My Salary and Expenses As A Software Engineer In 2024

Summary

In this video, the creator, a software engineer from Eastern Europe, discusses their five sources of income, focusing on their salary as a mid-senior developer. They highlight the income disparities between Eastern Europe, Western Europe, and the U.S., explaining how lower living expenses offset the smaller salaries in Eastern Europe. The creator shares their minimalist lifestyle, budgeting strategies, and advice for aspiring programmers on breaking into the tech industry. They also promote Brilliant, an interactive learning platform, as a tool for improving coding skills through hands-on learning.

Takeaways

• 💻 The speaker is a software engineer from Eastern Europe with 6 years of experience.
• 🎓 He attended university for 3 years, which helped him in his career, though salaries in Eastern Europe are lower than in Western Europe and the US.
• 📊 He feels that his salary, while categorized as a mid to senior software engineer, is closer to a junior salary in Western Europe and an intern salary in the US.
• 👨‍💻 The tech job market now prefers experienced professionals over fresh graduates, but he suggests new graduates focus on learning algorithms and building practical projects to improve job prospects.
• 🔧 He promotes Brilliant, an interactive learning platform that helps people develop skills in programming, math, and data analysis, highlighting the platform's coding course.
• 🌍 There is a significant salary difference between regions: Eastern European developers earn about half of what Western European developers make, and a quarter of what Silicon Valley developers earn.
• 🏠 Despite lower salaries, living expenses in Eastern Europe are also lower, particularly in housing, though some costs like groceries are on par with Western Europe or the US.
• 💸 The speaker earns around $4,000 per month and feels privileged since he doesn't pay for rent or utilities and his company covers public transport.
• 🛠 He lives a minimalist lifestyle, focusing on savings and enjoying life with friends rather than spending on clothes or luxury items.
• 📊 He tracks his expenses meticulously using an Excel sheet, aiming to save more and ensure long-term financial stability while setting aside a yearly budget for vacations and bigger expenses.

Q & A

What is the main topic discussed in the transcript?

The main topic of the transcript is the speaker's experience and thoughts on working as a software engineer in Eastern Europe, specifically regarding salary, living expenses, and advice for those starting out in the tech industry.

How does the speaker compare the salaries of software engineers in Eastern Europe to those in Western Europe and the US?

The speaker explains that software engineers in Eastern Europe earn significantly less than those in Western Europe and the US. For instance, a senior software engineer in Eastern Europe might earn around €36,000 annually, whereas in Western Europe, the salary could be double that, and in the US, it could be four times higher.

What advantages does the speaker mention about working in Eastern Europe despite the lower salary?

The speaker highlights that living expenses, such as housing, are lower in Eastern Europe compared to Western Europe and the US, making the lower salary more reasonable. Additionally, they mention that they live with their parents, which helps them save on rent and utilities.

What advice does the speaker give to juniors or fresh graduates trying to enter the tech field?

The speaker advises juniors and fresh graduates to focus on learning as much as possible, whether it's through interview preparation, algorithm implementation, or building hands-on projects to strengthen their resumes.

What does the speaker say about transitioning to a software engineering career without a college degree?

The speaker mentions that it's possible to transition into software engineering even without a college degree by learning programming from scratch, emphasizing that self-learning platforms like Brilliant can help with this process.

What benefits does the speaker's employer provide?

The speaker's employer pays for public transportation, and there may be additional performance-based benefits, though these are not guaranteed.

What does the speaker use to track their expenses?

The speaker uses an Excel sheet where they track weekly expenses and adjust their budget accordingly. They also keep a separate column for larger expenses, such as vacations, and have a yearly budget for those.

How does the speaker describe their lifestyle in terms of spending and priorities?

The speaker describes themselves as a minimalist, prioritizing savings, spending time with friends, and enjoying food over materialistic purchases. They no longer try to impress others with clothes and focus on simple home workouts like pull-ups and push-ups.

What is the speaker's side income and how do they manage it?

The speaker generates side income from online coding courses and other sources. They track this income in a separate column in their budget and either save it or reinvest it in equipment.

What platform does the speaker promote in the video and why?

The speaker promotes Brilliant, an interactive learning platform, as a sponsor of the video. They praise it for its hands-on approach to learning programming, math, and data analysis, making complex concepts easier to understand through problem-solving.