Feel like retiring early is basically impossible. I’m a 26, a 4th year at D, going up for manager next year, I have a masters and my CPA but I only bring home $3,700 a month(after tax&medical).. after my expenses I’m putting away $1,850 a month. I feel really good about this.. but at the end of the day if I want to buy a house next year I’ll be back to $0, then if I want to get married.. there goes another 15k..children.. I’ve done the math in many different ways and it just doesn’t line up

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

Switch to industry if the immediate appeal of 30-40% raise is in your favor, find MCOL, and keep saving. You’re on the right path it’s a journey, but raising your income and investments is one of the keys along with your financial discipline.

like

1) Did you account for salary growth over the course of your career?
2) Did you account for your spouses (potential) salary once you're married?
3) Did you account for home equity? A down payment on a home doesn't 'put you back at zero', it just shifts your cash on hand or savings into home equity. It's still YOUR money, just in a different form and much less liquid.
(4) Did you account for the value of your investments growing over time? You're young and this growth should end up accounting for a LOT of the value of your portfolio even if you still retire early.

like

I’ve found that FIRE is, ironically, for the rich. Like KPMG mentioned, you can be financially disciplined, but without the actual raw income, or conversing without being extremely miserly (live rent-free or hyper LCOL, low target goal) the math is against you.

It may seem obvious, but if you’re able to handle lifestyle inflation well, any additional dollar earned becomes a 1:1 dollar saved, which should accelerate your timeline exponentially.

likefunny

K1 has a god point. You can't just save yourself into wealth. You have to earn more somehow. Public accounting (or maybe you're a consultant) is unfortunately a pyramid scheme and you have to stick with it to senior manager/PPMD before your earnings really start to make FIRE possible and while still being able to start a family.

like

I don't want to make those sacrifices either. I plan to retire at 52 (instead of maybe 45) because I don't want to work as hard as I do and not enjoy the nicer things in life while I'm younger. I want a nice place, to go on vacations with my wife and kids, spoil my kids a little, etc.

I'll take working an "extra" 7 years over being miserly for 20.

like

If you are skeptical about how others make it work, there are stories (blogs, articles) abound how people with ordinary income made it work. If you're skeptical about the process or the concept of FIRE ...just don't follow it.

If you really want it to work, you will find a way.

Suppose you don't have a single penny invested right now. If you just max out your 401(k) and Roth IRA every year for the next decade and half, with a conservative estimate, you'll end up with a million dollars. Suppose your spouse does the same. Even if you are FIRE in your 40s, or 50s, you'll still be decades ahead than an overwhelming proportion of Americans.

Suppose you don't spend $15k on a wedding. Suppose you buy a home that is not more than 2x your combined annual income. Suppose you have one kid. Suppose you don't get a new car every few years.

FIRE is not for everyone. Do you want to live, save, and invest intentionally today so that you have the tools to not be chained to a paycheck tomorrow? Or do you think FIRE is a pie in the sky, a sham that is perpetrated only by the "rich"? It's your choice.

like

Think of it this way. Assuming the best you work 40 hours per week and you work 50 weeks per year. That's 2000 hours. After taxes, medical, retirement, and rent you are left with less than 1000 hours worth of TIME. So uncle sam took 500 hours from you. All money does is buy time. You need to find a side hustle that builds you more value for your time. Get those hours back when you're not at work.

likesmart

It’s not impossible. Make more money. Strategy consulting, IB, PE, and HF will get you there.

funny

Look at total net worth every quarter. Should always go up, even after buying a house. Eventually, you get to a point where it effortlessly snowballs. I felt like I got there at 36 last year and I started much later than you. Keep it up!

like

Are children an absolute must have for you? Can you live in a lower cost city?

Time is money and those 60+ hour busy seasons are going to cut into that time. Like others have said, id switch into industry and pick up a side hustle.

Related Posts

Hi friends! I’m planning on moving in with my long term boyfriend. He makes about 60-70k and I make 105k. Originally I was going to split rent equally but the feminist in me says it should be split based on income. Have you all been in a similar position and what was your decision?

like

Anyone delaying a car purchase due to Covid to see how everything pans out?

likehelpful
like

Starting IVF soon, interested in knowing if anyone took any time off at all, and at what stages? Going to briefly mention needing medical treatment to a manager as a heads up for appointments or sick days/for flexible working purposes and keen to know what I should roughly be expecting.
Thanks all in advance ❤

like

any tips for making the jump go in-house? i don’t really care for what industry it is in i am just sick of the rat race that is advertising and i want to work to live and not live to work

likesmart

Do people use their HSA to actually pay for health expenses or just as a triple tax advantaged savings account for retirement? Seems like all talk on here emphasizes the tax benefits of it, so I am curious if people use to spend or just save

likehelpful

180K saving, 180K 401K, 12K HSA, annual salary 120K, a townhouse ($2900 per month) can I raise a kid in Seattle?I am a single mother

like

I’m just starting in the medical device sales industry and would appreciate some advice on how to maintain work life balance!

