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Anyone familiar with Centri in Philly?
USI Insurance brokerage and consulting - thoughts? A recruiter reached out to me via linked in and I was wondering if anyone had any opinions on this company. They seem to have decent reviews on Glassdoor but I was hoping to get more insight into workload and comp. Thanks in advance! USI
Welp, see yeah later KFC!
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Your most positive customer interaction?
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You are doing exceptional and appear disciplined especially to hit those figures on your current income.
In context of not only FIRE, I would aim to bring your monthly expenses down to $4K. Your monthly net take home is $6.4K. Of that, minimum $950 should go to retirement to hit the 15% retirement benchmark that enables you to retire at normal age.
Now you have $5,450 take home left. And you say that you spend all of it. Ideally you need to save 10%+ additional of your net take home to FIRE savings (investable brokerage).
Costs: Can you find rent for $2K or less? Ideally 2K. 2.5K is really stressing your budget. It is not compatible with a FIRE plan. But it is compatible with healthy baseline of normal retirement age.
Income: simultaneously continue to work to raise your income.
I’m in a similar position numbers wise, but I earn $165K, albeit I also had to clear $100k student debt in my 20s. But, my monthly budget is $4K. And it is not at all challenging in the NYC area. It still feels cushy and I am not sacrificing anything.
This is SO useful, thank you for this mega detailed answer!
Coach
Positive net worth in your early 30’s is a huge win! Keep at it!
Your expenses are a bit high relative to your income as others mentioned. Either try to get your income up or reduce expenses to get in a more sustainable position financially
Also id feel more comfortable having a 6 month emergency fund especially in this job market
I was 31 in 1990 and I had $12K in savings. Against the advice of every “sage” career counselor, I bought a plane ticket to South America and, with nothing more than I could carry in a backpack, traveled on a shoe-string budget for a year. I came back and took a job that allowed me to work nine months a year, and travel (unpaid of course) three. I kept that job for four years, until i met the most perfect woman, decided to marry and start a family. It was good.
In 2010, at 51 years old, and in the throes of Great Recession I found myself divorced and with negative net worth. The only positive thing, it felt, was that I had shared custody of our daughter.
I’m now in my upper 60’s, retired, financially secure and I waddle out to my woodshop each day to make fine furniture and sawdust.
My ex is now that dear friend who dropped everything to nurse me after a bad road accident and surgery. Along with this friendship, I also have that which makes life truly worth living: the unconditional love I feel for my daughter.
Point is, watch your budget, save for the future, be cautious in your investing. it seems you‘re doing good at that. Don’t be singular in this goal, though. There is a lot of life to be lived and enjoyed, and there’ll be a lot of ups and downs.. Don’t miss out on either.
I really loved reading this, thank you!
SM1 covered a lot of great points. But I would also point out that it sounds like you were already doing pretty great, especially for a freelancer. I'm impressed you're able to make so much money despite the tax implications of freelancing!
Outdated title actually! I didn't want to give Fishbowl my work email to update ha. Full time staff senior designer now.
Have you heard of this book called “The Wealth Ladder” ? https://www.reddit.com/r/personalfinance/comments/1ma0ryf/the_wealth_ladder_is_a_framework_that_makes_a_lot/
Subject Expert
Great net worth for your age, but how much are you saving every year now? Model it out with a realistic return and make sure it comports with your goals.
And make sure your portfolio is good (diverse, passive, correct risk level for your situation and temperament).