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

Rolled my old 401k over to a rollover IRA under the same brokerage and lost some money. What the hell did I do wrong? It was a direct rollover btw

like

Hi everyone! Can anyone tell me what you make as a typical banquet/events manager for salary or per hour? I’ve worked for Marriott/Bonvoy at the Ritz and for the Curio Collection with Hilton as a bartender/server/banquets captain. Now I’m working for a privately owned hotel and as a manager role in Banquets/Events. Because of pandemic times, what is everyone else making?

Hi Fishes,

I am currently serving NP, My job role is React Frontend Developer have 1+ YOE. Looking for the similar job role.

Needed your help for referral for the any similar job opportunity.

like
like

How's the growth at Publicis Sapient for 1 year old experience guy?
Role: Front-end Developer
Offer Made: 9LPA CTC

I make $140k in New York. Should I invest a Traditional 401K or a Roth 401K or do a split?

like

Hi All,
I had my 1st round of interview with Executive Director and 2 leads for Technical role. I have 2 queries-
1. How many rounds should i expect in total considering I clear everything? (I think my first round itself has technical + manger/director)
2. How long (time) will it take to get an offer?
TIA :)

helpful

Interviewed recently with @VillageMD. Anyone have any insight about the remote Medical assistant positions? Preferably someone who does or did work in that type of position with this company. How was the workload? How much time is usually spent on the phone answering calls?

like

At which user behaviours should we pop up an exit intent overlay on cart?

like

Hello everyone! I’ve been working for 3 years in a large corporation as market assistance. Although I’m among the 5 top performers, and have always work hard to serve the team, and went beyond by job description to be the best employee, I got no chance to grow. So I was offered a position as BDR to another company with more possibilities to grow. I love the idea of starting fresh, but at the same time I’m scared to leaving a stable job. Has anyone been through the same transition? Srry my Englis

like

What are questions I should be prepared to answer in an in interview for an Associate Copywriter role? I used to be in project management, so the questions were different...

I am looking to pivot from Engineering Manager role to SE, I have 16 years of Infrastructure experience heavily on Telecom, Unified communication and Contact Center. Can someone recommend leads or referrals in Canada.

like

what is the salary range for Accenture Application development senior analyst position ?

like

Which offer is best for data engineer role
YOE - 2.3

EY GDS - 11L + 50k Joining bonus
PWC India - 9.5L + 1.5 Joining bonus

likehelpful

Has anyone else started their exit plan after less than 6 months on the job?

Im a few months into mine, and due to the lack of diversity on the team I’m already thinking about applying else where once I hit a year.

It’s painful and tiring to be the only minority on the team. Smh

likeuplifting

Any male Asians , feel that they have been passed up for a role because they are Asian ? Feels like the Asian man dating effect spills over into corporate culture . Or am I alone n over thinking it?

like

Fish that have given 2 weeks notice in a sales role: when you gave your notice did you stay on for the full time, did you get walked with pay or walked without pay?

like

Best credit card for sign up bonus: Already have CSR, Cap One Venture, Amex Blue, BOFA cash rewards, United explorer, and Discover. Optimizing for total net cash benefit - do not care so much about perks.

like
like

More Posts

Anyone know who best to contact at Campbell Ewald LA for creative job openings? 🙏🏻

like

Hi,
I have been working as accountant for past 10 years at a logistics company. I want to change my route and join different industries for better challenges and opportunities. How can I approach new firms with this single industry background.

like

I'm selected as Assistant Consultant role, Just want to know after how many years next pramotion will be as Associate Consultant ?

like

Which one would you choose among -

Nagarro, CitiusTech,
Verizon, Ericsson, Cerner,
Impetus, Blue Yonder,
Byjus, Synechron -- for *Frontend* role with 2.9 yoe?

PS: I've received offers only from first 2 companies, don't know which others would send within my LWD its in another 2 weeks only. 🙁

Nagarro Verizon Ericsson CitiusTech Impetus technologies inc Blue Yonder Cerner Corporation Byjus

like

Can anyone please help me with Boston Consulting Group for my local region office? Would be very thankful! 🙏 . Short intro about myself: Had multiple MBB final rounds in last 3 years, now way better prepared. Have background in analytics at different industries

like

For Virtusa internal candidates :

If anyone has basics testing knowledge and good comm skills and willing to move to testing domain, feel free to comment

