying tons for health insurance _is_ an America moment. Insurance companies have a lot of overhead in administration and executive compensation that is duplicated between every insurance company. Single payer would represent a tax increase but that increase would be less than the amount you pay for private insurance for these reasons among others.
Yeah it's just more efficient. Plus this doesn't apply to software engineers, but lower income people won't be paying as much into taxes. So their lives aren't ruined because they got into a bad accident
On top of the overheads are the massive profits extracted through monopolizing the market. The profits comes from somewhere.
@@videoguy640 It is a humane thing to provide healthcare for the poor. Also currently uninsured poor patients still take up healthcare resources anyway either through Medicaid or urgent room procedures. Universal healthcare could encourage preventive care, which both helps patients and reduces waste.
The government has never been more efficient than private industry. Not once. Government employees are considered the epitome of slackers, and government offices the definition of pointless bureaucracy
@me___5796 the poor already get free healthcare in the US.
9:59 - The moment an American gets an existential dread just from the fact that Europe exists and we have all inclusive social security just because we pay taxes 🤣 (for all nay-sayers, yeah we occasionally have slightly higher taxation, but only for the high income individuals and that's about 2-4% more on average across all EU countries)
I'm on board with 99% of your takes, but last time I checked rentals and roth IRA are not better than a 401k. In most cases, your tax bracket is going to be higher when you're older and looking to draw down on your 401k in which case a Roth 401k is probably the way to go. It's essentially the same as putting the money into the stock market except you don't need to manage it separately from your retirement fund, so you can have it taken directly out of your paycheck and not have to worry about it.
I got a sign-on bonus once. During salary negotiations I told them that the sign-on bonuses are a thing and I actually got it! 🤣🤣🤣
I don't pay 1k per month for (bad) healthcare. I pay like a third of that for top of the line healthcare. If I had kids, they would be covered via me at no additional cost. It was indeed an America moment.
I pay a 3rd as well. In the US. With no waiting to see a doctor. Thats just a bad health plan by netflix.
Where? Because most europeans pay way more (even if they aren’t aware of it).
@@theondonoConsidering American health spending per person is double that of the next highest country (Germany), I doubt it.
@@stoogel I've seen the statistics, and I'm not convinced of the naive interpretation.
First, once you adjust for purchasing power, the gap reduces significantly (Switzerland comes second, around ~40% difference, not 100%). I think it's even naive to assume people will spend proportionally the same, since most people would pay whatever they can comfortably afford, and I think it's easier to see this happening in the data. If you compare health spending per capita in PPP vs GDP per capita (and take out the obvious outliers), you'll see they match pretty closely.
Second, the results of that spending should be examined.
A lot of articles mention the supposedly "similar or worse results" but I think they are very debatable. One of the common issues is using life expectancy as a proxy, which can fail spectacularly.
For example the US uses different criteria when it comes to delivering pregnancies. Everyone in the field knows the place with the best neonatal facilities are all in the US, but you'd never guess that from the numbers. The reason is that the US is counting as "neonatal deaths" lots of babies that are classified as "miscarriages" elsewhere. As you're probably aware, having increased mortality in 0 age babies heavily biases life expectancy as well.
There's myriads of other issues like that around this information, and a massive interest by some corporations, politicians and other entities of transitioning the US to a socialized system like the rest of the OECD countries.
@@theondono Life expectancy is just one way quality of healthcare is compared. The US also had 336 avoidable deaths per 100,000 people in 2020 compared to the next highest OECD country (Germany with 195). Shorter hospital stays, fewer physician visits, a lot of it doesn't make sense compared to the high cost in the US. The PPP-adjusted figure is still at least double that of most countries with national health systems.
Also, in what company's interest would single-payer be? Not any insurance, hospital, or medical equipment corporation, as it would force their prices down. Look how many drug companies lobbied against and even sued over the new rules that allow Medicare to negotiate drug prices.
0:11 no, that's actually what FAANG salary is if you didn't spend your money in America
There are places in the US where you easily can get a house like that on a FAANG salary. The only thing is that they're nowhere near anywhere you can get a FAANG salary.
