Consultants of Fishbowl, I'm 31 and have ~$2m.

No kids, student loans, etc...

I'm also getting CTL'd.

If you were in my position, would you scramble to get a new position or retire early?

like
Posting as :
works at
You are currently posting as works at
Highlighted IconHIGHLIGHTED

You can’t retire on your current lifestyle for 60+ years on $2M. Find something soon.

likesmart

Surely you can retire on this lifestyle if it allows you to build up 2M in a decade. Must've been living frugally and in that case you can already retire on far less. The interest alone is $100k/year at the moment!

like

Why either? You don’t need to scramble to get a new position. You can afford to take time to search for an opportunity you actually want.

In terms of retiring: on paper, $2 million is a lot of money. It’s certainly enough to live how you probably live now.

But, you’re 31. Is it enough for you to indulge on things you may want in the next 60 years? What if you end up having kids? What if you want to take a big trip? Will you be able to afford all the hobbies you’ll need to take up your time while you’re not working?

I would personally keep working but be diligent about finding something you’ll actually enjoy. You can afford to sit around a bit and wait for the right opportunity.

likehelpfulsmart

^great advice. You may have many more lifetime milestones ahead and they can be expensive

like
Recent IconRecent

I'm an associate. In case anyone's curious, the money came from living frugally while working as an engineer and using my excess income to buy bitcoins in 2015 and shares in TSLA in 2018.

likesmarthelpful

Smart dude! Here is what I would do:
Job- move to industry take a 40hr work week or may be less job;
Money - since you are working less diversify, put a million in the market through a money manager or day trade and take the rest 1 million and go do a start up idea;

like

I aspire to be you and have a similar plan. You can definitely "retire" with a solid plan. Invest in a diverse group of med-high dividend stocks. You can reasonably get $100-$140k annually in dividends. These are also taxed at a lower rate than traditional income. Then you can pick up some part time job doing something you actually enjoy or care about.

like

Dividend stocks by nature are rarely high growth.

My insights are driven by real world experience across a wide range of clients. In 20 years, if you run low on capital, you can’t just come back to consulting to make more money.

It seems clear you want to continue taking significant investment risk and hope it works out. All power to you, but it is definitely a risky retirement.

To the prior poster questioning my return assumptions - 5-7% definitely reasonable in a balanced portfolio, before taxes and inflation, which is ~3% after taxes and inflation.

I’ll say bluntly that anyone who has been investing for <10 years will have a much different perspective than anyone who has been investing through real market cycles. Artificially low interest rates and a rising tide market funded by government stimulus has given a lot of newer investors unrealistic expectations around long term portfolio security. You need to question if you really believe that current dynamics will play out for another 40-60 years.

likesmart

OP a lot of people are telling you that you can’t retire, but this doesn’t mean that you can’t work a job that you love while not having to worry about the salary.

If I were you, I’d find a job that I love doing or one that is fulfilling.

likesmart

OP, they do much more implementation work. Projects tend to be much longer. But def more chill than any strat consulting.

When I had said fulfilling/meaningful, I was also thinking more so along the lines of hobbies/social impact/etc.

If I had 2 million dollars at your age, I’d probably go work for some sort of NGO or teach without hesitation. Or maybe even back to school to learn about astrophysics. These are things I can’t prudently take because I don’t have the funds to sustain my present lifestyle. But you do.

likesmart

What were the reasons for the CTL?

$2MM is great, but it's not enough to live on for the rest of your life IMO. I would find an industry job with good WLB (aim for tech).

