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Survey: 56 Percent of US Developers Expect To Become Millionaires

Soulskill posted about 3 months ago | from the you-totally-could-have-invented-flappy-birds dept.

Businesses 467

msmoriarty writes: "According to a recent survey of 1,000 U.S.-based software developers, 56 percent expect to become millionaires in their lifetime. 66 percent also said they expect to get raises in the next year, despite the current state of the economy. Note that some of the other findings of the study (scroll to bulleted list) seem overly positive: 84 percent said they believe they are paid what they're worth, 95 percent report they feel they are 'one of the most valued employees at their organization,' and 80 percent said that 'outsourcing has been a positive factor in the quality of work at their organization.'"

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467 comments

wait, what? (4, Insightful)

jaymz666 (34050) | about 3 months ago | (#46772137)

80 percent think outsourcing has been positive? They must not be working with the resources we do... They lie, lie and lie some more. Shirk responsibility and ignore questions.

Re:wait, what? (0)

Anonymous Coward | about 3 months ago | (#46772181)

Hence ensuring job security...someone has to fix the shit outsourcing creates

Re:wait, what? (0)

Anonymous Coward | about 3 months ago | (#46772247)

It's been positive for us... What's that, we need a database table with thousands of values cross referenced against legal texts from 35 years ago? Oh you want me to type all that in? No thanks. Send it to 'those guys'.

This (0)

Anonymous Coward | about 3 months ago | (#46772363)

Outsourcing is GREAT for menial gruntwork. It is horrible if you try to outsource any real design.

Re:wait, what? (0)

Anonymous Coward | about 3 months ago | (#46772297)

Ya that was a big clue to me that the survey was full of shit.

Re:wait, what? (3, Insightful)

Anonymous Coward | about 3 months ago | (#46772521)

80 percent think outsourcing has been positive? They must not be working with the resources we do... They lie, lie and lie some more. Shirk responsibility and ignore questions.

You are confused, 80% of them were H1B workers... ;D

Re:wait, what? (0)

Anonymous Coward | about 3 months ago | (#46772639)

You are confused, 80% of them were H1B workers... ;D

Ah, so they expect to earn a million Rupees, or about $16,500 USD. That shouldn't be too hard.

Re:wait, what? (0)

Anonymous Coward | about 3 months ago | (#46772535)

Yeah, when we outsourced, we got shafted. Shouldn't have gone with Americans.

Re:wait, what? (1)

Ryanrule (1657199) | about 3 months ago | (#46772539)

Yeah, i think they are lying about who they surveyed. Prob went to a libertarian mixxer or something.

I must be in the minority. (1)

B33rNinj4 (666756) | about 3 months ago | (#46772145)

I just enjoy fixing broken code, and making something better. I guess I'm doing it wrong.

Re:I must be in the minority. (2)

Shatrat (855151) | about 3 months ago | (#46772225)

They must just be asking a lot of people who are understand math and have a little discipline. A carpenter can become a millionaire by retirement, all you have to do is start saving and keep saving.

Holy shit (0)

Anonymous Coward | about 3 months ago | (#46772151)

Where do 56% of you guys work? Need a Java developer?

Re:Holy shit (1)

binarylarry (1338699) | about 3 months ago | (#46772269)

It said "expect" not "can expect."

AlthoughYouShouldHaveAlreadyRealizedThat

Re:Holy shit (1)

Anonymous Coward | about 3 months ago | (#46772311)

Um... acquiring a million dollars in your lifetime isn't hard these days.

I wouldn't even be surprised if the average house price is about a million dollars by the time I die. Inflation is fun.

Re:Holy shit (3, Informative)

Opportunist (166417) | about 3 months ago | (#46772351)

Being a millionaire not only means you acquire a million but also that you get to keep it. Essentially, it means you earn one million more than you need to live your life.

Re:Holy shit (0)

mellon (7048) | about 3 months ago | (#46772405)

You need more than a million to retire comfortably. If you start banging 20% into your 401k every year, you'll reach a million fairly quickly on a developer's salary. So I would restate that as you need to earn a million more than your run rate, because retirement isn't entirely optional. Of course, you may get hit by a truck and never get there, but that seems like a lousy outcome to plan for.

Re:Holy shit (1)

NiteMair (309303) | about 3 months ago | (#46772429)

And that's hard?