Bro you’re smart as hell and understand data you have to know that the US healthcare system is woefully inefficient. It’s not free elsewhere but we pay more for healthcare here by far. I spent a lot of time in Canada and the sales tax is annoying but far less annoying than being at a company with shit benefits or god forbid trying to get insurance to cover somethinf
11:30 Speaking of self reported salaries, EU has adopted a transparency directive as part of a gender equality program this April. In the near future all job hiring has to have its salary be made public along with the job listing and it cannot be altered during the process, as well as forbidding even asking about past salary of the applicant.
most places in the US have a similar thing going on now too.
California has that too, or something similar... companies still post jobs without salaries listed and I report them to Indeed or wherever it's listed, as it's illegal.
I love when Prime discusses issues with San Francisco and someone says, "American Moment". Like that's literally a single city
The astronomical cost of healthcare is an American problem
It's a capitalist problem.
Didn't know you were a fellow Plains dweller. Hello from Kansas. Moved back here after living in SF for about 7 years getting my career going to the point of making a solid living as a contractor. Moved back to Kansas 8 years ago and bought a house working remote. Took a pay cut, much a much larger CoL cut.
13:10 Tokyo is expensive in some places, but you can live in other parts of Tokyo, or even outside Tokyo, and have an easy commute through metro lines to where you work at. So yes, it is cheaper in Japan. America has among the priciest cities, but the fact you incur a lot of costs anywhere in each city is definitely an America thing. Probably only Monaco and other city-states are like that
It's not an american thing. Vancouver and Sydney have some of the worst housing markets in the world
100%, and if you're willing to commute it's piss cheap, I used to live an hour with train outside central tokyo, $250 rent. And you can rent small 1K places like pretty close to central Shinjuku for $500 no problem.
Just an FYI regarding the medical and taxes outside of the US, especially in Europe, of course we pay for it with taxes, BUT the big difference is that the money the working force pays is actually distributed so everyone has a really solid level of healthcare even if they can't work or pay taxes anymore or at the moment, ie. elderly, handicapped, children and even people without jobs.
The money spent to this also doesn't even come close to the 1000's of dollars yearly like prime said, and the quallity of medical service especially in the EU countries, UK, Switzerland etc is top notch.
With each year of the last 10-15 year looking from those countries into the USA, there is no reason to envy or even defend most of USA systems, y'all are just getting taken for a ride there with the less unfortunate ones having much less opportunities to get back up to a decent standard of living.
I've only interviewed for a FAANG-like company once cause I kept hearing good things about them. I will say that "they're good FOR A FAANG", which says a lot for anyone who's into this for the love and not the flex.
Hello, just wanted to tell you that I really like your videos! Cheers from Finland!
9:07 Wat? Why is 401k not a good investment? You should at least maximize your pre-tax to reduce your tax bill now while you're in a high income bracket, then withdraw it when you're retired/in a lower brakcet. Beyond that, you can do post-tax Roth IRA conversion and not pay tax on gains.
I may work at target. We may or may not still be migrating off of mainframe cobol. And Rust may or may not be listed as only a supported lang in blockchain applications. Cannot confirm or deny
Yes, EU pays for medical via tax, but it's effectively half the cost per capita of the US because you have insurance companies in the mix and whatnot. It's not a good deal.
In EU they take a percentage of your salary. If Prime earns 500k a year, he would be paying 75k per year for health insurance. Seventy thousand. But I don't know if in US you also are paying healthcare taxes (medicare? I am not American)
@@SandraWantsCoke no there are upper bounds on the absolute value.
(also if you earn this much, you really shouldn't care about money anymore)
Healthcare through taxes IS cheaper than the American system. The whole point is that if the government has to pay for healthcare, they have a vested interest in keeping costs down through legislation such as price caps on medication. For instance, insulin costs approx. 10x more in the US than it does in Europe (depending on the country). The US are pharmaceutical companies' cash cow.