You could also YOLO your gains on GME for even more tendies, IDK.

like

Another heavily shorted stock with massive growth potential is SPCE (Virgin Galactic). If they succeed, they will have created a brand new industry

like

That’s amazing OP! Your investments paid off. I’d be a little more introspective to see if you like the job and the place you’re currently at. WLB in general and see if you can hustle a little and retire early. If not, look for a change - which means you’ll have to liquidate a few shares or BTCs to support in the interim

like

Thank you Analytics Consultant, I appreciate the perspective!

like

I would keep working but maybe find something you’re passionate about. Like work for non profit, or open a food truck (bad example right now), or maybe create a startup. That way you can still maybe make 40K - 60k. A lot can happen over the next 40+ years and things change. Maybe you have kids, maybe you get health issues, maybe you need to help out a family member. I would keep a steady flow of income but I would be picky on what you choose next. You have the cushion with your current role + the nest egg- now go and do what you want to do.

like

take an easy job, maybe a non profit to a cause you care about. You’ll become complacent at some point after the burnout period is over, just as all humans do. Take a year or two off and just relax before you do though.

like

100% right in my opinion.

like

Wow 2m is awesome any tips to save?

like

There's a portal where you can check to see if you're allowed to buy or sell

You will get bored if you retire at 31. Even beyond that, you don't have quite enough to retire comfortably with; 2M where most of it is in tesla and bitcoin means it can crash quickly. And you haven't paid taxes yet. So this is risky, and could lock you into living well below your potential if your needs change (healthcare crisis, kids, etc).

Get another corporate job elsehwere, double the value of your 2M via investing, and retire at like 40. Depending on the reasons you got CTLed, you could just trade down to tier 2, big 4 or accenture to keep a solid base salary. If consulting isn't for you in general, then get a different job. Corp strat at a bank could be decent enough.

like

Find a new role, but maybe prioritize WLB & interest over prestige..sounds like the perfect time to take a middle management position at a smaller company in your industry of choice tbh. Coming from McK assuming you could easily secure a laid back role make close to 200 TC...

like

WhT does ctl mean?

like

Talk about the millionaire guy McK fired who only got six weeks when you do it.

funny

I’d probably pursue a grad degree in international relations or public policy and pursue something in government or academia or at an international organization.

like

Take 6 months off and then find a regular industry job.

like

You are in an amazing position to build a life you love. Go find something you love to do without the pressure of needing a fat paycheck! I just left McK and have enough to not worry about a paycheck for a while. I was lucky enough to find a part time social enterprise job at a startup, as well as an ngo to do a short term consulting project for and life is now amazing. Great wlb, fulfilling work, no money worries. Feel free to dm if you want deets :)

like

Take time to relax and enjoy life first, then you can spend some time looking for what you really want

like

Time to diversify and protect that wealth if you haven’t already!

like

It’s a gamble, but you obviously have the risk tolerance.

Also can keep deferring the capital gains

like

Vegas. Bet it all on black. Or red. Doesn't matter. Then get back to finding a job or retire. This way you won't have this option in front of you.

like

^ maybe he is the partner who CTL'd you 😂

likefunny

You could buy a nice property portfolio with that.

like

If interested in investing in RE, you may want to wait until were not at record low housing stock.

like

Related Posts

I have an issue: just been informed by compliance I have a violation. Using a brokerage restricted and at this point I am at a loss. I sold off all my stock just to comply. Then put the only stock I kept with the broker, the other one is my wife’s employer 401k savings broker. The instructions say they will reach me within 90 days for next steps. It also says there may be financial penalties.

What should I do? I replied the email immediately asking for help. I am a new to Deloitte and the US

Any openings for entry level data engineering role for freshers ?

like

Hi all! I recently accepted a remote/hybrid RN position to try something new. Majority of my experience is at bedside. The pay is less than bedside (as a traveler), but more than a staff nurse. Are there any RN’s that left bedside for a remote position that can give advice on the work/life balance? What pros and cons do you encounter?

like

Best investment book recommendations?

like

Hi everybody ! I’ve been working in Dubai for the past 6 months as a Marketing Manager in a Web 3 firm. Coming back to the US due to visa status, I’m looking for a similar position in the Crypto Industry. Due to the very technical nature of the industry and market sentiment, there are only software engineers being hired and no marketing :/ any recommendations to go into those technical Industries as a marketer ?

like

I’m a home infusion nurse previously with CVS looking to get into clinical project management. Have PM skill set, just no experience. Anyone have advice on who’s hiring entry level? Any advice in general? It’s rather competitive out there

like

Hi folks, there's an opening for 'Big data engineer' in IMPETUS.
Please let me know if you need referral.
Happy to help!