As mentioned further below, saving ~$5000/year is possible - maybe throw away that $100/mo TV subscription or something.

Re:Holy shit (1)

jythie (914043) | about 3 months ago | (#46772635)

I think most people think of 'millionaire' as having over a million in potentially liquid assets at any given time. So neither 'cumulative pay' nor '401k' would count.

Re:Holy shit (1)

TsuruchiBrian (2731979) | about 3 months ago | (#46772655)

From wikipedia:

A millionaire (originally and sometimes still millionnaire) is an individual whose net worth or wealth is equal to or exceeds one million units of currency.

Re:Holy shit (1)

Wycliffe (116160) | about 3 months ago | (#46772383)

I make 90k a year. Not an especially large amount for a computer programmer.
I spend about 50k per year which is more than most non programmers make.
That gives me 40k a year worth of savings. 1M/40K = 25 years to be a millionaire.
Some of the 40K is money spent on my house and other assets but I would say
that's pretty common. It's hard to spend 90k a year and not accumulate some
assets.

Re:Holy shit (1)

Herkum01 (592704) | about 3 months ago | (#46772499)

I remember doing a project where if someone put in 3,000/year from age 21 till retirement could have a million in savings (on compounded growth of 10%). It is doable, though 10% growth is not going to be the norm in the near future.

Re:Holy shit (1)

plopez (54068) | about 3 months ago | (#46772665)

Assuming no major medical issues, no layoffs, no major accidents, etc. Your estimates may not work out.

Of 1000? (1)

Opportunist (166417) | about 3 months ago | (#46772157)

And how could one become one of those 1000? Even if just 56% of them become rich that's good enough a chance for me.

Re:Of 1000? (1)

John Jamieson (890438) | about 3 months ago | (#46772305)

Being a Millionaire before you die does not mean you ever became rich by North American Standards. Especially if you have another 30 years to work, and inflation goes to work.

Re:Of 1000? (1)

aardvarkjoe (156801) | about 3 months ago | (#46772345)

Even if just 56% of them become rich that's good enough a chance for me.

The thing is that being a millionaire really isn't the same as being rich.

Think about it -- if you were of retirement age today, how much would you want in assets to feel comfortable retiring? A quarter million? A half million?

Now consider the amount of time that you actually have left until then. Depending on how long it will be, a half million dollars today will very likely be equivalent to over a million when you will need it.

I would venture to say that most people who are relatively early in their careers, and expect to be able to put away the money they'll need for retirement, should expect to be worth at least a million dollars at some point in their lives -- and that won't be being rich; that's just going to be "comfortable."

Re:Of 1000? (1)

ShanghaiBill (739463) | about 3 months ago | (#46772449)

Even if just 56% of them become rich that's good enough a chance for me.

I am not sure if accumulating $1M over a lifetime counts as "rich". I started working 35 years ago. I immediately started regularly and automatically putting a little from each paycheck into my IRA, invested in an index fund. The monthly payroll contribution was less than my car payment. Yet, today my IRA has over $700K. Unless there is a market crash, it should be over $1M by the time I retire.

Want (4, Funny)

Garybaldy (1233166) | about 3 months ago | (#46772167)

I want the drugs those developers are on.

Re:Want (1)

plopez (54068) | about 3 months ago | (#46772505)

They were really good in the 90's. At some start ups people were getting paid in stock options and landlords were taking stock options for rent. I joined a start up but I held out for cash, I was never that stupid.

Expensive habits (0)

barlevg (2111272) | about 3 months ago | (#46772173)

All the developers I know smoke 2+ packs a day and take weeks off to go to gaming/comic conventions. Maybe if they didn't do that, they could put away a bit more money.

Re:Expensive habits (2)

locopuyo (1433631) | about 3 months ago | (#46772271)

Out of the 30 or so I know only one smokes and none take weeks off to go to gaming/comic conventions.

Expensive habits (0)

Anonymous Coward | about 3 months ago | (#46772407)

Interesting. I know zero developers who smoke OR go to nerd conventions, with the exception of maker fair.

Maybe if it wasn't an IT or crappy gaming shop you'd experience something different.

I do work in a very different industry than most "developers" though.

A million dollars isn't *that* much (4, Insightful)

neminem (561346) | about 3 months ago | (#46772175)

I think I have a good shot at becoming a millionaire in my lifetime - not from hitting it big, just from saving more than I spend (especially into my 401k, with company matching).

