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

Multiple openings for Data and Insights functions at KPMG Global Services.

DM me for more info and to share your resumes.

Post Photo
like

Any non-Omnicom agencies looking to hire for an ACD-Copy position that is remote or hybrid (non-pharma)?

likefunny

I’m new to investments - my advisor in India asked me to start off with some corporate FDs and large cap mutual funds. Any thoughts, given the COVID scenario?

what do you talk about in your 1:1s?

I got lucky and now have leadership that seems to care about my career growth, but I'm 1. a little overwhelmed taking over a new role from someone who went on parental leave earlier than expected and 2. not used to thinking outside my day to day job, happy to keep my head down and just produce good work.

most of what I bring up in these meetings are logistical or prioritization concerns but I feel like my manager is expecting a lot more from me.

like

Is it worth it to leave a current FTE perm role to work for Google as an freelancing executive producer, 6+ contract with possible extensions pending budget, performance etc? Debating the massive brand name and experience but leaving job security etc. for it

like

My company is hiring for Sales Account Manager, if anyone is interested DM me.

like

Accenture offer - 10.65 lpa fixed and 2lpa variable Position :- Analyst Location: Bangalore
Wells Fargo :- 11 fixed Location - Hyderabad Position :- Data Management Associate
Yoe :- 3years
Can you please suggest which company to join ?

Howz the work life balance of a Senior Consultant in tech consulting in a client facing role in EY India?

Skills: Java 8, Spring Boot.

Please do answer with respect to EY India only.

Role will be as a tech lead in java development team.

Client probably HSBC.

Few days left in Notice Period.

like

I’m a first year associate. I am hopefully getting sworn in within 2 weeks. Is it too soon to engage with recruiters and start looking for a new role?

like

Recently completed my MPA and work for a state economic development agency as an analyst. I applied for a public sector consultant position within Baker Tilly; can anyone provide any insight on the job specification, salary, etc?

like

Hey recruiters and hiring manager... Is a cover letter really needed? Do you even read it or look at it when people are applying?

like

Looking to leave insurance defense… does anyone have experience with title insurance work? I’m interviewing for a real estate litigation position consisting of general commercial real estate contract dispute type work as well as title insurance litigation. How is title work viewed in the world? Any feedback helps- thank you!

like

For those who were diagnosed as an adult can you provide some insight into how you were able to obtain a diagnosis. I went to my primary care dr who referred me to another dr who specialized in mental health. He asked me about 5 questions before telling me I should see a neuropsychologist for an official assessment. The referral he gave me is super pricey and apparently isn’t covered by insurance. Is that normal?

likehelpful

Sup all, I'm a director in pharma marketing and want to eventually get to a senior leadership position. I have an MD and currently applying for an executive MBA program. In the meantime, I'm looking for board member positions. I'm open to most industries but particularly enjoy med, pharma, and tech. But, I'm having a lot of trouble finding something. Any advice?

like

Hey all, I’m currently working as an implementation specialist! I enjoy the role but I know there isn’t much growth. Does anyone have a recommendation for another position for me to try out that offers growth?

like

Hello Fishes,
Looking for referral at
NTT DATA Data. Your willingness to refer is highly appreciated. Please DM me to provide referral.
Thanks in advance

like

Can anyone recommend any firms in London who are hiring grads currently? I had signed up (contract n everything) with Accenture but was recently told that “we are completely full for 2022 and 2023” and I am happy to move somewhere else completely, instead of waiting 1.5+ years. My bio: Robotics engineer (BS) with a business Masters, and also a self-taught Data Analyst. Please help!

like

So I (m29) have money invested in my brokerage account and been paying taxes on any realized gains or dividends. People tell me I should be in a Roth but I want to retire early and use my brokerage as a passive dividend…. Am I doing things correct or am I missing something?

like

Current:
15 LPA for 11 years experience
Brand & Marketing Role - Edutech industry

How do I scale up? And where do I need to be? How do I make it happen without switching jobs?

130k or 135k with usual benefits , and relocation expenses in Texas (no 401k and no bonus). Is this a good salary range for a 10+ years software engineer?

like

More Posts

What's your EPAM Anywhere Joining date.. Mine is Jan 10

Anyone interested (and eligible) for any of the roles. Please DM
Company: ZS associates

Post Photo
like

I joined a company last week. I am planning for pregnancy this year. If i become pregnant, are there any issues i may face from employer like they can question that i recently joined and within a year or so im going for maternity leave of 6 months ?

like

Maybe I’m out of the loop…but how are all these consultants on here making low to mid six figures with 3 years industry experience? Perhaps I’m just in the wrong industries but that seems too short a time to be advising others in a field. Are these just internet exaggerations? Or is there something big I’m missing?

likefunnyuplifting

What's something about a member of your team you wish you could say to their face?

like

We've transitioned to doing report at bedside with a small report allowed in the nurses room. I love it way more than I thought!

like

Need likes to enable DM feature.

