All of the above, plus, at most (non-FAANG) tech companies, as an individual contributor your salary will plateau when you’re around 30-35. During your 20s you’ll get used to double digit pay raises and then all of a sudden that will stop. Even changing jobs won’t give you more than a 1-2% bump as some point.

I’ve had that surreal “we really want you to stay but we can’t give you a raise” conversation too many times in my career.