And what *about* the current state of the economy? It seems to me that it's mostly recovered at this point. And it's not unreasonable for white-collar workers to expect *some* kind of raise at least every couple years, even if it's just a raise on par with inflation.

Re:A million dollars isn't *that* much (0)

Anonymous Coward | about 3 months ago | (#46772203)

Exactly. In 40 years, when I retire, a million dollars isn't exactly going to be a fortune.

Re:A million dollars isn't *that* much (1)

binarylarry (1338699) | about 3 months ago | (#46772293)

Or even enough to retire on!

Re:A million dollars isn't *that* much (2)

dpilot (134227) | about 3 months ago | (#46772243)

Years back, in the days of much higher inflation, my brother said he fully expected to be a millionaire one of these days, and he also expected to spend something like $100 of that money to get a hamburger at McDonalds.

Re:A million dollars isn't *that* much (2, Informative)

Anonymous Coward | about 3 months ago | (#46772335)

^^^ THIS.
I make a modest salary, but live below my means and save about 1/3 of my gross. I don't get to drive brand new cars (and stay away from depreciating assets in general) and my house is not the greatest, but it's fine for me and I think, barring another 2008/2009 debacle, I'll be over $1M on paper in about 10 years from now. It's very doable, as long as you don't fall into the 'keep up with the Joneses' trap and understand that compound interest will be your friend long after all your current friends have stabbed you in the back and moved on. With the current trend in the government towards chopping social programs and threats to eliminate SS and Medicare, anyone that's not taking charge of their own retirement finances is playing a very, very dangerous game.

Re:A million dollars isn't *that* much (0)

Anonymous Coward | about 3 months ago | (#46772341)

I'll let you in on a secret - many companies don't give raises unless you ask for them ;)

If 84% of these people think they're already being paid what they're worth, and 66% of them think they'll get a raise in the next year, then I suspect these are a bunch of devs who probably haven't learned this lesson yet.

Re:A million dollars isn't *that* much (1)

Anonymous Coward | about 3 months ago | (#46772385)

This.

If at some point your net worth doesn't edge above $1M, you aren't saving enough for retirement.

$1M in the checking account is a completely different animal. if 56% of developers think they are on track to have $1M in ready cash, then we have proof positive that you don't need to be that bright to get a job as a developer.

Re:A million dollars isn't *that* much (1)

Anonymous Coward | about 3 months ago | (#46772431)

Everyone that is 40 or younger now should be a millionaire if they want to retire at a middle of the road income level. Those younger than 30 will need to be multimillionaires to retire at a middle class level. Considering most developers earn an upper middle class income I suspect that they would like to retire that way.

I am in my middle twenties and I will retire a millionaire if I earn less than 5% on my current assets and contribute nothing else. Not that impressive if you think about what everything will cost when I retire.

Re:A million dollars isn't *that* much (1)

mellon (7048) | about 3 months ago | (#46772439)

It's recovered for us, for the moment, but it's still pretty brittle. I wouldn't get too attached to the "recovery" if I were you.

What? (0)

Anonymous Coward | about 3 months ago | (#46772183)

I fully expected the source of this post to be TheOnion.com.

How is this remarkable? (1)

Anonymous Coward | about 3 months ago | (#46772189)

How is this remarkable? Becoming a millionaire during your lifetime isn't remarkable at all. To have 1 million dollars at retirement, all you need to do is save $5,000 per year into any normal savings account. If you're a college educated software developer, you should be able to manage this easily.

I'm more worried about the other 44% that don't think they can manage that.

Re:How is this remarkable? (0)

Anonymous Coward | about 3 months ago | (#46772321)

It will take a mere 200 years of work at that rate!

Re:How is this remarkable? (1)

Stormy Dragon (800799) | about 3 months ago | (#46772547)

No, if you save $5k per year with a 50% employer match and a 5% average rate of return, you'll have over $1 million in 43 years.

Re:How is this remarkable? (1)

jonsmirl (114798) | about 3 months ago | (#46772663)

How do you get 200 years? Money in the stock market makes returns.

Use this calculator
http://www.calculator.net/futu... [calculator.net]

Put in $5,000 payment
Nothing at start.
43 years (65 - 22), 6.3%
Do this in an IRA so there are no taxes involved.
You will have $1,018,527 at the end.

