The Rise and Fall of the Tech Bro: What 2024 Means for Software Engineers

2024 is not a good time for tech workers, but opportunities are there.

The tech industry has gone through dramatic changes in recent decades. What was once a revolutionary path to wealth and work-life balance has become increasingly complicated, with new challenges emerging every year.

Let's break down what happened, why it matters, and most importantly—what you can do about it.

Explore 5,000+ top tech jobs →

Before 2000: The Traditional Path

Traditional high-income careers like finance, medicine, law, and corporate management were seen as reliable paths to wealth.

These careers required years of education, strict hierarchies, and often came with grueling work schedules. But they were predictable and respected.

Tech was still seen as a niche field for nerds, not a mainstream career choice.

The Rise of 'Tech Bros': A New Path to Wealth

Tech companies disrupted traditional career paths, offering their employees:

• A more relaxed work culture
• Significant financial success
• Stock options that could change your life
• Casual dress codes and fun office perks

The tech industry initially struggled post-2000 with the dot-com crash. But the survivors—particularly FAANG and other Big Tech companies—thrived spectacularly, leading to a 'Golden Era' of tech services.

The Golden Era Characteristics

Aspect	What Tech Workers Enjoyed
Compensation	Stock options worth millions for early employees
Perks	Free food, gyms, massages, game rooms
Work-Life Balance	Flexible hours, remote work options
Early Career Success	22-year-olds making €100k+ right out of college
Job Security	Constant hiring, easy to job hop
Social Status	Tech workers seen as innovators and change-makers

Tech workers enjoyed lucrative perks, early career success, and a work-life balance that was the envy of other industries.

The mid-2010s brought a surge in tech hiring. FAANG companies offered competitive salaries and stock options, thanks to:

• Easy access to cheap capital (low interest rates)
• Anti-competitive behaviors like hiring many devs to make it harder for competitors to build great teams
• Relatively low supply of high-skilled devs
• Massive growth in tech services and products

For more context on the European tech landscape, check out our European tech market introduction.

The Fall: Reality Sets In

Supply and Demand Shift

The "golden option" of working in big tech increased the supply of tech workers as more people wanted to get into the field.

Suddenly, coding bootcamps were everywhere. Computer science programs were overflowing. Everyone wanted to be a software engineer.

Funding and Boom-Bust Cycles

The tech industry's reliance on venture capital funding has led to boom-and-bust cycles, impacting job security and career prospects.

With the recent higher interest rates starting in 2022, companies are less eager to waste money. No more hiring 100 engineers when 20 would do.

AI and Automation Threats

The rise of AI and automation has threatened entry-level tech jobs, making the industry less stable for new entrants.

LLMs and AI coding assistants mean one senior engineer can now do the work that previously required a team. This particularly hurts junior positions.

Geographic Concentration Problems

Tech industry concentration in a few high-cost cities has led to housing and infrastructure challenges, affecting both workers and local communities.

Challenge	Impact on Tech Workers
Housing Costs	$3,000+/month for 1-bedroom apartments in SF/NYC
Quality of Life	Long commutes, overcrowding, crime increase
Local Resentment	"Tech bros" blamed for gentrification
Diminishing Returns	$150k salary doesn't feel like much anymore
Infrastructure Strain	Overcrowded public transit, traffic

In short: 6-figure salaries in places like California or NYC have become less attractive than they used to be, in addition to making these places less liveable and tech workers less "loved" by locals.

For a deeper comparison of different markets, see our Europe vs US analysis.

So... What Can You Do About This as a Dev in 2024?

Here are your actionable options:

Option 1: Double Down on Big Tech

Who this is for: People who love prestigious careers and are OK with grinding.

The Strategy:

• Base yourself in a tech hub
• Go to the office, network actively
• Upskill yourself continuously (work in high-demand and promising fields)
• Learn to integrate AI in your workflow
• Work very hard and make yourself indispensable

Reality check: This still works, but it's harder and more competitive than before. The barrier to entry is higher, and job security is lower.