Thanks in Advance.

like

Hi all, has anyone worked at EY divestiture advisory group ? If yes, how was your experience like and is it different from deals advisory ?

like

Hi guyzz.. In tcs anyone working in bose. Com?

like

Does your company have a social impact/charitable giving/social responsibility department? My background is in government and nonprofit, looking to pivot into the for profit space. I've identified Deloitte and PwC having such departments. Curious as to what other companies I should consider. Thanks in advance!

like
like

Anyone work in EY's Performance Improvement/Financial Management group that wouldn't mind me asking some questions? Trying to get more insight on day-to-day work and background required.

like

Thinking of applying to GT FDD. Anyone know what the s1 salary in HCOL is?

like

What typically motivates people to leave consulting? Is it primarily the personal sacrifices or are the opportunities ahead more fulfilling / lucrative

like

3ys exp total, 1yr angular and 2yr Java. How much should I demand??

Do Tata Consultancy give any gifts on Diwali?

likeupliftingfunny

It's been almost 10 days since my Guidehouse application status (on my Dashboard) got updated to "Reviewed" but I have not heard from anyone yet. Is there still hope or should I assume that my application got rejected?

likehelpful

Anybody get divorced as a young-ish associate with little kids? I think I'm on that path and really struggling

like

I just moved to another state. How can I find a recruiter? Any tip is appreciated. I have been applying but haven't heard back much.

like

Additional Posts in Consulting

has anyone extended a future leave to a personal leave before at acn?

like

What’s the deal on this Deloitte SC = Accenture M situation? Have heard versions where this is known fact and versions where this is considered nonsense. Recruiters are reaching out and I’m trying to gauge whether it’s worth exploring. SC in EP at Deloitte - thank you in advance!

like

A puppy will make me leave consulting.

like

Don’t have any friends to talk to this about but just spent a whole year doing a live-in renovation of my house and only living out of a single suitcase. I would like to thank my pre-Covid travel experiences for providing the skill set. Additionally, all my government projects for giving me confidence in buying an as-is house and figuring it out as I go. Thank you WFH

likefunny

I worked on a project with Leap by McKinsey and enjoyed it. It's basically planning and launching digital projects from 0 to 1(strategy to MVP).
What are the best consulting companies doing this type of work?

like

I heard great things about Prestige Worldwide. Anyone working there that can give insight into the day to day?

likefunny

Techies: MacBook 2015 vs 2016? gf has an old 2011 MacBook that is slow as balls, edits videos and pictures often. Which one should I get her? She's not a windows gal.

like

Accenture peeps what is typical raise % from C to M in strategy?

like

Booz Allen Singapore office is closing. Riyadh has downsized. Abu Dhabi laid off all cyber employees. Are Dubai and Lebanon next?
How does this fare for the firm’s commercial and Intl ambitions?

likefunny

Joy joy joy! Brought myself a Christmas present during lunch! It's a new piano - and will be delivered on 12/24 .... and they'll take the old one away! Gotta love pre-Christmas sales - AND (cont)

like

Maybe I’m out of the loop…but how are all these consultants on here making low to mid six figures with 3 years industry experience? Perhaps I’m just in the wrong industries but that seems too short a time to be advising others in a field. Are these just internet exaggerations? Or is there something big I’m missing?

likefunnyuplifting

Are any consulting firms not enforcing mandatory vaccines and the uploading of vaccine passports or is this industry-wide now?

like

Has anyone ever went the Brand name Firm -> Boutique route? Any regrets or insights?

like

Former McKinsey executive imprisoned and beaten by Saudis, according to people familiar with the matter

like

Who owns a Porsche here? If so, which model / year?

like

Tips on pushing back on an over bearing and micro-managing senior manager?

like

Consultants - have you found it difficult to maintain existing friendships? Or make new ones because of the hours worked? How do you deal with this?

like

What are acceptable ride/taxi services including personal cab services like Blacklane for associate? Does the rate apply from your home office to the airport or I can expense from my actual house?

like

I need EY CPE credit before year end. Does anyone know of easy CPEs or ones that do not have a test?

like

Best SPG/Marriott hotels in downtown NYC? Thoughts on 11 Howard?

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