Related Posts
Life with Anxiety
[In accounting]
Bowl Leader
Bowl Leader
More Posts
Rising Star
Anonymous User
Do you always need an MBA to get into MBB?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
I don’t think you are done at 50. I do think you have to keep your experience fresh and appropriate to the output of today.
I’m 40 renting an apartment with no savings and no investments living paycheck to paycheck. You’re way better than average.
Same
1 mill?! I'm older and much poorer than that. You're doing great.
Me too. I’m 56 and don’t think I’ll ever get to 1 million. I don’t want to downplay OP’s anxiety, but they are in a better position than they think they are.
I’m a few years younger but my goal $1mm by your age. And I’d feel real good about myself if I were you. Well done!
This must be the most positive and empowering thread on Fishbowl. Thanks, all.
I’m the inverse in that 90% of my NW is in real estate. We own our home and an investment property.
Ugh, respectfully, stfu w your a little over a mil
I’m 52, with a young kid. Bought my first home 2 and a half years ago, so very little equity in it. Have ridiculous amount in my 401k probably around 30k, if that.
Also, I was laid off almost a year ago and have been freelancing since but not nearly enough.
Only thing I have going for me is that I can easily pass for 10 or 15 years younger.
You are not anywhere nearly as behind as you think.
Is this a general understanding, that at age 50 you are done? Like does everyone know that except me (51)?
I knew it SC1! ✨
I’m 42, freelancing and have barely any savings, barely scraping by and can’t find work. You’re doing completely fine.
Yep
We look very much alike in terms of age, net worth and the young kids thing. All of this anxiety has hit me, too, like a ton of bricks over the last year or two and it’s actually kind of crippling. Like you always know that being older in this industry can be a liability but it gets real, very fast when you actually get there. Especially if you’re not C-suite or an equity partner. I don’t have a game plan yet as to how the rest of my working years could unfold with greater security, exactly, but you’re definitely not alone in these feelings.
41, single, rent and live with a roommate in a HCOL area. I’m excited bc I JUST reached a net worth of Zero after having negative net worth due to student loans this whole time.
So yeah.
Scary thing about being in this industry is: income from 50-70. Sure you may have a lot in your Ira/401k but you can’t touch it for about 20 years. So you need some sort of bridge income inbetween or you’re gonna be taxed like crazy.
I’m 40 with a nw of 1.1MM. Made it a priority 7 years ago to pay off my debts and invest the spread difference ever since. Always tried to keep expenses low. I have similar anxiety but feel good about having a back stop. I’ll ride the train as long I can and then do something I want to do that’s not for just the money. Don’t need to be fancy rich, just comfortable stealth wealth. I have two young kids too. You will be just fine. Once you are done, everyone must consider moving to a lesser cost of living area to make that money last longer.
Update to this post. With the market moving up the past couple months, even with the dip a couple weeks ago I’m already at 1.2mm. This pace is where I think I never dreamed I would be. When I started this journey I had 15k in a 401k, loads of debt and barely any cash. I was negative net worth. Now with all the years dumping money into the stock market, a 1% gain in a day (which happens all the time) makes me more money overnight than I do in 2 weeks from my job when I get my paycheck. I only make 160k a year and that’s close to double where I started 7 years ago. I’ve officially crossed the line where I do nothing and I make more money than I do working. Everyone can get here if you find a way to reduce expenses and invest all your money. I feel very fortunate that I learned about this when I did, but I was 33 and if I started earlier with even less money invested I would be way further ahead. Please take action anyone who reads this because think about where you want to be in 7-10 years. You can do this too.
44 and 1mm is great. The next milky is only half as hard. If you’re worried, maybe start sorting out your move to in-house?
If you can swallow the pill, there’s always the option to manage creative output for some boring bank. They love old food and will value your experience. The work will have you pinning for the cool embrace of the grave though.
Are they brilliantly boring?
I’m a 42 former GCD, current freelancer. Feeling exactly the same, though a few 100k shorter than 1mill.
Ante up!
Sounds like your only problem is your anxiety.
I’m in a very very similar spot. 42. Net worth about the same. 75-25 real estate/stocks split. Freelancing since I was 36. Would have likely been CD or higher had I stayed in agency. Three young kids. Currently trying to figure out what I do for the next 20 years. I figure I have about 6-8 years left of freelancing left, after that I’ll have aged out of the relevant circles of creatives, strategists and account people that know me.
OP - I am a real estate investing junkie and ADUs are maybe the best route right now to generate decent returns. Post financial crisis you could pick up properties that rented 1-2% of purchase price for month (buy a house for 150k, rent it for 1500+ a month) and obviously interest rates were lower. Those days are long gone for the foreseeable future. BUT with all these states in a housing crunch who normally have red tape riddled zoning laws, ADU permitting and zoning are on a glide path. If you own a house and have cash to build a small ADU, you can easily pay 100k to build it but rent it for 1,500 or more. That’s a hell of a return and you don’t add to your mortgage or affect your property taxes or insurance too much. You are also adding much meeddd housing stock for workforce since they are perfect for someone who just needs a roof over their heads, not a luxury apartment which is all that is being built. It’s a slam dunk in my opinion and you keep your low interest mortgage you probably already have. Eventually you can move out and rent both houses and that income should be a home run combined. Do this a few times actually by rolling all this money into the next “buy, build, rent, move” scenario and you could very well set up a nice salary in perpetuity for yourself.
Get a finanacial planner, for sure. Live below your means. If you get laid off too early (crazy times) $1 mil is not enough (assuming kids and single income). To stave oof getting laid off, don't be the highest paid GCD at your shop.
Start your own consultancy now. Build it while being paid as a GCD, then leap before they roll you out. Make money speaking, consulting, and being a "fractional CMO".