What's an IC?
What do you do with $3M cash today?
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165 Replies |
Last: 2 yr ago by AgLA06
individual contributor.
Short code for being an experienced hire that doesnt have to manage people. Usually also not overly managed by any competent manager as the person has built some level of knowledge/skillset in job.
Most companies went a route of banding ICs similar to managers about 10-12 years ago to keep technical/business talent and avoiding the pitfall of having the only way to make money be in managing people.
Short code for being an experienced hire that doesnt have to manage people. Usually also not overly managed by any competent manager as the person has built some level of knowledge/skillset in job.
Most companies went a route of banding ICs similar to managers about 10-12 years ago to keep technical/business talent and avoiding the pitfall of having the only way to make money be in managing people.
Just curious. What would your thinking be for coasting once you reached this figure?Cyp0111 said:
I think you can find an IC job at a lot of companies and just do a slightly above average job which isn't too much and enjoy life.
I think with a role like that, you're not bringing home deal stress or stress of advancing up the corporate side as I guess you are largely covered. With that said, I would need to be closer to $7-8MM to go on coast mode.
Quote:
Most companies went a route of banding ICs similar to managers about 10-12 years ago to keep technical/business talent and avoiding the pitfall of having the only way to make money be in managing people.
yea as a 'Staff' level IC (med device engr) my current salary is pretty much in line with most mid/upper level manager and low level director positions posted on LinkedIn in the same industry/area, although I'm at a small startup so more in line with a Principal IC level payband at a big company. I'm also just doing the bare min waiting on a buyout to retire on rather than grinding up the ladder for decades
I'm more surprised how pedestrian mgmt level salaries are in this industry, none of these salaries can touch IC's in tech these days
AgLA06 said:Many procurement or buyer jobs are remote these days. Mostly just managing inventory and shipments in. It can be repetitive, but not really stressful for a IC making $60K - $80K.BoDog said:
Anyone now of these type of unicorn jobs in the DFW area? Not trolling. Being dead serious!!
Office manager / business manager jobs are pretty much 9-5 and little stress.
Inside salesand account management roles would qualify.
There's plenty of mom and pop retail stores that are only open business hours. Being a manager there would be a good change of pace and have decent hours.
That's just off the top of my head.
No way. On the phone all day cold calling and trying to sell?
F that noise.
He Who Shall Be Unnamed said:Just curious. What would your thinking be for coasting once you reached this figure?Cyp0111 said:
I think you can find an IC job at a lot of companies and just do a slightly above average job which isn't too much and enjoy life.
I think with a role like that, you're not bringing home deal stress or stress of advancing up the corporate side as I guess you are largely covered. With that said, I would need to be closer to $7-8MM to go on coast mode.
Same, 4% return = $300K +/- which is a nice number
I'd start a development company and contribute heavily to local politics.
EliteZags said:Quote:
Most companies went a route of banding ICs similar to managers about 10-12 years ago to keep technical/business talent and avoiding the pitfall of having the only way to make money be in managing people.
yea as a 'Staff' level IC (med device engr) my current salary is pretty much in line with most mid/upper level manager and low level director positions posted on LinkedIn in the same industry/area, although I'm at a small startup so more in line with a Principal IC level payband at a big company. I'm also just doing the bare min waiting on a buyout to retire on rather than grinding up the ladder for decades
I'm more surprised how pedestrian mgmt level salaries are in this industry, none of these salaries can touch IC's in tech these days
Yeah but you have to subtract 30% from your salary because you are IC and pay all the taxes and also you don't get benefits like
Health insurance or 401k matching. Correct?
So being generous you have to subtract 30 percent from your salary for taxes, 3-6 percent from your salary from company 401k matches, plus whatever insurance nightmare costs you assume.
So your salary could be 150,000 for whatever you do, but the cost of being an independent contractor reduces that by at least 33% before insurance is even considered. So before insurance is considered you are making 100,000 take home. Assuming insurance is 15k more a year you are making 85k a year.
why would IC affect that? you may be thinking of "contractor" which is essentially not a "Full Time Employee" in terms of benefits
many startups may not have 401K match, be we get 20% annual bonus to compensate which is significantly above industry standard, and top level PPO with fully paid-for premiums even if covering family
many startups may not have 401K match, be we get 20% annual bonus to compensate which is significantly above industry standard, and top level PPO with fully paid-for premiums even if covering family
No. You're thinking contract. And it isn't 30%.