6.3% is reasonable. I have been averaging over 8% for last 20 years including the big meltdowns.

Re:How is this remarkable? (1)

hubie (108345) | about 3 months ago | (#46772337)

I'm not interested enough to click through and read the article, but instead of net worth, maybe they think their annual salary will be a million dollars.

Re:How is this remarkable? (1)

DudeTheMath (522264) | about 3 months ago | (#46772349)

This is pretty much what I was going to say. The other 44% apparently either can't live within their means or can't do the math of simple compound interest.

I'm not even a particularly well-paid developer, and my wife and I are about 80% of the way there (in our retirement accounts) after not quite twenty years of saving.

Re:How is this remarkable? (1)

beelsebob (529313) | about 3 months ago | (#46772653)

No, we can do compound interest maths...

The sum, from i = 25 to 0, of 5000 * (1.138 ^ i) is just barely over a million. So for the maths to stack up, you need to be being paid 14% interest. That's not even close to reality.

Re:How is this remarkable? (1)

The Grim Reefer (1162755) | about 3 months ago | (#46772359)

To have 1 million dollars at retirement, all you need to do is save $5,000 per year into any normal savings account.

I suppose as long as you can work for 200 years, this will work out great. Too bad the rate of inflation is outstripping the .06% savings accounts are at right now. In 200 years, I'm not sure a million dollars is going to buy you a tall coffee at Star Bucks.

Re:How is this remarkable? (1)

Stormy Dragon (800799) | about 3 months ago | (#46772577)

Why is your retirement savings in a savings account?

Re:How is this remarkable? (1)

beelsebob (529313) | about 3 months ago | (#46772667)

Because the grand parent specified a typical savings account explicitly.

Re:How is this remarkable? (1)

The Grim Reefer (1162755) | about 3 months ago | (#46772705)

Why is your retirement savings in a savings account?

It's not. That's what the GP stated.

My retirement is in lottery tickets. ;-)

Re:How is this remarkable? (1)

NiteMair (309303) | about 3 months ago | (#46772377)

It's funny how often you run into a "software developer" that is also bad at math - it seems to be pretty common these days.

Re:How is this remarkable? (1)

beelsebob (529313) | about 3 months ago | (#46772409)

Well, with your maths, it's not surprising that you think it's easy to become a millionaire. Unless you think your working life is 200 years long. That, or you think a typical savings account pays nearly 14% interest. Both of which are... Rather off the scale.

A million isn't what people think it is (1)

Anonymous Coward | about 3 months ago | (#46772221)

If these developers are fairly young, expect to retire and desire to not eat cat food, they'd better become millionaires. That's the minimum savings needed to retain a decent standard of living for many people that are not immediately close to retirement currently. We live fairly long lives after what many consider retirement age, but cost of living continues to increase (alongside cost of care), and inflation is a very real thing.

http://www.forbes.com/sites/lawrencelight/2012/10/04/how-much-money-will-you-need-to-retire/

Think it through. (0)

Anonymous Coward | about 3 months ago | (#46772537)

After retirement age, you also receive social security payments (in addition to your retirement income).

1 million dollars invested in a conservative bond fund will yield $40,000 a year, with no hit to principle. Most of America lives (comfortably) on that (or less) today. In addition to that, you will have social security.

This income puts you in the top 10 percent of the world's wealthy. If you can't live comfortably on that, you are absolutely doing it wrong.

Re:A million isn't what people think it is (1)

vux984 (928602) | about 3 months ago | (#46772553)

This. I expect to require 3 million to retire comfortably, and be able to live off the interest without drawing down the capital leaving the 3 million to the kids when I go. At this stage I'm skeptical I will make that 'stretch goal'.

I think I require 1 million at minimum to retire comfortably, and be able to live off the interest, drawing down the capital as I go, and have enough to make it to my death.

Both scenarios bar major health expenses like paying for live-in-care out-of-pocket.

I have not factored any likely inheritances from my own relatives either, as I do not expect to receive substantial money. (And frankly find it rather disheartening watching some of my peers live extravagant idiotic lives on the assumption -- in some cases, the correct assumption, that when their folks kick the can they'll be covered. -- but that's a separate issue)

And I'm maybe half way to retirement. Anyone just entering the work force now will need even more than that due to inflation.

