by GianFabien on 9/15/2024, 1:33:22 AM
For the Australian market your earnings are in the upper bracket. Of course, the tax at that level is pretty severe and I hope your SGC contributions are up to date.
Comparing your income in overseas currencies is deceptive. The cost of living in places like London or Silicon Valley are such that you need substantially higher income just to get by.
When you get a contract through an agency, the agency takes a sizeable chunk. So if you network and get contracts without an agency then you increase your income. But of course, then you have more selling, administration and chasing payments.
The only way to earn significantly more money is to take greater risks, for example be a technical co-founder for a startup and have a substantial equity stake.
You might wish to consider that you are currently earning about twice the average income. Couldn't you fine tune your lifestyle to be comfortable with what you do have and get some life-work balance. In your 50s you might regret not having spent with more time with your two kids and your partner.
I'm a full-stack JS developer, I mainly build apps in React Native. Usually I'll come into an agency or a startup for 6 - 12 months and build an MVP, shaping the pre-launch product, system architecture, blueprint design, that sorta thing.
I've done this sort of contracting for ~10 years, and while it's fine it's starting to feel a bit stale for me.
I also have a family (and a mortgage) now, so I want to earn more money.
The problem: I earn ~AU$300k (US$200k, EU180k) as a contractor, yet the only full-time roles for a lead dev or tech lead here pay $160k - $180k.
So I can give up contracting for more career progression, but that means taking a massive pay cut.
I could also try to become one of those LevelsIo / MarcLou #buildinpublic "I earn $50k/mo!" guys, but at 37 with two toddlers I don't have the mental fortitude to post self-promotions on X and TikTok as often as this requires.
Has anyone been in this situation before? What did you do?