I lived in SF from 2009-2021; my first studio apartment was $1300, lived there for a year. 2nd studio apartment was only 3 blocks up the hill - smaller, but amazing view looking east over downtown - $1100 when I started and I think by the time I moved back home in 2021 I think I was paying only $1250? (Rent control). In those early years, if you were diligent in your search, you could find a great place at a decent price. But yeah by the mid 2010s the cost of rent was getting craaazy.
You're getting bargains lol. Millennial want status the high rise with all three amenities gym pool basketball court Lounge wifi. This so you can become a Content creator also. You're not getting that anywhere in SanFran or NYC or big cities for 1100. You're getting 4 story walk ups for that price.
Prime thinking 1000 per paycheck is anywhere close to what you'd pay in Healthcare taxes with UH is another great America moment.
Yeah it's a lot more
Seriously, the healthcare costs in the US are ridiculously high compared to those countries. Americans are one giant cope after another.
t1724 no, it's not. It's a lot less for an average family, for a lot of reasons, but mainly because people making a lot of money pay more in taxes which includes Healthcare taxes. If everyone's actually paying into it, it's cheaper for everyone, and it's regulated so they can't charge the gov Healthcare $10,000 for some fucking insulin and a bandaid. Healthcare companies spend shit tons of money on lobbying each year to keep the current system in America. What does that tell you? It's making some people very happy and rich.
@@callowaysutton it's not. Even if you're doing well for yourself like $200k a year, you're still paying less in tax for healthcare than prime is. Poorer families get an even better deal.
@@NihongoWakannai That's just untrue, let's take Britain as an example and assume a 200k USD per year (165k GBP) salary. In the US that would equate to about 50k USD in taxes per year (assuming Chicago) and in the UK that would be about 81k USD. Even the very very best healthcare plans for families in the US plateau in benefits after 25k. With good individual plans being under 10k, I'd much rather keep the extra 20k per year.
"Actchewally its called MANGA now..." - Primeagen, 5 months ago
When you see all those big numbers, go to the CNN cross city cost of living calculator.
My current salary in my city is equivalent to San Francisco, my salary is worth x2.23, which makes it absolutely bonkers.
It turns out that translated, I earn more than those in FAANGS working in San Francisco.
Of course the sweetest spot would be to have a high salary and live in the middle of nowhere working remotely, but many companies are not allowing that anymore.
It should be MAGMA
MMAGA: make Microsoft almost good again
One note, for Google that breakdown of salary, stock, and bonus doesn't really change year to year. Yes, the sign on bonus goes away if you get one, but you still get a pretty healthy bonus every year. I didn't get a sign on bonus so year 1 to year 2 wasn't all that different. Still waiting to find out for year 3, though...
Also, the stock is 33/33/22/11 (the percentage of the big stock grant that you get for years 1-4) and the expectation is that you don't get a refresher your first year but you should after that (unless you get a bad performance review). They set it up this way so that theoretically your stock doesn't go down.
"To be in the news when it comes to the most groundbreaking technologies."
*roboter runs against the wall full speed*
Fun fact, the French acronym equivalent of FAANG is GAFAM, which excludes Netflix and adds Microsoft
I'm going to be super open about the taxes / health care situation. I'm in a UK country and my national insurance (the healthcare tax, which is a different deduction from every tax) is 5%
But my regular tax deduction is 45%. So we are actually better off with the free healthcare system. Facts. But, of course we are still paying.
Your overall tax is not 45% though. 45% is the top tax band and so firstly, you must be a high earner. As such you would only ever pay 45% on any earnings over £125k. Tax rates are paid in bands in the uk. Your actual overall earnings paid as tax is effectively around 30%.
For example if you earn 130k, you only pay 45% tax on the final 5k. Any earnings below are paid in the relevant bands. I.e. your real % in tax is about 30% as a high earner.
@@cubs9974 I know how it works dude, I'm just compressing a thought into a UA-cam comment. But the tax laws are very different in Scotland, I don't earn anything close to 125k and it's only the second highest tax bracket unfortunately.
The only thing I'd say England has it better off with is tax haha.
