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

[GIMD]

That's awesome. Congratulations.

[White.Beard.Doc]

With anecdotes like this, I wonder how many of us will still be encouraging our kids to work in health care.

Dear old Dad was very disappointed when said daughter came home freshman year and announced that the premed thing was out the window. I told her that her talent in the sciences, math and interpersonal skills would be best applied in medicine. Sorry, Dad.... She announced she was switching majors, drum roll.... to video game design, and Dad almost had a stroke. Hah! She has now been creating science education software for several years, and has won awards for her design.

I thought I knew better as far as career advice. I stand corrected. She loves what she does, is driven with incredible passion for it, and she is well compensated so that she can easily take care of herself. I am happy that things have worked out so well for her. A parent's best moment is having worked yourself out of a job; they spread their wings and fly away from the nest.

[Lithium]

The offers these young people are getting in tech are just crazy. My daughter's "significant other" is a software engineer in augmented reality and artificial intelligence. He was offered a 7-figure compensation package to work on cutting edge AI stuff. He quit his prior software position this past week and is taking 3 weeks of vacation before he starts the new position. He has been doing his taxes on turbo tax, but I have convinced him that he should have the advice of a good CPA. The compensation is a combination of signing bonus, base pay, bonus pay, and stock grants. It sounds like that type of complex compensation package could benefit from some advance tax planning. And the funny thing is they are both extremely frugal. I would guess their household annual spend is around 35k, excluding income taxes. They live in a rent controlled apartment that is very cheap. What kind of crazy, screwed up system allows these uber successful kids to pay rock bottom rent?

With anecdotes like this, I wonder how many of us will still be encouraging our kids to work in health care.

[Tangler]

The offers these young people are getting in tech are just crazy. My daughter's "significant other" is a software engineer in augmented reality and artificial intelligence. He was offered a 7-figure compensation package to work on cutting edge AI stuff. He quit his prior software position this past week and is taking 3 weeks of vacation before he starts the new position. He has been doing his taxes on turbo tax, but I have convinced him that he should have the advice of a good CPA. The compensation is a combination of signing bonus, base pay, bonus pay, and stock grants. It sounds like that type of complex compensation package could benefit from some advance tax planning. And the funny thing is they are both extremely frugal. I would guess their household annual spend is around 35k, excluding income taxes. They live in a rent controlled apartment that is very cheap. What kind of crazy, screwed up system allows these uber successful kids to pay rock bottom rent?

Congratulations on raising her correctly.

Hope she continues to do well.

[White.Beard.Doc]

The offers these young people are getting in tech are just crazy. My daughter's "significant other" is a software engineer in augmented reality and artificial intelligence. He was offered a 7-figure compensation package to work on cutting edge AI stuff. He quit his prior software position this past week and is taking 3 weeks of vacation before he starts the new position. He has been doing his taxes on turbo tax, but I have convinced him that he should have the advice of a good CPA. The compensation is a combination of signing bonus, base pay, bonus pay, and stock grants. It sounds like that type of complex compensation package could benefit from some advance tax planning. And the funny thing is they are both extremely frugal. I would guess their household annual spend is around 35k, excluding income taxes. They live in a rent controlled apartment that is very cheap. What kind of crazy, screwed up system allows these uber successful kids to pay rock bottom rent?

[artemis]

It’s difficult to figure out your path when there are multiple good choices.

That usually means that none of the choices are bad (although in the long run some might work out better than others).

[Tim]

She ended up staying for the counter offer. They gave her a signing bonus in the form of a staying bonus. They doubled her salary. Her CEO told her she can hire a replacement for her current position in the current company, and have her own team and be an intrapreneur, to develop her dream company while enjoying the perks of her guaranteed high income.

We had dinner downtown with her on Friday night to hear all the details. She’s not sure that she made the correct decision. It’s difficult to figure out your path when there are multiple good choices.

“Develop her dream company”. Make hay while the sun is shining. Great options. There are some caution flags, not red flags. There is a shelf life and constraints that are undefined for these deals.
To me the biggest concern is the doubling the comp and what are the exit plans. A small price to pay for bringing a profitable venture to reality, but then what? The “ownership” belongs to the company. It always comes down to numbers. That “guaranteed high income” has a relatively short duration and risk.
No way to know which works out best long term.

[White.Beard.Doc]

Staying for a counter offer is generally a terrible idea. Something like 80% of people leave if they stay for a counter. She's looking, so it's time to leave.

She ended up staying for the counter offer. They gave her a signing bonus in the form of a staying bonus. They doubled her salary. Her CEO told her she can hire a replacement for her current position in the current company, and have her own team and be an intrapreneur, to develop her dream company while enjoying the perks of her guaranteed high income.

We had dinner downtown with her on Friday night to hear all the details. She’s not sure that she made the correct decision. It’s difficult to figure out your path when there are multiple good choices.

[adventure]

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.

Staying for a counter offer is generally a terrible idea. Something like 80% of people leave if they stay for a counter. She's looking, so it's time to leave.

[jfoxcpacfp]

Very happy to read this thread. Successful offspring don’t happen by accident. I can think of nothing more gratifying for loving parents than for their children to surpass them (and I don’t believe money is the only measurement).

[Sundance]

Congrats on your daughters success.

Huge eye roll on any techie talking about making an “impact”…

[Tim]

My son is mid 30s and has a masters in engineering. He started a company and it has grown to about 15 employees. He still drives the used car I bought him in grad school, it must be 15 years old. He is married and lives in an old and modest home. He also has a few rentals. The business has been a struggle with a lot of ups and downs in the beginning. He told me last year he made about the same as a successful surgical specialist. I told him he was the millionaire next door, but I'm not sure he understood that.

Sorry, the pandemic really changed things for many small businesses. Projects and clients put projects on hold and well I am sure he will be fine. Congrats.

[pit.alumni]

My son is mid 30s and has a masters in engineering. He started a company and it has grown to about 15 employees. He still drives the used car I bought him in grad school, it must be 15 years old. He is married and lives in an old and modest home. He also has a few rentals. The business has been a struggle with a lot of ups and downs in the beginning. He told me last year he made about the same as a successful surgical specialist. I told him he was the millionaire next door, but I'm not sure he understood that.

[Hank]

There’s some gender discrimination and lots of age discrimination in tech. Recommend getting to financial independence by 40 or 45 at the latest, even if they love what they’re doing.

[Tim]

that's awesome

one thing my SIL and i like to say is the following: the ability to show up on time and do your job well without causing problems is a superpower.

i suspect your daughter has it.

Superstar is additionally doing all the things your boss dislikes in addition to being a superpower. Your boss values you taking the crap away with a smile.