This is an opinion editorial by Eric Podwojski, an account manager at Bitcoin Magazine.
Intro
December 2019 — I was sitting in my manager’s office getting ready to have a discussion about a possible promotion, year-end bonus and salary raise. At the time, I was almost two years out of college in my first high paying job out of school. I was working as a civil engineer designing gas pipelines outside of Washington, D.C.
My manager at the time was a well respected professional engineer with more than 15 years of experience. He slipped me a torn piece of yellow paper at the beginning of the meeting that stated “8.2% + $500 + Sr. Design Engineer.” That was my reward for almost two years of hard work and dedication at this engineering firm. I wanted to scream in his face but decided to calmly explain how a typical promotion salary raise is 10-20%, inflation runs at least 2% per year and the bonus is appreciated but not significant. His response was “meh,” and I left that meeting realizing this system I played into my whole life was designed to keep me down. I was ready to change that.
My Background
Before I get into Bitcoin and the path to changing the situation I found myself in by following the traditional American system, I am going to paint you a picture of how I was raised in the system.
I grew up in a suburban, predominantly white, middle-to-upper class neighborhood. I have 2 loving parents that were always there for me to drive me to sporting events and gave me anything I ever asked for. I attended one of the best public school systems in the state and graduated top 10% in my class. The system I grew up in treated me very well so I never thought about the downsides. I was accepted into Penn State University where I elected to study engineering starting in 2014.
From 2014-2018, I put in the hard work necessary to obtain a Bachelor’s degree in energy engineering. I also joined a fraternity and partied nonstop. I even joined a few clubs including the Blockchain Club (the motivation that persuaded me to buy bitcoin for the first time). Again, I was following the path the system laid out to me because it treated me so well.
Fresh out of school in 2018, I landed a job at an engineering firm as a design engineer. The pay was nothing like I ever experienced before. I was pumped! As the years went on, I began thinking about the path this job would take me. The firm made the career progression very clear. About every 2 years you would get promoted with a salary raise with the hopes of climbing the corporate ladder into a VP role 20+ years down the line. This sounds great in theory, but I also knew from a previous engineering mentor that once an engineer begins making too high of a salary, the company typically lays them off and replaces them with a cheaper and younger engineer. As I sat in my first promotion meeting, this thought occurred to me. I knew the system I was participating in did not have my best interest in mind.
Breaking Free
In 2020, I began self educating myself more in personal finance. I learned that the reported CPI inflation is not necessarily correct and true inflation was probably higher, especially as the U.S. government began flooding the monetary system with trillions of dollars to deal with the COVID-19 pandemic. I learned that no matter how well I performed in my engineering job, I would not get ahead of inflation. I would live a life collecting new titles without actually getting paid the amount to live a substantially better life.
Fast forward to the beginning of 2021, the Bitcoin price starts rising out of a bear market. I had been investing into Bitcoin since 2017, so at this point I had a decent sized stack. As my net worth was rising in dollar terms, I took a snowboarding trip out to Jackson Hole, Wyoming. That week out in nature helped me clarify my thoughts around my professional career. When I returned from that trip, I immediately put my two weeks in at my engineering job.
In a state of immediate…
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