The problem with saying other countries pay taxes instead of bills and therefore it doesn't matter is that America spends 2-3 times more on healthcare (per capita and per GDP) than those other countries. America's system costs MUCH more to its citizens.
So no, it's not the same either way. Americans are paying more, and its because other countries pay a non profit government, while Americans pay a for profit insurance company, and there are other middle men involved that further inflate costs.
Large cities or not, salaries like that don't exist in Europe, unless you're an investment banker in London, Switzerland whataver. Yes we get very nice public transportation (At least here in Vienna), 'free' doctors, and meds, and all the laws, restrictions, regulations, narratives and orgs to make us feel safe, BUT our salaries even before taxes are way lower. Half of that entry salary In Vienna would be considered a very good salary. And the law&order state and the city would then take 1/3 of that, actually more (b/c free meds), and it's still considered a very good salary.
"Just work at Accenture, US Bank, Target, Amex... the interview is easier" - so that was my mistake, I should have gone the easy route and gotten into a top tier consultancy or F500 corporate dev team. That never even crossed my mind!!
Accenture is a shit show.
just try the interview man, trust me, it's not the fang nonsense.
@@MrSquishles the point wasnt that the interviews will be easier, but rather that it's still extremely competitive - and the limiting factor isn't going to be the technical interview. I just found her tone funny when she said "just go for these instead!" :)
@@MrSquishlesHe was being sarcastic.
You said 401ks aren't always worth it, but ROTH IRAs are; you can actually get a ROTH 401k that has the same benefits as the ROTH IRA but higher contribution limits, so that's something to consider.
Prime, put you and your kids on your insurance and move your wife to government market place. Yours should be $60-80 per week for you and kids and your wife's will be roughly $320 a month. The insurance is no different from my experience, in fact the quality my wife's marketplace insurance is probably better than mine.
I disagree that with no free healthcare + education is really an american thing. You guys live in bubble thinking one has to pay for quality and yes I literally see what part of my taxes go there (I own a company so see finances and both side of taxation) but when something becomes monetary based that opens a door for huge wastes in between what operating (and upgrading) that facility really takes and what "they ask for".
The real gatekeeper of quality is not money. What you really need for quality is elitism - and guess what many clinics or schools have heavy elitism and pride which operates on much smaller state money than some of the top insitutes from america so its very doable.
One more thing: the big "house" (I would say palace) depicted for what you can get from FAANGG salary is actually very possible - just not in the USA. Lets say you buy up an Eastern Europian palace in mids of a lowland and you could have totally afford that - while I know a regular "smaller-than-my-own" house was harder to afford for my FAANG friend in Ireland where because of concentration of tech the price was very heavy.
I would still advise not to "just buy" thhat kind of palace for living, but much better if you live in some of the rooms and make it like a welness hot-bath supported hotel for the other rooms so you do not end up paying huge utility bills for nothing till the end of your life 🙂. Actually a guy did a similar story with one of these in mid of nowhere where my mom and dad went to and stayed some days in. Of course some years ago these were much cheaper as now their price went up - especially if you are foreign person and they smell out you have money haha
Real talk, though: Prioritize bonus and stock when negotiating total comp, if you can. Our salaries are line items on our manager's (and org's) expense sheet. Bonuses and stock are not. When the org needs to cut people, low salary, high bonus and stock let us hide in that expense sheet while still making lots of money.
When I said "So they can sell it from under you lol" I meant the company itself exchanging owners and devaluing the stock. In the future I will word my thoughts more completely.
Prime has this Jim Cramer energy but, ant this is the key difference, knows what he's talking about and/or isn't lying out of his ass
A sign-on bonus is usually the difference between what you ask, and what the employer is willing to pay. The strings attached are that you'll have to pay it back if you leave within a year or two, and you don't have the same compensation the following years.
So informative!!!
15:12 I think (hope) the NDA has lapesed now, but I worked in the factory where birds are made
I joined one of the big tech companies in Australia (FAANG adjacent, many former google at the company) and I ended up leaving to join a startup in short order. Much prefer to be the big fish in a small pool than a tiny cog in the machine.
