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AustenAllred's profile
Austen Allred
Austen Allred
Austen Allred
Verified account
@AustenAllred

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Austen AllredVerified account

@AustenAllred

CEO @LambdaSchool (YC S17): A CS education that's free until you get a job. I have made remarks that I do not agree with.

San Francisco, CA
lambdaschool.com
Joined December 2010

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    Austen Allred‏Verified account @AustenAllred Apr 21

    I call it “the Lambda Effect.” The biggest shocker for me in all of this is how reliably you can take someone from $20k/yr to $80k+/yr with a few thousand dollarspic.twitter.com/xgJea30GJ7

    3:21 PM - 21 Apr 2018
    • 16 Retweets
    • 147 Likes
    • BIG Al CRYPTO༼つ◕_◕༽つ James Burns Adam Clinckett Tim Beiko Kurt Meadows Yomimbi Dhaivat Pandya visakan veerasamy jimantoniou
    5 replies 16 retweets 147 likes
      1. New conversation
      2. A Red Herring is playing Pyke‏ @ARedHerring_ Apr 22
        Replying to @AustenAllred

        This is a really interesting business model; my only concern is that your pricing would be nuts. You're asking for 17% of customer post-tax income for 2 years. That's a lot of money to give away esp if you're in a high rent area. Otherwise, looks cool

        1 reply 0 retweets 0 likes
      3. A Red Herring is playing Pyke‏ @ARedHerring_ Apr 22
        Replying to @ARedHerring_ @AustenAllred

        Not just that but this is a bit of a trap as well. If I signed up to your course and earned $49k I'd pay nothing. If I earned $50k I'd end up earning a lot less money than I would if I was earning $49k. I'm hoping you have answered these questions somewhere..?

        1 reply 0 retweets 0 likes
      4. Austen Allred‏Verified account @AustenAllred Apr 22
        Replying to @ARedHerring_

        If you’re in a high rent area your salary is higher; $50k programming jobs outside of rural areas isn’t really a thing. Our median salary is $90k

        1 reply 0 retweets 0 likes
      5. A Red Herring is playing Pyke‏ @ARedHerring_ Apr 22
        Replying to @AustenAllred

        For some perspective, I am in a high rent area. My rent is over half of my salary. I am not paid poorly. If I personally had to give up 17% of my post-tax income I would quite literally be giving you roughly half of the money I have left after tax and rent (but before bills).

        1 reply 0 retweets 0 likes
      6. A Red Herring is playing Pyke‏ @ARedHerring_ Apr 22
        Replying to @ARedHerring_ @AustenAllred

        (I am assuming that your requirement is 17% of gross income, which is obviously taxed, so if i were earning $100k you'd ask me to pay $17k annually)

        2 replies 0 retweets 0 likes
      7. Austen Allred‏Verified account @AustenAllred Apr 22
        Replying to @ARedHerring_

        It’s also capped at $30k total

        0 replies 0 retweets 2 likes
      8. End of conversation
      1. New conversation
      2. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @AustenAllred

        If someone earns 51k do they pay 8670 or 170? If the former, your system still has incentives where the marginal tax rate is >>100% in these cases. I assume you know how bad this is but the tradeoff you are currently picking is with keeping the system simple.

        2 replies 0 retweets 0 likes
      3. Austen Allred‏Verified account @AustenAllred Apr 23
        Replying to @JeffLonsdale

        If someone is earning $51k they’ll pay us $722.50/month. Still in a lower tax bracket, so take home is $40.1k or $3,300/month less state taxes. It’s tight, but it’s not >100%.

        1 reply 0 retweets 1 like
      4. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @AustenAllred

        Glad to hear it is reasonable. With other taxes and benefits losses that should still push their marginal significantly over 100%. But it sounds like your school is providing so much value & it is so much cheaper than alternatives that students shouldn’t mind.

        1 reply 0 retweets 0 likes
      5. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @JeffLonsdale @AustenAllred

        Oh, oops! Per month, I read that as per year last night. That's a huge/really significant disincentive. I wonder if you'll notice a very significant absence of students making between $50k & $70k in your numbers going forward.

        1 reply 0 retweets 0 likes
      6. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @JeffLonsdale @AustenAllred

        Apologies for the spam, but I don't think you understood what I meant by the concept of a marginal tax rate > 100%. https://www.investopedia.com/terms/m/marginaltaxrate.asp … In this case, the marginal dollar earned from 49.9 to 50 is hugely negative. The marginal $10k from 49 to 59 is even negative after taxes.

        1 reply 0 retweets 0 likes
      7. Austen Allred‏Verified account @AustenAllred Apr 23
        Replying to @JeffLonsdale

        I get what you’re saying but Lambda isn’t a tax rate so I was confused by what you meant. Yes, it’s possible to increase your salary by less than 17% and pay Lambda back 17%, but it’s never happened. Also, you keep the increase in income forever, not just for the two years.

        1 reply 0 retweets 2 likes
      8. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @AustenAllred

        I'm not challenging the overall value proposition for students and the system isn't weird around your $90k median. It's just noticeable when a designed incentive system makes certain scenarios very perverse.

        1 reply 0 retweets 0 likes
      9. Jeff Lonsdale‏ @JeffLonsdale Apr 23
        Replying to @JeffLonsdale @AustenAllred

        (And just FYI - a 50% fee on the marginal dollar after $50k until it catches up to a 17% total fee ends up being equivalent to your current fees just before pre-tax salary hits $76k. Above $76k no revenue would be lost.)

        0 replies 0 retweets 0 likes
      10. End of conversation
      1. New conversation
      2. Patrick White‏ @pw3456 Apr 21
        Replying to @AustenAllred

        But you’re able to select for incredibly talented people, right?

        1 reply 0 retweets 3 likes
      3. Austen Allred‏Verified account @AustenAllred Apr 21
        Replying to @pw3456

        We select for people that are capable and hungry, not necessarily talented

        1 reply 0 retweets 3 likes
      4. Patrick White‏ @pw3456 Apr 21
        Replying to @AustenAllred

        I guess my point was just that you’re not just turning any random $20k/year earning into a $80k/year earner. Not that that lessens your accomplishment. What you’re doing is amazing. I really can’t state how excited I am that someone is finally cracking education but 1/

        1 reply 0 retweets 1 like
      5. Patrick White‏ @pw3456 Apr 21
        Replying to @pw3456 @AustenAllred

        I think the longer term societal problem is what happens to the $20k/year earners that aren’t hungry and capable. 2/2

        2 replies 0 retweets 0 likes
      6. End of conversation
      1. New conversation
      2. Shakhor‏ @smithmanny Apr 21
        Replying to @AustenAllred

        I’m ready for the next course!

        1 reply 0 retweets 0 likes
      3. Jasmine Anderson‏ @techtravelcode Apr 21
        Replying to @smithmanny @AustenAllred

        You’re doing it?! Good luck!

        1 reply 0 retweets 0 likes
      4. Shakhor‏ @smithmanny Apr 21
        Replying to @techtravelcode @AustenAllred

        Yea I am. Thanks!

        0 replies 0 retweets 1 like
      5. End of conversation

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