401k (1)

ThatsDrDangerToYou (3480047) | about 3 months ago | (#46772231)

Well, if you work at a fairly professional wage, put away a decent chunk in a 401k, perhaps get some company match, the millionaire mark isn't out of reach for most professionals.

Then again, I too have been guilty of riding the startup dream.

Re:401k (1)

bluefoxlucid (723572) | about 3 months ago | (#46772601)

Why does everyone want a 401(k)? I had a 401(k) for a while. I stopped making that mistake, and I'm far better off.

Re:401k (2)

Stormy Dragon (800799) | about 3 months ago | (#46772693)

If you don't understand why people want the ability to save large amounts of money without paying taxes on the principle, interest, or dividends until they withdraw it, I'm not sure you're as well off as you think you are.

a million 401K isnt that large (4, Informative)

peter303 (12292) | about 3 months ago | (#46772237)

It has an annual safe return of $40k to $50K. For younger developers who may not retire until 2050, that is not much after several decades of inflation.

A "millionaire" isn't what it used to be. (0)

fatboy (6851) | about 3 months ago | (#46772241)

With what developers make in my city (Nashville, TN), yeah. They should be able to accumulate enough money to have a net worth over $1 million dollars, over their career. It comes down to do they have the discipline it takes to direct that nice income in a way that they don't waste it on things like mortgages, car debt, credit cards, and other bad habits that keep people at "average" and "normal" net worth.

Re:A "millionaire" isn't what it used to be. (1)

CavemanKiwi (559158) | about 3 months ago | (#46772355)

In the San Francisco Bay Area the only discipline required, is pay your mortgage. In five years I will be a millionaire with the equity in my home and money in my 401k.

Re:A "millionaire" isn't what it used to be. (1)

mellon (7048) | about 3 months ago | (#46772495)

And as the knowledge economy shifts to the point where non-local geeks are just as good as local, the value of that house will go back down to something sensible. You are in a bubble. It's not out of the question that it will continue for the rest of your life, but I'd suggest a wee bit of diversification, just to be sure.

Re:A "millionaire" isn't what it used to be. (0)

Anonymous Coward | about 3 months ago | (#46772423)

With what developers make in my city (Nashville, TN), yeah. They should be able to accumulate enough money to have a net worth over $1 million dollars, over their career. It comes down to do they have the discipline it takes to direct that nice income in a way that they don't waste it on things like mortgages, car debt, credit cards, and other bad habits that keep people at "average" and "normal" net worth.

Hmmmm, "fatboy." Alex, is that you?

BTW, a mortgage on a home in Nashville is not wasted; the real estate market is booming. In a lot of zip codes in the Nashville area, prices are consistently outperforming the stock market. You seem to think that home equity is not part of net worth.

Re:A "millionaire" isn't what it used to be. (1)

fatboy (6851) | about 3 months ago | (#46772737)

I think you misunderstood what I said. I'm saying don't get a mortgage, purchase the home outright. :)

Re:A "millionaire" isn't what it used to be. (1)

Last_Available_Usern (756093) | about 3 months ago | (#46772491)

that they don't waste it on things like mortgages, car debt, credit cards, and other bad habits that keep people at "average" and "normal" net worth.

How is a mortgage a waste? You even listed it first as if to denote it's importance of being avoided. Owning your own home is advantageous for a lot of reasons, but the most important of which is people base their rent prices on what their mortgage costs. If you're renting - you're paying off someone else's mortgage for them. Unless you want to be single your whole life and rent a flat with a bunch of other guys I fail to see how renting would ever be worthwhile over purchasing.

Re:A "millionaire" isn't what it used to be. (0)

Anonymous Coward | about 3 months ago | (#46772641)

Liquidity is the advantage, if you have no idea where the hell you'll be following work.

making up. (0)

Anonymous Coward | about 3 months ago | (#46772275)

And 99% of those asked said they were just making s*&% up.

Yes, we will all be millionaires. (0)

jcr (53032) | about 3 months ago | (#46772277)

That is, unless we abolish the federal reserve and re-establish sound money.

-jcr

Re:Yes, we will all be millionaires. (2)

bluefoxlucid (723572) | about 3 months ago | (#46772625)

What's sound money? Fiat money is okay, gold standard money has deflationary problems, fractional reserve systems appear to establish money by loaning it into existence. Our current fractional reserve system appears to preclude economic growth: any "growth" is a growth of debt, a growth in economic sickness.

