It’s no secret that a major perk to working in development is the salary. Developers are often paid higher than the average salary, and as you move up in a company, you can see significant growth in your income. We all know financial literacy is often skipped in early education, which is why this week we’re talking all things financial planning with our special guest, Shannon Lee Simmons, to teach you what you need to know about managing your finances as a high earner.
Show Notes
- [0:41] Tell us about yourself and what you do
- [02:00] Where to find a financial advisor?
- [03:48] What does it mean to be a high earner?
- [06:47] One of the biggest questions I see asked is whether you should save your money or pay off your debt first. How do you decide what to do with your money?
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[10:57] What benchmarks exist for net worth? Should we care?
Where should you keep your money? How much should be kept in cash vs. investments?
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[19:14] How should you balance your lifestyle with wealth building? How do you recommend avoiding lifestyle creep but on the flip side, how do you make sure you’re allowing yourself to enjoy your money while also saving for the future?
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[23:09] We have an international audience so without getting too specific about different types of retirement accounts, what general advice can you give to those looking to save for retirement?
When is the right time to see a financial advisor
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[28:27] What are your thoughts of the FIRE movement?
- [32:28] What are options and restricted stock units/RSUs? When should I consider taking equity for a lower salary?
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[36:04] Do you have any thoughts/ advice to any of these Wall Street Bets people investing in GME stocks?
What tools do you recommend to people to help manage their finances?
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[41:42] Shoutouts
- [44:29] Where can our listeners find you on the internet?
Resources
Transcript
https://github.com/ladybug-podcast/ladybug-website/blob/master/transcripts/66-personal-finance.md