Browse big tech jobs in Europe →

Option 2: Go Remote in Low-Cost, Low-Tax Countries

Who this is for: People who are flexible location-wise and don't want to be based in tech hubs.

If you don't want to be in tech hubs which are increasingly becoming less attractive from a lifestyle and living conditions perspective, GO REMOTE.

The Strategy:

• Learn how to land high-paying remote roles
• Base yourself in a low-tax, low-cost country
• Maintain high income while drastically reducing expenses
• Build wealth faster than your HCOL peers

Best locations for this:

Country	Tax Rate	CoL vs SF	Remote Job Availability
Poland	12-15%	50%	Excellent local + remote market
Portugal	20-25%	60%	Growing remote hub
Romania	5-10%	45%	Strong tech scene
Georgia	1%	40%	Very nomad-friendly
Cyprus	15%	55%	EU benefits, good weather

For detailed strategies, check our guides on leveraging low-cost countries and why Poland might be your best option.

Option 3: Career Pivots

Who this is for: People willing to adapt and explore new opportunities.

A key trait of human success is the ability to adapt. As tech careers take a hit, other options thrive.

Promising avenues:

Pivot Option	Why It Works	Getting Started
Content Creation	Build audience, multiple income streams	Start blog/YouTube in your niche
Real Estate	If you have cash saved	Start with 1-2 properties in growing markets
Freelancing/Consulting	Higher rates, more control	Use your tech skills, charge premium
Coaching	Tech career knowledge is valuable	Help others navigate their careers
Build Your Own SaaS	Control your destiny	Start small, solve real problems

I'm not aware of all the options out there. The key is to look around you and invest in promising avenues.

For real estate strategies, see our guide to real estate investing for engineers.

Option 4: Strategic Location Planning

Combine the best of multiple worlds by being strategic about where you base yourself and where you work.

For example:

• Work for a Swiss company remotely from Poland
• Get US remote salary while living in Portugal
• Join big tech, then negotiate remote and relocate

Compare your savings potential across locations →

What You SHOULDN'T DO

Frame yourself as the victim and just blame the world, the year, the market... The list goes on.

This will bring you nowhere.

Yes, the market has changed. Yes, it's harder than it was in 2019. But opportunities still exist—they just look different now.

The devs who will thrive in 2024 and beyond are those who:

• Adapt to new realities
• Learn new skills (especially AI integration)
• Think strategically about location and compensation
• Build valuable networks
• Create multiple income streams
• Focus on what they can control

The Bigger Picture: Tech Isn't Dead, It's Evolving

Despite everything, tech is still one of the best careers available:

• Top 10% of tech workers still earn excellent money
• Remote work opened up global opportunities
• AI is a tool that makes good engineers better
• New technologies create new opportunities

The "tech bro" era of easy money and endless perks might be over. But the era of strategic, skilled tech professionals who know how to navigate complexity is just beginning.

For more on building a sustainable tech career, explore our career planning guides.

Related Resources

• Top 3 Career Paths for Software Developers in Europe
• How to Make €100k as a Software Engineer in Europe
• Should You Move to the US as a European Software Engineer?
• Best Regions to Earn €140k+ as a Developer

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Frequently Asked Questions

Is it still worth becoming a software engineer in 2024?

Absolutely yes, but with different expectations. Software engineering remains one of the highest-paying careers accessible without advanced degrees or decades of experience. Entry-level positions at good companies still pay €50-80k in Europe, €100k+ in the US. Mid-level engineers (3-5 years) can reach €100-150k. The key difference from 2019: you need to be more strategic about location, company choice, and skill development. Generic "code bootcamp graduate" won't cut it anymore—you need to specialize, integrate AI tools, and differentiate yourself. Bottom line: still excellent career, just more competitive than the Golden Era.

Should I move to a tech hub or go remote in 2024?