EliteZags said:
why would IC affect that? you may be thinking of "contractor" which is essentially not a "Full Time Employee" in terms of benefits
many startups may not have 401K match, be we get 20% annual bonus to compensate which is significantly above industry standard, and top level PPO with fully paid-for premiums even if covering family
Interesting. Thank you for educating me. I saw IC and thought independent contractor NOT independent consultant.
individual contributor which is kind of just a dumb term for the majority normal full time employees that don't go the management ladder route
I've done contract as well but the taxes aren't really impacted just benefits/PTO, I suppose you do end up paying more net taxes since the base salaries are higher than equivalent full time positions
I've done contract as well but the taxes aren't really impacted just benefits/PTO, I suppose you do end up paying more net taxes since the base salaries are higher than equivalent full time positions
You pay both the employee half of taxes and the half that was paid by the company as a contractor. It essentially doubles your taxes, but as you said pay is typically higher to account for the additional tax and to make up for the lack of benefits m
that must be for a different type/industry contractor, as just a 'contract engineer' on W2 working at a large company through a staffing agency, my tax rate/amount was pretty much the same (standard federal rate) as when full time at equal salary level. The actual company was paying a good amount more than my salary for me since a portion had to go to the agency, but it didn't impact the taxes I paid on what I made
He's talking about social security taxes. Companies pay 7.5% and you pay 7.5%. When independent you pay all 15%. Your income is then taxed on a sliding scale, but the 15% for social security is a flat tax on everybody.EliteZags said:
that must be for a different type/industry contractor, as just a 'contract engineer' on W2 working at a large company through a staffing agency, my tax rate/amount was pretty much the same (standard federal rate) as when full time at equal salary level. The actual company was paying a good amount more than my salary for me since a portion had to go to the agency, but it didn't impact the taxes I paid on what I made
i think you're missing what is being said. Not indendent contractor, "Individual Contributor", you're still a full time employee, just have a path to higher salary bands etc. without managing people.
You way over paid
Me. Retired, no debt,
TXAGBQ76 said:
Me. Retired, no debt,
You must be living like a pauper!
You don’t trade for money, you trade for freedom.
LOL! I have plenty of money to do anything I want, travel anywhere I want to, I have season tickets for football and baseball, concerts, etc.- if want to do something extravagant I do. I no longer need to collect "stuff" to feel good about myself, impress others, etc. I don't owe any money, don't have any loans to pay off, etc.- I am debt free. I paid cash for my house, I paid cash for my cars, etc. I was debt free the last 12 years or so I worked in preparation for retirement.
Don't worry about me, I'm fine.
Don't worry about me, I'm fine.
We live comfortably off 12k a month. Well, after taxes of course 
.
.
Congrats.
You don’t trade for money, you trade for freedom.
PGAG said:
We live comfortably off 12k a month. Well, after taxes of course
This will be the biggest challenge for us. Our expenses are HIGH right now because we are carrying two homes but even after we sell the one in the more expensive zip code a budget around $12K is going to be tough. Lots of cuts to make.
We still have a small mortgage and car payments unfortunately, but that's it for debt. Taxes on our home make up 1/4 of our debt unfortunately. I've got to work on eliminating the car payments.
PGAG said:
We still have a small mortgage and car payments unfortunately, but that's it for debt. Taxes on our home make up 1/4 of our debt unfortunately. I've got to work on eliminating the car payments.
We won't have any debt after going to one house. We just spend too much and when I way "we" I mean my wife.
One thing I noticed is that when we retired, we obviously had more time and wanted to travel more. I set up a separate vacation fund that we use to do that. It encourages saving for everyone
And with no debt, you'll be in great shape. Cut any superfluous spending. Negotiate all your monthly subscriptions and bills.
And with no debt, you'll be in great shape. Cut any superfluous spending. Negotiate all your monthly subscriptions and bills.
YouBet said:PGAG said:
We still have a small mortgage and car payments unfortunately, but that's it for debt. Taxes on our home make up 1/4 of our debt unfortunately. I've got to work on eliminating the car payments.
We won't have any debt after going to one house. We just spend too much and when I way "we" I mean my wife.
May have to live out of Texas if you want a $$ home with next to no taxes. Worst thing about Texas for retirement age.
Premium said:YouBet said:PGAG said:
We still have a small mortgage and car payments unfortunately, but that's it for debt. Taxes on our home make up 1/4 of our debt unfortunately. I've got to work on eliminating the car payments.
We won't have any debt after going to one house. We just spend too much and when I way "we" I mean my wife.
May have to live out of Texas if you want a $$ home with next to no taxes. Worst thing about Texas for retirement age.
If you look at state retirement rankings from a purely financial bottom line perspective, Texas is not the best retirement haven that many people think it is. There are other tax advantages that other states have you don't see widely discussed that might be too your advantage to live elsewhere, as well.
Of course, once you factor the non-tangibles it might put it back near the top. We are going to have a high tax bill with the house. No way around it. I just need to get my wife's female logic purged from her brain.
Her: I saved us 10% today!
Me: You cut some of our OPEX from budget?
Her: No! But because I spent $2,000 today on clothes at XYZ I saved us 10%!!!!
Me: ...............
Texas isnt the most efficient place to hold real estate assets.
Because of property taxes?Cyp0111 said:
Texas isnt the most efficient place to hold real estate assets.
We have high property taxes and insurance.
good point!
States like Tennessee you can hold an asset for much cheaper unless ag exmption in state like Texas.
I would retire from full time work. Probably pick up seasonal gigs, maybe keep my current job but go part time (few days a month).
You could put 2 million in stocks such as spy and qqq for growth. Rest invest in wheel strategy for income in stocks like SOXL, TSLL, and TQQQ. Buy shares and sell call contracts against it. Can mix in some cash secured puts. This strategy can return 7.5-10% monthly. If the stock goes down, just roll the calls out to the next week. You could easily bring in $100k a month wheeling stocks.
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