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Hi Guys, I am 5.5 years Java Developer and I have offer from JPMorgan Chase and Walmart .
Jpmc: 50% on current fixed + jpmc benefits Walmrat: 50% on current fixed + yearly bonus + stocks.
Please help me choose which will be better, mainly looking for brand value, work life balance and yearly hikes.
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Chief
I’m not a FIRE expert but my first thought is to run your current savings/investment numbers through a retirement calculator to see how much you expect to have at 40, and see how far off you are. From there you can decide whether you need to save more, find other investments or switch job (and if switching job, to what level of TC).
Rising Star
Start by firing your driver, looks like he’s making a killing.
Jokes aside - that’s a pretty aggressive goal and you will need to take some big risks that could push you to loose. Easiest way out is to invest in start ups or start your own firm.
Pro
Agree. We’re saying the same things. Hopefully he realizes it’s a really aggressive target
Not sure if thats feasible with a low amount of risk… assume your 7% market return over 5 years, you basically need to find some 2M in extra money. You make 400k together before tax, so maybe are able to save 200k a year? So you would need an additional 1M - maybe a PE role with carry will get you there, I doubt you can just find a different job that pays you 200k net more.
I would just suggest to bump your goal to 45 (thats my age number) and take it easy until then. Probably stressing the next 5 years will just lower your life expectancy by 6 so not worth it
Pro
All you have to do is invest 20k a month and earn 15% per year. No problem.
I think that’s his point. No investment will reliably yield 15%/year. And you can’t feasibly invest that much. So there’s no formula that will get you there.
That doesn’t mean it’s impossible, but doing it requires a lot of luck, and anything that requires that much luck means there’s also a significant downside risk.
Let’s an attainable goal by 50. Why the rush?
Plan for the future but also take time to enjoy today and build memories with your family. No one will brag about how much money you accumulated at your funeral.
Can you explain how you arrive at your numbers ($3M, age 40, etc)? Where is your $600K and what is your level of liquidity? From what little you've given us, it's not easy to determine a path to your objective.
Here are a couple scenarios. First, say you invest $250K and $5K/mo in crypto stablecoin yield pools with a relatively predictable APY (30% +- 10%), compounded daily (see image from investor.gov). You'd be at $1.8M in five years.
Second, if you invest $250K initially and assume a 30% APY (however you achieve that, probably a mix of crypto and other), compounded daily, you'd need to contribute $13.5K/mo to arrive at $3M in five years.
I agree, and I certainly don’t want to lose it since most of it is in eth and I trust that investment. I am not going to find too many unicorns like that without taking the risk I did. So for now I think I am ok with my crypto investment . I would love to look at other opportunities to build wealth
🍿🍺
Conversation Starter
If you are ready to take risk, BTC can take you there.
Either you FIRE or set your savings on fire 🔥
Chief
+2.4M in 5 years isn’t going to happen with any reasonable probability. If you want to maximize NW, you have three levers: income, spending, and investment.
Can’t help you on the income front. Lots of high-paying options out there but it depends on your skill set and interests. 400k is also quite high, so this may not be the key driver.
What’s your spending look like? If you’re in NY, can you and your wife make the same money in the sun belt?
What are you investing in? Make sure your public equities are well diversified, including internationals. Consider an allocation to private equity if you can access top managers.
Is the said net worth combined or just yours?