The Dark Side of Tech Money

Introduction

It is astonishing how there has been so much buzz around how there is so much money to make in tech, making it look like other kinds of jobs are not as financially rewarding as tech, and so many people are flocking to tech, hoping to make a quick buck.

Many individuals in the tech industry place greater importance on accumulating riches rather than establishing a robust groundwork for sustained success in their profession. But is that the best approach? In this article, I'll touch on the dangers of the get-rich-quick mentality and offer some advice for aspiring and upcoming techies who want to succeed without sacrificing their values. So buckle up because we're about to dive into the dark side of tech money.

The Fact About Hitting it Big in Tech

It is a well-known fact that the tech industry is renowned for generating substantial wealth and creating millionaires almost overnight. But what are the facts about getting rich quickly in tech, and is it a realistic goal for entrepreneurs and employees?

Having unrealistic expectations leads to frustration. Avoiding blind assumptions can save you from many headaches.

The odds of hitting it big for tech startups are low. According to research by CB Insights, around 90% of startups fail, and only a tiny percentage of those that succeed become massive successes that generate enormous wealth.

For tech employees, the picture is somewhat different. While there are undoubtedly high-paying jobs in tech, the industry is affected by overall economic trends that can impact employment. Work conditions and pay can also be influenced by location and government policies.

How Money in Tech Works

The tech industry has numerous success stories of financially successful startups and professionals. Aspiring individuals and those in the field can glean valuable insights from these stories.

"The tech industry is not a get-rich-quick scheme. Success takes time, patience, and a willingness to learn from failure."

Jeff Bezos - Founder and Former CEO of Amazon

In 2008, Airbnb launched, but it was not until 2016 that the company achieved profitability, according to a statement made by its CEO, Brian Chesky, in 2017. Zoom was launched in 2011, but the company became profitable in 2019, according to its IPO(Initial Public Offering) filings. The news of Paystack, a Nigerian fintech company, went viral in October 2020 when it was acquired by Stripe, a U.S.-based payments company, for $200 million. According to a documentary by BBC, Paystack was launched in 2016, but it wasn't until 2018 that it broke even.

One thing is common to every financially successful entrepreneur - 'It takes time to build'. For some, it could be two years, for some five years, for some ten years, and for some, it could be even more, but the end goal of profitability takes time to build.

Unsurprisingly, this is the same experience of many financially successful tech professionals in their careers. Some factors affect how fast it takes for a tech career to become financially rewarding.

Below are a few examples of random tech professionals sharing their experience about finally landing in the 'rich techie' zone.

To gain more insight from similar responses to the last tweet posted above, refer to the original tweet.

As highlighted above, to hit the 'tech money', it took some three years, some five years, some seven years, and even more for some, so every rich tech guy or lady had to follow the same process of taking their time.

The Ideal Mentality for Tech Professionals

Overall, the ideal mentality for tech professionals is to view tech as any other field where you must grind your way up. Financial success will only come when you have put in your fair share of:

Hard work

Everything worthwhile takes hard work to build, and building a tech career is no exception. You'll have to roll up your sleeves, get your hands dirty, and take the challenges head-on like your whole life depends on it, even when the results still need to be forthcoming.

"It is easy to get caught up in the hype and glamour of the tech industry, but the reality is that success takes hard work, dedication, and a long-term vision."

Sundar Pichai - CEO of Google.

Consistency

If you are starting in tech, you need to be consistent to see results; at the beginning, it will be challenging, but you need to keep at it, writing codes every day, attending and participating in tech events regularly, networking and pushing yourself out every time, especially among tech communities on social media.

Initially, people may notice you, but they will only begin to take you seriously if you consistently follow through with what you have started.

Patience (taking your time)

There is no legitimate job in the world that doesn't require patience for money to come, so you will have to face your craft and follow the natural process of time

Keep in mind that social media tends to portray a skewed version of reality. Many people who seem to have everything figured out may not be as put together as they appear on the internet. So don't be too harsh on yourself; take your time.

Expecting the best but planning for the worse

Life does not always come at us straight-forward. Think of how many people growing up had plans like- by 16 years, I'll be done with High School; by 19, I'll be done with University, and then by 20 years, I'll get my dream job; by 22, I'll get my first car, by 24years I'll buy my dream house and then by 27 I'll get married and so on. People eventually achieve those things but it comes less less sweetly and smoothly than the dream sounds. As one looking forward to making it big in tech, know that your plans might work differently than you want, but you will eventually make it if you persist.

Conclusion

To sum it up, the truth about becoming wealthy fast in the tech industry is evident. As a hopeful or rising tech professional, it's more beneficial to concentrate on building an enduring career and business that values purpose, sustainability, and social responsibility rather than pursuing the unrealistic fantasy of overnight riches.

Making money is a common goal, but only some are willing to make the necessary effort to achieve it. There is plenty of money in tech, but can you be patient enough for how long it takes? Let me know what you think in the comment section.

I'm rooting for all those in the tech industry working hard and waiting for their big break. Keep going!