I may not make the base salary of others. But, working for a family owned and run compnay (President, CEO, Plant Mangers, Recyling Manger, etc) they do give a substantial annual bonus if production goals are met, they've been met the last 50 years.
I lived in Rapid City, SoDak in 2022~2023. I couldn't find a studio for under 950. When was the last time you searched for an apartment in Rapid City?
I love me some "you pay the same amount in taxes as we do for insurance" talk. No, we don't. US citizens spend the most per person on healthcare out of any first world country (factoring taxes and insurance). I dare you to say that it's because of the "higher quality healthcare". It's just because of inefficiencies and bad incentives.
Sure, its totally not because their healthcare staff, just like their software developers, earn significantly more.
For many people that's true. My health insurance is $80 / month.
The rich of the world comes to US when they need the best health services. The rich in the US don't go to other countries. I lived in the UK for a good portion of my adult life and saw it regularly.
We spend the most because we have better/more equip. Want an MRI? You can get it the same day. Canada? Wait 6 months.
@@-Jason-L public? yes private? no
Tbh - in Poland for Faang salary, that is offerred in Poland - facebook just recently was recruting for $ 8-16k a month, in province you could afford that house on a mortgage (even though Poland has the most expensive mortgages in europe) :D, even though houses here are very unaffordable on our salaries - they are still way cheaper than in Cal or Florida, and water and food here are way better (also really cheap private health care - intenstine cancer treatment costed me 12k PLN or - around 3k$ whole, I've had to go private as for public I would have to wait for a year until I would be able to even get a doctor's appointment)
That house is 100% affordable on a faang salary. If that same house were constructed in the middle of LA, San Francisco, Seattle, or NYC, probably not, but I doubt you are finding acreage in the middle of a city. Go outside the city and property like this quickly becomes affordable for someone making 6 figures, provided they aren't an utter idiot with how they spend their money. Sure, they'll probably need a loan, but they'll have it paid off before they retire, maybe less than 10 years, depending on how close to 7 figures they are, or if their budget doesnt include a new car every year. Go to less populated areas and you can find 5000+sqft houses on 5+ acres for under a million easy. Just last year I saw 4800 sqft 2 story home on 5 acres, great condition, remodeled within past 10 years, not even $500,000.
I, for real, thought FAANG payed better. I am living and working in germany, getting well over the 100k$, have my 30 vacation days, covered during times where i am ill, and all the other nice benefits you get in every other country then the US.
I’m sure have you an incredibly high tax rate and even higher living expenses that the most expensive state in US.
nearly every developer in the US gets at least 3 weeks off, and Makes well over 100k. I make over 200k, and 4 weeks off, in inexpensive Ohio.
@@ci6516nope, for a matter of fact, food and rent are way cheaper then in the US. As we don't have copay and sick days are paid and not counted against the vacation days we have way more financial security for such events
@@-Jason-L do those 4 weeks of include sick days? How much are your co-pays? Do you have a pension plan included that allow you to be safe later in life?
Are you entry level though? Because I don’t believe for a second that you’re making 100k in Germany fresh out of college.
Stopping to view the resume. Cracks me up :-)
8:59 G gives sign-on and annual bonuses (on top of RSUs -- one big one at hire and annual refreshers)
I am nearly at 18 years at one of these companies and offers from the others. I didn't get asked any brain teaser questions because I have been doing low level system software forever and they cared a lot about testing embedded domain knowledge.
Bruh just found this guy and died when he said still pretty tender where you’re at
16:40 Florida is the exception to the rule in the south. Major metropolitan areas in south Florida regularly rank in lists of fastest growing cost of living in the US. The state average is only offset by rural areas, and lets just say rural Florida has its "charm", Nothing like rural South Dakota. Regularly hear stories of people moving down from NYC thinking it'll be sweet, just to find out its not what they thought. And if you want to own a house in Florida, what you don't see factored into the cost of living models is high utility rates, and the effects of the Homeowners Insurance crisis. Do research before moving to Florida.
not to say your money wont go farther in Tampa, Orlando, Miami than in SF, NYC, Seattle, but its not quite as much of a golden goose as a lot of people make it out to be.
you've become my new favorite tech-tuber 😂👏
I was totally going to work at FAANG but the video convinced me not to. I totally could have… if I wanted to… but I don’t so no further discussion required.
