In a recent installment of CNBC Make It’s Millennial Money series, we get an inside look at how Sora Lee, a 34-year-old living in San Mateo, California, navigated her career to earn $400,000 annually. Sora shares her journey, insights, and strategies that led her to a lucrative position at TikTok and offers valuable advice for anyone looking to advance in their careers.
From Humble Beginnings to Tech Giant
Sora didn’t always plan to enter the tech industry. She started her career working at various startups before joining TubeMogul, which was later acquired by Adobe. Her initial salary at TubeMogul was $40,000 with a $6,000 bonus. However, her career trajectory took a significant turn when she moved to Netflix, where her salary more than doubled to $110,000.
The Power of Negotiation
One of Sora’s biggest tips for career advancement is the importance of negotiation. When interviewing for Netflix, she already had an offer from another company for $80,000. This leverage gave her the confidence to ask for $90,000 at Netflix, which eventually offered her $110,000. This bold approach highlights the importance of knowing your worth and not settling for the first offer.
Transitioning to Major Companies
After her tenure at Netflix, where she was earning $165,000, Sora moved to Meta as an IC5, making $150,000 with a 15% bonus. Despite the impressive pay, she wasn’t satisfied with her growth and the support from her leadership. This led her to explore new opportunities, and when Meta had a major layoff round, she seamlessly transitioned to a role at TikTok, securing her future while also receiving severance from Meta.
Diverse Income Streams
Sora’s total compensation in 2023 is a mix of her base salary and sign-on bonus from TikTok, severance from Meta, proceeds from selling a property co-owned with her ex-husband, and income from brand partnerships as a creator. This diversified income stream underscores the importance of multiple revenue sources, especially in an uncertain job market.
Financial Management and Investments
Sora is disciplined with her finances, ensuring she doesn’t keep more than $10,000 in her checking account. She maximizes her IRA and 401(k) contributions and invests in her son’s 529 plan. Additionally, she invests in index funds, individual stocks, and Bitcoin through Robinhood. This strategic financial management allows her to grow her wealth while maintaining liquidity for emergencies.
Overcoming Personal Challenges
Sora’s journey hasn’t been without personal challenges. She got divorced when her son was two and a half years old, which was financially and emotionally taxing. Despite having an MBA, she had to educate herself on personal finance and investing after her divorce. Her resilience and willingness to learn have been crucial in navigating these difficult times.
Smart Spending and Savings
Sora is also mindful of her expenses. She regrets some financial decisions, like buying a brand new Tesla Model 3 Performance during her divorce, which costs her $1,000 a month. This mistake taught her valuable lessons about the importance of thoughtful spending and the impact of large, depreciating purchases on personal finances.
Educating the Next Generation
Sora is passionate about financial literacy, not just for herself but also for her son. She involves him in discussions about money and teaches him the value of saving and smart spending. This approach aims to instill financial responsibility from a young age, preparing him for a financially secure future.
Social Media and Influence
Sora’s appearance on the Netflix reality show “Love After Divorce” significantly boosted her social media following. She leverages her platform to share her career experiences and tips, particularly targeting women of color and those in Korea aspiring to work for American companies. Her goal is to empower others to pursue their passions and advance their careers.
Inspiring Others
Sora’s story is a testament to the fact that with determination, strategic planning, and the right opportunities, one can achieve remarkable success. She encourages others to dream big, work hard, and not be afraid to negotiate for what they deserve. Sora embodies the balance of a fulfilling career and personal life, serving as an inspiration for many aspiring professionals.
Diversifying Income Streams
What are your thoughts? How can individuals leverage their skills and experiences to negotiate better salaries and benefits? What strategies can be employed to diversify income streams effectively? How important is financial literacy in achieving long-term financial stability? What are the pros and cons of transitioning between major tech companies?
Check out the entire video for more information on CNBC Make It’s YouTube channel here.