This explains a lot (0)

Anonymous Coward | about 3 months ago | (#46772287)

Although if they'd interviewed someone outside of Silicon Valley they'd find that developers aren't all sociopathic narcissists.

Averages (0)

Anonymous Coward | about 3 months ago | (#46772309)

Just wait until they realize that 50% of them are below average.

Shock (3, Insightful)

American AC in Paris (230456) | about 3 months ago | (#46772317)

In case y'all hadn't noticed, our community is rife with hazardously inflated egos. This is a natural extension thereof.

Sure (1)

CauseBy (3029989) | about 3 months ago | (#46772329)

That sounds about right to me. I think the top-half-earning programmers will likely get to one or two million dollars in total net worth by retirement. A million dollars isn't a hell of a lot of money.

Inflation means lots of millionaires (3, Insightful)

unimacs (597299) | about 3 months ago | (#46772343)

I've got a rather dumpy house in a nice urban neighborhood. It's paid for and worth a bit over $200,000. Looking at long term trends and the increasing popularity of urban living, it will most likely appreciate a fair amount before I retire.

That alone will get me a good chunk of the way towards being a millionaire in terms of net worth.

Now add in the gobs of money that they recommend you save for retirement and by the time you do retire... well, you've got a lot of money. This assumes of course that you can navigate yourself past the agism that's also part of being a developer and remain a well paid part of the workforce until you retire.

Small Sample Size (0)

Anonymous Coward | about 3 months ago | (#46772421)

Can we really expect 1000 people to be a representative sample? Were the ages properly distributed? I would assume a younger developer would be more likely to expect to be a millionaire, for example.

I will be a millionaire. (4, Interesting)

TsuruchiBrian (2731979) | about 3 months ago | (#46772435)

I am a software developer with 9+ years experience. I bought a house at the end of 2011 for $570K and zillow says it's worth $695K now. In 27 years, I think it's pretty likely I will be a millionaire due to inflation and paying off my house.

Re:I will be a millionaire. (5, Funny)

Anonymous Coward | about 3 months ago | (#46772523)

I am a software developer with 15+ years experience but I have $1500 in my bank account and still live with my mother.

Fuck me.

Re:I will be a millionaire. (2)

bluefoxlucid (723572) | about 3 months ago | (#46772677)

Or we'll get rid of QE and get 7% or 11% interest rates again, and your home value will stay the same plus inflation, but the sale price (your asset) will drop. Then people will again be able to buy a house and pay it off in 10 years or so instead of 30, since we'll be talking about putting a hundred or so dollars on top of their loan instead of paying 3.5x to pay it off in 10 years instead of 30.

A million is easy (4, Insightful)

byteherder (722785) | about 3 months ago | (#46772437)

If you can't find a way to get to a million by retirement, something is wrong.

Here is a simple way to do it. Put $16,000 in your 401k and $5,000 in your IRA every year. Investing in a good S&P500 index fund which will return about 10%. In 18 years, you will be a millionaire.

Now getting to $10 million is tough.

Re:A million is easy (0)

Anonymous Coward | about 3 months ago | (#46772647)

...
Yup something is wrong.
This: http://money.cnn.com/2013/09/17/news/economy/poverty-income/
I'll just save 21k of my 50k if I'm lucky enough to be on the top half of Americans. Cause living off of 29k pre-tax is super simple. Are you really that ignorant of economic problems?

Re:A million is easy (2)

RabidReindeer (2625839) | about 3 months ago | (#46772679)

If you can't find a way to get to a million by retirement, something is wrong.

Here is a simple way to do it. Put $16,000 in your 401k and $5,000 in your IRA every year. Investing in a good S&P500 index fund which will return about 10%. In 18 years, you will be a millionaire.

Now getting to $10 million is tough.

Actually, the hard part is getting the first million. Then it feeds itself. Especially since the second million, etc. aren't being held back for basic living expenses.

Re:A million is easy (1)

bluefoxlucid (723572) | about 3 months ago | (#46772683)

This is the worst advice ever.

Sure, but it won't mean the same thing (1)

Gavrielkay (1819320) | about 3 months ago | (#46772443)

Being a millionaire in "our lifetime" probably won't mean much. With inflation and medical costs of growing old, you'll need a few million just to retire. Unless they think they'll earn that million in the next 5 years or so, it's not going to get them what they think.