10:57 "Hostage video" lol I almost choke with that one
27:24 this is why i like Prime videos so much
Shouldn't it be MAMAAN now? (Meta Amazon Microsoft Alphabet Apple Netflix)
MANAMA
The goal is some weird side hustle or passive income through dividends, where when people ask "What do you do?" You can tell them "I work from my bed about 15 minutes a day with a few clicks of a mouse" with a completely straight face and gauge the room.
In europe we pool taxes into something called a budget, then allocate part of that to healthcare, since the pool is huge we get lower costs for pills and the like, its called bulk buying and economies of scale.
You wouldn't believe how much more the healthcare in US is compared to basically everywhere else. Heck, US spends like 50% more _public_ money _per capita_ on healthcare than the next country, while managing to bankrupt thousands of people with medical debt, even these with private insurance. Insuline price in US is 10-20x more than in vast majority of OECD countries, and none get close to US crazy price.
I lived in Switzerland, which is a rather expensive country. My health insurance was covering health expenditures in other countries to up to 2x the cost of equivalent healthcare in Switzerland, or transport to Switzerland, and there was explicit warning that in USA costs will quickly saturate the limit and you should consider immediately picking the transport option, so that it happens before you start paying out of pocket. This is how bad it is.
I live close to New Orleans (kinda want out). As far as big cities go, Chicago is actually pretty affordable (and has more tech jobs than New Orleans). But while rent isn’t massively higher, they do apparently pay a lot for parking?
Completely off-topic but US healthcare costs are >17% GDP compared to most European nations ~12% whilst also bankrupting 300,000 people a year. Allowing market forces greater influence on the system has provided financial incentives for the Sacklers et al. to engineer a middle class opioid crisis etc, inflated costs through constant litigation action between healthcare providers and insurers, price-gouging actions etc. It's not unreasonable to make the case that US healthcare in it's current form is just not very efficient, though it obviously works well for those who can access it without financial trauma.
In Germany you share the bill for medical insurance with your employer, so it is a lot cheaper for the individual. But compared to the mUrIcA a larger percentage of your paycheck goes to insurances and taxes; and salaries, at least for tech, are a lot lower.
If you have no job then you can apply for the state to pay your insurance which is a huge plus, I don't know how that is in the US.
if you are in tax class 1, you are getting robbed by the state for a very basic and crappy return in form of nothing really functioning anymore
I wanted to move to the US to work, calculated the tax rate is about the same as where I'm from except I also have to pay for health insurance.
Yes, we all pay for 'medical', but an efficient system not designed to maximise profits will always be cheaper.
I love your videos but I want to push back on something you said at 19:05. Talking about how 401ks aren't a great investment. First 401ks are an investment vehicle, where inside of it you choose investments. Maybe that was just a minor slip up that's fine. The thing you have to understand about rentals is they are not a passive investment, they are active investments. Also they work a whole lot better when you have massive pockets. When our politicians say people who miss rent can't be evicted, they don't say people who miss mortgage payments can't face consequences. Now you've got a tenant who isn't paying and you can't even kick them out. You still have to make those payments even if you have no tenant or your tenant refuses to pay. The margin of returns on rentals have shown to be alright compared to other investments, but not enough to blow 401ks out of the water. I'm not anti-rentals. They are good when you have stacks of cash to be to handle the down-turns. I'm just saying they aren't at a massive advantage over 401ks.
You also said you can do better in the stock market which is a bit confusing. Like I said a 401k is a vehicle, not an investment. You use the funds you put into your 401k to invest in something like the stock market or into bonds. You said most people invest like cramer when picking individual stocks and you are absolutely right! There are strategies to do better than Cramer-style investing. That typically entails not choosing individual stocks and instead choosing index funds. Personally I like the boglehead investing strategy but that's just me and doesn't work for everyone. 401ks are a massive leg up over taxable accounts. You either save on taxes going in or save going out. You can also use pre-tax accounts to lower your taxable income to make yourself eligible for other types of accounts if you are on the edge of making too much money to qualify.