Hi Airbus fishes, what is E2 level technology analyst in Airbus India? I have an offer for this position and I am also due for a promotion to Team lead over at Accenture in a month. Is E2 level on par with Team lead level at Accenture? Accenture Airbus

like
like

I don’t think we’ve seen the lows today; with rising rates I think we see some more bargains around lunchtime

like

Has anyone had experience with/heard of people moving from consulting to work in public health? I’m not sure how my consulting skills would be viewed. (2 years in consulting, public health undergrad)

like

Hello Fishes, Infosys I need urgent help. I got selected as Lead consultant in Infosys with package 29 LPA with 20% variable. YOE is 15 years. Is is as per market standard? Or should I negotiate more ? TIA

like

H ello everyone, what are some good LinkedIn learning or certifications that are good for someone with a Healthcare Administration BS and Healthcare Informatics MS, with a strong background in Revenue Cycle Management. I am trying to become more marketable. Also, I am open for new opportunities.

like
like

Hi, I did interview with amazon.

Round 1: HR round. cleared.

Round 2: Hiring manager round. Went well.

After 2 weeks they said Role no longer available. It was L5 supply chain role. This happened in April. Can I apply again in Amazon? I joined a company 3 months ago, does it look bad in CV to leave again in 3 months? I hv a 6 month gap in career in 2019 due to lay off (covid). total exp 9 yrs. SCM exp 6 yrs.

like

Hello all!

I’m a MSN, RN with 7 years of critical care nursing experience (ICU/PACU). Prior to becoming a nurse, I was a Medical Service Corps officer in the US Army for 8 years. I have my BSN/MSN and a non-nursing MA.
I’m interested in shifting gears to healthcare consulting. I’ve heard great things about Chartis and would love to hear more, specifically with regards to nurses making the jump. Can anyone offer insight or any other consulting firm they recommend?
Thank you in advance!

like

43 YO, is Botox my only hope for eye wrinkles and is it too late to try Botox?
Is there better makeup/concealer I could be using?
I already have a pretty extensive skin care routine with retinol and other anti-aging compounds. Have recently started taking collagen.

Post Photo
likehelpful
like

Hi,

Can someone from LTI let me know what is the bench period ?

like

Is it wrong to feel weird about an ex getting engaged if currently in a serious relationship?

like

Additional Posts in Consulting

Woke up thinking it was Saturday, then realized it’s Sunday and almost started crying. Losing it cuz of this job

like

Budget printer to buy for home office? Prefer low operating / maintenance cost. Okay with having just B/W printer.

like

Uber driver is driving like "nah, you can miss your flight it's okay"

like

Seen a couple discussion with respect to “call center” recently - what is this gig?

like

Should the airline industry be bailed out? Reports from Bloomberg show that they spent over 90% of cashflow over the past 10 years on stock buybacks and now are stuck holding the bag.

like

Has anyone taken one of those online executive courses, like the Harvard Extension School offers? Looking to use my $5k of tuition reimbursement and already have an MBA. Worth it? Best programs?

like

How long did it take you from starting your job search to getting an offer? Laid off recently and feeling super overwhelmed/depressed

like

How does severance typically work when you get fired? Is it a lump sum?

like

Is there a bowl for trading stocks? Anyone here trades/invests?

like

matched with a senior manager at my firm on tinder, really been really hitting it off well. should i ask for a charge code for this? need more utilization

like

Comp noob here. Do all startups (Series C) offer RSU/ ESOPs? 8yoe. Will be joining as a team leader part of the growth team. If they don’t, should I ask/ insist? Anyone able to share experience?

like

PwC: for those laid off, how much does Cobra cost for us? Or can someone point me in the right direction? Only have 2 days to transfer 401k, wealth builder, and insurance/etc so scrambling now

like

Best tech strategy/consulting firm and why? I’ve heard Accenture and Deloitte top the list for larger firms.

like

White shirts Mon-Thu: boring or smart? No need to worry about ABAB / ABCA / ABCD...

likesmart

Favorite team events in Atlanta?

like

Is McKinsey hiring in their healthcare practice?

like

What are the best consulting firms for someone that’s looking to work in the aviation industry? Can be big consulting firms with strong presence in aviation or boutique firms. Preferably commercial strategy type of projects. US based. Thank you!

like

How do you deal with being on an engagement with people who are very simply not fun to work with? And not even just not fun but actually unengaging and/or irritating to work with. Starting to see how spoiled I was with first few managers and directors.

like

PwC 🐠 - average salary for senior associate in Risk Assurance based in NYC? Want to know what to ask for so I don't high/lowball myself

like

Are all the Olive layoffs just due to preparing for the recession? So sorry to everyone who was laid off

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