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I need a job, please can someone assist me ?
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You could consider working toward an exit, with your income and expected growth over the next 5-7 years you can definitely save/invest heavily to make it worth your effort put in. Then exit in your early 30s with a nice chunk of change and in the mean time figure out what you want to do.
Pro
Please explain how Michigan itself as a state would go bankrupt. Maybe watch the Caleb hammer episode on it
I'd stick it out, save at least half, and retire early.
I mean, I guess you could. For me, I would love stability and a path towards making almost half $1 million a year. But if that's not fulfilling to you, you can always try something new.
Your dreams are wild
Yes . Not very smart to walk away from that $$$ especially you are that young . It took me hard work , so much sacrifices including losing time for my and my family to get where I’m at and I’m not close to what you get and I’m old . ;(
That's a good point... I do absolutely love being a dad and family time is really important to me. That's the biggest reason I feel obligated to stay on this path.
Wow I wish I have your problem
I don’t think walking away to find something more challenging is stupid at all. Ultimately, we all want to feel fulfilled and challenged at work. If this job isn’t providing that, it’s time to start looking for the next opportunity.
On the face of it, it appears foolish to walk away from a higher income, and by the way that is an entirely subjective and relative thing. 500k is a lot of money to some, to others 50k saved is a pot of gold. Your question implies a certain dissatisfaction with your current role. Change it to something you will be satisfied with and questions of money will become irrelevant. Someone who loves what they do is v lucky as they won't have to work a day in their life.
If I were on the path to make that much I wouldn’t leave it. Even if you didn’t love it, but spent a couple years saving as much as you could, it could set you up for the rest of your life.
What's the problem? 500k in Michigan is too little?
That's awful 😂. I'd definitely be grateful for 500k, definitely not throwing any shade at that income especially in Michigan.
Wait, $500k in 7 yrs? How do you know you will make that amount? What are you making today?
I see. That makes sense. In this business, if you get one big client, production can spike significantly, you could probably get to $500k a lot sooner than you think. Keep delivering great service, your book will keep growing.
So I've worked really closely with advisors in various firms for years. If you're desire is ultimately to make millions and be a CEO, keep being an advisor, grow your book, hire good people, treat them well, and it won't be long before you have a large practice generating a couple million in revenue each year. It may feel mundane now, but as you book/practice grow, and as client needs become more complex, that may bring new excitement.
On the contrary, making a switch means less flexibility with your time, less levers to pull on for generating income, less correlation between hard work and high pay, and slower growth. If you're good and lucky you could hit CEO by you late 40s, but that's tough sledding and poor work-life balance ahead.