I just think calling 401ks "not a massive W" and Roth IRAs and Rentals are the way to go, is short-sighted. I don't expect you to be a finance content creator and know the ins and outs of investing. But if that isn't your expertise, I wish you would defer to others rather than give an underinformed take on the topic. Especially when multiple studies have been done on multi-millionaires and the majority of them agree that investing in tax advantaged accounts like 401ks was a major component to their wealth.
so one thing i want you too look up is real estate professional ranking with the gov. you can write off your W2 income with rental depreciation. so.. yeah, maybe i lost 5k this year with a rental... but.....
@@ThePrimeTimeagen so under 150k income and you get to write off up to $25k as losses, which gives you like $6k back? Not bad, basically funds the Roth IRA. My largest gripe is that it takes big capital to start.
Some of the 401k plans have targeted retirement indexes which automatically change their percent composite of mutual funds/bonds as you get closer to the target year. That helps take some of the risk out of one pool of cash while you continue to buy/sell stonks/funds/indices in your taxable accounts. If you did it right and have multiple types of accounts it gives you the power of choosing the taxes a little bit - assuming you've got 401k/Roth IRA/HSA/taxable brokerage accounts. I've been a big fan of the Financial Order of Operations (FOO) put out by another creator on UA-cam - seems to be solid advice, but not financial advice, for building wealth. I think real estate is on the list after maxing out all the tax advantaged accounts. But ultimately it depends on your goals and lifestyle!
1:40 Incorrect. The inverse Cramer ETF (SJIM) is not doing well at all. In fact the long Cramer ETF (LJIM) is outperforming SJIM. Though both are underperforming the broader market (SPY).
Actually, the pricing for medical stuff in the US is artificially inflated, so in other parts of the world, it can actually be a lot less expensive and still be better than it's in the US.
Why is Microsoft not part of FAANG (or MANGA)?
C# is too powerful, would make the rest of the group look bad
I remember the days when Netflix was just a dvd mail order company
At 36 minutes the “woah maama” ran through Prime’s brain in Johnny Bravo‘s voice. I know it.
At the end of the day work is - well work. Some days are going to really suck, some days are going to only half suck, and there will be those rare days when you go home actually energized. I think people delude themselves into thinking that that "dream job" is just around the corner. It's not. If you take home a good check and don't hate your boss - you're way ahead of the curve. Lower your expectations.
19:31 lol tax deferral is not a good investment vehicle?
Yeah... Prime missed half the point of it completely...
@ThePrimeTime
Most first world countries pay way less for healthcare. It being in taxes means its regulated. US = ~$12000 per person avg per year CA = ~$6000. And we're the richest country on the planet...
Liked for the information, subscribed for the humour.
23:22 Who said that you can't do a step by step migration from language x (e.g. C++) to Java?
Because you can do that.
You need to be quite insane to do that, but you can.
In my opinion, small companies do (small) niche work because they never used the top products and their clients cannot afford to use them, or if they use them they were not taught to use them.
Yeah living in London is bonkers! $120K don’t get you far! Sure if you are single pringle, you will live life!
But having a family is freaking tough!
Wife doesn’t work, two kids. Nursery coats $1.6K a month on top of that is your rent which is roughly the same or higher and bills.
Enjoy eating pasta and ketchup…
The music made me feel like I was on hold for my insurance company for 45 minutes.
10:10... I pay just as much in the USA, the difference is when I got sick and had to go to the hospital as an emergency, the hospital was out of network and I had to pay $38,000 dollars on top of my premium.
So yeah, they do have it better bro.
Not to mention that in the US its constant back and forth, and the wait times for anything are outrageous. Fucking 4 months doe pain management?!?! WTF?!?!
31:00 If only he knew what happened to WeWork 😅