{ "media_type": "text", "post_content": "Consultants of Fishbowl, I'm 31 and have ~$2m.\n\nNo kids, student loans, etc...\n\nI'm also getting CTL'd.\n\nIf you were in my position, would you scramble to get a new position or retire early?", "post_id": "6009b34e07773b0028ec281f", "reply_count": 132, "vote_count": 8, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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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?

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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.

likesmart

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

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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.

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

likesmart

Also vote for ExPat or move to LCOL

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;

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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.

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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.

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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

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.

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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

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Thank you Analytics Consultant, I appreciate the perspective!

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...

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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.

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

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WhT does ctl mean?

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

funny

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 :)

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

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

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

Also can keep deferring the capital gains

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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.

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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.

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Wow 2m is awesome any tips to save?

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

How did this thread get so long? Y'all should've taken my advice and bought some GME 😂

likesmart

Please don’t waste your talent working for someone do something your own may be you have $2b by 35

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Open a boba shop

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After Covid

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