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Comp Inquiry for Facebook (Meta) - fish! Help me out. I’m a seasoned Program Manager. With more than 15 years of ERP Consulting experience from Deloitte. Looking to join FBs in a program Manager capacity for IT projects. What should I expect in terms of comp and benefits? I’m expecting at least 175k base with benefits. Not sure what to expect for joining and annual bonus. Appreciate your input and help!
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Coach
There are some more complex strategies, that can help now and in the future, but it depends on how you want things to be structured and how soon you’d need access to funds… are you planning for potential tax havens in 20 years or today? Also at this level of income, you’d need to consider retirement tax placement, estate taxes, and trust management; to lower lifetime tax outlays…
HSA, if you have a high deductible health insurance plan, you can contribute $8,300 (2025) tax exempt for a family… you can continue to pay medical expenses out of pocket, save the receipts, and do a lump sum reimbursement in retirement for all qualified expenses paid between the and now, it grows tax free…
Donor Advised Funds come to mind if you have an eye for philanthropy… it gives you a tax deduction today, for donations to be made in the future…
Charitable Remainder Trust (CRT) allows for deductions, plus a lifetime income stream down the road, with remaining value being donated to a charity or charities of your choice…
Variable Universal Life Insurance is a possibility if you have excess cash flow, or lump sum payments… it doesn’t give you a tax deduction, and need to be properly designed, but they allow tax free loans against the cash value at a future date… they’re the PPLI’s for those who aren’t UHNW…
Irrevocable Trusts can work, again it doesn’t give you a tax deduction, but they can allow for tax deferred growth, depending on how they’re drawn, for use down the road, in accordance with the trust structure…
Grantor Retained Annuity Trusts, no tax deduction, but allows for you to put money into a deferred tax shelter… they can provide income streams down the road, and can shift appreciation to heirs with minimal gift tax…
O&G partnerships… Intangible Drilling Costs (IDC) can create huge upfront deductions, but they’re risky and mostly illiquid…
Superfund 529 Plan, no deduction, but allows for tax free distributions for qualified education related expenses…
Coach
Most people think the same way… there are significant disadvantages to having a LLC, if you mismanage it… I could go into detail but I’ll keep it surface level…
First, it’s a pass-through… because of this structure, when it comes to lending, any losses shown on your 1040, can significantly reduce purchasing power…
Second, when it comes to depreciation… you have asset/depreciation recapture when you sell the property, utility, etc… which can significantly reduce cash flows due to the large tax hit…
Third, there are other structures that can be used… an LLC is simple, it’s easy for tax write-offs, but when your high income, or have a high net worth, these things need to be properly planned for future transition and continuity… S-Corp, C-Corp, Family LPs, not to mention the various trust strategies, all can fulfill the complex needs of the family or person…
Do you not have a CPA for these types of questions at that salary level?
Reddit FatFire subreddit has people posting all the time who make more money and ask for advice. I have a similar HHI to OP and it doesn’t make me any more savvy with money. Theres nothing wrong with looking here for advice.
Holy cow - $700k income. Are you a partner or ED at McKinsey?
Do you do HSA? Could look into owning investment properties?
Total comp of $700k means a new partner
Make similar money as W2. Not much you can really do as a W2 to reduce taxable income besides maxing tax advantaged accounts
Coach
It depends on where you live, but yes, property taxes are high-ish (we moved from a very high property tax area in NJ), but in places where taxes are high, the school systems are incredible… the sales tax is higher than in NJ… infrastructure is solid…public facilities are awesome (library, parks, emergency services), are all phenomenal…
You get more for your money, in my opinion…
Not a ton you can do besides make sure you’re maxing out out 401k, doing backdoor and (if available) mega backdoor Roth conversion, and (maybe) investing excess cash in 529 accounts for the kiddos
Move and make your permanent residence in one of the Caribbean islands. Problem solved
Ask ChatGPT
The secret is there really aren’t any secrets (not any material ones)
I mean at $950k my honest no-fluff opinion.
You should see $500k net roughly and a bit more in Texas.
- keep spend as much of a tradeoff as you want to to enjoy life - say around $15-$20k a month. This allows you a semi-lavish life but only spending 30-40% of your take home post maxing retirement/insurances/taxes
- with this you should be investing $240-$360k per year - 10 years of this will basically end your financial worries.
- you can enjoy nice things without depriving yourself like many FIRE people and living at basic necessity (which would drastically decrease my subjective quality of life)
What’s your net worth, invested assets, yearly spend, and target number?
Assuming you want to retire, use deferred compensation options to smooth out your income into non-working years. Plan your taxes around what you want to spend each year.
Airbnb loophole and cost segregation study to gain bonus depreciation and you can offset a lot of your income
What does it take to get to $700K?! Congrats! You need to setup a legitimate business that you and wife run and funnel as many expenses you can through it. See https://taxsharkinc.com/can-llcs-losses-offset-w2-income/