It depends on your career stage and goals. Choose tech hub if: (1) Early career (0-3 years) and need mentorship/learning, (2) Want to work for prestigious companies that require on-site, (3) Lack remote work experience, (4) Your network is your biggest asset. Choose remote in LCLT if: (1) Mid-career+ (3+ years), (2) Prioritize savings rate and financial freedom, (3) Value lifestyle flexibility, (4) Can work independently. Hybrid approach (recommended): Start 2-3 years in tech hub building skills and network, then transition to high-paying remote role in low-cost location. This maximizes both career growth and wealth building. Check our financial data tool to compare actual savings rates.

How threatened are software engineering jobs by AI?

Moderately threatened for junior/entry-level, relatively safe for mid-senior levels. AI tools like ChatGPT and GitHub Copilot make experienced engineers more productive—they ship features faster, debug easier, and handle boilerplate efficiently. But AI struggles with: complex system design, business requirements understanding, debugging production issues, and mentoring teams. Most threatened: Junior devs who only write basic CRUD apps or simple scripts. Least threatened: Engineers who design systems, understand business domains, work with AI (not against it), and have strong problem-solving skills. Your move: Learn to use AI tools effectively, focus on higher-level skills (architecture, product thinking), and specialize in complex domains (distributed systems, security, ML infrastructure). AI won't replace engineers soon, but engineers who use AI will replace those who don't.

Are tech salaries actually decreasing?

It's nuanced. Absolute numbers are mostly stable or slightly down in some markets, but effective purchasing power has declined in HCOL cities. What's happening: US FAANG total comp for senior roles: ~$300-400k (stable since 2021 but down from 2020-2021 peaks). European big tech: €150-250k (relatively stable). HCOL living costs: up 25-40% since 2020 (housing, food, services). Contractor/freelance rates: down 20-30% in many markets. The real story: A $400k salary in SF 2024 feels like $300k did in 2019 due to CoL increases. Meanwhile, a €100k remote salary in Poland 2024 goes further than $150k in SF did in 2019. Strategy: Focus on total compensation including equity, but also heavily weight location and cost of living in your calculations. A €100k job in Poland >> €130k job in London from savings perspective.

What's the best location strategy for maximizing wealth as a software engineer in 2024?

The highest-ROI strategy combines high income with low costs: secure remote job from high-paying market, live in low-cost, low-tax location. Tier 1 locations (optimize for wealth building): Poland (€100k+ remote, 12% tax, €25k CoL = €75k saved/year), Georgia (€100k+, 1% tax, €15k CoL = €84k saved), Romania (€100k+, 5% tax, €20k CoL = €80k saved). Tier 2 locations (balance lifestyle + wealth): Portugal (good weather, higher taxes/costs), Cyprus (EU, English-friendly, 15% tax), Spain (amazing lifestyle, moderate taxes). When to choose on-site HCOL: Only if it significantly boosts your career trajectory or total comp (e.g., landing Google Zurich at €250k+ justifies it short-term). Optimal path: 2-3 years in Switzerland/London/Amsterdam building CV and skills (€30-50k saved), then 5-10 years remote in Poland (€70-85k saved yearly). This sequence lets you build €400-800k net worth in 7-13 years.

How do I pivot from struggling in big tech hubs to thriving with a different strategy?

Start with honest assessment of what's not working, then execute staged transition. Step 1: Evaluate current situation (burning through savings in SF? Not getting interviews? Laid off with no prospects?). Step 2: Pick one of three pivots: (A) Double down: Stay in hub but upskill aggressively, network harder, target growing companies (AI startups, not declining big tech). (B) Go remote: Spend 3-6 months applying to remote roles, meanwhile reduce expenses by moving to cheaper area. (C) Geographic arbitrage: Target good tech jobs in cheaper European cities (Poland, Czechia, Spain). Step 3: Build runway (save 6-12 months expenses before making jump if possible). Step 4: Execute transition over 3-6 months (don't rush, but also don't get stuck in analysis paralysis). Real example: Many of our coaching clients moved from struggling in London (€65k, barely saving) to thriving remote from Poland (€85k, saving €50k/year). See our coaching program details for personalized transition strategies.