That's about the right advice for folks who are still climbing the ladder. As an IC, if you're talented and lucky, you'll eventually stall at the "senior coder" at FANG level. That comes with a respectable salary of 500k/year and a hard glass ceiling. At that point doing even more IC work won't bring you any further. Most settle there, buy a house, start a family and continue doing their "senior coder" work till retirement. Nothing wrong with that.
There are two primary paths from that level: middle management and senior management. If you like the first, learn to speak well, work on your image and build the reputation of a responsible and reliable person who takes the rules seriously. You'll get promoted and eventually you'll stall at the "director" level.
The senior management path is about financial and personal risk. This is where you'll need to build a successful side gig, turn it into a multi million dollar business and negotiate a senior manager position, with very nice compensation, with competitors who will try to take you down in the process. A lot more fun, more risk and a lot more reward.
There are two primary paths from that level: middle management and senior management. If you like the first, learn to speak well, work on your image and build the reputation of a responsible and reliable person who takes the rules seriously. You'll get promoted and eventually you'll stall at the "director" level.
The senior management path is about financial and personal risk. This is where you'll need to build a successful side gig, turn it into a multi million dollar business and negotiate a senior manager position, with very nice compensation, with competitors who will try to take you down in the process. A lot more fun, more risk and a lot more reward.