Every company is a bit different. There's IC's where I work making more than some managers.

The author suggests that nobody is going to come tap you on the shoulder and let you know it's time. Well, that's what happened to me where I am at now - hired at bottom level, regularly promoted, now at top level. Took 6 years to get to principal. Granted, my group is not SWE's, it's more like an Architect role.

What I learned having made principal is that the yearly bonuses can be lower, because expectations are so high. I got bigger bonuses at a lower title, because I was exceeding the expectations of that role by so much. Apparently principal's have such high expectations you almost never get beyond the target bonus for your role. Then there's the stress from all the layoffs across tech - a lot of Principal level people where I work got cut over the last ~2 years, presumably to save on costs. I almost wish I'd stayed at the lower level to get bigger bonuses, lower salary and higher job security. YMMV.