like

Best investment book recommendations?

like

One hour delay on United this morning due to crew unavailability. Worth asking for points or credit? If yes, how much?

like

Curious what others risk tolerance / budget is for primary housing expense. Currently looking at houses and what I ‘can’ afford according to the math feels like way more house than I ‘should’ buy. For reference I’m a B4 7th yr partner. Last year total comp was around $1.8 and total other monthly fixed expenses are in the $20k/mo neighborhood. Just wondering how others approach this. Thanks.

like

I am a Medical Technologist with a degree in BS Medical Technology. I want to change my career to Business Analyst or Project Manager. I do not want to get another degree. Will coursera courses suffice? Any other tips?

like

The PE culture is sick. The 20 something VP was rude to our partner because our team took thanksgiving and the day before off and it was in the engagement letter that we were gonna be off. He kept emphasizing that his team did our job while we were on a break. Dude we are not sick like you and we have lives. I see something about how s**t the PE culture is in every deal we support.

Like these sickos make fun of us for working 80+ hours weeks for them and taking thanksgiving off.

likefunny

EY, what is the current maternity leave policy? Does the firm allow leave starting at 38 weeks? Is disability (6-8 weeks) separate from parental leave (16 weeks)? When is full eligibility - after 12 months of employment?

like

I have a 25K loan from my MBA. I paid off 100k whole, after graduation. 3 years ago, I moved my loan from federal to private ( SOFI) account. I recently lost my job. I have applied for unemployment, as the severance that I received will only cover for 2 months. Together my husband and I used to make less than 250k after tax. Now, with a loss of pay , we are going to make less. Do you think I will be eligible for Loan forgiveness?

like

What’s an appropriate amount to have saved by mid-30s? I’m talking liquid assets (excl. 401k)

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

We are looking to hire a nanny next year. Where did you find leads and what is the going rate per hour? Do you know of any services to help with payroll taxes and paying for their healthcare?

like

I’m contributing post-tax 401k offered by my employer to take advantage of the mega backdoor Roth. How often do people roll it over to their Roth IRA account? Like every month? I understand that any gains rolled over would be subject to tax but don’t expect it much given the market is down currently.

like

Hi!! Can a company deny you short term disability benefits if you get approved for fmla. So basically you’re on unpaid leave but the std benefits of payment don’t go through

like

More Posts

Thoughts on getting a treadmill for the apartment? First time moving to the east coast and I feel like getting one in the apt would make it easier to work out instead of going outside to the gym when it’s freezing…but would love to hear peoples experiences

like

Any book recommendations for GC of a startup?

like

Anybody know the base salary for Business Banking RMII and RMIII?

Anyone get revenge on their ex? I want to hear your stories!!!

likefunny

I have an offer from Accenture (Tech: Salesforce, Level 9) and it has 27% variable component.
How much variable pay can I expect? How much variable they pay on an average?Accenture Accenture India

like

Middle East Consultants bowl has grown to be more active. Thank you for helping each other out, it’s so refreshing to see! Keep it up 👏

likehelpfulfunny

EY PAS said that they can’t offer more than 115k for senior associate in Chicago. I find that ridiculously low since accenture t&o is offering people 140k to join as a consultant. It is from my understating that ey associate is equal to analyst and sr analyst at Accenture. Then senior associate is equal to consultant/ sr consultant. What am i missing here?

like

How supportive are your companies when it comes to taking PTO for mental health days?

likesmart

Anyone who had H1B approved petition in previous company and when switched to new company the h1b petition got transfered? I would like to understand how h1b transfer works?

like

Which consulting focus should one just beginning their career pick - between Payer vs. Provider, and why? Located in the South East, with a potential desire to switch to industry (in said field) after 3 years of consulting, if that helps.

like

I’m currently giving referrals to Deloitte for anyone with cyber experience who is cleared to work in the intelligence community and willing to work in the Maryland area, experienced in telecommunications, digital, and computer network technical analysis.

likehelpful

What is the expected increment while converting from JBR 2 FTE in PwC india

like

Hi everyone,
Need 11 likes..
Thanks in advance

likehelpful

Cleaner recommendations in LES/Chinatown area?

like

Hi Team,

TCS has released the offer letter for me & my doj is on 30th Jan which I chose. My current employer is ready to release me early and my lwd is 30th November.

I am confused whether I should join on 30th Jan or I should talk to HR for early joining. Also, there are rumours that Indian MNCs are cancelling offer letters due to recession and hence I am scared as I don't have any other offer in hand

What's the truth 🤔

like

How much time does EY take to file the i-140 after initiating a PERM?

VTI, VOO, or VTSAX - which do you all prefer and why?

like

Hey Folks,

Can somebody help me understand what would be the inhand salary for the below pay structure..

