How to earn more as a developer without taking the management path?
I can think of some options:
- Create a start-up
- Join a Big Tech
- Specialize in a niche technical area?
What's the most reliable option? What are the trade-offs?
If you're got a lot of valuable experience, and have a network of former colleagues the can vouch for you, try consulting or contracting.
Try to avoid the job shops since they will severely cap your earnings (they basically take half). I have nothing against them, but if you can contract direct, you can literally double your gross income.
Joining a big tech company as an IC is by far the most reliable option: https://levels.fyi
The absolute highest paying companies pay more today than what you might even make in equity at a successful early stage startup: https://levels.fyi/2020/
FAANG -> put all extra money into the stock market
Up until a certain point switiching companies is the way to go i think.
I have made offers from other companies transparent to my current employer and got a fair raise as a result, which will only work if you have a really good relationship and i would not typically recommend.
Form a labor union with your co-workers and demand more favorable compensation as a bloc.
Build passive revenue streams
Becoming better at being a developer. Delivering more value to your employer. If your employer doesn't value that in terms of paying you more, find an employer that does.
Pretty sure once you reach the salary range limits of normal companies, the only way up in comp is FAANG.
What comes to mind would be to good at a niche language that is necessary maybe COBOL or Fortran