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My little girl is all grown up and I am a proud papa…

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  • My little girl is all grown up and I am a proud papa…

    My young adult daughter works in tech. She is being recruited by a company that competes with her current company and they have offered her a top executive position with a salary equivalent to that of a star performer surgical specialist. Wow, just wow!

    This was a kid who refused to negotiate for the compensation she deserved. It drove me crazy. The men at her level were earning double what she was making, and she was working twice as hard and contributing twice as much.

    Finally she is getting the recognition she deserves and soon her compensation will be commensurate with her contributions. Her current company is trying to keep her with a counter offer, and the bidding war is getting quite heated.

    I guess I can truly say she is now fully launched. Yes indeed, proud papa!

  • #2
    As long as she isn’t working for Facebook, it’s all good.

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    • #3
      No, she isn’t working for Facebook, but her boyfriend/life partner is being aggressively recruited by Facebook. Time will tell what happens with that. My daughter is all about “impact” and her new company, if she takes the position, does wildly positive things in the education sphere.

      It’s crazy that this very young couple will be earning 7 figures. They live in a rent controlled apartment in the center of one of the most expensive cities in the country (and as an aside, how ridiculous and unfair is a system that allows this wealthy young couple to pay 20% of market rent), but they work remotely and probably spend perhaps 50k per year. They both grew up in comfortable circumstances and do not seem to care at all about material possessions, with the exception of having super fast internet and crazy good computer hardware and monitors. They do appreciate good food and exotic travel, so food is pretty much their sole expense as the parents usually end up paying for most of the far flung international jaunts.

      The tech salaries for some of these kids are higher than those of many highly compensated physicians. I am reflecting back on how disappointed I was when my college freshman daughter came home for Thanksgiving and said she was not going to pursue medicine, and drum roll…. had decided to major in game theory and design. At the time, I was wondering how the heck will she be able to support herself in the future. Well, here we are….

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      • #4
        She will always be your little girl! The reality is you wanted her to achieve. Just like the first steps and falling. Get backup and fly. If memory is correct, she has been a pretty independent tiger for quite awhile. Are you surprised? I doubt it.
        Seriously, I would find it difficult not to brag about her to your son. His times are coming and it is so difficult to keep comp’s from creeping in.
        I hope she and her brother brag back and forth on their own. The bonus is if your son brags about her to you. Just smile. Job well done.

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        • #5
          This is a fantastic outcome. You should be proud. An alternate path to Dublin.

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          • #6
            That's amazing!

            Makes a tech career look more appealing than a medical career for my boys (who are far from all grown up at 11 and 13).

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            • #7
              Congrats WB,
              It is my dream that my kids will do what they really find interesting, but also have some renumeration by society.

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              • #8
                Originally posted by Dont_know_mind View Post
                Congrats WB,
                It is my dream that my kids will do what they really find interesting, but also have some renumeration by society.
                With the income disparities in our society. we all want our kids not to fall off the ladder in terms of remuneration. Everyone wants their kids to be above average, let alone median. Most of this groups children will.
                Parenting. I have no solutions.

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                • #9
                  Thats awesome! Curious about the likelihood of long-term similar earnings though. Though with that spend rate she should be good in no time either way

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                  • #10
                    Congrats!

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                    • #11
                      tech in many places is like what finance in new york city has been for decades; less formal training to get paid more than many professionals, and bidding up the local cost of living in the process.
                      “. . . And the LORD spake, saying “First shalt thou take out the Holy 401k. Then shalt thou save to 20%, no more, no less. 20% shall be the number thou shalt save, and the number of the saving shall be 20%. 25% shalt thou not save, neither save thou 15%, excepting that thou then proceed to 20%. 30% is right out . . .””

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                      • #12
                        Are they interested in investing and being fi?

                        I have a few friends from high school doing the FAANG thing and hope they’re not screwing up the incredible opportunity they have to set themselves up for life

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                        • #13
                          Originally posted by PhysicianOnFIRE View Post
                          That's amazing!

                          Makes a tech career look more appealing than a medical career for my boys (who are far from all grown up at 11 and 13).
                          Compared to the highest paying tech jobs, most physician specialties are actually a financially terrible idea, especially if appreciable debt has to be taken out. Of course, that assumes that tech continues as it has forever. Also, there’s nothing preventing everyone here from investing half their salary in tech stocks which has worked out very well over the last 10 years.

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                          • #14
                            Originally posted by childay View Post
                            Thats awesome! Curious about the likelihood of long-term similar earnings though. Though with that spend rate she should be good in no time either way
                            My daughter shared that she is considering her options, staying at her current job, taking the new offer, or "bootstrapping" a startup on her own. She announced she has already saved enough to live "without any income for at least a decade" at her current run rate.

                            The new company that offered her a position is a spinoff of the MIT Media Lab research group. I told her she might consider taking the new position, building a network with all the folks at MIT Media Lab, and then launch her startup after building a deeper bench through a stronger network.

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                            • #15
                              Originally posted by childay View Post
                              Thats awesome! Curious about the likelihood of long-term similar earnings though. Though with that spend rate she should be good in no time either way
                              I know that some of these tech salaries are currently very high, but I doubt they are anywhere near as stable as a medical income. Although in the Covid turmoil, the tech jobs got better and the medical jobs got temporarily worse for some specialties.

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