Tech stack SAP
YOE 7

Post Photo
like

EY verbal offer rescinded:( Has this happened to anyone else? “We have had a change in our demand for our product team and we are having to reassess our hiring. I am placing your name on our list to follow up with once we have a better grasp on the next month or two’s availability and needs, this normally doesn’t happen once we get rolling in a hiring process however Q1 had had some changes this fiscal year”

like

Are all MLMs really evil? Obviously the ones like Luluroe and such that you have to buy $$$ merch up front. But are there any that actually work well? I have friends who sell Amway (which I thought was evil), but they legitimately love what they do. And they're not -terribly- sales pushy like other people I've met. Curious if the MLM industry is shifting.

like

Additional Posts in FIRE Financial Independence Retire Early

I’m contributing post-tax 401k offered by my employer to take advantage of the mega backdoor Roth. How often do people roll it over to their Roth IRA account? Like every month? I understand that any gains rolled over would be subject to tax but don’t expect it much given the market is down currently.

like

How much should I have saved solely for real estate investments?

I think I want to step my toes in the water by renting an apartment complex and renting it out on AIR BNB.

Has anyone here done this? How much would you advice I have saved before I do this? I know there are fees as well as costs of furnishing, etc. but looking for further advice :)

Any investment property owners here? How did u land the decision to take the plunge? I know diversification is important, but why didn’t h instead go the ETF/stocks route?

like

I have a lot of student debt from law school. I’ve refinanced a couple of times and received the best fixed rate available, but I’ve seen others refinance with a variable rate which of course is lower. I’ve read some other comments of people refinancing at a super low variable rate....isn’t this risky? Of course I am afraid of going variable and then the interest rates going up a lot. Am I missing something?

like

If you had an extra 50K laying around and wanted to take advantage of the recent correction in growth stocks, what you invest in? ETFs or individual stocks welcome. Won’t need the funds for at least 6-12 months

like

Anyone regret not doing banking to do FIRE faster?

like

Started/maxed out my 2020 IRA on Friday at the market high without knowing and now my whole portfolio is down 2-5% already 😔

likefunny

Im 35. Considering to start investing in Real Estate this year. Looking to buy 1 property to start generating cash flow, but most importantly, long term equity. No plans to sell. Condo or Single family residence. Considering booming areas like Austin, Vegas or somewhere with potential to grow. Will need local help, since I don’t live there (realtor + property manager). Already have 20% down, but considering putting less. All closing fees are also covered. Is this a good idea or should just wait?

like

Friendly reminder: IRA contribution limit increased from $5500 to $6000 in 2019. Make sure to update those automatic contribution amounts!

likesmart

Anyone here retire in late 30s or know someone that has?

Mother has a decent nest egg ($3M) and lives in an extremely LCOL area. Currently manages money through RBC, however the fees are a gross operating expense of 0.36%. What do you all recommend? I’m not savvy enough to manage it myself however I know that fees can stack up and kill returns. Would appreciate any insight/advice/snark.

like

New to investing. I want to open a Roth IRA and put 3000$ in to buy VTSAX. My plan after that is to contribute 200- 300$ at the end of each month. Is that how you guys do it? Do you watch the market and buy on a specific day when the market is low or do you just pick a day of the month- lets say every 30th day of the month to add to your acct? Thanks

like

I’m curious how much other people with similar incomes save/invest a year; I’m a 24M, making 70K a year in a HCOL city. I saved about $12K in my first year of working out of college, and I feel like that’s pretty good but I could’ve done better. My rent isn’t too pricey, but I went on 3 vacations, go out to the bars frequently, and spend pretty freely on food. Anyone care to share their income and corresponding savings for FIRE?

like

Thoughts on robo-advisor accounts? The ones that take your spare change of every purchase and round it up? Betterment, Acorn. I have to imagine it’ll take quite some time for $$ to accumulate that way?

like

Anyone have suggestions on how to protect minors assets? They have a couple of years left before they turn 18 and would like to help them put their inherited money to good use example: low risk investments, steady cash flow investment/rental property, etc. Anything that may also be used for their education in the future. And possibly tax strategies to decrease tax liability from when they start getting income?

like

I am still waiting on a 2k federal tax refund from the 2019 tax year. I’ve called 20+ times over the past year, and haven’t gotten more than “we are working through an unprecedented backlog and will get to it soon.” Anyone in a similar boat and/or have any advice other than wait?

like

How much do you donate each month/year? What is your total comp and age?

like

Got married, bought a house, doing a major remodeling, planning to have a kid… safe to say that I am no longer on track with my FIRE journey 🥲

likefunny

At what number do you feel like you’re making enough whether to satisfy your desires or just not feel guilty about spending money.I’ve been blessed to have my income raised a total of 85% throughout 9 years but shortly after each raise I still feel like it’s not enough to live by and that I’m always behind. I live in a high cost area and make triple of what my friends make yet it still doesn’t feel enough. Cont’d

like

Any software like Mint that can show daily stacked bar chart of all expenses and deposits over time? Rather than creating it manually from bank statements

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