Related Posts
How bout Montana? Anyone? Remote maybe?
How is Novartis account in Accenture?
Enthusiast
Ever downloaded PNG from Google images? 🥲
Interviewer : Why do you need this job?
Me :
Additional Posts in Compensation in Consulting
Visual Storyteller
What’s your current billable rate and salary?
Pre-tax 401(k) or after-tax...thoughts?
What should my comp be as a 2nd year director?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Adjusted for inflation or not? At 2.5% inflation, $2 million now is equivalent to $5 million in 25 years. But either way I would choose to retire later.
If you retire at 35 you should go with a 3% drawdown rate to be safe. So that's just $60k a year. You won't starve but you aren't going to be traveling the world either.
If you retire at 60 then a 4% drawdown rate is safe enough. So now we're talking $200-400k (depending on whether you are comparing to $5 or to $10 million). That is way more like it.
35
35 and use location arbitrage to cover the gap. If you only need 30k (1.5%) to live like a king in South-east Asia, Eastern Europe and parts of Latin America like Argentina you could retire and grow to some number large enough to retire in the USA with high levels of comfort
10m at 60 no contest. If you get 2m in the bank and hate your job just find something you’re more passionate about. Also in this line of work 10m at 45 or 50 very doable. Think of wealth tiers as 1. Creating a financial safety net where your money works for you and you don’t need to make personal or career decisions based on the financial outcomes. 2. Supporting a higher lifestyle. 3. Leaving a legacy for others (family, charity, etc). 2m for most people in this bowl only gets you to maybe stage 1. And if we go through a recession capital may be at risk. Personally I’ll probably be at $5m at 45 (maybe $10m) and will probably buy a small business. The challenges and personal growth that come from a rewarding career are a big part of life’s experience for me.
35
35 with $2 million in the bank
35
So maybe on a non monetary state the latter
Semi retire. i semi retire at 40 with $3M. I live and travel overseas 8 months out the year. i return to the u.s for work feb to may as a contractor.
Crushing it. Good for you
A single person, no family? I find very few people in this industry retire that early. They vote to stay (by staying). But also if you have a family, that 2M can be less than you think…
$2M seems too light for a family that size.
I would at 35. I am 40 now and just at 1.4M. I did start very late (29). The day I hit 2M with no mortgage, I would retire.
I have 2m at 35 but it’s not enough for the life I want to live. Plan to FIRE at 40
I assume you want to get to 4 M, right? Good plan tbh gives you a big buffer. Good luck 🫡