You sure you interviewed developers? (1)

Opportunist (166417) | about 3 months ago | (#46772447)

Sounds more like the interview happened in some management circles.

Very possible (1)

albeit unknown (136964) | about 3 months ago | (#46772457)

This is certainly achievable for a technical professional. I've done it. I'm close to the million dollar threshold at age 40, and have done it while working solely at "competitive pay" (HR-speak), non-management, no-stock-option jobs. The secret? Save 20% or more of my income and start saving on day one out of college. My first job paid $50k but I treated it like $40k. I don't have cable. I don't drive a fancy car. I don't take out loans to buy things. Barring a major life calamity, I can now coast the rest of the way if needed.

Why only a sample size of 1000? (1)

qwijibo (101731) | about 3 months ago | (#46772477)

Where did they get the 1000 responses? Did some management magazine offer free subscriptions to managers who stood over their employees as they filled in their responses to the survey? The data suggests this happened at least 98% of the time.

System Admins: Gaurdians of the Millionaires (0)

Anonymous Coward | about 3 months ago | (#46772489)

It certainly seems that way judging from the comments on this site.

Infrastructure (1, Insightful)

DaMattster (977781) | about 3 months ago | (#46772507)

The infrastructure guys always get fucked over, always! Without infrastructure, what will your whiz bang application run on? Software Engineers, developers, you guys have it made whereas the lowly systems and network admins only get recognition when something takes a shit.

Old story (1)

no-body (127863) | about 3 months ago | (#46772513)

How many (%) excpect to go to heaven (or equivalent, based on believe-system)?

Much higher than those puny 56 %, and millenia older as well...

"Millionaire" - The Middle class retirement goal. (1)

netsavior (627338) | about 3 months ago | (#46772533)

Developers are white collar workers, who can do math. If you ask any white collar worker in america "Do you expect to become a millionaire?" If they answer no, they are either bad at math or bad at retirement planning, or both.

Now I am not saying "everyone will be a millionaire" but I am saying that if you asked the same thing of a Nurse, pharmacist, professor, regional manager at Jack-in-the-Box, or a School Administrator... they should have the same answer, as they have similar salary levels to a "Developer."

Any young-ish person in the $75k+ salary level should answer yes to that question... or should seriously downsize their spending.

Sure (0)

Anonymous Coward | about 3 months ago | (#46772593)

Everyone in Zimbabwe is a millionaire too. Your cost of living will be astronomical and you'll be working harder than previous generations to get less. But don't forget how productive you are! Produce, produce, produce, produce, produce! Oh yes! Produce some more!

yeah and... (4, Informative)

JustNiz (692889) | about 3 months ago | (#46772599)

>> 56 percent expect to become millionaires in their lifetime.

yeah and 99% of software engineers also seriously believe their initial time estimate to have that feature implemented by was actually realistic.

It's easy (1)

sideslash (1865434) | about 3 months ago | (#46772603)

Just publish an app. And monetize it. Problem solved.[1]

[1] Note that for many programmers who try this technique, the universe may opt to substitute an equivalent product, such as gained knowledge about how the world works and reduction of personal naivete.

Sure (2)

BenSchuarmer (922752) | about 3 months ago | (#46772607)

but a million bucks doesn't go as far as it used to

Very simple (1)

neonv (803374) | about 3 months ago | (#46772621)

Becoming a millionaire in a person's lifetime is very simple and most people can do it. Contribute 10% of your income to your retirement accounts over the course of your lifetime into a diversified portfolio, and you will become a millionaire. Time and discipline are the keys, not generating a large income. Unfortunately, most people are missing one of those two attributes.

Paid Advertising? (1)

jythie (914043) | about 3 months ago | (#46772671)

Seriously, did they pay slashdot to run this garbage? "IT consulting company produces colourful but unattributed info-graphic saying developers are important but IT is to slow." would be a better summary.

Million Dollars (1)

byteherder (722785) | about 3 months ago | (#46772681)

1. Buy a million dollar house
2. Spend the next 30 years paying off the mortgage
3. Poof. Instant millionaire.

Download The Study (0)

Anonymous Coward | about 3 months ago | (#46772687)

On the page it says "Download the Study". That is not a study, those are results of a study.

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