Post Photo
like

What is the average hike and bonus % for a CA at EY GDS in a senior role ?

like

Johnson & Johnson Hey Fishes, Need referral for MSC in Chemistry( for fresher). DM me if any openings available for this qualification. Biocon Johnson & Johnson Pfizer Sanofi GSK
Novartis
Nestle
Roche
BASF
Abbott

like

I just was in a 3 process interview, which included modern hire interview, interview with hiring manager and interview with senior director(Boss’s boss) for another company. The hiring manager liked me and the interview went well to progress, the next interview also went well. In this situation who would make the final decision to hire me? And what would be the reasons I could miss out on the job after having a 30 min final interview (FIT) with the senior director

like

Anyone know of a comprehensive list of things to do/keep in mind as part of resigning and starting a new position at a different company? Want to make sure I have everything covered.

like

I have total 7.4 years of experience. Today is my last working day at Fidelity. Offers-
1. Bosch - Specialist - 23F + 2V
2. Mashreq Bank - Manager Technology- 25F + 2V - Rejected
3. Putnam Investment - Lead Software Engineer - 27.5F + 2.75V
4 . Northern Trust - Senior Consultant - Didn't receive offer yet - Have told them 27F initially, but one of my friend told it's on the higher side of the job role. 27F +(variable 15%) 4.05V
Looking for job security, salary, work life balance.

like

Looking for some advice on a couple of offers I have.

The first offer is for an Account Executive position at a smaller company with a base of $50k and another $20k in OTE.

The second offer is for a BDR position at a larger and faster growing company with a base of $60k and another $20k in OTE. Also some stock options but they aren’t public yet.

I have 2 YOE as a BDR and think I could succeed in either position. Both have hybrid work set ups. Any thoughts or advice is appreciated! Thanks.

like

Hi! I am starting a new role where I will be responsible for building a technique to evaluate future opportunities where the company should invest. How do you evaluate new opportunities and define the criteria for prioritization?

Currently trying to plan my future. I work in cyber security and I want to transition to a role in the Middle East. What advice would people here give

like

On a local project through the end of the year and will be 10k MQM short of renewing Delta gold. Delta Platinum Amex no longer gives you a 10k sign up MQM bonus. What to do? Settle for Silver 😱?

like

Hey fishes! Anyone got suggestions for healthcare or health tech companies in the city to pursue? 7 yoe, higher Ed degree.

Love working in healthcare, but not sure what my consulting exit options are.

like

Could anyone refer me for Senior UI Developer role at JP MORGAN ? 7.5 yoe and Angular + Vuejs

like

I think I've failed twice in answering these correctly in my interviews
This is for a Visual designer's position
1. What was the breakpoint for design
2. Did you design the components and design system?
3. How was your handoff to developers (I've never one that)
4. Wht was the most challenging part of this project.
5. What is something you would re-design if you were to go back.

More Posts

Im getting ready to set up my WFH area and need ideas! Let me see pictures of your WFH space!

Post Photo
like
like

For those of you who are in a serious relationship or married to a man who is not black, how did you all meet/connect? Did he randomly come up to you and ask for your number? Were you all friends first? Dating app? I’m just curious.

likefunny

Any good book recommendations?

like

Hello! Does anyone have any good recommendations for cross country moving companies? I'm specifically looking to move stuff from my storage unit in Florida to LA.

like

Small firm: boss, myself, paralegal. Paralegal’s family lends paralegal $ for a transaction. Paralegal pays it before other party holds up their end of deal. Paralegal needs $ because family needs it back & think she still has it since deal isn’t done. I let paralegal borrow money (cover my a** with documentation). First payment is weeks late and only made on demand. Month 2 not paid. Month 3 is overdue a few days. Should I file suit? Loop in my boss? Other options? It’s 2/3 my total savings.

likehelpful

Having such a hard time find a spot in Chicago

likefunny

Why are we so much more critical of ourselves than we ever would be toward a loved one or even a stranger? We would never talk to another person the way we talk to ourselves sometimes

likesmart

Hi! I'm looking to transition into an experience designer role after being a backend dev for the past four years! Feel free to connect if you know of any open roles at your current company 🤗

like

New here hoping for some likes so I can DM. Dog pic included 😊.

