So, you want to know if coding can make you rich? Well, that question is a bit more complicated than a simple, yes or no answer. However, the short answer is no, coding cannot make you rich on its own. In order to make a lot of money as a coder, you need to do more than simply code.
Of course, the meaning of rich is subjective. If you simply want to live comfortably, coding is definitely a job in which you can make more than the average person. However, the actual amount of money you make depends greatly on your location, experience, job title, and other income streams.
Although coding alone cannot make you rich, there are many reasons why coding can help you reach your financial goals a lot faster than most jobs. In this article, I am going to go over three reasons why coding can help make you rich compared to most professions.
1. Ability To Reinvest More Capital
This one may seem pretty obvious but we have to include it. Obviously, programming has a higher pay ceiling than most professions. According to various salary aggregate websites, the average salary of a programmer in the US ranges between $65,142 and $90,771 in 2022. Whereas the average US salary in 2019 was $34,250.
As you can see from these numbers, even the average US programmer makes more than double the nation’s average. For that reason, programmers also have more potential disposable income which correlates with higher savings.
While a programmer’s salary is not enough to be considered rich, the ability to save and invest money means that the average programmer has a better opportunity to grow their savings faster than the majority of Americans. This is especially true if you start earning a programmer’s wage young, as you also benefit from the effects of investment compounding.
2. Ability To Work From Anywhere
The second major benefit of coding is that it can be done from anywhere! If you speak English and have exceptional coding skills, it is possible to obtain a coding job in one of the higher paying countries and live wherever.
For example, if you are from India and have a US developer job, you can easily sustain a high quality of life with a fraction of the salary you would need in the states.
This works if you are originally from a first-world country and want to relocate. If you are able to move to a different country, you can easily live off of the money you make and still save a ton of money every month.
This is actually what I’m currently doing. I decided to take some time to explore the world and am currently situated in Colombia. Living here costs a fraction of what I would have to pay in Canada but since my job is fully remote, I have no issues working from anywhere I want to.
If you frame things this way, coding can make you very rich relative to the country you live in. For instance, while I would not be considered rich in Canada, I would certainly be considered rich here in Colombia.
3. General Increase In Problem Solving And Self-Teaching Skills
Finally, learning how to code teaches you something very important. It teaches you how to learn new skills on your own and solve problems. If you want to become rich you need to be able to do both.
Becoming rich is nothing more than an abstract problem that you are trying to solve. It requires an entrepreneurial mindset and the ability to strategize and re-adjust your goals constantly. If you truly want to become rich, it means you need to start thinking outside of the box. Learning how to program allows you to do just that.
Don’t just take my word for it, a study in 2022 by ACM demonstrated that a group of students who had completed all requirements of their computer programming course experienced significant improvement in their overall problem-solving skills.
So, hopefully, it has become apparent to you that coding by itself will not be able to make you rich. However, there are a lot of benefits that come along with programming that could open up the possibility of becoming rich or living a ‘rich lifestyle’.
The first is that you will make more money with programming, which gives you the ability to earn interest on the money you save which will make you more money. The second is that you have a lot of freedom where you live. It is possible to get a high-paying coding job and then work somewhere in the world much cheaper. Assuming of course you have a stable internet connection! Finally, you will be increasing your overall problem-solving and learning skills which are critical if you want to be a highly successful person.
So that’s about it! The truth about whether or not coding can make you rich. If you are new to programming, check out my free guide to web development courses.