Post Photo
like

So what careers can one branch out into from a SAM?

Already posted this in big law but anyone here work at DLA, Kirkland or Jones Day in NY corporate? Kirkland seems best on paper but I don’t want to work there lol

like

I’m happily married and have been with my husband almost 10 years, but every now and then I have vivid, haunting dreams about ex-boyfriends/past loves. Anyone else? Why does this keep happening and how do I make it stop?!

like

When leaving KPMG for another company, what are the payouts, if any? (Unused vacation days, etc) And is a 401k rollover required, or can you stay with Merrill Lynch?

like

Any entertainment lawyers out there? What’s your day-to-day like? Do you like the work? I’m a tax attorney (7yrs) in LA looking for a change and thinking of switching practice areas. I want to make sure this isn’t a grass is greener situation...

like
like

Hi Fishes, currently having 1 year of experience I cloud and devops and looking for job change let me know if you can help me out

like

Anyone has an idea what would be percentage hike when we get promoted from Lev 3 to Lev 4 engineer in Comcast India?

like
like

Additional Posts in Consulting

How much did you spend on trips/recreational activities in business school (NOT rent or general food expenses)? Trying to budget!

likesmart

Are these layoffs for real real? I just received an offer today. Should I not take it and stay at my current employer?

like

Looking for some likes, happy Sunday 🐠

Post Photo
likefunnysmartuplifting

Went on three dates in last three weeks. Two of them backed out when they came to know that I travel everyweek. The one left was unhappy this morning when I got up at 4 to catch my flight. FML !

like

Recruiters are Darwin’s missing link

likefunny

At a charging station at the airport. Dude next to me has his sandal off and cleaning his toenails...

like

How do I get a free NYT subscription?

Does failing a client drug test -> getting fired from firm?

like

Learned that I’ll be laid off next week. Setting up networking meetings now to find something new, but know it will take time. How do you explain a lay off or gap in employment to potential employers?

like

Seat belt extender requested by the passenger sitting next to me! #ffs

like

Wonder what the new name will be for Facebook. Might not be able to call the FAANG anymore, might end up being BAANG....

funnylike

Who was the greatest consultant ever? Rajat Gupta?? Modernized strategy consulting tripled revenues..

likefunnysmart

Deck building mood

Post Photo
likefunny

Anyone else so motivated to succeed that it’s… painful? An insanely powerful motivation (maybe obsession?) to do everything right and meet your goals. How do you turn that off (or do you turn it off) outside of work hours - whatever those are.

likeuplifting

Living and working in ey McLean office?

like

Fml! UPS lost my package. It shows as "delivered" and there is nothing here! This is crazy! 😤😤😫😩😥

like

Anyone here have experience, or have any knowledge about, working at an internal strategy team at a Big Law firm? Interested in making a switch into strategy, but unsure if working at law firm is the correct move. Thanks!

like

A bowl for "thirsty" consultants on travel a good idea or nah? Kind of like that movie about an elite hook up ring for working professionals who don't have time to date

like

Thoughts on utilization? Why is this metric so important in the consulting world, beyond ratings/internal contribution? Should this not be the responsibility of the firm rather than individuals?

like

Does anyone know what brand of pillows Sheraton use?? I want me some of that!

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Send download link to your phone

OR

Scan your QR code to download
Fishbowl app on your mobile

By continuing you agree to Terms of Use and Privacy Policy.

Messaging rates may apply

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal